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moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/ola-electric-shares-fall-extend-decline-to-4-sessions-as-market-share-takes-a-hit-12812181.html | Ola Electric shares fall, extend decline to 4 sessions as market share takes a hit | Ola Electric Mobility shares have slipped almost 10 percent in the past week..Related stories. | Shares of India's largest electric two-wheeler companyOla Electric Mobilityfell over three percent to Rs 114, extending its fall to a fourth trading session in a row after the company's market share. As per data, its market share dropped to 31 percent at the end of August from the 49 percent share it held at the end of the June quarter. Meanwhile, its closest competitors, TVS and Bajaj Auto held market shares of 20 percent and 19 percent, respectively. Follow our LIVE blog for all the latest updates Despite the introduction of lower-priced electric two-wheelers, overall EV penetration in the segment has remained in the 4-7 percent range over the past two years. Jefferies expects this penetration to gradually increase in the coming years. Also read:ÂSeptember swing: What can help Sensex defy the odds? The company's net loss widened by about 30 percent year-on-year for the quarter ended June 30 to Rs 347 crore. The firm's consolidated revenue from operations rose 32 percent to Rs 1,644 crore as against Rs 1,243 crore in Q1FY24. Read more:ÂGala Precision Engineering IPO sees strong start with 4X subscription on day 1 At about 2:15 pm, shares of the company were trading at Rs 114.5, down 2.9 percent from the last close on the NSE. Ola Electric Mobility shares have slipped almost 10 percent in the past week. | 2024-09-03 12:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/dixon-tech-stock-slips-4-on-sluggish-fy25-growth-projection-12811944.html | Dixon Tech stock slips 4% on sluggish FY25 growth projection | Dixon Tech has been added to the MSCI Global Standard Index, and is projected to attract the highest passive inflows, estimated at $257 million..Related stories. | Shares of Dixon Technologies fell around 4 percent after the company said that growth for FY25 will be slow due to its current ramp-up phase. The company indicated that the expected slowdown in growth is a result of ongoing adjustments and expansions. The company targets a revenue of Rs 3,500 crore for FY25 and plans to reach Rs 48,000 crore over the next six years in the IT hardware segment. It is currently in discussions with two major global original equipment manufacturers (OEMs) regarding server contracts. This strategic focus is part of Dixon Tech's broader growth plan, as outlined by company Vice Chairman and Managing Director Atul Lall. Dixon Technologies' mobile segment is proving to be a major growth driver for the company, positioning it in a favourable spot within the market, said Lall in a conversation with CNBC TV-18. This segment is expected to contribute 70 percent of the company’s revenue for FY24-25. Follow our market blog to catch all the live action The margin profile for laptops and notebooks is similar to that of mobile devices, ranging between 3.5 and 4 percent, underscoring the significant role of the mobile segment in Dixon Tech's overall financial performance, Lall noted. Dixon Tech has been added to the MSCI Global Standard Index, and is projected to attract the highest passive inflows, estimated at $257 million. Recently, UBS Principal Capital Asia Ltd. offloaded 6.86 lakh shares or 1.15 percent stake in Dixon Technologies for Rs 904.12 crore through open market transactions at Rs 13,178.47 apiece, according to the bulk deal data on the NSE. At 10:21 am, Dixon shares were trading 3.8 percent lower at Rs 12,666.05 on the National Stock Exchange (NSE). The stock has gained around 96 percent so far this year, beating Nifty's returns of 16 percent. In the past 12 months, the counter has zoomed 147 percent, more than doubling investors' money. In comparison, Nifty rose 30 percent during this period. According to Motilal Oswal, Dixon Tech stock is in a strong uptrend. It is trading above its short-term moving averages and the stock has been a huge performer within the midcap space, it noted recently. The brokerage recommended investors buy the stock keeping stop loss below 12,650 levels on a closing basis for a new lifetime high target towards 14,250 zones. | 2024-09-02 10:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/this-smallcap-auto-stock-jumped-15-hit-new-record-high-on-september-2-12812124.html | This smallcap auto stock jumped 15% today, hits new record high | Munjal Auto's total income stood at Rs 522 crore in Q1FY25.Related stories. | Shares of Munjal Auto Industries jumped over 15 percent to hit a new record high of Rs 122 apiece on September 2 amid heavy volumes. Around 8.1 million equity shares exchanged hands at both BSE and NSE intra-day deals, significantly exceeding one-week average of 0.9 million equity shares. So far this year, the smallcap stock has surged over 35 percent, outpacing benchmark Nifty 50's 16 percent rise during the same period. Catch all the market action on our LIVE blog Munjal Auto Industries is engaged in manufacturing of various components and assemblies for industries like automotive, renewable energy, aerospace, defense, space, railways, and other engineering sectors. Some of the key products in automotive sector include two and four wheeler exhaust muffler, fuel tanks, rims, and automotive BIW parts. In the recently concluded June quarter, Munjal Auto's total income stood at Rs 522 crore, as against Rs 518 crore a year back. However, its profit-after-tax declined to Rs 10 crore in Q1FY25 from Rs 14 crore in the year-ago period. Segment-wise, auto components revenue dropped to Rs 318 crore in Q1FY25 from Rs 370 crore in Q1FY24. Conversely, revenue from composite products and moulds rose to Rs 191 crore in the June-ended quarter from Rs 138 crore in the year-ago period. Recently, credit ratings agency ICRA re-affirmed its long-term and short-term bank facilities with 'AA-' and 'A1+' respectively. | 2024-09-02 15:24 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/gpt-infra-shares-gain-2-on-winning-project-worth-rs-204-crore-12811710.html | GPT Infra shares gain on winning project worth Rs 204 crore | GPT Infraprojects. | GPT Infraprojectsshare price jumped nearly 2 percent in the opening trade on September 2 after the company declared lowest bidder for the order valued of Rs 204 crore. At 09:30am, GPT Infraprojects was quoting at Rs 180.40, up Rs 3.20, or 1.81 percent, on the BSE. The contract, awarded by CAO Construction, South Eastern Railway, involves the construction of multiple Road Over Bridges (ROBs) and associated bridge approaches between Andul-Sankrail and Nalpur-Bauria Stations on the Howrah-Kharagpur section. Catch all the market action on our live blog Earlier, the company’s fund-raising committee had approved the issuance of equity shares through a Qualified Institutional Placement (QIP) at a price of Rs 174.64 per share.This price reflects a discount of Rs 9.19 per share from the floor price of Rs 183.83, equating to a 5% discount, and includes a premium of Rs 164.64 per share. For Q1 FY25, GPT Infraprojects reported a 31.61 percent increase in net profit, reaching Rs 16.03 crore year-on-year. Net sales also saw a modest increase of 2.47 percent, climbing to Rs 241.73 crore compared to Rs 235.90 crore in the same period last year. | 2024-09-02 09:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/axis-bank-in-focus-as-ubs-hikes-target-price-amid-attractive-valuations-versus-peers-12811814.html | Axis Bank gains as UBS hikes target price amid attractive valuations versus peers | So far this year, the stock of this private sector lender has gained by 6 percent.Related stories. | Shares of Axis Bank gained 0.3 percent to Rs 1,179 apiece on September 2 after UBS reiterated a 'buy' call and raised the target price to Rs 1,250 apiece from Rs 1,150, seeing an upside potential of 6 percent from current levels. The bullish stance came as analysts find valuations attractive compared to peers and stable credit quality may help drive the stock's re-rating. Sectoral headwinds and weak Q1 have led to recent underperformance in Axis Bank, noted UBS analysts. They expect Axis Bank's re-rating to require stable credit quality and growth and since valuation discounts to peers have increased recently, it appears reasonable at current levels. Axis Bank reported smaller-than-expected first-quarter profit due to higher provisions and bad loans. Its net profit had increased modestly by 4 percent year-on-year to Rs 6,035 crore in Q1FY25 as compared to Rs 5,797 crore a year back. However, net profit slumped 15 percent sequentially from Rs 7,130 crore. ALSO READ:ÂAxis Bank weighs stake sale or listing for NBFC unit Axis Finance: Report On the other hand, the lender's net interest income rose 12 percent YoY to Rs 13,448 crore in Q1FY25 aided by steady growth in advances, while net interest margin stood at 4.05 percent, down 1 bps YoY. Axis Bank also witnessed a decline in asset quality compared to the previous quarter. It reported a gross NPA ratio of 1.54 percent in Q1FY25, up 11 bps sequentially. Similarly, the net NPA ratio moved up 3 bps sequentially to 0.34 percent. Going forward, Axis Bank's consistent growth momentum in advances and deposits with technological advancement and better reach will help it capitalise on growing demand, said analysts at Geojit Financial. Additionally, the bank's sound asset quality, sufficient capitalisation, and ongoing digital transformation are expected to enhance its future performance. The brokerage firm maintained a 'buy' call with a target price of Rs 1,349 per share. So far this year, the stock of this private sector lender has gained by 6 percent, underperforming benchmark Nifty 50's 16 percent rise during the same period. | 2024-09-02 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/gulf-oil-lubricants-india-stock-rises-as-investec-initiates-coverage-with-buy-12811896.html | Gulf Oil Lubricants India stock rises as Systematix initiates coverage with 'buy' | Gulf Oil shares have rallied a massive 112 percent in the past month..Related stories. | Shares ofGulf Oil Lubricants Indiasurged over 3 percent to Rs 1,464 in early trade on September 2 after Systematix initiated a "Buy" rating on the stock with a target price of Rs 1,700, citing strong growth prospects. The new price target has an implied upside of 20 percent from the current market levels. The brokerage highlighted that Gulf Oil’s market share in the lubricants segment is expected to grow consistently, supported by the company’s strategic entry into the electric vehicle (EV) segment and DC cooling liquids. These initiatives are seen as key drivers for long-term growth. Follow our LIVE blog for all the latest updates Systematix projects that Gulf Oil’s overall volumes will outpace the industry, forecasting a compound annual growth rate (CAGR) of 11 percent between FY24 and FY27. The brokerage also estimates a robust revenue CAGR of 9.7 percent, EBITDA CAGR of 12.6 percent, and PAT CAGR of 14.6 percent over the same period. Gulf Oil’s financial metrics are expected to remain strong, with return on equity (ROE) and return on capital employed (ROCE) projected at a healthy 27 percent. In Q1, the company's top line increased by 10.14 percent and the profit increased by 26.49 percent YoY. At about 9:45 am, shares of the company were trading at Rs 1,462, up 3.3 percent from the last close on the NSE. Gulf Oil shares have rallied a massive 112 percent in the past month. | 2024-09-02 13:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/maruti-suzuki-announces-price-revision-for-select-variants-of-alto-k10-and-s-presso-shares-gain-12811927.html | Maruti Suzuki announces price cut for select variants of Alto K10, S-Presso, shares gain | Maruti Suzuki on Monday announced a reduction in prices of select variants of Alto Kl0 and S-Presso..Related stories. | Maruti Suzukion Monday announced a reduction in prices of select variants of Alto Kl0 and S-Presso. The company informed through an exchange filing that the price of S-Presso LXI Petrol has been reduced by Rs 2,000 and price of Alto K10 VXI Petrol has been reduced by Rs 6,500 w.e.f 2nd September 2024. The stock gained shortly after the price cut update and was trading at Rs 12,441.45 per share on the NSE, up 0.31 percent at 10.30 am. The company on Sunday reported a 4 percent year-on-year decline in total sales inAugust at 1,81,782 units.The company had dispatched 1,89,082 units in the same month last year, Maruti Suzuki India (MSI) said in a statement. Total domestic passenger vehicle wholesales stood at 1,43,075 units last month, marking an 8 percent decline from 1,56,114 units in the same month last year. Sales of mini cars, including the Alto and S-Presso, dropped to 10,648 units from 12,209 units a year earlier. Compact car sales, which include models like Baleno, Celerio, Dzire, Ignis, and Swift, saw a 20 percent decrease, falling to 58,051 units from 72,451 units in the year-ago period. Meanwhile, utility vehicles such as Grand Vitara, Brezza, Ertiga, Invicto, Fronx, and XL6 registered sales of 62,684 units, up from 58,746 units in the previous year. Shares of the company have delivered 20.93 percent returns in 2024 so far. In the last three years, it rose 83.08 percent, as per BSE data. | 2024-09-02 10:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/railtel-sjvn-nhpc-bag-navratna-status-from-finmin-shares-in-focus-12811789.html | Railtel, SJVN, NHPC bag 'Navratna' status from FinMin, shares jump up to 5% | Navratna companies can invest up to Rs 1,000 crore without prior government approval..Related stories. | The Ministry of Finance upgraded four public-sector enterprises, SJVN, Solar Energy Corporation, NHPC and RailTel Corporation of India, to the 'Navratna' status on August 30. Three of the four new Navratna companies in India are publicly traded: Railtel, SJVN, and NHPC. Railtel and SJVN shares surged over five percent in trade on September 2, while NHPC shares were 4.5 percent higher in early trade. PSUs are given a status, from Maharatna companies, to Navratna companies and Miniratna companies. Navratna status is awarded to government-owned companies that were previously classified under 'miniratna' category I, recognizing their strong financial and market performance. Navratna companies can invest up to Rs 1,000 crore without prior government approval. Navratna PSUs also can allocate around 15 percent to a specific project or 30 percent of their net worth over an entire year, as long as it is under the Rs 1,000 crore limit. Shipbuilder Mazgaon Dock was the last PSU to be upgraded to the Navratna status, making these four the 22nd, 23rd, 24th, and 25th enterprises to be upgraded. Follow our live blog to catch all the updates For the first quarter ended June, RailTel Corporation of India saw a 25.2 percent on-year jump in net profit, to Rs 48.7 crore. SJVN's consolidated net profit rose 31 percent to Rs 357.09 crore in the June quarter as against Rs 271.75 crore during the same period last year. NHPC's net profit edged up by 1.2 percent YoY to Rs 1,108.5 crore for the first quarter ending June 30, 2024. | 2024-09-02 11:16 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nbcc-india-stock-in-focus-as-board-approves-bonus-issue-multibagger-psu-stock-up-233-percent-in-1-year-12811818.html | NBCC India approves bonus issue; multibagger PSU stock gains, up 233% in 1 year | NBCC India stock has gained around 128 percent so far this year, beating Nifty's returns of 15 percent during this period and more than doubling investors' capital.Related stories. | Shares of NBCC (India) Ltd gained over two percent on September 2 after the PSU firm’s board recommended issuing bonus shares to shareholders at a 1:2 ratio. This means eligible shareholders will receive one new fully paid-up equity share of Rs 1 each for every two existing fully paid-up equity shares as of the record date, pending approval at the upcoming Annual General Meeting (AGM). A bonus issue is when a company issues additional shares to existing shareholders for free, based on the number of shares they already own. This is typically done using the company's reserves and surplus, and it increases the total number of shares outstanding without raising new capital. NBCC (India) has set October 7 as the record date to determine eligibility for the bonus shares. A total of 90 crore shares are proposed to be issued, drawn from free reserves created out of profits as per the audited financial statements as of March 31, 2024. This bonus issue follows a 233 percent rally in NBCC's stock over the past year. Follow our market blog to catch all the live action Established in 1960 as a government civil engineering firm, NBCC operates in three main areas: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and real estate development. As of March 31, 2024, the company has reserves and surplus totalling Rs 1,959 crore available for capitalization. The bonus shares are expected to be credited within two months of board approval, by October 31, 2024. Brokerages remain optimistic about NBCC's fundamentals, noting improvements in order intake, execution, and margins, as well as progress in real estate monetization. Last month, Nuvama Institutional Equities reaffirmed its ‘HOLD’ rating with a target price of Rs 198. The firm highlighted that while NBCC’s book-to-bill ratio of 7.6 is strong, 54 percent of its orders are for ‘self-revenue generating projects,’ making real estate monetization critical for execution. Also Read |ÂBrokerage Radar: Analysts show confidence in Gujarat Gas, Morgan Stanley assigns 'overweight' to RIL In the previous session, NBCC shares closed 4.2 percent down at Rs 186.60 on the National Stock Exchange (NSE). The stock has gained around 128 percent so far this year, beating Nifty's returns of 15 percent during this period and more than doubling investors' capital. In the past 12 months, the counter has surged around 233 percent, compared to Nifty's rally of 30 percent. | 2024-09-02 09:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bajaj-auto-share-price-zooms-2-3-to-52-week-high-after-robust-august-auto-sales-12811857.html | Bajaj Auto share price zooms 2.3% to 52-week high after robust August Auto sales | Bajaj Auto share price hit the fresh 52-week high in the early trade on Monday after showing a robust August 2024 auto sales data.. | Bajaj Auto share price gained as much as 2.3 percent to hit a fresh 52-week high in the early trade on Monday after showing a robust August 2024 auto sales data.ÂBajaj Autostock hit the year's high of Rs 11,144 per share on the NSE. The stock has been gaining for the last 10 days, and has risen 13.38 percent in the period. The fresh peak in September 2 session was witnessed after the Pune-based company reported 16 percent rise in sales of two-wheels and commercial vehicles in August 2024 to 3,97,804. In the two-wheelers category, it reported a total of 18 percent rise to 3,35,178 from an earlier 2,85,031. A 11 percent growth was seen in the commercial vehicles category with 62,626 units sold in August 2024 as compared to 56,617 in the same period a year ago. The two-wheelers major posted an 18 percent on-year rise in its Q1 FY25 consolidated net profit to Rs 1,941.79 crore. Itsrevenue during the April-June quarter jumped16 percent on-year to Rs 11,932 crore, aided by robust vehicles sales and record spares revenue, leading to a higher average selling price (ASP). | 2024-09-02 10:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/biocon-shares-gain-after-arm-gets-multiple-usfda-approval-12811709.html | Biocon shares gain after arm gets multiple USFDA approval | Biocon.Related stories. | Bioconshare price rose in the early trade on after the company's arm received multiple approval from the US Food and Drug Administration (USFDA). At 09:28am, Biocon was quoting at Rs 360.50, up Rs 1.20, or 0.33 percent, on the BSE. Biocon Pharma, a wholly owned subsidiary of the company, has received approval of its ANDA for Sacubitril/Valsartan Tablets, in 24 mg/26 mg, 49 mg/51 mg and 97 mg/103 mg strengths, from the USFDA. This combination medication is used to treat chronic heart failure in adults and to reduce the risk of death and hospitalization, as well as to treat pediatric patients over the age of one year. The said subsidiary has also received approval of its ANDA for Daptomycin for injection (500mg vial), from the USFDA. Additionally, Biocon Pharma received approval for its ANDA for Daptomycin for injection (500 mg vial). This drug is used to treat complicated skin and skin structure infections (cSSSI) and Staphylococcus aureus infections in the bloodstream (bacteremia), including right-sided infective endocarditis in adult patients. Catch all the market action on our live blog Biocon also received an Establishment Inspection Report (EIR) from the USFDA for its greenfield API facility (Site 6) located in Visakhapatnam, Andhra Pradesh. This EIR follows a pre-approval inspection conducted from June 10-14, 2024, and permits the company to start commercial supplies to the US market from this facility. However, the company has also received a demand order from the GST Department in Delhi, imposing a penalty of Rs 40,000. | 2024-09-02 09:38 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/world-street-blueskys-flight-chinas-weak-pmi-data-ev-maker-byds-shopping-and-more-12811790.html | World Street | Bluesky's flight, China's weak PMI data, EV maker BYD's shopping and more | World Street offers a sneak peek into the world of business and the economy..Related stories. | Alibaba has successfully concluded a three-year regulatory "rectification" process after it was imposed an antitrust fine in 2021 for monopolistic practices. China's manufacturing activity slipped to a six-month low in August, with prices dropping sharply and owners grappling to secure orders. China's BYD announced plans to acquire its German distributor, Hedin Electric Mobility, as a part of its larger strategy to cement its position as a leading electric vehicle manufacturer in Europe. All this and more on this edition of World Street. On sky-high Bluesky, a decentralized social media platform founded by former Twitter CEO Jack Dorsey, witnessed a stellar surge in downloads after Brazil banned X, previously known as Twitter. According to a Tech Crunch report, the ban, issued by Brazil’s Supreme Court, triggered a massive shift of users to Bluesky. As a result, Bluesky has now become the top free app on the iPhone app chart in Brazil. Reincarnation complete Alibaba successfully concluded a three-year regulatory overhaul process following an antitrust fine that was imposed in 2021 for monopolistic practices. In 2021, State Administration for Market Regulation (SAMR) fined Alibaba 18.23 billion yuan ($2.6 billion) after investigating the company for unfair practices. China's SAMR also said to be overseeing Alibaba's efforts to comply with antitrust rules over the past few years. The main issue which led to Alibaba's antitrust fine was its policy that forced merchants to choose between two e-commerce platforms, giving the company an unfair advantage in the market. Crawling down China's manufacturing activity dropped to a six-month low in August, with factory gate prices falling and factory owners struggling to secure orders, according to an official survey released on Saturday. The National Bureau of Statistics purchasing managers' index declined to 49.1 from 49.4 in July, marking its sixth consecutive decline and the fourth month when the reading came below the 50 threshold that indicates contraction. Following a disappointing second earnings quarter, the world's second-largest economy continued to lose momentum in July, pushing policymakers to consider shifting away from their usual strategy of heavy infrastructure spending. Instead, they are now signaling plans to direct more stimulus towards households. Opening claws China's BYD announced that it will acquire its German distributor, Hedin Electric Mobility, as a part of its larger strategy to solidify its position as a major electric vehicle manufacturer in Europe. Pos the acquisition, BYD Automotive GmbH will take over Hedin's sales activities and manage its stores in Stuttgart and Frankfurt, with the deal likely to close in the fourth quarter. This move will give BYD more control over its operations in Germany, where it sold just over 4,000 vehicles last year, but has seen a decline in sales this year due to a broader downturn in EV demand. Hedin is a Swedish mobility group that also handles distribution for other Chinese car brands like XPeng and Hongqi, previously managed BYD's relationships with six dealers across Germany to help the company establish a foothold in Europe. Hopes for more Oil prices extended losses on Monday as investors bey on hopes of increased OPEC+ production starting in October against a significant drop in output from Libya, all while facing weak demand in China and the US, the world's largest oil consumers. According to a Reuters report, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, plan to proceed with an oil output increase in October. Specifically, eight OPEC+ members are set to raise production by 180,000 barrels per day, as part of a strategy to gradually roll back their recent 2.2 million bpd output cuts while maintaining other cuts until the end of 2025. | 2024-09-02 08:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerages-trim-indias-gdp-outlook-for-fy25-expect-it-to-remain-below-rbis-7-2-target-12811796.html | Brokerages trim India's GDP outlook for FY25, expect it to remain below RBI's 7.2% target | Morgan Stanley and Goldman Sachs said that the sluggish Q1 GDP growth was in-line with their estimates.Related stories. | As India's gross domestic product (GDP) growth slowed to a 15-month low of 6.7 percent in the April-June quarter, brokerages pegged the GDP growth to remain below RBI's target of 7.2 percent for the rest of the fiscal year 2024-25 (FY25). However, they expect some sequential uptick in the second half of FY25, supported by strong capex and revival in rural consumption. Morgan Stanley and Goldman Sachs said that the sluggish GDP growth was in-line with their estimates, but expect some progress in the second half owing to improved consumption and strong capex programme. "Internals suggest a broad-based growth momentum. We expect GDP growth at 6.8 percent in FY25," noted Morgan Stanley. On the other hand, Nomura and UBS analysts said that the slowing GDP growth was lower than their expectations. Nomura lowered FY25 GDP growth forecast to 6.7 percent from 6.9 percent, while UBS estimated 6.8 percent GDP growth for FY25. ALSO READ:ÂFirst quarter GDP shows welcome recovery in consumption and private capex Nomura analysts said that since the Q2 GDP growth undershot RBI's estimate of 7.1 percent by 0.4 percentage point, the Reserve Bank of India might tilt to a dovish pitch in order to stimulate the economy. The brokerage firm expects RBI to start cutting interest rates from October onwards. Conversely, UBS analysts does not see the central bank in a rush to intiate rate cuts as fiscal profligacy in state finances remain a key risk. India's economic growth slowed to a 15-month low of 6.7 percent in April-June 2024-25, mainly due to poor performance of the agriculture and services sectors, government data showed. The previous low of 6.2 percent was recorded in the January-March quarter of 2023. According to the National Statistical Office (NSO) data, the agriculture sector gross value added (GVA) growth decelerated to 2 percent from 3.7 percent in the April-June quarter of 2023-24. However, the GVA in the manufacturing sector accelerated to 7 percent in the first quarter of the current fiscal compared to 5 percent a year ago. | 2024-09-02 09:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/moneycontrol-pro-market-outlook-market-might-hit-the-snooze-button-after-a-record-winning-streak-12811640.html | Moneycontrol Pro Market Outlook | Market might hit the snooze button after a record winning streak | While the markets are surging ahead, this positioning suggests we may be approaching overbought territory..Related stories. | Dear Reader, The Indian markets reached a new high, driven by global trends and strong domestic buying, marking a record twelve-day winning streak, surpassing the previous record of 11 days set in 2007. This broad market rally propelled benchmark and smaller indices to new heights, despite foreign investors selling approximately Rs 19,000 crore in the cash market over the week. This brought total FII selling for the month to over Rs 21,000 crore. A surprise bonus issue by Reliance Industries further boosted the Indian markets. Globally, markets delivered mixed returns. US markets were shaken by Nvidia's earnings, which led to a 10 percent drop at its lowest point, erasing $300 billion in market capitalisation. Despite Nasdaq's nearly one percent decline, the Dow Jones and S&P 500 closed in positive territory. European markets gained during the week, with the Euro Stoxx 600 closing 1.34 percent higher, marking a fourth consecutive week of gains. Lower-than-expected inflation numbers fuelled the rally. Germany's DAX hit a new high, rising 1.47 percent, while Italy's FTSE MIB led the European surge with a 2.15 percent gain. Headline annual inflation in the eurozone slowed to 2.2 percent in August from 2.6 percent in July, the lowest level in three years. In Asia, Japanese markets ended the week 0.7 percent higher, recovering from earlier losses in the month due to the unwinding of the Yen carry trade. Meanwhile, Chinese stocks declined as economists lowered their 2024 growth forecasts to below five percent, with poor corporate earnings adding further pressure on the market. A likely pause The Nifty closed higher for the third consecutive week, marking an impressive 12-day winning streak, nearing a record. The weekly upper band at 25,700 suggests there is still room for the market to rise, even in the face of short-term corrections or volatility. As a result, it's a "buy on dips" market. However, the extended winning streak also warrants caution, as pullbacks are inevitable in a bull run. The 25,000 level has solidified as a strong support. Meanwhile, the daily swing is now making lower highs, even as the Nifty continues to climb. Recently, negative divergences between the swing and price have led to short-term corrections lasting two days or more, depending on the situation. This development will keep us vigilant in the short term. Advance Decline Ratio Source:Âweb.strike.money A few weeks ago, FIIs reduced their largest long position in seven years to almost zero (see chart FII net position). They’ve recently rebuilt their positions cautiously, and the current reading is now above both the red lines historically associated with peak levels. While the markets are surging ahead, this positioning suggests we may be approaching overbought territory. However, a clear price reversal is still needed to confirm this. FII net position Source:Âweb.strike.money The 20-day advance/decline ratio saw an uptick on Friday after a period of stagnation, as market breadth hasn’t significantly improved from the oversold levels observed at the start of August (see chart Advance Decline line). A short-term dip could quickly push this indicator back into oversold territory. However, there is still plenty of room for expansion on the upside. Advance Decline line Source:Âweb.strike.money Sector Rotation The Weekly Relative Rotation Graph (RRG) from India Charts shows few changes. IT, Pharma, and FMCG continue to maintain their positions in the leading quadrant. RRG WeeklySource:Âweb.strike.money The IT index continued to gain during the week and re-entered the leading quadrant in last week’s update. Nifty Consumer durables continued to stretch in the leading quadrant. Nifty Pharma remained in the weakening quadrant; there was some pick-up in momentum on Friday. Nifty Financial Services gained relative strength and outperformed other banking indices. Daily RRG Source:Âweb.strike.money Indices and Market Breadth During the week, the BSE Sensex touched a new high of 82,637.03, gaining 1.57 percent, while the Nifty50 index touched a new high of 25,268.35, closing 1.66 percent higher. Among the stocks in the derivative segment that gained during the week were Birla Soft, which gained 11.53 percent, AU Bank, which was up 10.05 percent, and LTIM, which closed 9.12 percent. Among the losers during the week were Marico, which closed 4.58 percent lower, Zydus Life, which lost 4.31 percent, and Apollo Tyre, which was down 3.09 percent. Stocks to watch Among the stocks expected to perform better during the week are Infosys, Page Industries, Dr Reddy’s Lab, HDFC Life, Metropolis, Mphasis, Cholamandalam Finance, Tech Mahindra, ITC, Coromandel, Muthoot Finance and Hindalco. Among the stocks that can witness further weakness are IDFC First Bank. Cheers, Shishir Asthana | 2024-09-02 08:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/tata-motors-slips-2-after-august-auto-sales-decline-8-12811897.html | Tata Motors slips 2% after August auto sales decline 8% | Despite the fall however, shares of Tata Motors are still sitting on over 50 percent gains made in the past month..Related stories. | Tata Motors shares fell 2 percent in early trade on September 2, bogged down by a fall in the company's monthly auto sales for August. At 09.45 am, shares ofTata Motorswere trading at Rs 1,098.35 on the NSE. Despite the fall however, shares of Tata Motors are still sitting on over 50 percent gains made in the past month. Sales for the automobile major fell 8 percent on year in August to 71,693 units as against 78,010 units sold in the same month last fiscal. Not just that, sales of commercial vehicles (CV) as well as passenger vehicles (PV) were down in August. Total CV sales dropped 15 percent to 27,207 units in August, down from 32,077 units last year, while PV sales fell by 3 percent on year to 44,486 units. Catch all the market action on our LIVE blog Going ahead, brokerage firm Motilal Oswal Financial Services projects a near 4 percent increase in Medium and Heavy Commercial Vehicles (M&HCV) volumes for FY25, resulting in a residual growth rate of 4 percent or a monthly run rate of approximately 17,400 units. For Light Commercial Vehicles (LCVs), MOFSL expects a flattish trend in FY25, translating to a residual growth of 5 percent or a run rate of 19,300 units. As for PVs, the firm forecasted a 6 percent growth in FY25, meaning a residual growth rate of 13 percent or a monthly run rate of 48,900 units. Overall, the brokerage anticipates volumes to remain flat for Tata Motors in FY25 with a 2.5 percent residual growth rate and a monthly run rate of around 85,600 units. | 2024-09-02 10:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/disparity-in-us-stock-performances-gives-hedge-funds-edge-to-cherry-pick-and-boost-returns-morgan-stanley-12811811.html | Disparity in US stock performances gives hedge funds edge to cherry-pick and boost returns: Morgan Stanley | In 2024, much of the gains in S&P 500 have been driven by select sectors like technology, media and telecom..Related stories. | There has been a visible disparity in stock performances for different sectors in the US equity market in 2024, creating an ideal environment for hedge funds to cherry-pick winners and generate greater alphas, global brokerage Morgan Stanley believes. The brokerage drew parallels between the US market's performance in 2023 versus that in 2024 and highlighted that while sector contributions to the S&P 500's gains were relatively balanced in 2023, it has seen greater disparity in 2024. Telecom, media, and technology sectors have driven most of the index's returns this year. The brokerage also noted that while the macro-driven environment of 2022 and 2023 saw assets reacting mainly to inflation, interest rates, and other macroeconomic factors, 2024 has seen the market shift more towards micro fundamentals. Along with this, Morgan Stanley highlighted that its internally maintained S&P 500 risk-on/risk-off model, which measures shared risk and market-wide co-movements, has declined this year, further suggesting that macroeconomic factors are weighing less on equity markets. This trend has also coincided with an uptick in stock-specific risk, hinting that fundamentals are increasingly influencing stock prices. Accordingly, Morgan Stanley believes that these dynamics are a direct result of the higher interest rate environment, which has resulted in increased opportunities for alpha production conducive to hedge fund strategies seeking to deliver skill-based returns to investors. "These environments have led to an outsized performance by long/short equity market-neutral hedge funds which are reliant on stock picking to generate their returns," Morgan Stanley wrote. On the contrary, the brokerage also highlighted that the same environment has not been beneficial for alpha production by long-only equity managers, noting that these funds are likely to underperform index-level returns if they don't own the select stocks that drove much of the gains in 2024. Catch all the market action on our LIVE blog Morgan Stanley further charts out two other reasons that uniquely position hedge funds to deliver better returns in the current scenarios--their ability to generate both long and short alpha and their unconstrained approach versus traditional benchmarks. Against this backdrop, Morgan Stanley believes the environment will continue to offer abundant alpha opportunities for hedge funds. "Even though the Federal Reserve is likely to start cutting interest rates, we expect base rates to remain historically high, which should sustain market dispersion and stock-picking prospects," the brokerage stated. "Additionally, upcoming elections and the potential for shifts in US leadership could create further opportunities for selecting individual stocks based on policy impacts. We remain confident that hedge funds will make the most of these ongoing opportunities and that incorporating market-neutral strategies could benefit a well-balanced portfolio," it added. | 2024-09-02 09:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-analysts-show-confidence-in-gujarat-gas-morgan-stanley-assigns-overweight-to-ril-12811791.html | Brokerage Radar: Analysts show confidence in Gujarat Gas, Morgan Stanley assigns 'overweight' to RIL | Brokerage Radar.Related stories. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Gujarat Gas, RIL, cement stocks and more. Gujarat Gas Antique On Guj GasBuy Call, Target Raised To `726/Sh From `690/ShBelieve Merger Of GSPL & GSPL Into Guj Gas Is Value AccretiveMerger Will Enable Co To Make Quick Use Of The `72,000 Cr Carry Forward Losses In GSPCTrading Margin Charged By GSPC From Co Will Now Be Valued At Higher Multiple Of CGD BizThere Is A Higher Intrinsic Value Of Both GSPC & GSPL's Biz (As Per Est) Than Being AssignedSome Small Synergy Benefits Are Also Expected From Cost Savings & Lower Indirect Taxes Equirus On Guj GasUpgrade To Add, Target `667/ShMerger, Demerger Plan Involving GSPC & GSPL Well ThoughtCo Will Benefit From Its Position As 2nd Largest Gas Trading Company In IndiaBenefit Will Be From Rising Gas Consumption, Presence Across Value ChainIts CGD/Trading Segment Will Benefit From Potential Entry Of Gas Into GSTMerger Is EPS Accretive With FY25E/26 Proforma EPS At `32/36 Due To Carried LossesProforma EPS Will Normalise To `29 In FY27 Jefferies On Guj GasUnderperform Call, Target `450/ShIntegration Of GSPC's Gas Trading Biz Will Improve Co’s Margin ProfileEarnings Volatility Will Rise, Implying A Lower Valuation MultipleOnce Scheme Takes Effect, Fair Value For Gujarat Gas Is `513 (15% Downside) UBS On Axis BankNeutral Call, Target `1,250/ShSectoral Headwinds And Weak Q1 Has Led To The Recent UnderperformanceStructural Changes To Protect Metrics, However Weakness Likely In Near-termRe-rating Requires Stable Credit Quality And GrowthValuations Discount To Peers Has Increased And Appear Reasonable CurrentlyDue To Sectoral Headwinds, A Sharp Re-rating Is Less Likely In Near-term Morgan Stanley On Reliance IndustriesOverweight Call, Target `3,416/ShCMD Laid Out A Clear Path To Monetisation Across VerticalsFocus Will Be Keeping Balance Sheet Gearing ConservativeNew Energy EBIDTA Targets, New Chemicals Invst & AI Datacenter Rollout Positive Surprises Nomura On Torrent PharmaNeutral Call, Target `3,018/ShBoth Indrad & Dahej Now Cleared By US FDA With VAI ClassificationCo Now Expects 5-10 New Product Approvals In FY25 And More In FY26Have Factored Recovery In US Revenues For Torrent Pharma Into EstimatesFactor In $133 m/$153 m/$184 m In Sales For FY25/26/27 Vs Current Annualised Run-rate Macquarie on CementOutperform Call On Dalmia, Target `2,176/ShNeutral Call On UltraTech, Shree Cement, Ambuja Cem, ACC & RamcoHealthy Demand And Cost Moderation Offset By Muted Cement PricesExpect Q2 And Q3 Earnings To Remain SubduedSector Consolidation Bodes Well For Medium-term MarginsSuggest Waiting For Better Entry Points On Better Earnings Visibility/Valuation Citi On UltraTech CementBuy, Target `13,000/ShCurrent Downturn In Demand Was Expected Owing To Elections Followed By MonsoonsMore Hikes Are Needed As Spot Prices Remain Below Q1 AverageIndustry Consolidation Should Continue With Inorganic Opportunities InCred On Bajaj FinanceBuy Call, Target `9,000/ShPrefer Bajaj Fin Amid Superior Growth, Conservative Underwriting & Top Notch Return RatiosBelieve Asset Quality Concerns Over Rural Distress For Co Are OverdoneExpect A Positive Surprise With A Better-than-expected Revival In Rural IndiaListing Of Housing Arm & Comfortable Valuation, Have Added Co To High-Conviction List | 2024-09-02 07:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/icici-prudential-amc-sells-india-sovereign-bonds-to-buy-credit-12811901.html | ICICI Prudential AMC sells India sovereign bonds to buy credit | The ICICI Prudential All Seasons Bond Fund is the best performing in its segment on a 10-year basis, according to the Association of Mutual Funds in India data..Related stories. | India’s entry into a global bond index drew investors to the nation’s sovereign debt. It’s now time to rotate some of the money to corporate debt, according to an asset manager at a $102 billion fund house. ICICI Prudential Asset Management Co. is slashing holdings of sovereign debt in its top-performing dynamic bond fund, Manish Banthia, chief investment officer for fixed income, said in an interview. He’s instead putting money in investment-grade corporate bonds with one- to three-year maturity, and in certificates of deposits. “Given that many corporates have deleveraged, the risk in non-financial corporate bonds is quite low, making this segment appealing from a risk-return perspective,” Banthia said. “Conversely, sovereign bond markets appear overvalued, offering limited medium-term returns.” His views come as some of his peers debate whether India’s long-tenor bonds are becoming too crowded on index-related inflows and bets the central bank will cut interest rates. At the same time, demand for Indian assets is driving corporates to raise money via debt markets and initial public offerings versus bank loans, as better rates sweeten the deal for them. That’s keeping debt loads and credit risk manageable for companies. The ICICI Prudential All Seasons Bond Fund, which Banthia has helped manage since 2012, is the best performing in its segment on a 10-year basis, according to the Association of Mutual Funds in India data. The fund cut its sovereign bond holdings to 55.6 percent in July, from 61.1 percent in April, according to their latest fact sheet. Corporate debt holdings rose to 33.5 percent, from 28.9 percent, during the period. The tide is turning for higher-yielding assets globally, as the Federal Reserve looks set to cut rates in September. That’s led to global money rushing into Asian bonds this year, with offshore investors pouring nearly $13 billion into Indian debt, according to data compiled byBloomberg. The country’s sovereign debt is among the best performing in Asia this year so far. The rally stalled recently, hovering near a closely watched threshold of 6.85 percent. The 10-year bond traded in a narrow range on Friday. “The market’s current momentum is driven by favorable demand-supply dynamics. However, valuations in fixed income markets appear expensive, presenting more risk than return,” Banthia said. “While momentum investing may seem appealing, we remain cautious at this point of time.” | 2024-09-02 11:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/cement-stocks-in-focus-after-macquarie-highlights-price-pressures-sluggish-demand-12811804.html | Cement stocks in focus after Macquarie highlights price pressures, sluggish demand | -.Related stories. | Cement stocks are in focus on September 2 as Macquarie noted that while consolidation in the sector bodes well for medium-term margins, near-term risks remain. Despite healthy demand and cost moderation, muted cement prices are expected to keep Q2 and Q3 earnings subdued, the brokerage said. Sluggish domestic demand significantly contributed to the muted performance in Q1FY25, and cement companies are unlikely to see a drastic improvement in Q2 as well. Macquarie in its latest note also highlighted that successful delivery on cost efficiency targets could further enhance margins, but advised waiting for better entry points, suggesting that improved earnings visibility and valuation would offer more favourable opportunities. Follow our market blog to catch all the live action The international brokerage firm has issued mixed calls on various cement stocks, reflecting a cautious outlook for the sector. Analysts at Macquarie maintained an 'Outperform' rating on Dalmia Bharat and has slightly raised the target price on the stock. However, it adopted a more neutral stance on other major players like Ramco Cement, ACC, Ambuja, Shree Cement, and UltraTech Cement. For these stocks, Macquarie has either adjusted target prices downward or made modest upward revisions, indicating a balanced view of their potential amidst ongoing sector challenges. Notably, several cement companies tried to raise prices in August, but many of these increases were reversed due to weak demand. A recent report by Elara Securities indicates that a significant price hike of Rs 40-50 per bag is expected in East India, while firms in other regions may attempt more modest increases of Rs 10-25 per bag. However, these hikes are likely to be partially rolled back, given the weak demand and lack of pricing discipline among companies. The outlook for the sector for H1FY25 is subdued, with cement prices falling for ten consecutive months, reaching a three-year low. Despite concerns about weak demand, investors are unlikely to offload shares, as demand is expected to pick up in the second half of the fiscal, according to Nirmal Bang. With election-related disruptions behind and the monsoon season ending, analysts anticipate a resumption of construction activity, which, along with post-festival demand, could help revive cement prices. | 2024-09-02 08:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/rossell-india-stock-zooms-10-as-aerospace-defense-biz-demerger-takes-effect-12811895.html | Rossell India stock zooms 10% as aerospace, defense biz demerger takes effect | Rossell India’s stock surged 10 percent as the aerospace and defense demerger officially took effect..Related stories. | Shares of Rossell India surged more than 10 percent on September 2 following the effective demerger of its aerospace and defence businesses. This comes afterRossell Indiaand Rossell Techsys Ltd filed important documents with the Registrar of Companies, officially putting their Scheme of Amalgamation into effect. The news boosted investor confidence and drove up the share price. At 9:55 am, Rossell India shares were trading over 9 percent higher at Rs 619.45 on the National Stock Exchange (NSE) In April, the National Company Law Tribunal (NCLT), Kolkata bench approved the scheme of arrangement between Rossell India (RIL) and Rossell Techsys (RTL). On August 30, 2024, both companies filed a certified copy of the NCLT's approval order with the Registrar of Companies, West Bengal, marking the effective date of their Scheme of Amalgamation. As a result, the scheme became operative from August 30. RTL is engaged in the business of cultivation, manufacture and selling of tea namely Rossell Tea Division and in the aerospace and defence business which has its engineering and manufacturing centre in Bengaluru namely Rossell Techsys Division. As part of the scheme, Rossell Techsys Division has been separated from Rossell India and transferred to Rossell Techsys. Follow our market blog to catch all the live action Additionally, the paid-up share capital of Rossell Techsys Limited held by Rossell India will be cancelled once the equity shares are allotted to Rossell India’s shareholders. Consequently, Rossell Techsys will no longer be a wholly-owned subsidiary of Rossell India from the appointed date. Furthermore, Rossell Techsys Inc. USA, which was set up to support the expansion of the Rossell Techsys Division, will also be transferred to Rossell Techsys Limited. As a result, Rossell Techsys Inc. USA will cease to be a wholly-owned subsidiary of Rossell India from the appointed date. These actions are part of the compliance with the Scheme and relevant SEBI regulations, ensuring the proper execution of the demerger and restructuring process, the company informed in a regulatory filing. The stock has gained around 33 percent so far this year, beating Nifty's returns of 16 percent during this period. In the past 12 months, the counter has risen 26 percent, compared to Nifty's rally of 30 percent. | 2024-09-02 10:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nifty-sensex-clock-record-high-for-5th-straight-session-metal-stocks-slip-12811819.html | Nifty, Sensex clock record high for 5th straight session; Metal stocks slip | Reliance, ITC, Infosys, Hero MotoCorp, Bajaj Auto and Asian Paints were the top gainers on the Nifty..Related stories. | Benchmark indices Nifty and Sensex started the day on a strong note, attaining new highs for the fifth session in a row on September 2 taking positive cues from US and Asian markets, which closed higher. At about 9:20 am, the Sensex was up 224.82 points or 0.27 percent at 82,590.59, and the Nifty was up 76.40 points or 0.30 percent at 25,312.30. About 1932 shares advanced, 1082 shares declined, and 141 shares were unchanged. Follow our LIVE blog for all the latest updates "We expect the market to continue its northbound journey with stock-specific action. Global macro data which will be released during the week will continue to provide cues to domestic equities. Sector-wise, the auto industry will remain in focus as OEMs will announce their monthly sales numbers," Siddhartha Khemka of Motilal Oswal said. Also read:ÂRetail investors outpace FIIs with Rs 10,000 crore buying spree in August Quite a few PSUs mainly -- Railtel, SJVN, NHPC, and SEC -- were buzzing in trade after the Ministry of Finance upgraded four public-sector enterprises to the 'Navratna' status on August 30. PSUs are given a status, from Maharatna companies to Navratna companies, to Miniratna companies. Navratna status is awarded to government-owned companies that were previously classified under 'miniratna' category I, recognising their strong financial and market performance. The broader market, mainly midcap and smallcap stocks also showcased strength after the two rose 0.2 percent each. Despite concerns about valuations, the two have shown resilience and have outpaced the Nifty's year-to-date gains. "This Monday morning, the stage is set for solid gains in the benchmark Nifty, bolstered by Wall Street's surge following the Fed's preferred inflation gauge, which signals potential rate cuts in September. Optimism on Dalal Street is further fueled by a 3.1 percent drop in WTI crude futures and strong FII buying of Rs 9,217 crore last week," Prashanth Tapse, Senior Vice President at Mehta Equities, said. The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 5316 crore on August 30, while domestic institutional investors sold equities worth Rs 3198 crore on the same day. Read more:ÂGujarat Gas powers up with GSPC, GSPL merger; triggers target price upgrades Among sectors, Nifty IT again made headlines, extending its gains for the fifth session in a row led by gains in Infosys, TCS, and HCL Tech. Nifty Energy was the top gainer, rising 0.5 percent. Metal stocks tanked after Adani Enterprises, JSW Steel, and Jindal Steel slipped in trade. "Nifty can find support at 25,200 followed by 25,100 and 25,000. On the higher side, 25,300 can be immediate resistance, followed by 25,350 and 25,400, Deven Mehat, Derivative Analyst Choice Broking, said. "The charts of Bank Nifty indicate that it may get support at 51,300, followed by 51,100 and 51,000. If the index advances further, 51,500 would be the initial key resistance, followed by 51,700 and 51,800," he added. Reliance, ITC, Infosys, Hero MotoCorp, Bajaj Auto, and Asian Paints were the top gainers on the Nifty. Tata Motors, M&M, HDFC Bank, Hindalco, and Dr Reddy's slipped. | 2024-09-02 09:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/hero-motocorp-gains-3-after-auto-sales-rise-5-in-august-12811866.html | Hero MotoCorp gains 3% after auto sales rise 5% in August | Shares of Hero MotoCorp are up by close to 50 percent in the past month..Related stories. | Shares of Hero MotoCorp rose close to 3 percent in opening trade on September 2 as investors rejoiced at the company's better-than-expected monthly sales number for August. The two-wheeler manufacturer's total sales rose 5 percent on year to 5.12 lakh units as against 4.88 lakh units in the base period. The sales number was even better than CNBC-TV18's estimate of 4.89 lakh units. Brokerage firm Motilal Oswal Financial Services noted that Hero Moto's sales for August were also marginally impacted by supply-side shortages, which are expected to normalise in September. The company also expects healthy growth during the upcoming festive season. With a faster recovery expected in the rural segment, growth in the 125cc segment, new launches in scooters and strong investment in power brands, the company expects to grow ahead of the industry. Catch all the market action on our LIVE blog As for total domestic sales, the number was up 4 percent year-on-year to 4.92 lakh units in comparison to the 4.72 lakh units sold in the same month last fiscal. The company's electric vehicle (EV) brand VIDA also continued its upward trajectory as monthly dispatchescrossed 6,000 units for the first time and its retail market share grew to over 5 percent. Exports also grew 27 percent to 20,097 units, up from 15,770 units a year ago. Hero Moto is also witnessing a good offtake its diverse portfolio in the 125 cc segment, especially for the Xtreme 125R. Going ahead, MOFSL estimates volumes to grow by 8 percent for Hero Moto in FY25, implying a residual growth of 7 percent or a run rate of 5.20 lakh units. At 09.30 am, shares ofHero MotoCorpwere trading at Rs 5,603.35 on the NSE. Shares of Hero MotoCorp are up by close to 50 percent in the past month. | 2024-09-02 10:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/godrej-properties-wins-bid-for-two-luxury-plots-in-gurugram-eyes-rs-3400-crore-revenue-shares-rise-12811851.html | Godrej Properties shares gain on winning bid for two luxury plots in Gurugram, eyes Rs 3,400 crore revenue | Over the past year, shares of Godrej Properties have risen around 77 percent..Related stories. | Shares of Godrej Properties gained in early trade on September 2, after the realty player was chosen as the highest bidder to develop two luxury group housing plots in Gurugram. Godrej Properties secured the Letter of Intent to develop the two housing plotthrough an e-auction conducted by the Haryana Shehri Vikas Pradhikaran. The combined bid value for both the plots is Rs 515 crore. At 9.15 am,ÂGodrej Propertiesshares were quoting Rs 2,943 on the NSE, higher by about a percent. Follow our live blog to catch all the updates Combined, the land parcels together will offer a development potential of over 1 million squarefeet and an estimated revenue potential of over Rs 3,400 crore comprising luxury residentialapartments of varied configurations. One of the plots is around 3.6 acres and is located in the prestigious Golf Course Road micro-market whereas the second plot measuring 1.97 acres is strategically located in Sector 39 with proximity to NH 48. In the previous fiscal year, Godrej Properties bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at auction and plans to launch both these projects in FY 25. "Additionally, the firm also won auctions for two land parcels in Greater Noida in the current quarter, which combined with these two new additions in Gurugram, has allowed GPL to greatly strengthen its NCR portfolio with 4 projects with a total estimated revenue potential in excess of $1 billion," said the company in a filing with the exchanges. Over the past year, shares of Godrej Properties have risen around 77 percent, outperforming the benchmark Nifty 50 index that has gained around 30 percent during the same time. | 2024-09-02 09:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/markets-are-neither-cheap-nor-expensive-investors-need-to-keep-return-expectations-low-vikas-khemani-12811904.html | Markets are neither cheap nor expensive, investors need to keep return expectations low: Vikas Khemani | Vikas Khemani, founder of Carnelian Asset Management and Advisors.Related stories. | While markets aren't particularly cheap or expensive, strong earnings growth and ongoing structural revivals support a positive outlook, saidVikas Khemani, founder of Carnelian Asset Management and Advisors. In a conversation with Moneycontrol, he also said that consumption would be a key theme going ahead because India is a growing population. Edited excerpts: What is your view on the current state of the Indian stock markets, especially in terms of valuations as the analyst community seems divided with many viewing it as expensive and hence advise investors to be cautious?People who say the markets are expensive are often looking at India with a “reversion to mean” mindset, thinking that historical patterns will repeat. But India is in a transformation phase, and in such times, reversion to mean doesn't apply. India is in a very different place now. So, while the markets aren't cheap, they aren't expensive either. Earnings growth is strong, and there are structural revivals happening. We see continuity in liquidity and earnings growth, which will drive the market higher. Of course, it's important to keep expectations low. Given recent returns, the immediate future might not deliver the same, but over a 5-10 years view, India will continue to deliver some of the best returns globally. What filters do you use for stock selection, especially in the current market scenario?Our approach doesn’t change based on the market scenario. We strongly focus on the quality of management, followed by the business model - whether there’s talent and growth potential - and reasonable valuations. We avoid stocks or sectors that are euphoric where everyone is chasing them. What are the major themes you are focusing on going forward?India is in a transformative phase. Our demographics - being the youngest, most populous, and most aspirational nation in the world - are driving opportunities. Consumption is a key driver of growth, and we have been bullish on manufacturing since October 2020. Manufacturing in India today is where China was in 2005, and we see a massive wealth creation opportunity. Financials also remain robust, and our banking system is one of the best globally. There are plenty of opportunities in credit, non-credit, and IT services, as well as disruptive ideas within these sectors. Infrastructure, especially railways, seems overvalued. How do you view such sectors?If too much growth is already factored into the value, we avoid those investments. You shouldn’t buy expensive stocks just because the sector is in development. It’s like how many people bought new-age stocks in 2021 out of FOMO (Fear of Missing Out) and ended up losing money. Investing is not about following the crowd but about finding value and adjusting for risk. Any new age company stock that you have?Ola Electric, it has a 35-40 percent market share and is launching new vehicles. They will turn profitable this year, and once that happens, they could become a large player in the automobile industry. On the consumption side, are you focusing on any specific segments like discretionary spending or QSR?Discretionary spending will do better, but we see opportunities across the board as the lower levels of society upgrade. We’re focusing on premiumisation, home improvement, and building materials, among others. Each segment has potential, but it depends on the company and sector. What are your top three bets currently?We own Aditya Birla Capital, which we bought at Rs 100 and is now around Rs 230. We also hold CDMO (contract development and manufacturing organisations) players like Laurus Labs, Newland, and Syngene. We are bullish on the CDMO space, and recently we’ve invested in chemicals like SRF, Deepak Nitrite, and Rallis India, seeing good opportunities there. Could you elaborate on why you are bullish on the chemical sector?In 2022, due to supply chain disruptions, buyers overstocked, leading to a lack of orders later. But now that inventory has cleared, growth is returning. On the PMS side, do you think the tax on churn is a problem for clients?Taxes are inevitable. The only argument could be about the tax on internal churning. However, many stocks we hold for five years or more, so the tax impact is minimal. The trade-off is between alpha generation and tax. In a PMS, we can be more nimble and agile than mutual funds, which comes with its own advantages. | 2024-09-02 10:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gujarat-gas-powers-up-with-gspc-gspl-merger-triggers-target-price-upgrades-12811809.html | Gujarat Gas powers up with GSPC, GSPL merger, triggers target price upgrades; shares jump 12% | Gujarat Gas Stocks: The merger of Gujarat State Petroleum Corporation and Gujarat State Petronet is value accretive, said Antique Broking..Related stories. | The board of Gujarat Gas approved a scheme of arrangement and amalgamation, involving Gujarat State Petroleum Corporation, GSPC Energy, and Gujarat State Petronet merging into Gujarat Gas, causing brokerages rushing to upgrade their the target prices on the city gas distribution player. Additionally,ÂGujarat Gas's gas transmission business will be carved out and listed separately as GSPL Transmission Limited (GTL) on stock exchanges. Gujarat Gas shares jumped to a fresh 52-week high in trade. At 9.35 am, shares of the gas player were quoting Rs 678.25 on the NSE, higher by around 11.5 percent compared to the previous session's closing price. The scheme involves the demerger of GGL's Gas Transmission Business, which will be carved out and listed separately as GSPL Transmission Limited (GTL) on stock exchanges. Equirus upgraded Gujarat Gas to 'add' with a target price of Rs 667 per share. The brokerage believes the merger, demerger plan was 'well thought'. The new entity will benefit from its position as the second largest gas trading company in India. Additionally, with rising gas consumption and Gujarat Gas's presence across the value chain, the company is set to see benefits. The merger of Gujarat State Petroleum Corporation and Gujarat State Petronet is value accretive, said Antique Broking. The brokerage bumped up its target price on the firm to Rs 726 per share, up from Rs 690 earlier. This indicates an upside of around 20 percent from the previous close. The brokerage added that Gujarat Gas will be able to make "quick use" of the Rs 72,000 crore carry-forward losses in Gujarat State Petroleum Corporation. Also, there is a higher intrinsic value of both GSPC and GSPL than is being assigned by estimates. Emkay Global raised its rating on Gujarat Gas to 'reduce', from 'sell', with a hike in target price from Rs 500 per share to Rs 600 each. "The merged entity would benefit from size, simple structure, and synergies, while challenges likely being faced are complexity of business with global gas exposure, capital allocation, and numerous Gujarat govt entities still holding sizable stake," said the brokerage. Follow our live blog to catch all the updates Merger, demerger plan The proposal specifies the shareholding arrangements for the existing shareholders of GSPL and GSPC. Shareholding arrangements under the scheme include the issuance of 10 equity shares of Rs 2 each in Gujarat Gas for every 305 equity shares of Rs 1 each held in Gujarat State Petroleum Corporation. Similarly, Gujarat State Petronet shareholders will receive 10 equity shares of Rs 2 each in Gujarat Gas for every 13 equity shares of Rs 10 held. Regarding the new transmission entity, Gujarat Gas shareholders will receive 1 equity share of Rs 10 each in GSPL Transmission Limited (GTL) for every 3 equity shares of Rs 2 held in Gujarat Gas. | 2024-09-02 10:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/earnings/thangamayil-jewellery-shares-gain-7-after-hdfc-securities-initiates-coverage-with-buy-rating-ups-target-price-to-rs-2500-12811858.html | Thangamayil Jewellery shares gain 7% after HDFC Securities initiates coverage with buy rating; ups target price to Rs 2500 | HDFC Securities expects a significant rerating as Thangamayil Jewellery's ROE rises from 18% in FY23 to 32% in FY27, significantly outperforming Titan, the market leader in the organized jewellery sector..Related stories. | Shares ofThangamayil Jewellery Ltd (TJL)jumped nearly 7 percent on September 2 after brokerage firm HDFC Securities has initiated coverage on the stock with a buy rating and kept a target price of Rs 2500 a share from current market price. At 9:20am, the stock was trading at Rs 2175 on BSE, up 7 percent from previous close while India's benchmark Sensex gained 0.25 percent to 82575 points. The brokerage expects Thangamayil Jewellery, a prominent player in Tamil Nadu, to achieve a revenue CAGR of 26 percent, EBITDA CAGR of 33 percent, and PAT CAGR of 41 percent over FY24-27. This growth is fueled by the advantages of formalization, rapid store expansion, value-for-money products, and access to capital at competitive rates. "We view TJL as the D-Mart of Tamil Nadu's jewellery retail sector, applying principles of "high inventory turns and reasonable margins," in contrast to other listed jewellery players who focus on "high operating margins and low inventory turns" to generate respectable return ratios", HDFC Securities said in a latest note. HDFC Securities expects a significant rerating as Thangamayil Jewellery's ROE rises from 18 percent in FY23 to 32 percent in FY27, significantly outperforming Titan, the market leader in the organized jewellery sector. The brokerage also expects Thangamayil Jewellery to open 30 large-format stores between FY25-27, nearly doubling its current store area, and forecasts a 26 percent sales CAGR over FY24-27, driven by strong external and internal tailwinds. Historically, the company has been conservative in expansion, adding only 19 stores from FY14 to FY24. The formalization of the jewellery industry has accelerated since the hallmarking norms were introduced in June 2021. Additionally, theUnion Budget's reduction of import duty from 15 percent to 6 percent in July 2024 is expected to further benefit the sector, it said. Organized jewellers like Thangamayil are well-positioned to capture a larger share of the Tamil Nadu market. Initially, many customers are expected to shift from small, traditional jewellers to value-focused retailers, drawn by the latter's ability to provide a superior customer experience, a broader product range in larger store formats, lower making charges, and access to finance at competitive rates (with average borrowing costs falling from 6.7 percent in FY20 to 4.8 percent in FY24), it added. | 2024-09-02 09:27 |
moneycontrol.com | https://www.moneycontrol.com/news/business/earnings/psu-index-stocks-pause-august-mcap-share-dips-12812845.html | Index of PSU stocks takes a beating in August as overall share in m-cap dips | This decline marks a drop from the high of 16.24 percent recorded in May 2024 even as the share of the index has remained in double digits since December 2022..Related stories. | India's state-run companies saw their market footprint shrink in August, with the BSE PSU Index's capitalization as a percentage of the country's overall market value falling to a seven-month low of 15.14 percent, as stocks of government-controlled companies took a breather after a dizzying rally. TheÂPSU index'smarket capitalization share has retreated from its May peak of 16.24 percent. Such has been the surge in PSU stocks that the share of the index has stayed in double digits since December 2022. Off 52-Week Highs The BSE PSU Index consists of 59 stocks, with 26 of those falling between 20-37 percent, 18 declining 10-19 percent, and 14 dropping 1-10 percent in August. OnlyHindustan Petroleum Corp Ltd (HPCL)has been trading at its 52-week high. The BSE PSU Index has declined by four percent since testing its 52-week high, while the benchmark Sensex is at fresh highs. Analysts said this recent decline follows a significant rally earlier in the year that was fuelled by positive sentiment around increased public spend, reforms, and privatisation efforts. Investors were hopeful of performance improvements in PSUs, boosted by strong earnings in sectors like energy and defence. PSUs were perceived as under-valued compared to their private sector peers, making them attractive bets in the rally, said analysts. Siddarth Bhamre, Head of Research at Asit C Mehta Investment Intermediates, explained that the rally in PSU stocks since last year was driven by expectations of strong earnings, but recent earnings have not met these expectations. Earnings across PSU sectors, such as banks, capital goods, and metals, has been underwhelming, relative to the sharp rise in share prices since last year, prompting a correction. Disappointing PSU earnings are the main reason for the correction, said Bhamre, even as overall market reached new highs. In terms of valuations, PSUs are still at relatively higher levels compared to their prices before June, making them less attractive for bargain hunting, as yet. Bhamre added that apart from SBI, no major PSU currently offers compelling valuation or earnings potential. Among the biggest losers,Cochin Shipyarddropped 37 percent from its 52-week high, followed byBEMLandMRPL, each down over 30 percent. Other major PSU stocks like Union Bank of India, KIOCL, UCO Bank, and Mazagon Dock Shipbuilders have fallen around 28 percent each. Nirav Karkera, Head of Research at Fisdom said the recent decline can be attributed to profit-taking by investors after a sharp rise. A broader market correction driven by global uncertainties and a rising rate scenario has added to the pullback, along with the fact that many PSUs have reached valuations considered as fair or fully valued. With these stocks no longer seeming like bargains, the momentum has slowed, leading to a reduction in their market share. Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, noted that before general elections, there was significant excitement & euphoria around PSU companies, fuelling a rally beyond valuations in many cases. After the elections, these stocks are seeing consolidation and profit booking. There could be selective buying opportunities going forward in stocks like HAL, SBI, LIC, Coal India, and ONGC etc. Some pockets of railway and defence too may offer value, due to their strong order book and earnings visibility. | 2024-09-03 17:20 |
moneycontrol.com | https://www.moneycontrol.com/technology/infosys-issues-offer-letters-to-over-1000-freshers-of-2022-batch-says-employee-union-article-12812693.html | Infosys issues offer letters to over 1,000 freshers of 2022 batch, says employee union | Infosys.Related stories. | After a delay of over 2.5 years, information technology firm Infosys has issued over 1,000 offer letters from the 2022 campus hires, IT employee union Nascent Information Technology Employees Senate (NITES), said on September 2. The said roles are for System Engineers with the date of joining being October 7, 2024. Initially offered a role at the Bengaluru-headquartered company in 2022, these software engineers were asked to take two pre-training sessions in 2024, with the last one being as recent as August 19. Recently,InfosysCEO Salil Parekh indicated that offers given to freshers would be honoured by the company and followed with joining, although there has been some change in dates. "Every offer that we have given, that offer will be someone who will join the company. We changed some dates but beyond that everyone will join Infosys and there is no change in that approach,"Parekh had said. However, the fate of around 300 freshers offered a Digital Specialist Engineer role still remains uncertain, according to individuals affected by the delay who spoke to Moneycontrol. "Together, we are making a difference and ensuring that the voices of young professionals are heard loud and clear," said Harpreet Singh Saluja, President, NITES. Moneycontrol has reached out to Infosys for a comment and the story will be updated as and when the company responds. In July, the Bengaluru-based company had said that a small portion of the earlier hirings were pending. The tale began when the company reached out to the candidates, who were issued offer letters in 2020, a couple of months ago. Since then, candidates complained that multiple rounds of pre-training sessions and assessments made them apprehensive about the whole process of hiring. The salary of a System Engineer commanded Rs 3.6 lakh per annum while the position Digital of Specialist Engineer fetched Rs 6.5 lakh per annum, according to the people mentioned above. Pune-based IT employee union NITES filed a request to the Ministry of Labour & Employment to investigate the company for ongoing “exploitation and unprofessional treatment” of 2,000 engineering graduates, who were selected for System Engineer and Digital Specialist Engineer roles during the 2022-23 recruitment drive. Infosys had hired over 50,000 freshers in financial year 2022-23 from campuses, which plunged to nearly 11,900 college graduates in FY23-24, CEO and MD Salil Parekh, said in the company’s annual report released on June 3. This came at a time when the company posted its first ever full-year headcount decline in over two decades. | 2024-09-02 21:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/world-street-blackstones-new-buyout-china-warns-japan-south-korea-pmi-and-more-12812801.html | World Street | Blackstone's new buyout, China warns Japan, South Korea PMI and more | World Street offers a sneak peek into the world of business and the economy..Related stories. | Privat Equity giant Blackstone is set to acquire stake in European warehouse portfolio run by landlord Burstone. South Korea's factory activity growth gathered pace in August despite weak overseas demand. China has warned of an economic retaliation against Japan if it imposes further restrictions on the sales and servicing of chipmaking equipment to Chinese firms. Money into the Estate Private equity giant Blackstone will acquire an 80 percent stake in a European warehouse portfolio managed by landlord Burstone, making up another move by the PE firm into the booming e-commerce-driven warehouse sector. The Johannesburg-listed Burstone, previously Investec's property fund, announced the sale of the controlling stake in the €1.1 billion ($1.2 billion) portfolio, which includes properties in seven countries, including Germany, France, and the Netherlands. Gathers pace South Korea's factory activity growth gathered pace in August, with output expanding at its fastest pace in over three years, despite weaker overseas demand, according to a private survey released Monday. The purchasing managers index (PMI) for manufacturers, compiled by S&P Global, rose to 51.9 in August from 51.4 in July, marking the fourth consecutive month above the 50-mark, indicating continued expansion. Tussle for power China has warned of severe economic retaliation against Japan if it imposes further restrictions on the sales and servicing of chipmaking equipment to Chinese firms, Bloomberg News reported. Toyota Motor reportedly informed Japanese officials that Beijing might respond by cutting off Japan's access to essential minerals for automotive production. Chinese officials have repeatedly conveyed this stance in recent meetings with their Japanese counterparts. China's foreign ministry reiterated its firm opposition to the "artificial disruption" of global supply chains, the politicisation of economic cooperation, and technological blockades against China. Top boss HSBC's new chief executive, Georges Elhedery, who took the helm on Monday, expressed his commitment to building on the bank's existing strategy, according to an internal memo. Elhedery, who joined HSBC in 2005, succeeds Noel Quinn as the bank transitions from restructuring to growth amid peaking interest rates and ongoing geopolitical tensions. He began his role with a visit to Hong Kong, HSBC's largest market, to gather feedback from leadership, meet clients, and engage with staff. Investors are keen to see how Elhedery plans to drive growth, especially as revenue sources beyond the bank's fee-based wealth business face pressure from anticipated interest rate cuts. Tough Times French IT firm Atos announced on Monday that it expects reduced cash availability in the coming years due to a weaker business environment affecting sales, though it assured that this would not alter the key terms of its financial restructuring plan. Atos has faced financial challenges but secured a crucial restructuring deal with banks and bondholders in June. The company now projects full-year 2024 revenue at €9.7 billion ($10.72 billion), slightly down from the previous estimate of €9.8 billion, and anticipates positive but lower cash generation in 2026. It also revised its operating margin forecast for this year to 2.4 percent of revenue, down from the earlier target of 2.9 percent. | 2024-09-03 07:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/signature-global-stock-slumps-nearly-7-after-rs-828-crore-large-trade-12812874.html | Signature Global stock slumps nearly 7% after Rs 828 crore large trade | Signature Global stock slumps nearly 7% after Rs 828 crore large trade.. | Signature Global India share price dropped nearly 7 percent in the early trade on Tuesday after over 57 lakh shares change hands in Rs 828 crore large trade. Signature Globalstock fell 6.60 percent to hit the day's low of Rs 1,397.15 apiece after a large trade deal worth Rs 828.2 crore. As many as 57.2 lakh shares ors 4.1 percent equity changed hands at Rs 1,449 per share. At 9.35 pm, the stock was 4.37 percent to quote at Rs 1,430.60 per share on the NSE. The share price has delivered 55.52 percent returns in 2024 so far, as per BSE data. The large cap company has a market cap of Rs 20,093.03 crore. | 2024-09-03 10:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bk-securities-initiates-buy-rating-on-gmr-power-sees-37-upside-potential-12812804.html | GMR Power jumps 5% on Authum Investment & Infra's 1.2% stake purchase | So far this year, this midcap stock more than doubled or jumped 140 percent.Related stories. | Shares of GMR Power and Urban Infra jumped over 5 percent to Rs 141 on September 3 as Authum Investment & Infrastructure bought 74.9 lakh shares or 1.2 percent stake at Rs 134 apiece a day ago via open market transactions. Additionally, analysts at B&K Securities initiated a 'buy' coverage on GMR Power and Urban Infra, seeing an upside potential of 37 percent from current levels. The coverage comes as analysts believe that the government's renewed focus on thermal power positions the company favourable for future growth. So far this year, this midcap stock more than doubled or jumped 140 percent, as against benchmark Nifty 50's 16 percent rise. Earlier, GMR Power shares had hit 52-week high of Rs 140 apiece on August 30, 2024. Catch all the market action on our LIVE blog GMR Power holds expertise in the sectors of energy, urban infrastructure, and transportation. The company's segments include power, roads, engineering, procurement, construction, and others. Its energy sector has an installed capacity of over 3,000 megawatts and has a balanced fuel mix of coal, gas, low sulphur heavy stock, as well as renewable sources of wind and energy. B&K Securities pointed out that GMR Power is broadening its portfolio by venturing into the smart meter sector. Analysts are optimistic about the company’s strategy to revamp its business, with a focus on energy generation, utility services, and EV charging. Furthermore, they have effectively overhauled their balance sheet through advantageous settlements. Looking forward, analysts are confident that GMR Power has the potential to enhance and maintain its financial performance in the future. In the recently concluded June quarter, GMR Power's total income rose 46 percent year-on-year (YoY) to Rs 1,740 crore driven by consolidation of GMR Energy entities. The company also reported a profit of Rs 1,360 crore in Q1FY25 versus a loss of Rs 200 crore in the year-ago period. At the operational level, the company's EBITDA jumped by 12 percent YoY to Rs 640 crore in Q1FY25, whereas margins improved to 38 percent. | 2024-09-03 10:56 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brigade-enterprises-stock-in-focus-as-realtor-launches-qip-to-raise-rs-1500-crore-12812818.html | Brigade Enterprises launches QIP to raise Rs 1,500 crore, stock rises | The proceeds from this QIP will be used by the Bengaluru-based real estate developer for debt repayment and land acquisition..Related stories. | Brigade Enterprises shares gained over 3 percent on September 3 as the company launched Qualified Institutional Placement (QIP), looking to raise Rs 1,500 crore. The company has set the floor price for the QIP at Rs 1,164.70 per share, a 5.7 percent discount from its previous closing price. IIFL Securities and Kotak Mahindra Capital are reported to be the bankers of the issue. The proceeds from this placement will be used by the Bengaluru-based real estate developer for debt repayment and land acquisition. A Qualified Institutional Placement (QIP) is a way for companies to raise funds by issuing shares to qualified institutional investors like mutual funds and insurance companies. It is a faster and often less costly method compared to other capital-raising options, with the share price set based on a floor price and regulatory guidelines. Follow our market blog to catch all the live action The decision to proceed with the QIP was first approved by the board on February 6, and subsequently received shareholder approval through a special resolution passed on March 22. On September 2, 2024, the Committee of Directors convened and passed several key resolutions to set the stage for the QIP launch. They authorized the immediate opening of the QIP issue. In the previous session,Brigade Enterprisesshares closed 2.2 percent higher at Rs 1,234 on the National Stock Exchange (NSE). The stock has gained nearly 38 percent so far this year. In the past 12 months, the stock has zoomed 95 percent, nearly doubling investors' money. In comparison, benchmark Nifty rallied 30 percent during this period. | 2024-09-03 09:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-28-12812357.html | First Tick: Top 10 global cues for today’s trade | Market Today.Related stories. | Indian benchmark indices Sensex and Nifty 50 are likely to open higher on September 3, tracking cues from GIFT Nifty trading near 25,354, a short while ago this morning. Track the latest updates onÂGIFT Nifty right here onÂMoneycontrol. The record run continued on Dalal Street with Nifty ending higher for the 13th consecutive session on September 2, supported by bank, FMCG, and Information Technology names. At close, the Sensex was up 194.07 points or 0.24 percent at 82,559.84, and the Nifty was up 42.80 points or 0.17 percent at 25,278.70. Here is how financial markets across the globe fared overnight: GIFT Nifty (Gains) The GIFT Nifty is trading higher, indicating a flat to positive start for the day. Nifty futures were trading at 25,354 at 07:10 am IST. Asian Equities (Gain) Asian markets were mostly higher on Tuesday as investors assessed South Korea's August inflation numbers, which eased to their lowest level on a year-on-year basis since March 2021.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Topix 0.78 0.32 11.86Nikkei0.540.1012.46Hang Seng - - -Taiwan -0.14 -0.63 19.02Kospi0.090.12-1.93US Equities (Closed) The US markets were shut on Monday on account of Labor Day.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Dow Jones - - 11.23S&P500 - -19.44Nasdaq - - 19.02US Bond Yield (Gains) The US 10-year Treasury yields increased by 34 basis points to 3.91% and US 2-year bond yield was up 32 bps to 3.92% CURRENT PRICE MTD YTDUS 10-Year Treasury 3.91 3.794.17US 2-Year Treasury 3.92 3.874.87Dollar Index (Up) On Tuesday, the dollar held close to a two-week high against the yen and the euro as investors geared up for a slew of economic data, including Friday's U.S. payrolls, that will influence the size of an expected interest rate cut from the Federal Reserve. CURRENT PRICE MTD YTDDollar Index 101.74 103.2098.71Asian currencies (Lower) Asian currencies fell against the US dollar in early trade on Tuesday, with the Indonesian Rupiah leading the pack, down by 0.451%. It was followed by the China Renminbi and Malaysian Ringgit, which fell by 0.365% and 0.343%, respectively.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%) Indonesian Rupiah -0.451 4.34 -0.812 South Korean Won-0.1572.16-3.69 Japanese Yen-0.082 -1.93-4.30 Philippines Peso-0.2302.37- 2.03 Thai Baht-0.1813.49-0.012 Taiwan Dollar-0.0971.80- 4.64 China Renminbi-0.3650.732- 0.243 Malaysian Ringgit-0.343 2.255.06 Singapore Dollar-0.0761.320.948Gold (Down) Gold prices drifted lower on Tuesday, while investors awaited a slew of US economic data to gauge the size of the Federal Reserve's expected interest rate cut this month. Spot gold eased 0.2% at $2,494.19 per ounce. Prices hit a record high of $2,531.60 on August 20. US gold futures fell 0.1% at $2,526.10. CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Gold -0.30-0.41 20.80Silver-0.52 -1.4719.29Crude (Mixed) Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya. Brent crude futures were down 37 cents, or 0.48%, to $77.15 a barrel. U.S. West Texas Intermediate crude, which did not have a Monday settlement because of the U.S. Labour Day holiday, was 28 cents up from its Friday close of $73.55. CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)US West Texas 0.57 0.58 3.24Brent Crude-0.32-1.930.29LME Commodities (Down) LME commodities prices were trading mostly lower in the early trade on Tuesday with Zinc down nearly 2 percent, and Aluminium prices down nearly 1 percent. CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)Aluminium -0.94 - 1.68Copper-0.50 -7.29Nickel-0.84 -0.13Lead 0.32 - -0.41Zinc-1.93 -6.88Fund Flow Action The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 1,735.46 crore on September 2, while domestic institutional investors bought equities worth Rs 356 crore on the same day.2nd SeptMTDYTDFII Net Flows 1,735.46 1,735.46 -1,40,800.74DII Net Flows 356.37 356.37 3,05,960.08Hope you're all set for today's trade, we wish you a profitable day ahead. | 2024-09-03 14:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stock-radar-medi-assist-matrimony-hal-premier-energies-gensol-engg-muthoot-finance-in-focus-on-tuesday-12812773.html | Stock Radar: Medi Assist, Matrimony, HAL, Premier Energies, Gensol Engg, Muthoot Finance in focus on Tuesday | Stocks in News.Related stories. | Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, and appointments, here’s a quick look at which stocks will be in focus in today's trade: Stocks To Watch Medi Assist Healthcare Services Promoter Bessemer India Capital Holdings II Ltd is likely to sell Medi Assist's shares worth Rs 540 crore through a block deal, reports CNBC-Awaaz citing sources. The shares are likely to be sold at Rs 570 apiece, which implies a nearly 7 percent discount to the current market price. Adani Green Energy The Board has approved the execution of binding documents between the company, Adani Renewable Energy Sixty Four (ARE64L), and TotalEnergies Renewables Singapore Pte. TotalEnergies will make a further investment of $444 million to form a new 50:50 joint venture company with Adani Green Energy. The new joint venture will house a 1,150 MWac portfolio. Hindustan Aeronautics The Cabinet Committee on Security has approved the proposal for the procurement of 240 aero-engines (AL-31FP) for the Su-30MKI aircraft of the Indian Air Force under the Buy (Indian) category from the company, at a cost of over Rs 26,000 crore. Muthoot Finance Microfinance subsidiary Belstar Microfinance has received approval from the market regulator SEBI to launch its IPO. Belstar plans to raise Rs 1,000 crore via a fresh issue and Rs 300 crore through an offer-for-sale. Gensol Engineering Gensol and Matrix Gas & Renewables emerged as the lowest bidders for the EPC contract to develop a bio-hydrogen project for India’s leading power generation company. Through this project, the companies will convert 25 tons of bio-waste into 1 ton of hydrogen per day. The project is valued at Rs 164 crore. Lemon Tree Hotels The company has signed a license agreement for an 80-room hotel property in Gir, Gujarat. The property will be managed by its subsidiary, Carnation Hotels, and is expected to open in FY30. Matrimony.com The board will meet on September 5 to discuss the proposal for the buyback of equity shares of the company. Maruti Suzuki India The company’s total production in August increased by 2.1% to 1.69 lakh units, compared to 1.65 lakh units in the same period last year. Welspun Corp The board has approved an investment of $100 million by the company’s subsidiary, Welspun Pipes Inc., for the upgradation of HFIW (high-frequency induction welding) pipes manufacturing and coating capability in the USA. This investment will be funded through local debt and internal accruals and will be spread over 18 months. Hindustan Composites The company has entered into a Share Purchase Agreement with Swiggy to acquire its 1.5 lakh equity shares of Re 1 each by making an investment of Rs 5.175 crore. NMDC Iron ore production in August fell by 10% year-on-year to 3.07 million tons, and sales declined by 11.3% to 3.14 million tons. Indian Energy Exchange The company’s subsidiary, International Carbon Exchange (ICX), has entered into an Issuer Agreement with the International Tracking Standard Foundation (I-TRACK Foundation of The Netherlands) and Evident EV (of the United Kingdom). This agreement authorizes ICX to act as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market. Zee Entertainment Enterprises Shiva Chinnasamy has been appointed as the Chief Technology & Product Officer of the company, effective September 2. ICICI Bank The bank stated that neither it nor its group companies have paid any salary or granted any employee stock option plans (ESOPs) to Madhabi Puri Buch after her retirement, other than her retiral benefits. She had opted for superannuation effective October 31, 2013. During her employment with the ICICI Group, Buch received compensation in the form of salary, retiral benefits, bonuses, and ESOPs, in line with applicable policies. Bulk Deals Sadbhav Engineering HDFC Mutual Fund sold a 1.16% stake in Sadbhav at an average price of Rs 33.13 per share, amounting to Rs 6.6 crore. TCNS Clothing Company Baroda BNP Paribas Mutual Fund has bought a 0.98% stake in TCNS at an average price of Rs 576.14 per share, valued at Rs 35.95 crore. However, Morgan Stanley Asia Singapore Pte sold a 0.53% stake at an average price of Rs 574.64 per share, amounting to Rs 19.4 crore. Vibrant Global Capital Investor Siddhartha Bhaiya sold a 0.6% stake in Vibrant at an average price of Rs 78.02 per share, valued at Rs 1.08 crore. Mainboard Listing on September 3 Premier Energies SME Listing on September 3 Indian Phosphate, Vdeal System, Jay Bee Laminations Stocks Turn Ex-Dividend Deepak Fertilisers, Fineotex Chemical, Ganesha Ecosphere, Goa Carbon, Ion Exchange, The Indian Wood Products Company, Karnataka Bank, Lehar Footwears, Lakshmi Automatic Loom Works, Sakthi Finance, Savera Industries, Tamboli Industries, Tribhovandas Bhimji Zaveri, Vinati Organics, ZF Steering Gear Stock Trades Ex-Date for Buyback Nucleus Software Exports Stock Trades Ex-Date for Bonus Garment Mantra Lifestyle Stock Trades Ex-Date for Amalgamation TCNS Clothing Stocks Under F&O Ban Balrampur Chini Mills, Hindustan Copper | 2024-09-03 01:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/vedanta-stock-gains-on-announcing-third-dividend-of-rs-20share-citi-maintains-buy-tag-12812796.html | Vedanta stock gains on announcing third dividend of Rs 20/share, Citi maintains 'buy' tag | The mining major announced a plan to demerge its business units into independent pure-play companies in September last year..Related stories. | Vedanta shares surged two percent in early trade on September 3 after the Anil Agarwal-led mining company announced its third interim dividend of Rs 20 per share yesterday. "The Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, September 2, 2024, has considered and approved the third Interim Dividend of Rs 20 per equity share on face value of Re 1 per equity share for the Financial Year 2024-25 amounting to Rs 7,821 crore," said Vedanta in a stock exchange filing. At 9:20 am,Vedantashares were quoting Rs 465.45 on the NSE, higher by half a percent compared to the previous session's close. Follow our live blog to catch all the updates Vedanta had announced a second interim dividend of Rs 4 per share for the current fiscal year in July at a total payout worth Rs 1,564 crore. In May, Vedanta board approved its first interim dividend of FY25 at Rs 11 per share amounting to a payout of Rs 4,089 crore. International brokerage firm Citi reiterated its 'buy' rating on Vedanta, with a target price of Rs 430 per share, indicating a minor downside of around seven percent. The firm's net debt excluding Hindustan Zinc is around Rs 61,000 crore as of June 2024. Following June, Vedanta has raised nearly Rs 8,500 crore through a QIP, issuing 193.2 million shares at Rs 440 per share, added the brokerage. The mining major announced a plan to demerge its business units into independent pure-play companies in September last year. The demerger will help unlock value and attract large-scale investment into the expansion and growth of its businesses. It will create independent companies housing the aluminium, oil & gas, power, steel and ferrous materials, and base metals businesses, while the existing zinc and new incubated businesses will remain under Vedanta Limited. | 2024-09-03 09:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/motilal-oswal-pours-in-rs-210-crore-into-ptc-industries-stock-as-manufacturing-co-raises-rs-700-cr-via-qip-12812868.html | Motilal Oswal invests Rs 210 crore in PTC Industries as firm raises Rs 700 crore via QIP | PTC Industries issued 5.3 lakh equity shares to QIB investors (qualified institutional bidders) at an issue price of Rs 13,199.7 per share..Related stories. | PTC Industrieshas raised Rs 700 crore via a qualified institutional placement (QIP), with Motilal Oswal investing over Rs 210 crore across two funds. The QIP saw 5.3 lakh equity shares issued at Rs 13,199.7 per share, a 5% discount to the floor price. Motilal Oswal's Large and Midcap Fund and Long Term Equity Fund acquired a combined 1.59 lakh shares, making up 30 percent of the total issue. HSBC and Societe Generale also participated, investing Rs 130 crore and Rs 60 crore, respectively. The company supplies and manufactures earth moving equipment, fork, machine tools, pump, spare parts. It is also an exporter of stainless steel casting and non ferrous alloy. At the time of publishing, the stock was trading at Rs 14,470.70 per share on the NSE, up marginally by 0.31 percent. The counter went up by 72.47 percent in the last 6 months. In 2024 so far, the stock has delivered 118.04 percent multibagger returns on the BSE. It rose 141.72 percent in the last 1 year. In June this year, the company announced its partnership with top defence entities under the DTIS scheme to support the 'Make in India' initiative for the Indian defence and aerospace sectors. Agreenfield defence testing facility is being developedat the Lucknow Node of the UP Defence Industrial Corridor as part of the DTIS scheme. | 2024-09-03 10:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bajaj-housing-finance-sets-price-band-of-rs-66-70-a-share-for-its-ipo-12812777.html | Bajaj Housing Finance sets price band of Rs 66-70 a share for its IPO | Bajaj Housing Finance is a diversified NBFC catering to more than 76.5 million customers across the country, according to its website.. | Bajaj Housing Finance Ltd has set a price band of Rs 66-70 a share for its initial public offering that will start on September 9. The anchor bidding will start on September 6 and the issue will close on September 11. Basis of allotment will be on September 12, refunds will be made on September 13 and the stock will list on exchanges on September 16. The issue comprises of fresh issue of upto Rs 3560 crore and an offer for sale of upto Rs 3000 crore by Bajaj Finance Ltd. On the upper end price band, the total mcap of the firm will at around Rs 58300 crore. Kotak Mahindra Capital, BofA Securities, Axis Capital, JM Financial Ltd, IIFL Securities, Goldman Sachs and SBI Capital Markets are the book-running lead managers. Cyril Amarchand Mangaldas is the legal advisor to the housing financier. The move by Bajaj Housing Finance is in line with RBI's mandatory requirement for "upper layer" NBFCs to list within three years of being notified i.e September 2025. Bajaj Housing Finance is a diversified NBFC catering to more than 76.5 million customers across the country, according to its website. Based in Pune, it offers finance to individuals as well as corporate entities for the purchase and renovation of homes or commercial spaces. | 2024-09-03 07:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/short-call-ipo-obsession-valuable-insight-or-overblown-gamble-railtel-gulf-oil-globus-spirits-in-focus-12812789.html | Short Call | IPO obsession: Valuable insight or Overblown gamble? RailTel, Gulf Oil, Globus Spirits in focus | An IPO situation more closely approximates a negotiated deal. The seller decides when to come to market, and they don’t pick a time that’s necessarily good for you - Warren Buffett.Related stories. | Indian markets are sporting lofty valuations despite subdued earnings growth. Amid this, the Indian IPO market has witnessed a notable upswing, driven by strong market sentiment. Retail investors are turning to Initial Public Offerings (IPOs) as a potential goldmine. Not just domestic investors but even FIIs are more enthusiastic about IPOs as a Societe Generale (SG) report revealed that foreigners acquired more than $6 billion of stocks on the primary market this year, the highest since 2021. Going by the raging returns delivered by SME IPOs thus far, would make anyone believe that '21 din me paisa double' is no fraud scheme. Notably, the BSE SME IPO index has surged 136% this year, vastly outpacing the Sensex’s 14% gain. If the outsized returns on some stocks are feeding the frenzy, the magic of IPOs is also being actively fuelled by hype, social media buzz, paid promos by influencers and association with high-profile investors, be it prominent market names or even social celebrities like Virat Kohli, Shilpa Shetty whose presence create an illusion of credibility to IPOs. Promoter equity offloads, once viewed as red flags, are now overlooked as investors chase after the latest hot issue. A tantalizing grey market premium (GMP) further ignites FOMO, leading to oversubscription, even when cash flow considerations are ignored. The IPO of Resourceful Automobile, which runs a modest operation with just two Yamaha showrooms and eight employees, attracted bids worth nearly Rs 5,000 crore—420 times its Rs 12 crore target, despite its relatively small scale and past financial losses. It’s not an exception. Other IPOs from firms burdened with debt or lacking a standout outlook have also received enthusiastic responses. The situation is concerning if you look at the response from the Securities and Exchange Board of India (SEBI) which has issued warnings about misleading MSME IPO promotions. The market regulator is concerned that some promoters are painting an overly optimistic picture to entice investors. For those still tempted to dive into the next IPO, remember Warren Buffett’s sage advice: “An IPO situation more closely approximates a negotiated deal. The seller decides when to come to market, and they don’t pick a time that’s necessarily good for you.” Gulf Oil Lubricants India ( Rs 1,479.75, +4.52%) Shares rose after Systematix initiated coverage and assigned a target price of Rs 1,700. Bear Case: The lubricant industry is flush with competition, which could have a bearing on the company’s market share, rendering prices competitive. Bull Case: Its market share in the lubricants segment is expected to grow consistently, supported by the company’s strategic entry into the electric vehicle (EV) segment and DC cooling liquids. These initiatives are seen as key drivers for long-term growth. RailTel (Rs 497.95, +1.46%) Bagged the 'Navratna' PSU status. Bull Case: More than a status symbol, PSUs with the Navratna tag can invest up to Rs 1,000 crore without prior government approval. Navratna PSUs also can allocate around 15 percent to a specific project or 30 percent of their net worth over an entire year, as long as it is under the Rs 1,000 crore limit, which bodes well Bear Case: Railtel's order book is more skewed towards non-railway projects, while its railway-related projects only make up 22 percent of the total order book. Additionally, the firm said Q1FY25 projects executed largely had low margins. If the firm continues to bag projects with low margins, it could have a serious impact on the bottomline. LG Balakrishnan & Bros (Rs 1,494, +8.4%) Shares hit 52-week high on heavy volumes Bull Case: HDFC Securities remained bullish on the medium-term prospects of the company due to strong domestic and export demand. The company's entry into industrial chains and RSAL Steel Pvt Ltd takeover completion create a positive outlook amongst analysts. It plans to raise funds through preferential allotment in Q2 with the promoter aiming to increase their stake to 39-40 percent. Bear Case: Increase in insurance costs and shipping challenges in European exports due to the Russia-Ukraine war. Competitive pressure in the US subsidiary has resulted in higher operating expenses. Stiff competition and volatility in commodity prices may cause profit margins to fluctuate. Globus Spirits (Rs 1,114 | +3.8%) Motilal Oswal MF buys stake Bull case: Globus Spirits shows strong growth with revenues over Rs 3,000 crore and consistent operating margins above 20 percent. The company's turnaround in its IMFL segment boosts its profitability prospects further. Bear case: Declining operating margins below 12 percent could hurt profitability. Project delays, rising costs, unexpected debt, or adverse regulatory changes could weaken Globus Spirits' financial stability and capital structure. (With inputs from Veer, Zoya, Neeshita and Lovisha) | 2024-09-03 07:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/medi-assist-block-deal-rs-580-5-cr-worth-equity-changes-hands-as-bessemer-india-likely-offloads-stake-12812828.html | Medi Assist stock surges to record high after Rs 580 cr block deal; Bessemer India offloads stake | Promoter Bessemer India held a 29.22 percent stake in Medi Assist Healthcare Services as per the company's latest shareholding data..Related stories. | Medi Assist shares worth Rs 580.50 crore were sold in a block deal on September 3 with promoter Bessemer India being the likely seller. Around 95 lakh shares, representing a 13.5 percent stake of the company that offers third-party administration services to insurance firms changed hands at a floor price of Rs 612 apiece. The floor price of the deal implies a marginal premium from the previous closing price of Rs 611.40. WhileMoneycontrolcould not immediately verify the parties involved in the transaction, CNBC-TV18 reported on September 2 that promoter Bessemer India were looking to offload shares of Medi Assist Healthcare in a block deal, aimed at raising Rs 540.94 crore from the transaction. Shares of Medi Assist Healthcare reacted positively to the block deal and surged 5 percent in early trade to hit a record high of 647.80. At 09.31 am, the shares were trading at Rs 626.50 on the NSE, sharply off its record high. Promoter Bessemer India held a 29.22 percent stake inMedi Assist Healthcare Servicesas per the company's latest shareholding data. The CNBC-TV18 report also stated that the block deal will trigger a lock-in until July 18, 2025 for Bessemer India to execute any further stake sales. Catch all the market action on our LIVE blog The stake sale also came just a week after the company announced plans to fully acquire Paramount Health Services & Insurance TPA at an enterprise value of Rs 311.8 crore, making this the one of the largest TPA ( Third Party Administrator) deals in India. With this acquisition, Medi Assist TPA's market share will swell to 36.6 percent for the group segment and 23.6 percent of the health insurance industry, by premiums managed, the company said. Paramount TPA works with 30 insurers and over 3,000 group customers and retail policyholders. "This strategic move strengthens our market leadership and aligns with our long-term vision of making quality healthcare accessible and efficient. I welcome the Paramount team to the Medi Assist family and to achieving greater milestones," Medi Assist CEO Satish Gidugu said. | 2024-09-03 11:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-morgan-stanley-bullish-on-kaynes-tech-citi-research-advises-caution-on-tech-mahindra-12812798.html | Brokerage Radar: Morgan Stanley bullish on Kaynes Tech, Citi Research advises caution on Tech Mahindra | Brokerage Radar.Related stories. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Tech Mahindra, HAL, Kaynes Tech and more. Antique On Hindustan AeronauticsBuy Call, Target `6,145/ShCabinet Clears Procurement Of `26,000 Cr Order For 240 Aero Engines Of SU-30 MKI AircraftOrder Will Further Bolster Cos Already Strong Order Backlog Of `94,000 Cr (FY24 End) To `1.2 Lk CrStrong Order Backlog Will Lead To Strong Revenue Visibility Of 3.8x Its TTM RevenueNear-term Financials May Seem A Bit VolatileCo Has Been Facing Challenges To Execute The Large Tejas MK I A OrdersBelieve That Stock Is Attractively Valued With Multi-yr Double-digit Earnings Growth PotentialStock Looks Attractively Valued With Robust Return Ratio Profile Of +20% Jefferies On Alkem LabsUnderperform Call, Target `5,080/ShMgmt Said That Boosting Operational Margin Will Be The Top Priority In Near-termInvestments In New Areas Will Take 2-3 Years To Bear ResultsCo Aims To Be More Active In M&A And In-Licensing Going ForwardNew Mgmt Plans To Pursue Profitable Growth Which Will Be Realised Via India, EM & CDMO Biz HSBC On Rallis IndiaReduce Call, Target `251/ShTuning Biz Model To Play On Strengths, A Well Executed Plan Can Bolster Competitive PositionPlanning To Double Domestic CP Market ShareCo Plans To Seed Revenue Over Next 4-5 Years; Turning Selective On ExportsMaintain Reduce Given Industry Headwinds Morgan Stanley On Kaynes TechOverweight Call, Target `3,845/ShGovernment Approval For Kaynes Semicon Semiconductor Plant In Gujarat Is PositiveThe Pending Government Approval Remained An Area Of Investor ConcernCo Had Earlier Indicated That Its OSAT Venture Could Garner Incremental Potential Revenue Citi On VedantaBuy Call, Target `430/ShCo Announced 3rd Interim Dividend Of `20/ShTotal Outflow On Account Of Dividend Would Be `7,800 Cr (Promoters Own 56.4%)Co’s Net Debt Excluding HZL Was `61,000 Cr As Of Jun’24Post Jun’24, Vedanta Has Raised Nearly `8,500 Cr On July 20, Issue Of 193.2 m Shrs Via QIP Citi On Tech MahindraSell Call, Target `1,260/ShGrowth Is Still Difficult In The Current EnvironmentBFSI Is Improving But It Is Slow & GradualThere Are 10-15 Actions In Play To Drive MarginFocus Is On Costs To Drive Margins Initially Followed By Pyramid OptimisationSome Part Of The Margin Improvement Will Be Invested BackWage Hikes To Be Reviewed In October Jefferies On TelecomIn Q1FY25, Sector Revenue Growth Moderated To 7% YoYBharti/Jio Revenues In Q1 Up 9-10.5% YoY RespectivelyBharti/Jio Gained 35 bps/70 bps Market Share In Q1FY25Voda Idea’s Market Share Declined To An All-time Low, With Market Share Loss In 16/22 CirclesMkt Sh Gains Toward Bharti/Jio Likely To Continue Till Voda Idea Completes Network InvstExpect Sector Revenues To Grow At A 15% CAGR To $38 Bn Over FY24-26 CLSA On Consumer SectorOverweight Call On Zomato, Target `353/ShUnderperform Call On Marico, Target `470/ShUnderperform Call On HUL, Target `2,161/ShQuick Commerce Is Reshaping India's Retail Supply Chain By Flattening DistributionQuick Commerce Giving New Brands Increased Visibility & Price CompetitivenessZomato Will Be Largest Listed BeneficiaryStaples Marketers Marico & HUL Face Risks As Their Distribution Advantage ErodesUnlisted Co Zepto Is An Upand-Comer With Much To Offer Its CustomersFor Blinkit, See EBITDA & Net Profit Turning Positive By FY25Blinkit Will Contribute Up To 37% Of Our FY26 EPS For Zomato | 2024-09-03 07:39 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/hal-stock-gets-buy-call-from-antique-on-securing-rs-26000-cr-engine-contract-for-iafs-su-30mki-fleet-12812795.html | HAL surges 4% on a cloudy day; Antique upgrades stock to buy after Rs 26,000 crore engine deal | HAL stock has gained nearly 66 percent so far this year. In the past 12 months, the stock has zoomed nearly 140 percent, more than doubling investors' money.Related stories. | Shares of Hindustan Aeronautics Ltd (HAL) rose over 3 percent on September 3 as the Cabinet Committee on Security approved the procurement of 240 aero-engines (AL-31FP) for the Su-30MKI aircraft of the Indian Air Force from the company. The deal falls under the Buy (Indian) category and is valued at over Rs 26,000 crore. The delivery of these aero-engines will begin after one year and be completed over eight years. The engines will feature over 54 percent Indigenous content, increased through the indigenisation of key components. They will be manufactured at HAL's Koraput division. The Su-30 MKI is one of the most powerful and strategically significant aircraft in the IAF's fleet. According to the Defence Ministry, the supply of these aero-engines by HAL would meet the fleet sustenance requirement of IAF to continue their unhindered operations and strengthen the defence preparedness of the country. Follow our market blog to catch all the live action This order is expected to significantly bolster HAL's already strong order backlog, which stood at Rs 94,000 crore at the end of FY24, bringing it to Rs 1.2 lakh crore, noted Antique Broking as it issued a 'Buy' call on the stock with a target price of Rs 6,145 per share. With this expanded backlog, HAL now has strong revenue visibility at 3.8 times its TTM revenue. While the company has faced challenges in executing the large Tejas MK I A orders, Antique believes that HAL is attractively valued, with the potential for multi-year double-digit earnings growth. HAL stock also boasts a robust return ratio profile of over 20 percent, making it an appealing investment despite potential near-term financial volatility. Meanwhile, DK Sunil, who spearheaded several key aerospace programmes and is known for his design expertise, took over as the next chief of the HAL recently as the aircraft maker gears up to execute some critical projects for the armed forces. Sunil replaced CB Ananthakrishnan who retired on August 31. One of the top priorities for him will be accelerating the LCA Mk-1A program, as concerns grow over the PSU's ability to meet delivery timelines for the 83 LCA Mk-1As on order. Also Read |ÂFirst Tick: Top 10 global cues for today’s trade The IAF has reportedly expressed dissatisfaction with the current pace, highlighting the potential risks to combat effectiveness if new fighter planes are delayed, and has urged HAL to ensure timely execution of the Rs 48,000-crore contract. In the previous session, HAL shares closed marginally higher at Rs 4,685.75 on the National Stock Exchange (NSE). The stock has gained nearly 66 percent so far this year. In the past 12 months, the stock has zoomed nearly 140 percent, more than doubling investors' money. In comparison, benchmark Nifty rallied 30 percent during this period. | 2024-09-03 11:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/iex-subsidiary-to-issue-international-renewable-energy-certificates-in-indian-markets-12812824.html | IEX shares in focus as subsidiary to issue International Renewable Energy Certificates in Indian markets | IEX reported a 27 percent jump in consolidated net profit for the quarter ended June..Related stories. | Indian Energy Exchange shares will be in focus during the September 3 session as the power trading exchange's subsidiary International Carbon Exchange (ICX) entered into an "issuer agreement" with the International Tracking Standard Foundation and Evident EV. As a result of the agreement, ICX is authorised to act as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market. "As part of this role, ICX will be responsible for registering Production Facilities and issuing I-RECs on the registry managed by Evident for India," added IEX in an exchange filing. Follow our live blog to catch all the market updates The Indian Energy Exchange or IEX reported a 27 percent jump in consolidated net profit for the quarter ended June, standing at Rs 96.44 crore on the back of higher revenues. During the same quarter in the year-ago period, IEX's net profit was around Rs 75.82 crore. According to an exchange filing, the power trading exchange reported an on-year operational revenue increase of 18.75 percent, at Rs 123.5 crore for the June quarter, up from Rs 104 crore in the same period last year. On the power sector front, hot weather conditions led to an unprecedented surge in electricity demand during the first quarter of this financial year. Peak power demand reached 250 GW, surpassing the previous high of 243 GW recorded in September last year. Over the past 12 months, IEX shares have jumped around 48 percent, outperforming the frontline index Nifty 50 that has gained around 30 percent during the same time. | 2024-09-03 08:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/muthoot-finance-in-focus-as-arm-belstar-microfinance-gets-sebi-nod-to-launch-ipo-12812826.html | Muthoot Finance gains as arm Belstar Microfinance gets Sebi nod to launch IPO | Microfinance subsidiary, Belstar Microfinance gets Sebi's approval to launch IPO.Related stories. | Muthoot Finance shares gained 1.5 percent to Rs 1,993 on September 3 following market regulator Sebi’s approval for its microfinance subsidiary, Belstar Microfinance, to launch an initial public offering (IPO). The IPO will feature a fresh issue of Rs 1,000 crore and an offer for sale (OFS) of Rs 300 crore. Within this OFS, Danish asset management firm MAJ Invest plans to sell shares worth Rs 175 crore, followed by Arum Holdings with Rs 97 crore, and Augusta Investments Zero Pte with Rs 28 crore. The merchant bankers handling the IPO are ICICI Securities, Axis Capital, HDFC Bank, and SBI Capital Markets. MAJ Invest first invested in Belstar Microfinance in 2018 and again in 2022. Currently, Muthoot Finance, one of the promoters, holds just over a 66 percent stake in Belstar Microfinance. ALSO READ:ÂBelstar Microfinance, Transrail Lighting, TPG-backed SK Finance get SEBI go-ahead for IPO The proceeds from the fresh issue will be allocated towards future capital needs for onward lending, while the remaining funds will be used for general corporate purposes. Belstar Microfinance, a non-banking finance company — Micro Finance Institution (NBFC-MFI), offers various loan products, including micro-enterprise, small enterprise, consumer goods, festival, education, and emergency loans. Its lending primarily revolves around the ‘self-help group’ (SHG) model, which makes up 57 percent of its total loan portfolio as of December 31, 2023. According to the draft red herring prospectus (DHRP), Belstar Microfinance’s total revenue from operations reached Rs 1,283 crore as of December 31, 2023, up from Rs 727 crore on March 31, 2022. Meanwhile, its profit surged to Rs 235 crore in Q1 FY25 from Rs 45 crore in the same period the previous year. Meanwhile, Muthoot Finance registered highest-ever consolidated profit of Rs 1,196 crore in the recently concluded June quarter, with highest-ever consolidated loan assets under management of Rs 98,048 crore. | 2024-09-03 09:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/clsa-zomato-top-bet-marico-hul-quick-commerce-disruption-12812831.html | Zomato is CLSA's top retail bet amid quick commerce disruption, Marico and HUL face challenges | The consumer staples firms, on the other hand, face risks as their traditional distribution advantages begin to erode..Related stories. | Quick commerce is having a significant impact on India's retail supply chain, finds top brokerage CLSA, and adds that the trend is flattening the retail distribution channel and offering brands greater visibility and competitive pricing, a game changer for the space. CLSA finds thatZomatohas the most potential as the largest listed beneficiary of this evolving market trend, and the brokerage has retained its Overweight call with a price target of Rs 353 per share. Follow our live blog to catch all the updates CLSA sees Blinkit moving towards profitability, with projections that the EBITDA and net profit will swing into the black by FY25. Blinkit could contribute up to 37 percent of Zomato's EPS by FY26, said the note. Its unlisted competitor - Zepto - is a rising player in the quick commerce space, offering promising prospects, finds CLSA. Consumer staples firms, on the other hand, face risks with traditional distribution advantages beginning to erode, and the likes ofÂMaricoandHindustan Unilever may face challenges, the note said. CLSA reiterated its 'Underperform' on both the FMCG giants, with target prices at Rs 470 per share for Marico and Rs 2,161 apiece for HUL, respectively. Zomato has recently seen a flurry of brokerages scrambling to upgrade their price targets on the food aggregator. Jefferies pushed Zomato's target up to Rs 335 with a 'Buy' call, and Bernstein has reiterated its 'Outperform' with a target price of Rs 275. The upgrades came after Zomato announced its acquisition ofPaytm's ticketing business. | 2024-09-03 09:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/tolins-tyres-sets-price-band-of-rs-215-226-a-share-for-its-rs-430-cr-issue-12812779.html | Tolins Tyres sets price band of Rs 215-226 a share for its Rs 430 cr issue | The tyre retreading solutions provider will pay Rs 70 crore (out of the net fresh issue proceeds) towards its debt as its outstanding borrowings was Rs 101.33 crore on consolidated basis as of August 23. | Tolins Tyres Ltd has set a price band of Rs 215-226 a share for its Rs430 crore initial public offering.The issue anchor bidding will start on September 6, opening bidding will start on September 9 and the issue will close on September 11. Finalisation of allotment will be on September 12, refunds and credit of equity shares will be on September 13, and the stock will list on September 16. The issue comprises of a fresh issue of upto Rs 230 crore and an offer for sale of upto Rs 200 crore by its promoters and existing shareholders. The tyre retreading solutions provider will pay Rs 70 crore (out of the net fresh issue proceeds) towards its debt as its outstanding borrowings was Rs 101.33 crore on consolidated basis as of August 23. Further, Rs 75 crore will be utilised for long-term working capital requirements, Rs 46.3 crore will be invested in its wholly-owned subsidiary, Tolin Rubbers, and the remaining fresh issue funds will be used for general corporate purposes. Its major products include two-wheeler, three- wheeler, light commercial vehicle and agricultural tyres, as well as precured tread rubber and other accessories including bonding gum, tyre flap, and vulcanizing solutions. It also exports products to 40 countries, including the Middle East, East Africa, Jordan, Kenya and Egypt. Tolins Tyres competes with listed peers like Indag Rubber, Vamshi Rubber, TVS Srichakra, GRP, and Elgi Rubber Company earned more than 75 percent of business from the tread rubber segment, while tyres division contributed the remaining portion of the topline. The company recorded significant growth in net profit at Rs 26 crore for the year ended March 2024, growing more than five-fold over Rs 4.99 crore profit in the previous year despite a sharp increase in finance cost, driven by healthy operating numbers and topline. Revenue during the year gone by was Rs 227.2 crore, increasing by 92.2 percent from Rs 118.2 crore in the previous financial year 2022-23. EBITDA (earnings before interest, tax, depreciation and amortisation) surged nearly 4 times to Rs 46.4 crore in FY24, compared to Rs 12.3 crore in FY23, with margin nearly doubling to 20.4 percent from 10.4 percent during the same period. Saffron Capital Advisors is acting as the merchant banker to the issue, while Cameo Corporate Services is the registrar to the IPO. | 2024-09-03 06:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/daily-voice-focus-on-these-3-sectors-including-telecom-says-this-fund-manager-12812775.html | Daily Voice: Focus on these 3 sectors including telecom, says this fund manager | Riya Oswal Bafna is the co-fund manager at Purnartha.Related stories. | Riya Oswal Bafna of Purnartha believes two-wheeler vehicles will do relatively better than commercial and passenger vehicles in the auto space. Purnartha remains focused on capital goods & consumer discretionary such as wires and cables and pipes, telecommunication, and energy, says the Co-Fund Manager of Purnartha. Chartered Accountant Riya with more than 12 years of experience in the financial industry, who looks at PMS and AIF at Purnartha feels largecaps offer valuation comfort along with reasonable earnings growth, but the high multiple of mid and small caps create discomfort. Are you still bullish on auto space? In Q1FY2025, the automotive sector experienced slower sales and high dealer inventory levels. However, sales typically improve during the festival season in Q2 and Q3. Companies are hopeful for a recovery, supported by favourable monsoon conditions and increased crop revenues. We think 2-wheeler will do relatively better than commercial vehicle and passenger vehicles. Are you sure about the 25bps cut in fed funds rate in the September policy meeting? Given the current situation, steep rate cuts are unlikely. Although unemployment has slowed, it should not provoke significant concern. The Fed is actively considering rate cuts in the future if unemployment data & inflation remains on expected trajectory becomes. If the Fed delivers the same, then will RBI follow the path in October? During the current interest rate cycle, India has raised its rates from 4 percent to 6.5 percent, while the US Federal Reserve has increased its rates from zero percent to 5.25-5.5 percent since 2022. This illustrates that although the Reserve Bank of India’s decisions may align directionally with the US Fed’s, the magnitude of the rate changes differs. Also, the decisions of RBI would depend on the inflation which would entail more on food inflation, which has not eased since the rate hike cycle from May 2022. So, RBI might act in same direction but with delay and lesser cuts. Given the consistent run quarter after quarter, do you see the market ending the calendar with 15-20 percent gains? What are the triggers to watch? Difficult to comment on market movement, largecaps offer valuation comfort along with reasonable earnings growth. The high multiple of mid and small caps create discomfort but earnings growth excluding the current quarter has been higher. We need to be watchful of the changing trend, so we currently think it is better to place ourselves in largecaps where liquidity is higher and switch in case of an opportunity. The key trigger to watch out for going forward margin expansion and demand through volume growth in this period of corporate profitability which would see a few hiccups going forward. Where do you put your money amongst sectors? We remain focused on capital goods & consumer discretionary such as wires and cables and pipes, telecommunication, and energy as our invested strategy. For themes to play out, sectorally, we are watching out bottom-up approach which would include companies within a sector being witnessing margin expansion, or demand growth or valuation comfort. So, wherever we find 2 out of the three drivers within a sector, we would evaluate the opportunity in depth. | 2024-09-03 07:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-nifty-open-flat-amid-lack-of-major-catalysts-banking-it-stocks-drag-indices-down-12812807.html | Sensex, Nifty open flat amid lack of major catalysts; banking, IT stocks drag indices down | This week is filled with crucial economic data, most notably the U.S. payrolls report on September 6..Related stories. | The domestic equity market indices, Sensex and Nifty 50, saw a flat opening on September 3 due to lack of any significant domestic or global catalysts. Banking and IT stocks weighed on the indices, while oil and gas, along with healthcare stocks, emerged as the day's top performers. The Nifty IT index snapped a six-day winning streak and declined by 0.4 percent. At 9:16 am, the Sensex was down 19.14 points or 0.02 percent at 82,540 and the Nifty was down 2.5 points or 0.01 percent at 25,276. About 1,598 shares advanced, 738 shares declined, and 147 shares unchanged. "Although Nifty has been inching higher for the past 13 sessions, we haven't seen any remarkable progress. We've reclaimed record highs, but the movements in most sessions have been less than one percent," said Ajit Mishra, SVP of Research at Religare Broking. "The tone remains positive, but I feel that until we see participation from the banking sector, it's unlikely that we will see a significant move towards the next milestone of 26,000. However, it's still a 'buy on dip' market." Follow our live blog for all the market action Among stocks,ÂHindustan Aeronauticsrose over 3 percent after cabinet approved procurement of 240 aero-engines for Su-30 MKI aircraft worth Rs 26,000 crore.ÂAadhar Housing Financeshares rose 5 percent after Kotak Institutional Equities initiated 'buy' call on the company.ÂKaynes Technologyalso gained 5 percent after the company received the cabinet's nod to set up a semiconductor unit in Gujarat. As for the broader markets, analysts expressed caution over its current valuations. The market breadth isn't very conducive either. Despite this, the indices maintain positive momentum, likely due to rotational buying, said analysts. At 9:20 am, the BSE Midcap index rose by 0.3 percent, while the Smallcap index gained 0.5 percent. The India VIX, which had surged 5 percent in the previous session, eased by 0.4 percent in the morning session on September 3. According to Mandar Bhojane, Technical Analyst at Choice Broking, Nifty has formed a support base around the 25,100 and 25,000 levels, which can act as immediate support and a buying opportunity. "If Nifty closes above the 25,300 level, short-term targets could be 25,500 and 25,700," he said. Also Read |ÂIndex of PSU stocks takes a beating in August as overall share in m-cap dips The U.S. stock market was closed on September 2 for the Labor Day holiday. Meanwhile, Asian markets traded mostly higher on September 3, buoyed by South Korea's inflation data, which eased to its lowest level on a year-on-year basis since March 2021. This week is filled with crucial economic data, most notably the U.S. payrolls report on September 6, which will influence the magnitude of interest rate cut by the Federal Reserve. The market is pricing in the chance of a 25 basis points (bps) cut at the Fed's September 17-18 meeting. The job openings data on September 4 and the jobless claims report on September 5 will also be closely monitored. Today, shares of Hindalco, Shriram Finance, Cipla, Tata Motors, and ONGC were the top gainers on Nifty 50 while Kotak Mahindra, Grasim, Coal India, Dr Reddys Labs, and Titan Company were the biggest losers. | 2024-09-03 09:55 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/lemon-tree-hotels-shares-rise-on-signing-new-property-in-gujarat-12812670.html | Lemon Tree Hotels shares rise on signing new property in Gujarat | Lemon Tree Hotels.Related stories. | Lemon Tree Hotelsshare price increased in early trade on September 3, following the company’s announcement of a new license agreement for a hotel in Gir, Gujarat. At 09:19am, Lemon Tree Hotels was quoting at Rs 134.50, up Rs 1.80, or 1.36 percent, on the BSE. The upcoming property, to be managed by Carnation Hotels—a wholly-owned subsidiary—will feature 80 rooms, along with amenities such as a restaurant, banquet hall, meeting room, swimming pool, and spa. The hotel is slated to open in FY 2030. For ongoing market updates, follow our live blog Last month, the company secured a property in Ujjain, Madhya Pradesh, scheduled to open in FY 2027. In addition, they announced new license agreements for properties in Civil Lines, Ayodhya, and with their upscale brand Aurika Hotels & Resorts for a location in Surat, Gujarat. Earlier in August, the company also acquired a new property in Varanasi, Uttar Pradesh, anticipated to open in FY 2028, and celebrated the opening of a Lemon Tree Hotel in Noida. Sukhsagar Complexes, a subsidiary of the company, has received an order for recovery of tax and penalties from the office of the superintendent, CGST range-XXIII, Jaipur amounting to Rs11,580, interest of Rs 696.8 and penalty of Rs 80,000. Also, demand of wrongly availed ITC amounting to Rs 8183 and short reversal of ITC amounting to Rs 43,722. | 2024-09-03 09:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trade-setup-for-tuesday-top-15-things-to-know-before-the-opening-bell-55-12812728.html | Trade setup for Tuesday: Top 15 things to know before the opening bell | Nifty Uptrend.Related stories. | It was a good start to the week, with the market sustaining a northward move for 13 days in a row. The Nifty 50 hit a fresh all-time closing high of 25,279, up 43 points, with positive momentum indicators being the key driver, on September 2. The index needs to stay above 25,200 going forward; if it remains above this level, a march towards 25,500 can be expected amid consolidation, while 25,000 is likely to be crucial support, according to experts. Below are 15 data points we have collated to help you spot profitable trades: Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50 Resistance based on pivot points: 25,320, 25,343, and 25,381 Support based on pivot points: 25,245, 25,222, and 25,184 Special Formation: The Nifty 50 formed a bearish candlestick pattern on the daily charts, as the closing was below the opening level. However, the higher highs formation continued for the sixth consecutive session. The momentum indicators RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) maintained a positive bias but showed a negative trend on the hourly charts. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 51,547, 51,614, and 51,722 Support based on pivot points: 51,330, 51,263, and 51,155 Resistance based on Fibonacci retracement: 51,973, 52,592 Support based on Fibonacci retracement: 50,560, 49,732 Special Formation:The Bank Nifty also formed a bearish candlestick pattern with a lower shadow on the daily charts, indicating some buying interest at lower levels. The index maintained a higher highs-higher lows formation for another session and consistently held above the downward-sloping resistance trendline. The positive bias in the momentum indicators RSI and MACD is a positive sign. The index gained 89 points, closing at 51,440. 3)Nifty Call Options Data According to the weekly options data, the maximum open interest was seen at the 26,000 strike (with 82.35 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,300 strike (63.75 lakh contracts) and the 25,700 strike (60.79 lakh contracts). Maximum Call writing was seen at the 25,300 strike, which saw an addition of 34.53 lakh contracts, followed by the 25,500 and 25,400 strikes, which added 22.06 lakh and 17.81 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,000 strike, which shed 3.26 lakh contracts, followed by the 25,100 and 25,200 strikes, which shed 1.91 lakh and 37,325 contracts, respectively. 4)Nifty Put Options Data On the Put side, the 25,000 strike holds the maximum open interest (with 59.99 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 24,000 strike (58.64 lakh contracts) and the 24,500 strike (56.25 lakh contracts). The maximum Put writing was observed at the 24,500 strike, which saw an addition of 15.8 lakh contracts, followed by the 25,300 and 24,000 strikes, with 10.73 lakh and 8.93 lakh contracts added, respectively, while the Put unwinding was seen at the 25,200 strike, which shed 12.56 lakh contracts, followed by the 25,400 and 25,500 strikes, which shed 2.65 lakh and 1.75 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the weekly options data, the maximum open interest was observed at the 51,500 strike, with 38.22 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 52,000 strike (27.27 lakh contracts) and the 51,400 strike (20.77 lakh contracts). Maximum Call writing was visible at the 51,500 strike (with the addition of 12.33 lakh contracts), followed by the 51,800 strike (10.23 lakh contracts) and the 51,400 strike (5.79 lakh contracts), while the maximum Call unwinding was seen at the 52,200 strike, which shed 2.26 lakh contracts, followed by the 52,700 and 50,700 strikes, which shed 1.01 lakh and 35,520 contracts respectively. 6)Bank Nifty Put Options Data On the Put side, the 51,000 strike holds the maximum open interest (with 25.22 lakh contracts), which can act as a key support level for the index. This was followed by the 51,500 strike (20.75 lakh contracts) and the 51,400 strike (16.56 lakh contracts). The maximum Put writing was observed at the 51,500 strike (which added 7.15 lakh contracts), followed by the 51,200 strike (5.89 lakh contracts) and the 51,400 strike (4.69 lakh contracts), while the maximum Put unwinding was seen at the 50,600 strike, which shed 2.82 lakh contracts, followed by the 50,100 and 52,000 strikes, which shed 66,480 and 66,330 contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 1.18 on September, from 1.41 levels in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX The volatility rebounded after a downtrend in the previous two consecutive sessions but remained below the 15 mark, which is still positive for bulls. The India VIX rose by 4.98 percent to 14.06, from 13.39 levels. 10)Long Build-up (36 Stocks) A long build-up was seen in 36 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (35 Stocks) 35 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (75 Stocks) 75 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (39 Stocks) 39 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Hindustan Copper Stocks retained in F&O ban: Balrampur Chini Mills Stocks removed from F&O ban: Nil Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary. | 2024-09-02 21:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/families-re-investing-money-in-equities-after-diluting-stakes-in-their-companies-jm-financials-vishal-kampani-12813545.html | Families re-investing money in equities after diluting stakes in their companies: JM Financial’s Vishal Kampani | Families re-investing money in equities after diluting stakes in their companies: JM Financial’s Vishal Kampani.Related stories. | A large sum of money that families make after diluting stake in their companies is being re-invested back in markets, said Vishal Kampani, managing director ofJM Financialat the CII Financing 3.0 Summit in Mumbai. The year-to-date cumulative fund raising by way of Offer for Sale (OFS) stands at Rs 87,000 crore. “There have been years when the primary markets haven't raised this much, yet this amount has been achieved in just eight months,” said Kampani. He further noted that domestic investors, including mutual funds, family offices, and insurance companies, are now leading every single IPO his firm is managing. “Three years ago, it was nearly impossible to raise money without the participation of foreign investors,” he said. Kampani also said that domestic investors are adopting a more strategic, long-term perspective, typically taking a 3-4 year view on IPOs rather than a speculative one. The JM Financial honcho further added that excesses like speculation and high PE multiples are always there in the market. “All these excesses get washed away and sanity comes back and growth in India is so strong that it is difficult to control such excesses,” he said. And the only way to control these excesses is strong regulations, said Kampani. In the current year till August, 50 main board IPOs have been launched with the cumulative fund raising pegged at Rs 53,391 crore. | 2024-09-03 15:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/technical-view-niftys-further-direction-depends-on-breaking-25200-25300-range-bank-nifty-above-51500-12813606.html | Technical View: Nifty's further direction depends on breaking 25,200-25,300 range, Bank Nifty above 51,500 | Market Rangebound.Related stories. | The Nifty 50 continued to consolidate for another session on September 3, maintaining a positive close for 14 days in a row. The index faced resistance around the 25,300-25,350 zone and stayed above 25,200 for the third straight day. Until the index decisively breaks this range on either side, rangebound trading may continue. A decisive close above 25,300 may drive the index towards the 25,400-25,500 zone, while a drop below 25,200 could see crucial support at the 25,000 mark, according to experts. The Nifty 50 closed the rangebound session at 25,280, up 1.2 points, and traded within the previous day's range, forming a small bearish candlestick pattern as the close was below the opening levels. Momentum indicators also suggest a continuation of consolidation in the coming sessions. "The market breadth suggests a strong tug of war between the bulls and bears. Looking ahead, 25,200 is poised to act as a key support for the benchmark, while a solid support zone is expected within the 25,100-25,000 range," said Osho Krishan, Senior Analyst - Technical & Derivatives at Angel One. On the higher end of the spectrum, he anticipates 25,350-25,400 levels to act as intermediate resistance, followed by the sturdy hurdle of 25,500 in the comparable period. According to weekly options data, the maximum Call open interest was observed at the 26,000 strike, followed by the 25,300 and 25,600 strikes, with maximum Call writing at the 25,600 strike, then the 25,300 and 25,500 strikes. On the Put side, the 25,000 strike holds the maximum open interest, followed by the 24,500 and 24,000 strikes, with maximum writing at the 25,300 strike, then the 25,200 and 24,900 strikes. The options data also suggested that 25,300 is likely to be a hurdle for the Nifty 50. Above this level, the 25,500-25,600 zone is the area to watch, while 25,000 is expected to be a key support area. Bank Nifty Looking ahead, it is crucial to monitor the recent movement in the high beta index, Bank Nifty, which outperformed the benchmark Nifty 50 and finally settled above the 51,500 level after a month. The index rose 250 points to 51,689 and formed a bullish candlestick pattern with a long lower shadow on the daily charts, indicating buying interest at lower levels. It sustained above all key moving averages. Now, it must continue to hold above the 51,500 zone for an up move towards 52,000 and then 52,350 levels. On the downside, support is seen at 51,500 and then 51,250 zones, according to Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services. Volatility declined after a day of rally and could not sustain above the 14 mark, which maintains bulls in a comfortable position. The India VIX fell by 1.55 percent to 13.84, from 14.06 levels. | 2024-09-03 16:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/taking-stock-market-ends-flat-nifty-extends-gain-on-14th-day-12813452.html | Taking Stock: Market ends flat; Nifty extends gain on 14th day | Market Today.Related stories. | In the rangebound trading session, the benchmark indices ended with little change on September 3. At close, the Sensex was down 4.40 points or 0.01 percent at 82,555.44, and the Nifty was up 1.10 points at 25,279.80. After a positive start with Nifty above 25,300, the market traded in a negative zone for most part of the session, while witnessed recovery in the last hour but closed with minor losses. BSE Sensex snapped 11th consecutive session gains, while the Nifty 50 extended the its rally for the 14th straight session. Top Nifty gainers were SBI Life Insurance, ICICI Bank, HDFC Life, Shriram Finance and Bajaj Finserv, while losers were ONGC, Infosys, Bajaj Finance, JSW Steel and Adani Ports. Among sectors, bank and capital goods indices were up 0.5 percent each, while media, power, metal, realty and oil & gas were down 0.5-1.5 percent. The BSE midcap index ended with marginal gains and the smallcap index rose 0.5 percent. More than 250 stocks touched their 52-high on the BSE, including, Abbott India. Bombay Burmah, Eris Life, Godrej Industries, HFCL, Jindal Saw, JM Financial, Lupin, M&M Financial, MphasiS, Oracle Financial Services, PCBL, Persistent Systems, PI Industries, Poly Medicure, Quess Corp, Shriram Finance, Voltas, among others.Click to view full list Outlook for September 4 Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas Nifty opened on a flat note and consolidated during the day to close marginally in the green up ~1 point. On the daily charts we can observe that the Nifty has been inching higher steadily helped by sector rotation. We shall continue to ride the upmove. On the upside we expect Nifty to target levels of 25500. On the downside the crucial support base is placed at 25160 – 25120 where the key hourly moving averages are placed. We shall continue to ride the upmove with a trailing stoploss mechanism. The Bank Nifty has finally showed some spark and is now inching higher towards 51950 - 52000 zone which coincides with the 61.82% Fibonacci retracement level. The support base shifts higher towards 51300 – 51200 from short term perspective. Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One The Indian equity markets started the session on a flat note with the benchmark index struggling to continue its positive stature. Led by a narrow range-bound move, the Nifty50 index managed to extend its winning streak but only by a whisker. The index settled the session just one point higher at 25280. From a technical standpoint, the market levels have seen little alteration, with the Nifty index fluctuating within a narrow range of about 90 points without a clear trend. Additionally, the market breadth suggests a strong tug of war between the Bulls and Bears. Looking ahead, 25200 is poised to act as a key support for the benchmark, while a solid support zone is expected within the 25100-25000 range. On the higher end of the spectrum, 25350-25400 is anticipated to act as intermediate resistance, followed by the sturdy hurdle of 25500 in the comparable period. Looking ahead, it is crucial to monitor the recent movement in the high beta index BankNifty, as any potential increase in buying activity following a prolonged consolidation phase could inject the necessary momentum into the markets. Nonetheless, given the apparent fatigue in the benchmark index, it's essential to adopt a pragmatic approach. | 2024-09-03 15:55 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/will-ensure-fpis-can-access-funds-on-t1-says-sebi-member-ananth-narayan-12813666.html | Will ensure FPIs can access funds on T+1, says Sebi member Ananth Narayan | Will ensure FPIs can access funds on T+1, says Sebi member Ananth Narayan.Related stories. | The Securities and Exchange Board of India (Sebi) will ensure that foreign portfolio investors (FPIs) are able to access their funds on the day of the settlement when the shorter T+1 cycle comes into effect from September 9, said Sebi whole time member Ananth Narayan on September 3 While speaking at the CII Financing 3.0 Summit in Mumbai, Narayan said that currently FPIs are not able to access their funds on T+1 and instead have to wait for T+2, T+3, or even beyond for their funds. The reason for the delay is a delay in receiving the tax certificate, said Narayan. “After the settlement was done, the custodian would send a list of the transactions to the tax consultant, who would then take of a day to give the tax incidence to the FPI. After this only, the FPI would be in a position to draw out funds,” said Narayan. Narayan said that all this process could be done on T+1 itself. He, however, said that there has been some noise in the market that settling funds on T+1 will lead to an increase in custodian charges. Narayan further added that when remittance of funds was delayed, it led to a huge opportunity loss for FPIs. While it was a loss for the FPIs, the custodians were gaining from the float which stayed back for an extra day with them. “So, it was a non-transparent, opaque, implicit charge as opposed to explicit fees for the custodian,” said Narayan whole adding that hidden and opaque charges should be converted into transparent charges so it is leads to ease of doing business for FPIs. What else is in pipeline? Sebi is also creating an online tracker for FPIs, so they can see where their application is stuck, said Narayan. The regulator is also trying to see if they can make the registration process simpler for FPIs who only invest in government bonds, he added. The whole-time member also said that Sebi wants to make life easier for FPIs where it believes that an FPI doesn’t require to disclose too much of information. Examples of these FPIs are government-owned entities, insurance companies, pension funds, mutual fund like institutions, and others. | 2024-09-03 18:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sme-ipo-frenzy-froth-deepak-shenoy-12813572.html | 'Froth' lies in expectations too, says Deepak Shenoy on SME IPO rush | Investors need to be 'far more aware' of the investing landscape, and should be doing more due diligence..Related stories. | There is a case for greater disclosures to be sought from the SME IPOs, however, the 'froth' also lies in the expectations of investors in the SME space, Deepak Shenoy of Capitalmind PMS said on CNBC-TV18, during a conversation on September 3. Investors need to be 'far more aware' of the investing landscape, and should be doing more due diligence, Shenoy said, adding that people must read disclosures and cannot bet purely based on the Gray Market Premium (GMP) of the public issues alone. "The guardrails should be about the investors understanding the companies." Shenoy also added that regulations need to support more and frequent disclosures from the SMEs looking to tap the IPO route. Promoters should be fined for poor disclosures, Shenoy suggested. On the frenzied interest in IPOs, Shenoy said, "Its a procedural problem, as this is was the SME system was designed for", implying the SME IPO exchange was designed for smaller enterprises to find ways to raise growth capital, and not a platform for outsized bids for public issues. Market regulator Sebi's whole-time member Ashwini Bhatia hadhinted at the need for cautionin this space, speaking at an event on September 2. "Nobody is actually saying no. I am a banker, and we were taught to say no when necessary." Bhatia added that unfortunately, this rigorous approach is sometimes lacking in the current (SME) ecosystem, including among chartered accountants, merchant bankers, and exchanges. The regulator is now planning to soon come out with a consultation paper on the listing process in the SME space. Currently, the approval process for the SME IPOs rests with stocks exchanges, which have to do the due diligence and seek disclosures for the applicants. Deepak Shenoy hoped that the exchanges do not tighten too much or seek SMEs to put forth greater Free Cash Flow. "A lot of companies in general do not generate FCF, as they need to re-invest substantially in capex. So, it may not be right for the SME market to demand that." The market regulator had shared asurveyon September 2, which suggested individual investors in IPOs sold shares within a week of listing, in cases where there were gains to be made. This rush for public issues also stems from a trend of rise in demat accounts that were created after Covid-19. "Many investors are putting money into IPOs just with the intention to make a quick buck,”Bloombergquoted Vineet Arora of NAV Capital Emerging Star Fund. The buoyant demand for public issues has seen a very strong interest from the retail segment of the market. Veteran market investor Vijay Kedia too is finding the SME space frothy, and has said that he is not ready to invest in such a market for IPOs or pre-IPOs, preferring the comfort of his earlier investments. "In this kind of market, I will not invest. I am just sticking to my old investments, and I am comfortable. When there is a typhoon, the best thing would be to stay calm," Kedia told CNBC-TV18 during a conversation on September 2, referring to the frenzy in the unlisted or SME space and the pre-IPO placement. "This is clear euphoria, and I would like to stay away," he added, in response to a question regarding the unlisted space and the rush for public issues. This is just months after Kedia called the frenzy in F&O trading as beginning to 'appear like astampede'. | 2024-09-03 16:18 |
moneycontrol.com | https://www.moneycontrol.com/news/business/au-small-voluntary-transition-universal-bank-12813706.html | AU Small Finance applies for 'voluntary transition' to a Universal Bank | The move from a SFB to being a universal bank will potentially expand AU Small's reach and services, the lender said..Related stories. | AU Small Finance Bank has applied to the Reserve Bank of India (RBI) for voluntary transition from a Small Finance Bank to a Universal Bank, the lender said in an exchange filing on September 3. This is a significant step for the bank, potentially expanding its reach and services, the release said. "We wish to inform that the Bank has submitted an application to the Reserve Bank of India ("RBI") to seek approval for voluntary transition from a Small Finance Bank to Universal Bank today i.e. on September 03, 2024,"AU Small Finance Banksaid in the filing. In July, AU Small Finance Bank had toldMoneycontrolthat the lender will apply for the universal banking licence in about a four weeks. “We have received approval from the board and it was widely expected. So, after this, we havedecided to apply in the next four weeksor by August-end,” Sanjay Agarwal, MD and CEO of the bank had said. The board had given its go-ahead to the proposal on July 25. The eligibility criteria for a small finance bank to transition into a universal bank is that it must have a satisfactory track record of performance for at least five years, should be listed on stock exchanges, and should have a minimum net worth of Rs 1,000 crore. Shares of AU Small Finance are lower by close to 14 percent so far this year. On August 26, AU Small Finance Bank had seen a significant block trade of 1.3 crore shares, representing 1.7% of total equity, change hands. On June 20, private equity firm WestBridge Capital had divested a 1.75 percent stake in the lender for Rs 845 crore through an open market transaction. Earlier this year, in June, AU Small had approved afundraise of Rs 11,000 crore. | 2024-09-03 18:55 |
moneycontrol.com | https://www.moneycontrol.com/technology/infosys-issues-offer-letters-to-remaining-2000-freshers-from-2022-campus-hires-says-employee-union-article-12813669.html | Infosys issues offer letters to remaining 2,000 freshers from 2022 campus hires, says employee union | Infosys.Related stories. | Information technology company Infosys issued offer letters to 2,000 remaining freshers from 2022 campus hires on September 3, according to the employee union Nascent Information Technology Employees Senate (NITES). On September 2, the Bengaluru-basedcompany issued over 1,000 offer lettersfrom the 2022 campus hires after a delay of over 2.5 years, the IT employee union said on September 2. "Today, all the remaining campus hires around 2000 SE (system engineers) have finally received their joining dates, confirming October 21, 2024," said Harpreet Singh Saluja, President, NITES. The said roles are for System Engineers with the date of joining being October 21, 2024. Initially offered a role at the Bengaluru-headquartered company in 2022, these software engineers were asked to take two pre-training sessions in 2024, with the last one being as recent as August 19. Recently, Infosys CEO Salil Parekh indicated that offers given to freshers would be honoured by the company and followed with joining, although there has been some change in dates. "Every offer that we have given, that offer will be someone who will join the company. We changed some dates but beyond that everyone will join Infosys and there is no change in that approach,"Parekh had said. However, many freshers of the 2022 batch that Moneycontrol spoke to said they haven't yet received offer letters. Moneycontrol has reached out to Infosys for a comment and the story will be updated as and when the company responds. In July, the Bengaluru-based company had said that a small portion of the earlier hirings were pending. The tale began when the company reached out to the candidates, who were issued offer letters in 2020, a couple of months ago. Since then, candidates complained that multiple rounds of pre-training sessions and assessments made them apprehensive about the whole process of hiring.The salary of a System Engineer commanded Rs 3.6 lakh per annum while the position Digital of Specialist Engineer fetched Rs 6.5 lakh per annum, according to the people mentioned above. Pune-based IT employee union NITES filed a request to the Ministry of Labour & Employment to investigate the company for ongoing “exploitation and unprofessional treatment” of 2,000 engineering graduates, who were selected for System Engineer and Digital Specialist Engineer roles during the 2022-23 recruitment drive. Infosys had hired over 50,000 freshers in financial year 2022-23 from campuses, which plunged to nearly 11,900 college graduates in FY23-24, CEO and MD Salil Parekh, said in the company’s annual report released on June 3. This came at a time when the company posted its first-ever full-year headcount decline in over two decades. Also read:ÂInfosys’ full-year headcount declines for the first time in 23 years, net addition drops by 25,994 | 2024-09-03 18:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/oil-falls-as-chinese-demand-concerns-overshadow-libyan-export-halt-12813604.html | Oil falls as Chinese demand concerns overshadow Libyan export halt | Oil falls as Chinese demand concerns overshadow Libyan export halt.Related stories. | Brent oil prices declined 2% on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya. Brent crude futures fell by $1.65, or 2.1%, to $75.87 a barrel by 1004 GMT. West Texas Intermediate crude futures, which did not settle on Monday because of the U.S. Labour Day holiday, were down $1.06, or 1.4%, at $72.49. "The weaker than expected Chinese manufacturing PMI over the weekend likely exacerbated concerns about the Chinese economy's performance," said Charalampos Pissouros, senior investment analyst at brokerage XM "The Libya and Middle East stories are keeping a floor below prices, leaving the door open to a further recovery in the foreseeable future." On Monday China reported new export orders fell for first time in eight months in July and that prices of new homes rose in August at their weakest pace this year. In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue. So far there is limited upside support from large production disruptions in Libya, owing to the uncertainty over how long those outages might last, said UBS analyst Giovanni Staunovo. Libya's National Oil Corp (NOC) declared force majeure on its El Feel oilfield from Sept. 2. Total production had plunged to little more than 591,000 barrels per day (bpd) as of Aug. 28 from nearly 959,000 bpd on Aug. 26, NOC said. Production was at about 1.28 million bpd on July 20, the company said. Some supply is set to return to the market as eight members of OPEC and affiliates, together known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries, industry sources said. "It remains to be seen how low prices can go before OPEC+ reacts, as most cartel members need prices above current levels to come close to balancingbudgets," said Panmure Liberum analyst Ashley Kelty. Continuing disruptions to supply flows from the Middle East are also supporting the market. Two oil tankers were attacked on Monday in the Red Sea off Yemen but did not sustain major damage. | 2024-09-03 16:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/icici-bank-shares-rise-amid-row-over-alleged-payments-to-sebi-chief-madhabi-puri-buch-12813652.html | ICICI Bank shares rise amid row over alleged payments to Sebi chief Madhabi Puri Buch | ICICI Bank share price closed at Rs 1,247 per share on the NSE, up 1.39 percent from its previous close..Related stories. | ICICI Bank share price settled over 1 percent higher in Tuesday's trade amid Congress' allegations against SEBI Chairperson Madhabi Puri Buch. The stock closed at Rs 1,247 per share on the NSE, up 1.39 percent from its previous close. In fact, ICICI Bank was the top gainer in the Nifty Bank index in September 3 trade. The uptick in the price movement was noticeable as the grand old party pressed for more clarity regarding SEBI chief Madhabi Puri Buch's compensation and stock options in its Tuesday press briefing. Congress leader Pawan Khera at a press conference on Tuesday asked why the retiral benefit was non-uniform in terms of frequency and amount. The party also questioned how a person's retirement benefit be more than her salary as an employee. The party earlier on Monday alleged that since the current SEBI chairperson took office in 2017, she has not only been drawing a salary from SEBI but has also been holding an office of profit at the ICICI Bank, continuing to receive income from them to this very day. However, ICICI Bank late Monday evening in a clarification stated that it has not paid any salary or granted any ESOPs to Buch since her retirement. It added that she only received retiral benefits. The private lender added that Buch had opted for superannuation with effect from October 31, 2013. Amid the allegations, the shares remained largely unaffected. The stock has been gaining for the last three days and has risen 2.11 percent in the period. Nifty Bank index was up 0.49 percent today. ICICI Bank was followed by HDFC Bank, which was up by 0.68 percent, Federal Bank, up by 0.27 percent, Kotak Mahindra Bank (+0.21%), Axis Bank (+0.19%) and State Bank of India ((0.15%). | 2024-09-03 17:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/diis-net-buy-shares-worth-rs-1896-crore-fiis-net-buy-shares-worth-rs-1029-crore-12813079.html | DIIs net buy shares worth Rs 1896 crore, FIIs net buy shares worth Rs 1029 crore | At close, the Sensex was down 4.40 points or 0.01 percent at 82,555.44, and the Nifty was up 1.10 points at 25,279.80..Related stories. | Both Domestic institutional investors (DII) and Foreign investors (FII) were net buyers on September 3. DIIs net bought shares worth Rs 1896 crore while FIIs bought shares worth Rs 1029 crore, provisional data from NSE showed. DIIs bought Rs 11,867 crore worth of shares and sold shares worth Rs 9,971 crore. Meanwhile, FIIs purchased Rs 19,444 crore in shares and offloaded equities worth Rs 18,415 crore during the trading session. In the year so far, FIIs have net sold shares worth Rs 1.37 lakh crore, while DIIs have bought shares worth Rs 3.11 lakh crore. Also read:ÂTaking Stock: Market ends flat; Nifty extends gain on 14th day Market view At close, the Sensex was down 4.40 points or 0.01 percent at 82,555.44, and the Nifty was up 1.10 points at 25,279.80. Top Nifty gainers were SBI Life Insurance, ICICI Bank, HDFC Life, Shriram Finance, and Bajaj Finserv, while losers were ONGC, Infosys, Bajaj Finance, JSW Steel, and Adani Ports. Commenting on today's market, Deepak Jasani, Head of Retail Research at HDFC Securities noted that global stocks were largely muted on Tuesday as traders prepared for data releases that will offer insight into the health of the US economy and the Federal Reserve’s interest-rate path. Additionally, India's GDP growth is expected to remain strong at 7 percent in fiscal 2025, according to the latest forecasts by the World Bank. "Nifty formed a small negative candle with small lower shadow on Sept 03. Nifty once again remained in a narrow 86-point range through the day. Nifty could face resistance in the 25360-25400 band while 25130 could offer support in the near term. High volumes were witnessed in new age stocks, defence stocks, new listed stocks and Financials," Jasani said. | 2024-09-03 20:15 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/godfrey-phillips-term-sheet-24seven-retail-12813683.html | Godfrey Phillips signs term sheet for sale of retail business 24Seven: CNBC-TV18 | Established in 1936, Godfrey Phillips has been known primarily for cigarette brands Four Square, Red & White, and Cavanders..Related stories. | FMCG major Godfrey Phillips has signed the term sheet for sale of retail business 24Seven with retail startup player New Shop, and is looking to close the deal by the end of September, CNBC-TV18 reported on September 3, citing sources familiar with the development. Under the term sheet, the work has already begun to transfer shops to New Shop, which operates across 35 cities and has 160 stores round the clock. In July this year, the Delhi High Court had allowedGodfrey Phillipsto proceed with the sale of the retail business 24Seven. The board's decision to sell the retail business was opposed by Executive Director Samir Modi, who is also in the middle of an inheritance tussle with the MD of Godfrey Phillips, Bina Modi. Established in 1936, Godfrey Phillips has been known primarily for cigarette brands Four Square, Red & White, and Cavanders. It also has an exclusive sourcing and supply pact with Philip Morris International to make and distribute the Marlboro brand in India. It had diversified into retail business in 2010, in order to reduce reliance on tobacco business and to tap into the growing consumption market. At last count, 24Seven had more than 150 stores spread across Delhi NCR, Punjab, Telangana, with a gross sales of Rs 484 crore. However, due to continued losses, the board decided to review the operations of 24Seven, and based on stakeholders’ feedback and the long-term performance, decided on April 12, 2024 to exit from the retail business. The Shares of Godfrey Phillips have been in a sharp uptrend since middle of last month, and on YTD basis are higher by more than 200 percent. | 2024-09-03 18:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gic-re-ofs-stake-sale-12813656.html | Government to dilute 6.78 percent stake in GIC Re for nearly Rs 4,700 crore | Govt of India holds 85.78% stake in GIC Re..Related stories. | Government is launching an OFS on September 4 to dilute 6.78 percent stake in GIC, for the first time since the listing of the state-run reinsurance company. "Offer for sale in General Insurance Corporation of India (GIC) opens for Non-Retail investors. Retail investors and Employees of GIC can bid on Thursday. Government will divest 3.39% equity with an additional 3.39% as green shoe option," Secretary, DIPAM confirmed in a post on social media platform X. The floor price for the Offer for Sale is likely to be Rs 395 per share, implying roughly 6% discount to the CMP, CNBC-Awaaz reported citing sources. At this floor price, the size of the OFS is pegged at around Rs 4,701 crore. The OFS is for 5.95 crore shares with a green shoe option of an equal number of shares, it is reported. Government of India holds 85.78% stake in GIC Re, which is the largest company engaged in the business of Reinsurance. For GIC Re employees, 50,000 shares have been allocated, representing 0.04% of the total offering. Retail investors can choose to bid either at the floor price or at a ‘cut-off price,’ which will be the lowest price at which shares are allocated to non-retail investors on the preceding day. At least 25% shares in the OFS are reserved for mutual funds and insurers, while 10% of the OFS is reserved for the retail investor. GICis the only Indian Reinsurer registered with the regulatory authority, and listed on the stock exchanges. Shares of GIC are higher by 35 percent so far this year, and are nearly flat since listing. Over the long term, GIC has said that it expects India's insurance market to expand and insurance penetration as well as density to rise in sync with the growth of the economy. Government’s increased focus on infrastructure spending is likely to have a multiplier impact on their business, GIC has said, supporting investment and manufacturing activities. | 2024-09-04 06:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/congress-presses-sebi-chief-madhabi-puri-buch-with-new-questions-says-icici-bank-statement-confirms-our-charges-12813424.html | Congress presses SEBI chief Madhabi Puri Buch with new questions, says ICICI Bank statement 'confirms our charges' | Congress has alleged that Buch, as a whole-time SEBI member, was receiving salary and ESOP from 2017-2024..Related stories. | The Congress party pressed for more clarity regarding SEBI chief Madhabi Puri Buch's compensation and stock options on Tuesday, questioning ICICI Bank's claim that the amount paid to Buch accrued during her tenure at ICICI Bank and constituted her retirement benefit. At a press conference, Congress asked why the retiral benefit was non-uniform in terms of frequency and amount. The party also questioned how a person's retirement benefit be more than her salary as an employee. "The average salary drawn by Buch from 2007 up until 2013-14 (right before her superannuation from ICIC1) is Rs 130 lakh per annum. However, the so-called-"retiral benefit given by ICICI to Buch from 2016-17 to 2020-21 averages around Rs 277 lakh per annum. How can a person's retiral benefit" be more than her salary as an employee?," Congress leader Pawan Khera told reporters at a briefing. "Even if we were to assume that the Rs 5.03 crore she received from ICICI in 2014-2015 (soon after her superannuation) was part of her retiral benefit and that she got nothing in 2015-2016, why did this so called retiral benefit resume in 2016-2017 and continue until 2021?," he added Congress has alleged that Buch, as a whole-time SEBI member, was receiving salary and ESOP from 2017-2024. Meanwhile, ICICI Bank said that it has not paid any salary or granted any ESOPs to Buch since her retirement. It added that she only received retiral benefits. The private lender added that Buch had opted for superannuation with effect from October 31, 2013. In the press briefing, Congress also raised questions on the bank's clarification that employees, including retired employees, had the choice to exercise their ESOPs anytime up to 10 years from the date of vesting. However, the only ESOP policy ICICI Bank has publicly disclosed on its website is the one uploaded on the US Securities Exchange Commission (SEC] website which says that former employees can exercise their ESOPs within a maximum of three months following their voluntary termination. "Where is this revised policy under which Buch was able to exercise ESOPs 8 years after voluntary termination of her services?", Congress said, demanding the official documents. | 2024-09-03 15:22 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/based-on-current-earnings-the-multiples-are-high-says-raamdeo-agrawal-12813499.html | Based on current earnings, the multiples are high, says Raamdeo Agrawal | However, despite this equity surge, demand remains a challenge. “The real problem is the demand,” he said, highlighting that companies, particularly in the auto industry, are cautious about adjusting production levels based on changes in demand..Related stories. | While current market valuations based on earnings are high, a large part of the market is still undervalued, the management at Motilal Oswal Financial Services (MOFSL) noted during a media conference to discuss the AMC's growth and strategy. Motilal Oswal Asset Management Company (MOAMC) recently announced that its assets under management (AUM) has surpassed Rs 1 lakh crore (as on August 26, 2024). “Based on the current earnings, it is true that the multiples are high,” said Raamdeo Agrawal, Chairman & Co-Founder of Motilal Oswal Financial Services while adding that it is difficult to ascertain where the market is headed and the impact on the economy from an equity influx into the market. He further pointed out the uncertainty about the future, especially with respect to market timing. “Is it six months away? One year away? That's what the market is thinking,” he said, adding that the influx of equity into the market is a revolutionary change. “The revolutionary injection of equity, once in a lifetime after 75 years, into the corporate world, is going to have a tremendous impact,” he said while suggesting that this resilience in the economy and the market will result in a different level of confidence among entrepreneurs. However, despite this equity surge, demand remains a challenge. “The real problem is the demand,” he said, highlighting that companies, particularly in the auto industry, are cautious about adjusting production levels based on changes in demand. Given this backdrop, Agrawal said that the task of identifying successful stocks is challenging especially when seen in the context of stock market strategies. “It is very tough to find those stocks that are supported by all kinds of sellers,” he said. A Large Portion of the Market Remains Undervalued Navin Agarwal, Group Managing Director at MOFSL, highlighted that a significant portion of the market remains undervalued. “Seventy to seventy-five percent of the market (large caps) is reasonably valued. In fact, it is cheaply valued compared to its past. So, you are not worried about that,” he said. He further explained that while dividing the market into large, mid, and small caps, there is some froth in the small caps. The mid-cap segment shows mixed results: some companies are experiencing strong growth, while others are not performing as well. Given this variability, Agarwal said that about 12 percent of the market is significantly overvalued. “This is not unusual, as 10 to 12 percent of markets worldwide are also highly overvalued, if not more,” he added. While small and medium-sized enterprise (SME) stocks are very overvalued, it is not a concern for mutual funds, as these funds typically do not invest in SMEs. “There will always be pockets of undervaluation and overvaluation,” he concluded. | 2024-09-03 16:48 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/wall-street-strategists-face-their-own-short-squeeze-12813568.html | Wall Street strategists face their own short squeeze | The market’s supporting cast looks to be hitting its stride..Related stories. | Since the pandemic, Wall Street strategists have repeatedly underestimated the performance of the US stock market in their annual projections, leading to a mad dash to boost their outlooks in the back end of the year. The flurry of upward revisions can look something like a “short squeeze,” which is a situation where traders are forced to cover bearish bets in quick succession, often reinforcing a security’s upward momentum. In that sense, this year has already seen the biggest short squeeze among strategists in a decade, and seasonal trends suggest it’s poised to continue in coming months. In general, such price targets have always had a spotty record, but this market has proved particularly difficult for strategists to process. First, the outperformance of large-cap growth companies has broken traditional models meant to translate macroeconomic conditions and interest rates into fair values for the S&P 500 Index. Just five companies — Nvidia Corp, Apple Inc, Microsoft Corp, Alphabet Inc and Amazon.com Inc — explain almost half the benchmark’s performance since early 2020, which means that macro models are insufficient if they fail to account for their idiosyncratic stories, including the artificial intelligence theme. Though some stocks have benefitted from rising price-earnings multiples, it’s mostly been the underlying surge in revenues and profits that have powered them higher. At a minimum, every strategist should be having lunch with a Nvidia analyst a few times a quarter. Second, economists and strategists have consistently misjudged the strength of the economy. At the start of 2023, the median estimate showed economists surveyed by Bloomberg thought the US would barely muddle through the year. Instead, it grew 2.5% and looks poised to do so again this year. Much of the forecast error was probably an over-reliance on old rules of thumb, including the idea that Federal Reserve interest-rate increases typically lead to economic downturns. That may be true in “normal” economic cycles, but not after a pandemic when employers are hoarding labor, consumers are desperate to get back into restaurants and concerts and the typical homeowner has a 3% mortgage rate and is swimming in home equity. Economists may have also underestimated the macroeconomic impacts of capital expenditures from the AI arms race along with President Joe Biden’s industrial policies. And yet the average strategist surveyed by Bloomberg still sees the S&P 500, which closed last week at 5,648, falling about 3% to end the year at 5,469 (median: 5,600; range: 4,200-6,000). That’s perplexing because many pieces of that 2023-2024 story remain broadly intact, supported by real-time data. The Federal Reserve Bank of Atlanta’s GDPNow model suggests the economy is currently growing at a 2.5% annualized rate. About 81% of S&P 500 companies have beaten Wall Street estimates in the current earnings season, including consumer bellwethers Target Corp and Walmart Inc. And longer-term borrowing costs have begun to plummet in advance of expected Fed rate cuts likely to begin in September. Initial jobless claims show layoffs aren’t getting out of hand, and the recent slump in AI chipmaker Nvidia (known to some asÂthe most important stock on the planet) has been more about company-specific production snags, rather than the long-term promise of AI. Meanwhile, the market’s supporting cast looks to be hitting its stride. Excluding the top five stocks, earnings growth for members of the S&P 500 is projected to accelerate through 2025. Of course, the S&P 500 is trading at 21.3 times blended forward earning, which is on the high side of history. That shouldn’t be handwaved away even if it’s largely a reflection of the index’s changing composition. Yet high valuations reinforced by fundamentals and great stories can stay high for sustained periods of time. And with another strategist short squeeze seemingly in the offing this autumn and winter, it’s much harder to imagine that a reckoning is close at hand. Credit: Bloomberg | 2024-09-03 16:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/apollo-pipes-jumps-10-amid-heavy-volumes-strong-growth-outlook-12813442.html | Apollo Pipes jumps 10% amid heavy volumes, strong growth outlook | So far this year, shares of Apollo Pipes have trailed 4 percent.Related stories. | Shares of Apollo Pipes rallied over 10 percent to Rs 665 on September 3 amid heavy volumes and strong growth outlook. Around 1.6 million equity shares exchanged hands at both NSE and BSE intra-day deals, significantly exceeding the one-week average of 0.1 million equity shares. So far this year, shares of Apollo Pipes have trailed 4 percent, underperforming benchmark Nifty 50's 16 percent rise during the same period. Earlier, Apollo Pipes had hit a 52-week high of Rs 798 apiece on February 9, 2024. Catch all the market action on our LIVE blog Apollo Pipes manufactures products primarily tailored to the plumbing, sanitation, watersupply, infrastructure, and agriculture sectors. Operating from five cutting-edge manufacturing facilities with a combined capacity of 156,000 MTPA, the company offers a diversified portfolio of over 1,600 high-quality products, including CPVC, UPVC and HDPE pipes and fittings, bathroom products, water tanks and solvents. In its annual report, the company's management said that they aim to ramp up volumes to 55,000 tons over the next 2-3 years from 35,000 tons in FY25. "We will need some capacity addition by then, for which we will deploy funds from the operational cash flows generated," they noted. Apart from that, they plan to commission a new plant, build two product lines, and enhance routine capacity additions to existing facilities. In the recently concluded June quarter, Apollo Pipes' revenue stood at Rs 240 crore versus Rs 260 crore. Its net profit, however, declined to Rs 10 crore in Q1FY25 as compared to Rs 13 crore in the year-ago period. | 2024-09-03 15:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sudarshan-chemical-in-race-to-acquire-german-pigment-maker-heubach-cnbc-tv18-12813560.html | Sudarshan Chemical in race to acquire German pigment maker Heubach: CNBC-TV18 | Sudarshan Chemical in race to acquire German pigment maker Heubach: CNBC-TV18. | Sudarshan Chemical, a global supplier of high-end pigments, is in race to acquire its German competitor Heubach GmbH, sources told CNBC-TV18 on September 3. Heubach had filed for insolvency in Germany on April 23, 2024 due to high debt burden. Sudarshan Chemicalis likely to have submitted a bid to insolvency administrator, the channel reported. Shares ofHeubach Colorants India Ltd, the India subsidiary of Heubach GmbH, rose after the report emerged. On September 3, the company's shares closed 2 percent higher at Rs 586.5 apiece while those of Sudarshan Chemical closed nearly 2 percent lower at Rs 1,007 apiece. CNBC-TV18 also reported that the potential deal could trigger an open offer for Heubach Colorants due to change in ownership at the parent. In June, NSE data showed that Quant Mutual Fund bought around 1,20,000 shares, or 0.51 percent stake, of Heubach Colorants India for Rs 5.44 crore. The stocks were acquired at Rs 453.57 per share on June 20, showed exchange data. | 2024-09-03 16:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/kross-to-hit-dalal-street-with-rs-500-crore-ipo-on-sept-9-12813525.html | Kross to hit Dalal Street with Rs 500 crore IPO on Sept 9 | Kross IPO.Related stories. | Kross, the trailer axle and suspension assembly manufacturing company, will hit Dalal Street with Rs 500-crore initial public offering on September 9. This would be the third IPO opening for subscription on same day on Bajaj Housing Finance, and Tolins Tyres. The price band details will be released soon. The IPO comprises fresh issue, and an offer-for-sale (OFS) of Rs 250 crore each. Promoters Sudhir Rai, and Anita Rai will be offloading shares worth Rs 168 crore and Rs 82 crore, respectively via IPO. The subscription for the issue will close on September 11, while the anchor book will be launched for a day on September 6. Equirus Capital is the sole merchant banker to the issue, while KFin Technologies is acting as the registrar to the issue. Half of the public issue will be reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 35 percent to retail investors. Click Here To Read AllIPO News The Jharkhand-based company that also manufactures forged and precision machined high performance safety critical parts for medium and heavy commercial vehicles (M&HCV) and farm equipment segments, will spend Rs 70 crore out of the net fresh issue proceeds for purchase of machinery and equipment, and Rs 30 crore for working capital requirements going ahead. In addition, Rs 90 crore IPO money will be utilised for repaying debt, and the remaining funds for general corporate purposes. According to the RHP filed with the Registrar of Companies (RoC, the total debt (excluding vehicle loans) on its books amounted to Rs 128.63 crore as of June 2024. This means more than half of its debt burden seems to be reduced post issue. Also read:ÂJSW Cement’s IPO hits Sebi wall over show cause notice to promoter Jindal family The Rai family-owned firm, which competes with listed peers like Automotive Axles, GNA Axles, Ramkrishna Forgings, Jamna Auto Industries, and Talbros Automotive Components earned nearly 89 percent business from M&HCV segment, 9 percent from farm equipment division, and the remaining from other component or services segment. The financial performance of the past years was strong with the net profit for the fiscal 2024 growing 45.1 percent to Rs 44.9 crore and revenue increased by 27 percent to Rs 620.3 crore compared to previous year. EBITDA (earnings before interest, tax, depreciation, and amortisation) for the year ended March 2024 jumped 40.4 percent to Rs 80.8 crore and margin expanded by 120 bps to 13 percent compared to the fiscal 2023. Also read:ÂBajaj Housing Finance sets price band of Rs 66-70 a share for its IPO Kross will finalise the basis of allotment of IPO shares by September 12, while the equity shares will be credited to demat accounts of successful investors by September 13. The trading in its equity shares will commence on the BSE and NSE effective September 16. | 2024-09-03 15:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/quant-mutual-fund-takes-risk-off-approach-says-correction-will-be-an-excellent-time-to-buy-12813508.html | Quant Mutual Fund takes risk-off approach, says correction will be an excellent time to buy | If there is a market correction, however, it will offer excellent long term wealth building opportunities..Related stories. | Sandeep Tandon-led Quant Mutual Fund is adopting a risk-off approach to the markets, even though they believe the Indian stock market is full of opportunities amidst global uncertainties. In its monthly note to investors, the fund house wrote, "The resilient Indian stock market is brimming with opportunities amidst global uncertainties. Visionary government policies to support trade, economic development and a fast-rising entrepreneurial spirit are drawing an increasing share of foreign investments into India." However, in light of 'perceived risks' such as the rally in the dollar and 'unknown risks' such as geopolitical tensions, over the past three months, the construct of the Quant Mutual Fund portfolios are "more skewed towards a mild risk-off environment and liquid and defensive stocks as the impact cost is rising." Also Read|ÂWhere Quant MF plays solo: 14 stocks where it is the lone mutual fund investor While the global risk appetite indicators have improved for India, they have decreased for developed markets, the US in particular. Therefore, according to Quant MF, implied volatility for cross assets, and cross markets will remain elevated in Q3 CY 2024. "Overall, liquidity is high but a marginal downtrend is visible in select geographies and this is not consistent with global economists’ fear of an upcoming world recession," added the brokerage in its September Factsheet. However, with India's government spending, all-round economic growth will see a boost, and a favourable monsoon "may well be the cherry on the cake". All the positives in the country outweigh the global negatives. Domestic positives will outweigh global negatives and investors should be patient in terms of reward expectations, avoid speculative investing, and should stick to disciplined investing through Systematic Investment Plans (SIPs). If there is a market correction, however, it will offer excellent long-term wealth-building opportunities supported by strong fundamentals and improving corporate performance, said the brokerage. "Our medium term outlook is constructive and sector rotation will play a key role while our long term outlook is bullish with a buy-on-dips strategy," explained Quant MF. | 2024-09-03 15:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/ecos-mobility-shares-expected-to-list-at-45-premium-over-ipo-price-on-september-4-12813611.html | ECOS Mobility shares expected to list at 45% premium over IPO price on September 4 | ECOS Mobility has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years..Related stories. | The shares of Ecos (India) Mobility & Hospitality will be listed on the bourses on September 4. The Rs 601 crore share sale was subscribed 64.18 times on the last of subscription on August 30, receiving bids for over 80 crore shares against 1.26 crore shares on offer. The Delhi-based company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. Akriti Mehrotra, Research Analyst at StoxBox expects the issue to list at a premium of 45 percent over its upper price band. "As the industry embraces digital solutions, ECOS is well-positioned to leverage its operational excellence and advanced technology for continued growth and leadership. The company’s financials show robust growth over three fiscal years, with total revenue increasing from Rs 1,473.4 million in FY22 to Rs 5,544.1 million in FY24, reflecting a CAGR of approximately 94.0 percent," she said. The company has a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles like luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities. Prashanth Tapse, Sr VP Research – Research Analyst at Mehta Equities Ltd expects the issue to generate decent listing gains over and above 20 percent on the issue price on the back of market optimism. After listing on the valuation front, it can move from reasonable value to stretched valuations, which would be reason for profit booking attempts at high levels, he added. According to multiple websites that track the grey market premium activities, the shares of ECOS Mobility are commanding a GMP in the price range of Rs 160 in the unregulated market. Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, reiterated the same stating that the IPO garnered significant investor interest, evidenced by a robust subscription rate of 64.18 times and a substantial grey market premium (GMP) of Rs 160 (47.90 percent). She added that given the mixed financial performance and elevated valuation, investors may want to adopt a wait-and-watch approach for the long term. However, strong market demand for the IPO, as reflected in the subscription rate and GMP, suggests potential for a positive listing. | 2024-09-03 17:01 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/this-radhakishan-damani-owned-stock-is-making-a-comeback-heres-whats-driving-the-upmove-in-mangalam-organics-12813058.html | This Radhakishan Damani owned stock is making a comeback; Here's what's driving the upmove in Mangalam Organics | Mangalam Organics has surged more than twofold from its all-time lows of around Rs 200, a level that it slipped to in March this year..Related stories. | Ace investor Radhakishan Damani has held on to his 2.2 percent stake in commodity chemicals make Mangalam Organics since the June quarter of FY21. The ace investor keeping his holding in a company intact is often seen as a sign of his continued bullishness over the scrip. A similar story seems to be panning around forMangalam Organics. The stock was locked in a 5 percent upper circuit at Rs 571.30, which also happens to be its highest level seen in a year. Not just that, shares of Mangalam Organics are also on the path of a turnaround as the stock has surged more than twofold from its all-time lows of around Rs 200, a level it slipped to in March this year. Even though the stock hit a record low in March this year, its downturn had begun since it started correcting from levels around Rs 1,200, touched in January of 2022. All through the while, Damani held on to his stake in the company, with his patience finally yielding results. Catch all the market action on our LIVE blog The surge in the stock on September 3 came just a day after the company's promoter, Kamalkumar Ramgopal Dujodwala lapped up 3.2 lakh shares, representing nearly 4 percent stake in Mangalam Organics valued at 17.82 crore. This stake increase by the promoter has ushered confidence among investors over an imminent rebound for the company in the coming quarters. The company has managed to consistently deliver improved net profit quarter-on-quarter in the past fiscal as it sailed through industry headwinds. However, with green shoots of recovery making its way for the chemicals sector, Mangalam Organics' earnings performance is also set to improve in the upcoming quarters, as the worst is now behind. These expectations have further supported sentiment for the stock, leading to its meteoric rebound in the past five months. | 2024-09-03 15:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/premier-energies-share-price-ends-15-lower-from-listing-price-after-doubling-ipo-money-12813540.html | Premier Energies share price ends 15% lower from listing price after doubling IPO money | Premier Energies share price settles lower after listing at 120% premium..Related stories. | Premier Energies share price on 3 September ended 15 percent lower from the listing price, after more than doubling the IPO investors' money on its stock exchange debut. The solar cell and module manufacturer's stock closed at Rs 838.3 per share on the BSE. Earlier today, Premier Energies shares listed with a sharp premium of over 120 per cent at Rs 991 apiece on the BSE against the issue price of Rs 450. The stock rose to an intraday high of Rs 993.45, before paring gains. More than 6 crore shares were traded during the day on NSE and BSE combined. The company's market valuation stood at Rs 37,849.27 crore, as per BSE data. The Rs 2,830 crore initial share sale got subscribed 74.09 times on the last day of subscription on Thursday. It had a fresh issue of up to Rs 1,291.4 crore and an offer-for-sale of up to 3,42,00,000 equity shares. The company intends to use the proceeds from the fresh issue for investment in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, and the remaining funds will be used towards general corporate purposes. | 2024-09-03 15:58 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/shree-tirupati-balajee-agro-ipo-10-key-things-to-know-before-subscribing-to-issue-12813720.html | Shree Tirupati Balajee Agro IPO: 10 key things to know before subscribing to issue | Shree Tirupati Balajee Agro Trading Company IPO.Related stories. | Shree Tirupati Balajee Agro Trading Companyis going to be the second initial share sale from the mainboard segment in September, after Gala Precision Engineering' IPO. Here are 10 key things to know before subscribing the issue: 1)IPO Date The public issue will open for subscription on September 5 and the last day for bidding will be September 9. The anchor book will be launched for a day on September 4. 2)Price Band The Madhya Pradesh-based company has fixed price band for its public issue at Rs 78-83 per share. 3)IPO Size Shree Tirupati Balajee Agro targets to mobilise Rs 169.65 crore through its maiden share sale of 2.04 crore equity shares at the upper price band. The IPO comprises a fresh issue of 1.47 crore equity shares worth Rs 122.42 crore by the company, and an offer-for-sale of 56.9 lakh equity shares worth Rs 47.23 crore by promoter Binod Kumar Agarwal. 4)Shareholding According to the Red Herring Prospectus filed with the SEBI, the company has 51 shareholders with Binod Kumar Agarwal being a promoter hold 88.38 percent shares. The remaining 11.62 percent stake is held by public shareholders. 5)Objectives of IPO The flexible intermediate bulk containers maker will spend Rs 52.27 crore out of the net fresh issue proceeds for repaying its debt. Further, Rs 24.24 crore will be utilised for working capital requirements, and the remaining fresh issue money for general corporate purposes. It had a total debt of Rs 245.33 crore on its books on a consolidated basis as of May 2024. The offer-for-sale money will go to Binod Kumar Agarwal, the selling shareholder. 6)IPO Lot Size Investors can bid for a minimum of 180 equity shares and in multiples of 180 shares thereafter. The minimum investment by retail investors would be Rs 14,940 per lot (180 shares), while Rs 1,94,220 will be their maximum investment in Shree Tirupati Balajee IPO (13 lots - 2,340 shares) as they can invest up to Rs 2 lakh in IPO. The company has reserved half of its public issue size for qualified institutional buyers (QIB), 35 percent for retail investors, and the remaining 15 percent for non-institutional investors. 7)Company Profile With five manufacturing units, Shree Tirupati Balajee Agro Trading Company manufactures flexible intermediate bulk containers (FIBCs) i.e. large flexible bags and other industrial packaging products. Its products are used by several industries such as chemicals, agrochemicals, food mining, waste disposal, agriculture, lubricants and edible oil. It operates business through subsidiaries Honourable Packaging (HPPL), Shree Tirupati Balajee FIBC (STBFL), and Jagannath Plastics (JPPL). 8)Financial Performance The FIBC segment accounted more than 51 percent of its revenue in the fiscal 2024, woven fabrics & narrow fabric business 21.3 percent, and little more than 4 percent business come from woven sacks and tape divisions. Other products including liner, container liner, thread, multi-filament yarn, and filler cord etc contributed 18.5 percent to revenue. Shree Tirupati Balajee Agrorecorded profit at Rs 36.1 crore for the year ended March 2024, increasing significantly by 74.1 percent compared to previous fiscal, driven by healthy operating performance and higher other income. Other expenses were also lowered to Rs 70.34 crore, from Rs 85.3 crore during the same period. Revenue in the fiscal 2024 grew by 13.5 percent to Rs 539.7 crore compared to previous year, while EBITDA (earnings before interest, tax, depreciation and amortisation) jumped by 29 percent on-year to Rs 61.9 crore with margin rising by 137 bps to 11.47 percent for the year ended March 2024. It compares with listed peers like Commercial Syn Bags, Emmbi Industries, and Rishi Techtex. 9)Allotment and Listing Dates The basis of allotment of IPO shares will be finalised by the company on September 10. Participants to be investing in the IPO can check the allotment status on that day. Eligible investors will get the company's IPO shares in their demat accounts by September 11, while these shares will be traded on the BSE and NSE effective September 12. PNB Investment Services, and Unistone Capital are acting as the merchant bankers to the issue, while Link Intime India is the registrar to the offer. 10)Shree Tirupati Balajee Agro IPO GMP Shree Tirupati Balajee IPO shares traded at around 10 percent premium over the upper price band in the grey market, the market observers said. The grey market is an unofficial market for trading in the IPO shares till their listing on the bourses. | 2024-09-03 19:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/rama-steel-tubes-jumps-13-on-announcing-a-strategic-collaboration-with-onix-renewable-12814099.html | Rama Steel Tubes extends rally, gains almost 30% in two sessions | Rama Steel Tubes | CMP Rs xx | Shares roared xx percent after the firm announced a strategic collaboration with Onix Renewable. Over 10 crore shares exchanged hands in trade on the bourses, over 200 percent higher than the one-month daily traded average of four crore shares..Related stories. | Rama Steel Tubes extended its record-breaking streak in trade on September 5, jumping 15 percent. In the previous session, shares surged 13 percent in trade after the firm announced a strategic collaboration with Onix Renewable. At 11.07 am, shares of Rama Steel Tubes were quoting Rs 13.38 on the BSE, higher by 15.6 percent compared to the previous session's closing price. Over 10 crore shares exchanged hands in trade on the bourses, over 200 percent higher than the one-month daily traded average of four crore shares. Follow our live blog to catch all the updates "This partnership will focus on leveraging the expertise of Rama Steel Tubes to provide steel structures along with single-axis trackers, and will also focus on dual-axis trackers to be expanded in the future essential for solar projects undertaken by Onix Renewable," said the firm in a filing with the exchanges. Rama Steel Tubes has expanded its expertise and developed specialised steel structures and tracker tubes which will serve as the backbone for Greenfield Solar Projects. This marks the firm's entry into the Green Energy segment. The steel player also added that it is determined to deliver products that ensure the highest standards of reliability, durability, and performance, which are critical to the long-term success of solar greenfield projects. Over the past year, shares of Rama Steel Tubes have fallen around nine percent, as against a 30 percent jump in the Nifty 50 index. | 2024-09-05 11:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/moil-stock-rises-as-psu-achieves-best-ever-august-production-of-1-24-lakh-tonnes-12813989.html | MOIL stock rises as PSU achieves best-ever August production of 1.24 lakh tonnes | MOIL is under the administrative control of the Ministry of Steel. The PSU produces and sells different grades of manganese ore..Related stories. | Shares of MOIL gained over 2 percent on September 4 after the state-owned company informed that it achieved the best-ever August production of 1.24 lakh tonnes. Its manganese ore production rose 7 per cent to 7.24 lakh tonnes during April-August period of FY25. At 9:59 am, MOIL shares were trading 2.2 percent higher at Rs 396.90 on the National Stock Exchange (NSE). MOIL is under the administrative control of the Ministry of Steel. The PSU produces and sells different grades of manganese ore. The company in an exchange filing said that it "has achieved production of 7.24 lakh tonnes during first five months of the current financial year (April to August 2024), registering a growth of 7 percent over CPLY (corresponding period last year)". MOILachieved sales of 5.92 lakh tonnes during this period, which is almost at the same level as last year. This, the company said, is despite challenging market conditions and high international price volatility over the past few months. Follow our market blog to catch all the live action The PSU's revenue from operations rose by about 11 per cent during this period compared to the corresponding period of the last financial year. The company further informed that it has carried out exploratory core drilling of 46,585 metres up to August, which is 1.6 times more than the previous year, MOIL said. At present, MOIL operates its underground and opencast mines located in Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh. The stock has gained around 26 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has risen 62 percent. In comparison, Nifty rose 28 percent during this period. | 2024-09-04 10:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/heavy-industries-minister-advocates-raising-tariffs-on-chinese-steel-imports-12814140.html | Heavy Industries Minister backs 12 percent import tariff on Chinese steel | Minister HD Kumaraswamy said on Wednesday he would try to convince the Finance Ministry to raise duties on steel imports..Related stories. | Minister of Heavy Industries HD Kumaraswamy on September 4 said he will push for higher tariffs on Chinese steel import and try to convince the Finance Ministry to raise import duty to over 12 percent from the current 7.5 percent. Kumaraswamy said the move is in the interest of the steel industry as higher tariffs on Chinese imports will protect India's market. Shares of major steel producers -JSW SteelandTata Steel- were off lows in an otherwise session of trading on Dalal Street. Inventories of major construction raw materials are piling up in China as economic activity remains weak, leading to unsold surplus of commodities such as steel.┬ĀThe steel industry in China has been badly hit by the crisis in the real estate sector as construction demand has tapered off, resulting in iron ore inventories rising to year high at Chinese ports. China is the most dominant player in the world steel market but has been facing weak demand since 2020┬Ā- exacerbated by the property crisis┬Ā- sending prices to multi-year lows. This has also resulted in intensive competition for buyers of Chinese steel. The chairman of one of China's biggest steel producers - Baowu Steel - has on record said that┬Āthecrisis will likely be longerand ŌĆ£more difficult to endure than expected.ŌĆØ Now,┬ĀChinaŌĆÖs steelexports is expected to touch an 8-year high, according to a report by┬ĀFT. India's steel makers too have raised these concerns in recent past.┬ĀJSW Group managing director Sajjan Jindal said in July that rising Chinese imports wereaffecting margins of domestic steelmakers. "Several countries have raised barriers against steel imports, and the Indian steel industry is engaged with the government to ensure a level playing field." JSPL chairman Naveen Jindal has however said that a 10-12┬Āpercent duty on steel imports will not be enough to fight the ŌĆśpredatoryŌĆÖ dumping by China, as quoted by┬ĀCNBC-TV18. JSW Steel CEO too said that they are┬Āin discussion with the government┬Āto seek the┬Āintroduction ofmeasures to restrict steel imports from┬ĀChinaand FTA (free trade agreement) countries. The US steel industry too has been struggling with weak prices, due to over-supply of Chinese steel and anticipation of rising domestic capacity in America. An imminent Fed rate cut at the FOMC meeting scheduled mid-September is expected to improve business prospects of industries that use steel as raw material,┬Āand may help improve demand. | 2024-09-04 12:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gic-re-shares-in-focus-as-govt-to-divest-6-8-stake-in-psu-insurer-via-ofs-12813931.html | GIC Re shares falls 5% as govt to divest 6.8% stake in PSU insurer via OFS | As of June 30, 2024, the government held an 85.78 percent stake in the PSU insurer GIC Re, which is the largest company engaged in the reinsurance business..Related stories. | Shares of General Insurance Corporation of India (GIC Re) are in focus on September 4 as the Centre looks to sell a nearly 7 percent stake in the company through the offer for sale (OFS) route. Government will divest 3.39 percent equity with an additional 3.39 percent stake as the green shoe option. The OFS opens today for non-retail investors. Retail investors and GIC Re employees can bid on September 5. The equity shares can be subscribed between 9:15 am and 3:30 pm on both days. The floor price for the OFS would be Rs 395 per equity share. The seller plans to offer up to 5.95 crore equity shares, each with a face value of Rs 5, representing 3.39 percent of the company’s total paid-up equity share capital, on September 4, 2024 (T day) for non-retail investors. Follow our market blog to catch all the live action The sale will continue on September 5, 2024 (T+1 day) for retail investors, employees, and non-retail investors who choose to carry forward their unallotted bids from T day, GIC Re stated in a BSE filing. Additionally, there is an option to sell another 5.95 crore equity shares as part of the base offer, with oversubscription bringing the total offer to 11.90 crore shares, or 6.784 percent of the company’s equity, it added. Around 50,000 equity shares (0.04 percent of the offer shares) may be offered to eligible employees of the company. The state-run insurer also mentioned that employees may apply for equity shares amounting up to Rs 5,00,000. As of June 30, 2024, the government held an 85.78 percent stake in the PSU insurer which is the largest company engaged in the reinsurance business. This announcement came post-market hours on September 3. Earlier in the day, GIC Re shares settled 0.33 per cent lower at Rs 420.80. on the National Stock Exchange (NSE). GIC Re stock has gained around 24 percent so far this year, outperforming Nifty's returns of 16 percent. In the past 12 months, the counter has risen 86 percent. In comparison, Nifty rose 29 percent during this period. | 2024-09-04 09:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/mankind-pharma-transfers-otc-biz-undertaking-to-subsidiary-shares-trade-lower-12813750.html | Mankind Pharma shares gain as it transfers OTC biz undertaking to subsidiary | Mankind Pharma.Related stories. | Mankind Pharmashares gained marginally in early trading on September 4 following the company's announcement that it would transfer its Over the Counter (OTC) business undertaking to its wholly owned subsidiary, Mankind Consumer Products (MCPPL). At 09:41am, Mankind Pharma was quoting at Rs 2,435 up 1.7 percent on the BSE. The transfer will be executed on a slump sale basis, as outlined in the Business Transfer Agreement (BTA) signed on September 3, 2024. The completion of this transaction is subject to various pre-conditions and terms specified in the BTA. Catch all the market action on our live blog Additionally, Mankind Pharma plans to raise over Rs 9,000 crore through a combination of non-convertible debentures (NCDs) and short-term commercial paper. This financing is aimed at supporting the company's Rs 13,630 crore acquisition of Bharat Serums and Vaccines Ltd (BSV), as reported by the Economic Times. In May, Mankind Pharma's board had approved an equity fundraising of Rs 7,500 crore and increased its borrowing limit to Rs 12,500 crore. The company also reported a 10% year-on-year increase in net profit to Rs 543 crore and a 12% rise in revenue to Rs 2,893 crore for the June quarter. | 2024-09-04 09:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/ecos-india-mobility-hospitality-makes-positive-debut-with-17-premium-over-ipo-price-12813932.html | ECOS (India) Mobility & Hospitality makes positive debut with 17% premium over IPO price | Ecos Mobility has been offering chauffeured car rentals and employee transport solutions to corporate clients, including Fortune 500 companies, in India for over 25 years..Related stories. | Shares ofÂECOS (India) Mobility & Hospitality were off to a decent start on its stock market debut on September 4 after listing at Rs 391, commanding a premium of 17 percent over the issue price of Rs 334 per share. The listing gains, however, missed grey market estimates where shares were trading at a premium of about 37 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The New Delhi-based provider of chauffeur-driven car rental services’ offer subscriptions reached 64.18 times the issue size. Investors bid for 80.86 crore equity shares against the 1.26 crore shares on offer. Qualified institutional buyers led the charge, subscribing 136.85 times their allocated portion, followed by non-institutional investors, who took up 71.17 times their reserved shares. The demand from retail investors also surged, picking up almost 19.66 times their allotted portion. Also read:ÂBajaj Finance can re-rate if subsidiary Bajaj Housing Finance delivers bumper listing: Macquarie The anchor book, which opened on August 27, attracted strong interest from institutional investors, raising Rs 180.4 crore from 14 anchor investors. Key participants included Whiteoak Capital, Acacia Banyan Partners, Aditya Birla Sun Life Trustee, Invesco India, Troo Capital, Nomura Trust, ICICI Prudential Mutual Fund, Franklin India, and Motilal Oswal Mutual Fund. Read more:ÂDAC greenlights Rs 1.44 lakh crore procurements; HAL, Mazagon Dock, other defence stocks in focus The company has been offering chauffeured car rentals and employee transport solutions to corporate clients, including Fortune 500 companies, in India for over 25 years. With a fleet of over 12,000 vehicles—from economy cars to luxury coaches—it operates across 109 cities nationwide. | 2024-09-04 10:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/morgan-stanley-bullish-on-large-private-banks-vs-others-amid-attractive-valuations-12813925.html | Morgan Stanley bullish on large private banks vs others amid attractive valuations | Morgan Stanley believes large private sector banks are better positioned to navigate the current cycle.Related stories. | Morgan Stanley, in its recent note, has issued a series of updates on Indian banks, suggesting investors to shift to large private banks over state-owned and mid-sized private banks. They emphasise the 'time to get selective' as strength of franchise will drive divergence in profitability. The firm has downgraded Federal Bank to 'Underweight' from 'Equal-Weight,' with a reduced target price of Rs 185 per share from Rs 200 per share. Similarly, RBL Bank's target has been slashed to Rs 210 per share from Rs 260 per share, with the 'Underweight' rating reiterated. Among the large private banks, ICICI Bank, Kotak Mahindra Bank, and Axis Bank remain Morgan Stanley's top picks, albeit with marginal target cuts. For public sector banks, analysts have taken a cautious stance as State Bank of India (SBI) and Bank of Baroda have been maintained at 'Equal-Weight,' with their target prices reduced to Rs 800 per share and Rs 265 per share, respectively. ALSO READ:ÂBrokerage Radar: Morgan Stanley ups Gujarat State Petronet's price aim, Antique Broking bullish on defence cos Meanwhile, Punjab National Bank (PNB) too has been downgraded to 'Underweight' with a target cut to Rs 73 per share. Besides, Bank of India and Canara Bank also face 'Underweight' ratings, with their targets reduced to Rs 110 per share and Rs 83 per share, respectively. Morgan Stanley believes large private sector banks are better positioned to navigate the current cycle and are likely to see higher relative valuations. They highlight a significant trade-off between growth and profitability at state-owned banks, while mid-sized private banks are seen as structurally more challenged due to high competitive intensity. As a result, the firm recommends shifting further away from State-Owned Enterprise (SoE) banks and mid-sized private banks in favor of large private sector banks. | 2024-09-04 08:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/paramatrix-technologies-shares-list-at-5-premium-over-ipo-price-on-the-nse-sme-12813891.html | Paramatrix Technologies shares list at 5% premium over IPO price on the NSE SME | Ecos Mobility has been offering chauffeured car rentals and employee transport solutions to corporate clients, including Fortune 500 companies, in India for over 25 years..Related stories. | Shares of Paramatrix Technologies made a weak and muted stock market debut on September 4, listing at Rs 115.05, a premium of 5 percent over the issue price of Rs 110 on the NSE SME platform. The listing beats grey market estimates after shares were trading without a premium. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates The Rs 33.84-crore public offer is a combination of both a fresh issue and an offer-for-sale. The IPO received weak subscription figures as compared with recent SME offering after it was just subscribed just over 9 times. Retail investors were at the forefront, buying almost 12 times the portion reserved for them. Non-institutional investors followed after they picked up 6.2 times the allotted portion. QIBs or qualified institutional buyers didn't subscribe to the issue. Read more:ÂKross sets price band of Rs 228-240 for its Rs 500 cr IPO Founded in 2004, Paramatrix Technologies offers software and digital transformation solutions, including application development, data management, and accelerators like analytics, performance management, virtual classrooms, event monitoring, and cloud security. Also read:ÂAsia tracks worst US selloff since August crash The company plans to use the net proceeds from the fresh issue for capital expenditure to build infrastructure, invest in accelerators to enhance service offerings, expand geographically in the Middle East and East Asia, and for general corporate purposes. | 2024-09-04 10:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/godfrey-phillips-shares-drop-2-as-it-finalizes-24seven-retail-business-sale-12814025.html | Godfrey Phillips shares drop as it finalizes 24Seven retail business sale | Godfrey Phillips shares have jumped over 200 percent during the past 12 months, more than tripling investors' wealth..Related stories. | Godfrey Philips share price fell over two percent in the morning session of September 4 as reports suggest the cigarette maker has finalised the sale of its retail business 24Seven. At 10.20 am, Godfrey Phillips stock price was quoting Rs 6,470.15 on the NSE, lower by 2.5 percent compared to the previous session's close. According toÂCNBC-TV18Âreports,ÂGodfrey Phillipssigned a term-sheet with the the start-up New Shop, with the aim to close the transaction by September. The shops and assets of 24Seven are already being shifted to New Shop. Follow our market blog to catch all the updates In July this year, the Delhi High Court had allowed Godfrey Phillips to proceed with the sale of the retail business 24Seven. The board's decision to sell the retail business was opposed by Executive Director Samir Modi, who is also in the middle of an inheritance tussle with the MD of Godfrey Phillips, Bina Modi. Established in 1936, Godfrey Phillips has been known primarily for cigarette brands Four Square, Red & White, and Cavanders. It also has an exclusive sourcing and supply pact with Philip Morris International to make and distribute the Marlboro brand in India. It had diversified into retail business in 2010, in order to reduce reliance on tobacco business and to tap into the growing consumption market. At last count, 24Seven had more than 150 stores spread across Delhi NCR, Punjab, Telangana, with a gross sales of Rs 484 crore. Godfrey Phillips shares have jumped over 200 percent during the past 12 months, more than tripling investors' wealth. In comparison, the Nifty 50 index has gained around 30 percent during the same time. | 2024-09-04 10:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/aeron-composite-shares-debut-with-20-premium-over-ipo-price-on-nse-sme-12813913.html | Aeron Composite shares debut with 20% premium over IPO price on NSE SME | Aeron Composite plans to use the fresh proceeds to establish a new manufacturing unit.Related stories. | Shares of Aeron Composite were off to a decent start on its stock market debut on September 4 after listing at Rs 150, a premium of 20 percent over the issue price of Rs 125 per share on the NSE SME platform. The listing gains mostly match grey market estimates as the shares were trading at a premium of about 27 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates Aeron Composite was book built issue of Rs 56.10 crore consisting of entirely a fresh issue of 44.88 lakh shares. The public offer received robust investor interest after it was subscribed 41 times over three days. Non-institutional investors were the most active, buying over 75.53 times the allotted quota. Retail investors followed next, purchasing 34 times the portion reserved for them. QIBs or qualified institutional buyers roped in 27.8 times their allotted portion. Read:ÂDAC greenlights Rs 1.44 lakh crore procurements; HAL, Mazagon Dock, other defence stocks in focus Established in 2011, Aeron Composite Limited manufactures and supplies glass fibre reinforced polymer (FRP) products such as pultruded products, moulded gratings, and rods for diverse industrial uses. The company provides end-to-end solutions, including conceptual design, prototype development, testing, manufacturing, logistics, installation, and after-sales service. Read more:ÂOil prices extend around 5% drop amid hopes for Libyan export resolution and demand concerns The company plans to use the fresh proceeds to establish a new manufacturing unit and the remaining funds will be earmarked for general corporate purposes. | 2024-09-04 09:56 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jefferies-favours-supreme-industries-over-astral-pipes-in-pipe-sector-bet-12813919.html | Jefferies favours Supreme Industries over Astral Pipes in pipe sector bet | Supreme Industries also boasts of a pipe SKU count at 14,000, double that of Astral's 7,000 SKUs..Related stories. | In the pipe company space, international brokerage Jefferies bets on Supreme Industries as its pick over Astral Pipes. Over the past ten quarters, Jefferies noted that Supreme Industries’ volume growth in the pipes segment has consistently outpaced Astral Pipes. Additionally, Supreme's two-year volume CAGR is at 33 percent, as compared to Astral Pipes' 24 percent during the same timer period. As a result, Jefferies reiterated its 'buy' call onSupreme Industries, with a target of Rs 6,520 per share. In comparison, the brokerage kept its 'hold' rating intact forAstral Pipes, seeing a fair value at Rs 2,115 apiece. Follow our live blog to catch all the updates Supreme Industries also boasts of a pipe SKU count at 14,000, double that of Astral's 7,000 SKUs. In the past, Astral Pipes has launches new categories to drive growth, while Jefferies noted that Supreme Industries' growth has been organic during the same time. Over FY24-27, Jefferies estimated Astral Pipes' EPS CAGR at 26-27 percent, which is broadly similar to Supreme at 24-25 percent. However, Astral's FY26 PE at 58x is much higher than Supreme at 39x. Over the past six months, Supreme Industries shares have rallied by about 26 percent, as compared to Astral Pipes' stock price, which has fallen by seven percent. Supreme Industries posted a net profit of Rs 273.37 crore for the June 2024 quarter, coming under estimates. The net profit marked a 26.83 percent rise from Rs 215.54 crore in the same quarter last year. During the quarter, the company saw a 11.3 percent increase in revenue from operations, clocking in at Rs 2,636.35 crore compared to Rs 2,368.58 crore in the same period last year. Following the Q1 results, Jefferies had slashed its target price to Rs 6,520 from Rs 6,700 apiece, saying despite the high base, Supreme Industries managed to see strong volume growth. The prices of raw materials are expected to stay affordable, with the margins remaining resilient. | 2024-09-04 08:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/morgan-stanley-upgrades-pi-industries-but-aarti-industries-gets-a-downgrade-12813915.html | Morgan Stanley upgrades PI Industries but Aarti Industries gets a downgrade | Morgan Stanley chose Deepak Nitrite as its top pick from the sector..Related stories. | Brokerage firm Morgan Stanley has revised its rating and price target for various chemical companies while cautioning that earnings for the sector are not fully de-risked yet. As a result, the brokerage believes that most stocks in the chemical sector are not yet ready for upgrades. However, the exception isPI Industries, which Morgan Stanley upgraded to 'equal-weight' while raising its price target by 28 percent to Rs 4,300. Despite this increase, the new price target suggests a potential downside of over 5 percent from the previous close. As for other chemical stocks, Morgan Stanley downgraded shares ofAarti Industriesto an 'underweight', also slashing its price target by over 7 percent to Rs 568. Meanwhile, Morgan Stanley choseDeepak Nitriteas its top pick from the sector, retaining its 'overweight' call on the stock while lifting its target price by 11 percent to Rs 3,295. Catch all the market action on our LIVE blog Back in June as well,Morgan Stanley had issued a flurry of ratings downgrades chemical stocks as it anticipated continued challenges for the sector in the near term. The firm believed at the time that the chemicals sector was still not out of the woods and would remain on the sidelines for some time until an earnings upgrade cycle began. While some players in the chemical space are slowly emerging from the harsh conditions in the global chemical industry due to the influx of Chinese inventory and sluggish demand, others are yet to catch up. Morgan Stanley's stock choices within the chemical sector also seem to rely on the earnings recovery of these companies. For context, the brokerage has a more positive stance on stocks like PI Industries and Deepak Nitrite, both of which reported strong double-digit year-on-year growth in their bottom lines. PI Industries recorded a 17.2 percent year-on-year spike in net profit to Rs 448.8 crore, while revenue grew 8.3 percent to Rs 2,068.9 crore in the June quarter. Similarly, Deepak Nitrite reported a 35.1 percent year-on-year jump in net profit to Rs 202.5 crore, along with a revenue growth of 22.5 percent to Rs 2,166.8 crore. In contrast, Aarti Industries delivered subdued earnings and has also suspended its guidance for FY25 due to ongoing market uncertainties, suggesting potential further pressure on growth. | 2024-09-04 08:35 |
moneycontrol.com | https://www.moneycontrol.com/technology/around-700-freshers-await-joining-dates-from-infosys-after-2000-receive-confirmations-article-12814020.html | Around 700 freshers await joining dates from Infosys, after 2,000 receive confirmations | Infosys.Related stories. | Following reports of more than 2,000 freshers from the 2022 batch receiving their final offer letters from Infosys, around 700 campus hires are still waiting for their joining dates, according to people impacted by the delay who spoke toMoneycontrol. The said roles are for System Engineers (SE) and Digital Specialist Engineers (DSE), who say they have sat for two pre-training sessions, with the latest one being in August. Of this, about 500 are for SE roles from the 2022 batch while around 200 are DSE candidates from the 2023 batch. These DSE candidates were hired after clearing the advanced “HackWithInfy” competition in 2022, during their third year of the four-year engineering degree. India’s second-largest software exporter sent offer letters back in 2022 but did not on-board the candidates after the IT industry faced a slump. This phenomenon, however, is an industry-wide issue. Fears of a looming recession in IT companies' major markets and the absence of discretionary spending led companies to pause hiring, leading to a multi-decadal decline in headcount. On September 3, Infosys sent letters with joining dates to approximately 1,000 freshers from 2022 campus hires, just a day afterit issued similar number of letters, according to the Pune-based employee union Nascent Information Technology Employees Senate (NITES). “People who have received joining dates till now are mostly those who have completed their pre-training in July 2024,” said one of the candidates mentioned above. “Why are we being made to sit for these assessments again and again when we have successfully run the codes earlier and passed the exams?” For context, candidates were asked to appear for a test that had two coding tests and about 25 multiple-choice questions after completion of pre-training assessments in July, people aware of the matter said. Some candidates allege ad hoc selection criteria for certain freshers who have been issued offer letters so far, claiming many haven’t even attended assessment after completing the pre-training sessions. Moneycontrolhas reached out to Infosys for a comment and the story will be updated as and when the company responds. In July, the Bengaluru-based company stated that a small portion of the earlier hires were pending. The issue began when the company reached out to candidates, who were issued offer letters in 2022, a couple of months ago. Since then, candidates have complained that multiple rounds of pre-training sessions and assessments have made them apprehensive about the whole process of hiring. They question why, despite receiving offer letters in 2022 and completing assessments as recently as August, they are being asked to go through the process repeatedly. Fate of DSE candidates Freshers who have received offer letters till now are mostly candidates for the SE roles and that too from the batch that passed out in 2022. However, around 200 DSE candidates from the 2023 batch now fear that they might not receive offer letters at all. “SE candidates made noise which added pressure to the company to take action but since we are less in number when compared to the 2022 batch, we think our issue might be brushed aside,” said one of the candidates. “Will they hire two SE candidates in place of one DSE candidate and leave us behind?” asked another 2023 batch fresher. While the salary of a SE commanded Rs 3.6 lakh per annum, the position of DSE fetched Rs 6.5 lakh per annum, according to the people mentioned above. To be sure, about 100 out of 300 selected candidates have received offer letters from the DSE pool, people aware of the matter said. Some of the DSE candidates thatMoneycontrolspoke with said they have been informed that an assessment will be held offline. However, details such as date and location are yet to be communicated. Recently, Infosys CEO SalilParekh indicated that offers given to freshers would be honouredby the company and followed with joining, although there has been some change in dates. "Every offer that we have given, that offer will be someone who will join the company. We changed some dates but beyond that everyone will join Infosys and there is no change in that approach," Parekh had said. Pune-based IT employee unionNITES had earlier filed a requestto the Ministry of Labour & Employment to investigate the company for the “exploitation and unprofessional treatment” of 2,000 engineering graduates, who were selected for SE and DSE roles during the 2022-23 recruitment drive. Infosys had hired over 50,000 freshers in financial year 2022-23 from campuses, whichplunged to nearly 11,900 college graduatesin FY23-24, CEO and MD Salil Parekh, said in the company’s annual report released on June 3. This came at a time when the company posted its first-ever full-year headcount decline in over two decades. Also read:ÂInfosys’ full-year headcount declines for the first time in 23 years, net addition drops by 25,994 | 2024-09-04 10:41 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sensex-nifty-open-lower-amid-global-sell-off-it-banking-sectors-drag-nifty-down-12813916.html | Sensex, Nifty fall, hit by global sell-off, tech stocks rout; IT, banking sectors drag benchmark indices | Nifty could decline towards 24,440 while 24,800 could offer a slowdown in the downfall, as per Anand James, Chief Market Strategist at Geojit Financial Services..Related stories. | Benchmark indices BSE Sensex and NSE Nifty 50 fell at open on 4 September on worries of an economic slowdown accompanied by the US Fed rate cut, while a sharp tumble in US tech stocks also prompted a global equities sell-off. All 13 sectoral indices opened in the red, with IT and banking stocks exerting downward pressure on the Nifty. "What's interesting is that crude oil dropped 5 percent, with Brent at almost $73 a barrel and US West Texas Intermediate (WTI) crude futures below $70. This is a clear indication of a slowdown in the US," said Aishvarya Dadheech, Founder and CIO of Fident Asset Management. "As we approach the expected rate cut, this expectation (economic slowdown) is gaining more prominence," he added. At 9.18 am, the Sensex was down 560 points or 0.7 percent at 81,995 and the Nifty 50 was down 187 points at 25,092. About 945 shares advanced, 1,602 shares declined, and 123 shares were unchanged. Follow our live blog for all the market action Which stocks gained, which fell Asian Paints and Grasim Industries stocks surged by 2 percent and 1 percent, respectively, making them the top gainers on the Nifty 50. The fall in Brent crude oil price is expected to cut their input costs while giving them more leeway to make higher margins. On the other hand, Coal India, ONGC, Wipro, Hindalco, and LTIMindtree were the biggest losers, falling 2-3 percent. Defence stocks such as Hindustan Aeronautics, Cochin Shipyard, Garden Reach, and Mazagon Dock traded higher after the Defence Acquisition Council (DAC) approved major procurements worth Rs 1.4 lakh crore for the Armed Forces. Markets hit by US slowdown worries; watch these levels on Nifty "Over the past year and a half, any negative economic news was seen positively, as it increased the likelihood of a (US Fed) rate cut, which was considered good for equities. But now, the reality of a rate cut along with an economic slowdown is worrisome," said Dadheech. Nifty could fall but find support at 24,800, or else, it could further fall to 24,440, said Anand James, Chief Market Strategist at Geojit Financial Services. On September 2, U.S. stock markets slumped, with the three major indices recording their biggest daily percentage declines since early August due to a decline in chip stocks. The Institute for Supply Management (ISM) reported a rise in its manufacturing PMI to 47.2 in August from 46.8 in July. Also Read |ÂMorgan Stanley bullish on large private banks vs others amid attractive valuations While August figure showed slight improvement, the PMI has remained below the 50 threshold for the fifth consecutive month, and has renewed concerns about a slowdown in the US economy.  A decline in new orders and a rise in inventory also suggested that factory activity could remain subdued for a while. The Asian indices mirrored the sharp declines in the US market, where weak economic data sparked fears of a recession. The GIFT Nifty also declined over 180 points. Later today, markets will closely watch the release of US job openings data. The jobless claims report on September 5 will also be closely monitored. The US payrolls report due to be released on September 6 is also awaited as it will impact the Federal Reserve's decision on the magnitude of an interest rate cut. Currently, markets are pricing a 63 percent chance of a 25 basis point (bps) rate cut at the FOMC meeting on September 17-18. | 2024-09-04 10:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jubilant-ingrevia-spurts-6-on-equirus-capital-target-upgrade-sees-25-upside-potential-12813998.html | Jubilant Ingrevia shares gain on Equirus Capital target upgrade, sees 25% upside potential | So far this year, shares of Jubilant Ingrevia rallied over 40 percent.Related stories. | Shares of Jubilant Ingrevia jumped over 6 percent to Rs 717 apiece on September 4 after Equirus Capital maintained a 'long' rating and raised target price to Rs 900, implying an upside of 25 percent from current levels. The target upgrade came after global specialty maker Vertellus shut Pyridine production in the US, a solvent primarily used for paint, rubber, pharma, and other products. At 11:09 am, shares were trading at Rs 723.15, up 7.3 percent. Equirus said that the recent channel checks indicated rising niacinamide prices driven by higher pyridine costs. This, they believe, will boost near-term profitability in both specialty and nutrition segments. Also, it would target the semi-conductor industry wherein it is currently supplying samples in response to customer inquiries. "We believe that securing large contracts could drive Jubilant Ingrevia closer to its FY29E growth target," Equirus highlighted. ALSO READ:ÂHold Jubilant Ingrevia; target of Rs 592: Prabhudas Lilladher Pyridine is a versatile and basic solvent known for its relative non-reactivity, making it an excellent acid scavenger. In the pharmaceutical industry, pyridine derivatives are utilised to treat neurodegenerative diseases, as well as for their antibacterial and anti-infective properties. In the agricultural sector, pyridine is employed in the production of agrochemicals, such as herbicides, insecticides, and fungicides. Additionally, it is used as a flavoring agent, in antifreeze solutions, in certain disinfectants, and as an antiseptic in dental care products. Recently, credit ratings agency India Ratings and Research assigned its term-loan ratings as 'stable.' In the recently concluded June quarter, Jubilant Ingrevia's revenue declined 4.7 percent year-on-year (YoY), with profit-after-tax dropping by 15.5 percent YoY. The company's EBITDA also decreased by 6.1 percent YoY and EBITDA margin contracted by 20 basis points YoY in Q1FY25. Looking forward, the management said that they expect improvement in all 3 business segments in FY25 and FY24 - be it pharma or agricultural CDMO segment. So far this year, shares of Jubilant Ingrevia rallied over 40 percent, as compared to benchmark Nifty 50's 16 percent rise. | 2024-09-04 11:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/aether-industries-soars-5-on-heavy-volumes-12814062.html | Aether Industries' shares soar on heavy volumes | Aether Industries stock has gained around 4.6 percent so far this year, underperforming Nifty's returns of 15 percent..Related stories. | Shares of Aether Industries soared over 5 percent on September 4 amid high volumes. So far in the day, around 3 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-month average of 64,000 equity shares. At 11:03 am, Aether Industries shares were trading 3.6 percent higher at Rs 922.75 on the National Stock Exchange (NSE). The speciality chemical manufacturer recently signed an exclusive contract manufacturing agreement with Chemoxy International Ltd, a wholly-owned subsidiary of the SEQENS group. Under this take-or-pay agreement, Aether Industries will exclusively produce a range of natural bio-based products for SEQENS. The contract spans an initial period of three years. Production is set to begin within the next 10 months, with an expected annual volume exceeding 100 metric tonnes. The manufacturing process, which involves a complex process and continuous reaction technology, was collaboratively developed byAetherand Seqens over the past three years. Follow our market blog to catch all the live action SEQENS, a France-based global leader in health, personal care, and speciality ingredients, operates 16 production sites and 9 R&D centres worldwide, with an annual revenue of EUR 1.1 billion. "Under this take-or-pay contract, Aether will produce a series of natural bio-based products exclusively for Seqens. The contract spans an initial period of three years. The production is expected to commence over the next 10 months with a volume of 100+ MT per year," Aether said. The stock has gained around 4.6 percent so far this year, underperforming Nifty's returns of 15 percent. In the past 12 months, the counter has fallen 7 percent. In comparison, Nifty rose 28 percent during this period. | 2024-09-04 11:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/au-small-finance-bank-universal-bank-rbi-12813936.html | Shares of AU Small Finance rise as lender applies for universal banking licence | So far this year, shares of AU SFB declined over 13 percent.Related stories. | Shares of AU Small Finance Bank rose nearly 2 percent to Rs 686 apiece on September 4, after the lender submitted its application to the Reserve Bank of India (RBI) to transition from a small finance bank (SFB) to a universal bank. Thisapplicationcomes as AU SFB is in the process of merging with Fincare SFB, as announced on April 1, 2024. From SFB to Universal Bank In April, the RBI had outlined specific guidelines for conversion of SFBs into universal banks. According to these, only listed SFBs are eligible to apply for a universal banking license. Applicants must have a minimum net worth of Rs 1,000 crore, scheduled status, and a satisfactory track record of at least five years. Additionally, they must have been profitable with gross non-performing assets (NPAs) of less than 3 percent and net NPAs of less than 1 percent over the previous two financial years, meet capital adequacy requirements, and provide a clear rationale for the transition. ALSO READ:ÂAU Small Finance applies for 'voluntary transition' to a Universal Bank Conversion to a universal bank is seen as a significant step for many SFBs, which feel constrained by geographical limitations and lending caps. Currently, SFBs must allocate at least 75 percent of their loans to amounts below Rs 25 lakh, and maintain at least 25 percent of their branches in underserved rural areas. In contrast, universal banks face no such restrictions, though they must still ensure that 40 percent of their loans are directed towards priority sectors like agriculture and MSMEs. In the recently concluded June quarter,AU SFBreported a 30 percent year-on-year increase in net profit to Rs 502 crore, while net interest income rose 54 percent YoY to Rs 1,920 crore. So far this year, shares of AU SFB declined over 13 percent, as against benchmark Nifty 50's 16 percent surge. | 2024-09-04 10:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/ipo-fund-raising-soars-to-27-month-high-in-august-12813947.html | IPO fund raising soars to 27-month high in August | In August alone, 25 companies filed draft red herring prospectuses with the Securities Board of India. In 2024 so far, 92 firms have filed draft red herring prospectuses (DRHP) with SEBI.Related stories. | The Indian IPO market, which got off to a slow start this year due to election-related uncertainty, has rebounded sharply, with 10 firms raising a total of Rs 17,048 crore in August, the highest in 27 months. August's fundraising spree marked the strongest primary market activity since May 2022.Around 57 percent of the funds raised in August -- about Rs 9,715 crore -- came from fresh issue capital while the balance Rs 7,333 crore was from offer for sale (OFS). Analysts said that the rise in fundraising has been driven by strong economic activity, buoyant stock market, and company earnings beating expectations, encouraging more companies to go public. While the first quarter was a bit slow for IPOs primarily due to domestic election activity, the period thereon saw activity picking up on the back of favourable political outcomes, prospects of policy continuity, pro-growth government measures, along with expectations of interest rate cut by the US Fed this month that is pushing financial markets globally, including in India. “High liquidity, secondary market performance along with robust listing performance of recent IPOs is creating high investor confidence to participate in the initial public offerings,” said Prashanth Tapse, Senior VP - Research Analyst, Mehta Equities. “Most of the issues are witnessing handsome subscription demand followed by healthy listing gains mainly on the back of reasonable ask valuations and favourable market conditions, giving promoters and investors confidence to raise and invest", added Tapse. He further believes that promoters as well as pre-IPO investors like private equity investors are also looking at this market mood as an opportunity to encash with better-than-expected valuations giving them a chance to book profits. Despite significant volatility, Indian markets hit record highs in August with the Nifty extending its winning streak to 14 consecutive sessions – a new record. The benchmark Sensex gained 0.8 percent while the Nifty was up 1.1 percent in August. Meanwhile, Ola Electric Mobility led the IPOs in August, raising around Rs 6,145 crore, followed by Brainbees Solutions with Rs 4,193 crore and Premier Energies with Rs 2,830 crore. Other notable IPOs included Ceigall India (Rs 1,253 crore), Bazaar Style Retail (Rs 835 crore), ECOS India Mobility & Hospitality (Rs 600 crore), and Interarch Building Products (Rs 600 crore). Most IPOs are being oversubscribed on the first day as investors are drawn towards the primary market amidst high valuations in the secondary markets. Additionally, recent IPOs have delivered strong returns on their listing days, further attracting investors. Many IPOs are also trading at a grey market premium of 20-100 percent above their price band. Among the most heavily subscribed IPOs in August, Unicommerce eSolutions led with a subscription of 168.35 times, followed by Orient Technologies at 155 times and Saraswati Saree Depot at 108 times. Other major IPOs included Premier Energies, ECOS India Mobility & Hospitality, and Akums Drugs and Pharmaceuticals, which were subscribed 75 times, 65 times, and 63 times, respectively. In 2024 so far, 56 IPOs have raised Rs 65,000 crore, compared to just 20 IPOs raising a little over Rs 15,051 crore in the first eight months of 2023, with no offerings in January and February. Many companies are showing renewed interest in launching their initial public offerings (IPOs). In August alone, 25 companies filed draft red herring prospectuses with the Securities Board of India. In 2024 so far, 92 firms have filed draft red herring prospectuses (DRHP) with SEBI, marking the highest number of filings since 2021, when 120 companies submitted draft papers. Nirav Karkera, Head of Research, Fisdom said for nearly a decade, Indian startups have been a focal point for VC/PE investments. Over the years, many privately held Indian companies have raised substantial amounts of capital in exchange for equity. Several of these companies have successfully transformed into strong players within their respective industries. With favorable market conditions and a robust growth outlook, it now appears to be an opportune time for early investors to exit via IPOs. A deeper look at cap tables and seller details through OFS will support the perspective and largely explain the wave of IPOs and the increasing share of OFS in these offerings, Karkera added. | 2024-09-04 14:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/crude-price-drops-omc-and-paint-stocks-rejoice-ongc-and-oil-india-slip-into-red-12813999.html | OMC and paint stocks cheer for fall in crude prices while ONGC and Oil India sulk into red | Crude price drops: OMC and paint stocks rejoice, ONGC and Oil India slip into red.Related stories. | A continued decline in Brent crude prices has come as a blessing for oil marketing companies and paint manufacturers, while at the same time, dented sentiment for oil refiners. A decline in crude prices benefits oil marketing companies (OMCs) and paint manufacturers as that reduces their input costs and gives them more leeway to generate higher margins. In addition to that, OMCs can also capitalise on inventory gains by restocking at reduced prices. Also, lower fuel prices may boost consumer demand, driving higher sales volumes, and lifting revenues for these players. Buoyed by these positive triggers driven by a fall in crude prices, shares of OMC companies likeHPCL,BPCLandIOCLrose 1-3.5 percent in trade on September 4. Gains in the segment were led by HPCL, which rose 3.5 percent and hit a record high of Rs 442.50 on the NSE. Paint stocks also glimmered in the green, withAsian Paints,Indigo Paints,Shalimar PaintsandBerger Paints Indiagaining 1.5-5 percent. However, on the flipside, the fall in crude prices will have a negative bearing on oil drilling stocks like ONGC and Oil India as it squeezes their profit margins. This is because the price of refined products may not drop as quickly or proportionately and hence, refineries holding inventories bought at higher prices may face inventory losses as the value of their stock decreases. Consequently, shares of upstream companies --Oil IndiaandOil and Natural Gas Corp -- were trading with cuts of over 1 percent and 2.5 percent, respectively. Catch all the market action on our LIVE blog Brent crude prices fell to their lowest levels in almost nine months, slipping closer to $73 per barrel, marking a sharp fall from a high of over $81 per barrel last week. Pressure on Brent prices is stemming from concerns of a demand slowdown in China, the world's largest importer of the commodity, due to an increased adoption of electric vehicles. Additionally, the prospect of resolving the dispute that has stalled Libyan crude production and exports adds pressure due to the potential for excess supply. Expectations of increased OPEC+ production starting in October, intended to offset a sharp decline in Libyan output, further contribute to the downward pressure. According to Reuters, OPEC+ plans to boost oil output in October, with eight member countries increasing production by 180,000 barrels per day. This is part of a plan to gradually reverse recent production cuts while keeping some reductions in place until the end of 2025. | 2024-09-04 12:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/exicom-tele-stock-slumps-4-5-after-rakesh-jhunjhunwala-entity-trims-stake-12813972.html | Exicom Tele stock slumps 4.5% after Rakesh Jhunjhunwala entity trims stake | Exicom Tele made its market debut in March this year, when it listed at an over 80% premium..Related stories. | Shares of Exicom Tele Systems dropped 4.5 percent in opening trade on September 4, a day after the Big Bull Rakesh Jhunjhunwala's RARE Enterprise trimmed its stake in the company. The Rakesh Jhunjhunwala entity sold 15.85 lakh shares, making up a 1.3 percent stake in Exicom Tele Systems for an average price of Rs 348.60, data on the exchanges showed. The total stake sale was valued at Rs 55.25 crore. At 09.28 am, shares ofExicom Telewere trading at Rs 364 on the NSE. Catch all the market action on our LIVE blog Exicom Tele, which operates in the electric vehicle (EV) charger market made a stellar stock market debut in March this year, as it listed with a premium of over 80 percent. Exicom enjoys a first mover advantage in India’s EV charging sector. By FY24, the company has made significant progress in the market, deploying over 65,000 chargers across more than 400 cities. The company's extensive network has positioned it as the leader in residential chargers, holding a 60 percent market share, and it also commands a 25 percent share in the public charger segment. In addition to that, the government's support towards the adoption of EVs also augurs well for Exicom, further aiding its growth prospects. | 2024-09-04 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/rr-kabel-shares-edge-higher-as-citi-recommends-buy-with-a-hiked-target-price-12813943.html | RR Kabel shares edge higher as Citi recommends 'buy' with a hiked target price | RR Kabel shares have slipped over 6 percent in the past month..Related stories. | Share ofRR Kabelrose almost a percent to Rs 1,618 in early trade on September 4 after international brokerage Citi maintained its buy rating and hiked the target price citing robust growth prospects. With a target price of Rs 2,300, it implies a massive upside of over 41 percent from the current market levels. The stock is currently way off its 52-week high of Rs 1,901 on the National Stock Exchange. Follow our LIVE blog for all the latest updates Analysts at Citi are bullish because the management is confident of achieving a 60-80 basis points expansion in EBIT margins for the wires and cables segment in FY25. They also expect 25-30 percent year-on-year growth in the fast-moving electrical goods (FMEG) segment, targeting breakeven in the next 3-4 quarters, and 20 percent year-on-year growth in exports for FY25. Also read:ÂMorgan Stanley bullish on large private banks vs others amid attractive valuations The wires and cables industry is benefiting from strong structural tailwinds, driven by infrastructure capex, PLI schemes, and a real estate upcycle in India, Citi added. In early June, there was a block deal in the RR Kabel stock where around 56 lakh shares, representing 5 percent stake in RR Kabel changed hands. The stock of this wire and cable maker listed on bourses at a premium in September 2023. On the NSE, RR Kabel share price was listed at Rs 1,180 per share, 14 percent higher than the issue price of Rs 1,035, and on the BSE, RR Kabel share price was listed at Rs 1,179 per share. Read more:ÂGIC Re shares in focus as govt to divest 6.8% stake in PSU insurer via OFS RR Kabel shares have slipped over 6 percent in the past month. | 2024-09-04 09:36 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/domestic-semiconductor-stocks-echo-nvidias-9-fall-as-doj-probe-spooks-investors-12813982.html | Domestic semiconductor stocks echo Nvidia's fall as DoJ probe spooks investors | Kaynes will manufacture around 6 million chips daily using its 13 assembly lines..Related stories. | Semiconductor stocks traded with losses in the early session on September 4 after global semiconductor giant Nvidia Corp's share price fell over nine percent in trade overnight. Nvidia Corp's stock tanked almost 10 percent as the US Department of Justice sent the firm subpoenas as it seeks to find evidence if the firm violated USA's antitrust laws. This move is an escalation into its investigation into the dominant provider of AI processors. As a result, domestic chipmakers which closely track cues from the mother market, have fallen in trade. RIR Power Electronics, ASM Technologies, and SPEL Semiconductor, which have some amount of exposure in the domestic semiconductor space, all fell. At 10:13 am,CG Powerwas trading lower by 0.06 percent, whileRIR Power Electronics, ASM Technologies andSPEL Semiconductortumbled around two percent. Follow our market blog to catch all the updates The DoJ, which had earlier sent out questionnaires to companies, is now issuing legally binding requests that compel recipients to provide information, according to sources familiar with the investigation. This move brings the government closer to filing a formal complaint. Nvidia defended its tactics in the hot market for chips to power artificial intelligence in the face of reports the US is probing whether it abused its clout. "Nvidia wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them," a spokesperson for the Silicon Valley-based chip-maker said. While chip buyers do have options, Nvidia is considered the technology leader when it comes to AI chips even though rivals are working hard to compete. | 2024-09-04 10:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/asia-tracks-worst-us-selloff-since-august-crash-12813880.html | Asia tracks worst US selloff since August crash | Asian markets tumble as Wall Street's tech-driven selloff spreads fears of global slowdown.Related stories. | Stocks in Asia sank after Wall Street posted its worst day since the Aug. 5 rout, as weak US data and falling oil prices raised concerns about the health of the global economy. Japan led the slump, with the Nikkei 225 down over 3%. Shares also fell in Australia and South Korea, while futures pointed to losses in Hong Kong. US contracts edged lower in early Asian trading after the S&P 500 fell more than 2%, with Nvidia Corp. driving a plunge in tech stocks. The risk-off mood came as the yen jumped and a closely watched US manufacturing gauge again missed forecasts. A selloff in tech stocks also rekindled worries about undue invesetor frenzy about artificial intelligence. Wall Street’s “fear gauge” - the VIX - soared. Treasury yields tumbled, with traders keeping their bets on an unusually large half-point Federal Reserve rate cut this year. A dollar gauge rose for a fifth session, its longest winning streak since April, before falling slightly in early trading on Wednesday. The S&P 500 and the Nasdaq 100 saw their worst starts to a September since 2015 and 2002, respectively. With inflation expectations anchored, attention has shifted to the health of the economy as signs of weakness could speed up policy easing. While rate cuts tend to bode well for equities, that’s not usually the case when the Fed is rushing to prevent a recession. Traders are anticipating the Fed will reduce rates by more than two full percentage points over the next 12 months — the steepest drop outside of a downturn since the 1980s. The trepidation after the latest rise in unemployment will leave traders “on edge” until Friday’s payrolls data, said Ian Lyngen and Vail Hartman at BMO Capital Markets. “This week’s jobs report, while not the sole determinant, will likely be a key factor in the Fed’s decision between a 25 or 50 basis-point cut,” said Jason Pride and Michael Reynolds at Glenmede. “Even modest signals in this week’s jobs report could be a key decision point as to whether the Fed takes a more cautious or aggressive approach.” The S&P 500 dropped to around 5,530 while the Nasdaq 100 lost over 3% as Nvidia tumbled 9.5% — erasing $279 billion in a record one-day wipeout for a US stock. The US Justice Department sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws. US 10-year yields steadied after falling seven basis points to 3.83%, and the equivalent Australian note lost seven points early Wednesday. The yen climbed Tuesday as Bank of Japan’s Kazuo Ueda reiterated the central bank will continue to raise rates if the economy and prices perform as expected. Marking the start of a busy week for economic data, a report showed US manufacturing activity shrank in August for a fifth month. The Morgan Stanley strategist who foresaw last month’s market correction says firms that have lagged the rally in US stocks could get a boost if Friday’s jobs data provide evidence of a resilient economy. A stronger-than-expected payrolls number would likely give investors “greater confidence that growth risks have subsided,” Michael Wilson wrote. The August jobs report is expected to show payrolls in the world’s largest economy increased by about 165,000, based on the median estimate in a Bloomberg survey of economists. While above the modest 114,000 gain in July, average payrolls growth over the most recent three months would ease to a little more than 150,000 — the smallest since the start of 2021. The jobless rate probably edged down in August, to 4.2% from 4.3%. While the Fed is finally coming around to cutting rates, it does not feel like stringing out a bunch of 25 basis-point rate cuts will do the job, said Neil Dutta at Renaissance Macro Research. Under that scenario, it will take a long time to return the funds rate to neutral and in the process, you’ll keep policy restrictive, keeping open downside risks to growth. “That muddling through scenario will probably risk further increases in the unemployment rate,” he said. “So, if they aren’t going 50 in September, they are going to need to go 50 at some point later this year.” | 2024-09-04 07:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/daily-voice-fmcg-remains-an-attractive-long-term-bet-pharma-holds-potential-for-growth-says-equirus-wealths-abhijit-bhave-12813862.html | Daily Voice: FMCG remains an attractive long term bet, pharma holds potential for growth, says Equirus Wealth's Abhijit Bhave | Abhijit Bhave is the MD and CEO of Equirus Wealth.Related stories. | With the increasing penetration of organized retail and e-commerce, as well as rising disposable incomes in rural and urban areas, FMCG companies are well-positioned to capture the India growth story, said Abhijit Bhave, Managing Director & CEO at Equirus Wealth in an interview to Moneycontrol. According to him, FMCG also offers stability in uncertain times, making it an attractive long-term investment. In case of pharma space, investors should focus on companies with robust R&D pipelines and strong balance sheets for sustained returns, said Bhave with more than 25 years of experience in scaling up wealth management ventures. He had earlier worked with Deutsche Bank, HSBC, ICICI Bank, and Karvy Private Wealth. Do you see big opportunity of investment in FMCG space? Yes. One would remember in school we used to write essays on the topic “Indian Population - boon or bane”. India’s demographic dividend continues to remain a boon for the FMCG sector & hence this sector continues to present a compelling investment opportunity. Despite the challenges posed by inflation and shifting consumer preferences, the sector is resilient, driven by rising demand, especially in new geographies, including tier 3 cities & towns. With the increasing penetration of organized retail and e-commerce, as well as rising disposable incomes in rural and urban areas, FMCG companies are well-positioned to capture the India growth story. Additionally, the ongoing shift towards premiumization and health-conscious products is creating new avenues for expansion. As a defensive sector, FMCG also offers stability in uncertain times, making it an attractive long-term investment. Do you still expect significant run up in the pharma space? The reality is that as human beings live longer, have improving lifestyles & also increasing stress as a side effect, the pharma sector will continue to enjoy increasing demand. The pharma sector has had a remarkable run, especially during & after the pandemic, but I believe there is still potential for growth, albeit at a more measured pace. The focus on healthcare infrastructure, increasing health awareness, and the push towards innovation in drug development are the key drivers. Moreover, the global demand for generic drugs and biosimilars continues to rise, providing Indian pharma companies with a strong export market. However, the sector might face headwinds such as pricing pressures and regulatory challenges, which could temper the pace of growth. Investors should focus on companies with robust R&D pipelines and strong balance sheets for sustained returns. Are there sectors that you would want to avoid? There is an old Hindi saying, which roughly translated says “A lotus blooms even in mud”. The same is true for select stocks across all sectors, even those that may not be doing that well. At Equirus Wealth, we believe in a bottom-up stock picking approach and both own PMS solutions (small cap and multi-cap strategies) remain sector agnostic. Having said that, for retail investors, we would suggest maintaining diversified portfolios through mutual funds as there may be certain sectors that would face structural, cyclical, regulatory or business model risks at the moment. For HNI investors we suggest focussing on investing in fundamentally good but under-valued stocks but only after detailed self-study or else with assistance from a domain expert, who will guide them through the various complex financial ratios as well as qualitative assessment of future earnings potential of the selected companies. Is it the time to stay away from smallcap and keep portfolio tilted towards mid-largecaps? The key always lies in maintaining your asset allocation based on individual risk profiles. In addition to this within equity, one should look at how much is the sub-asset allocation across largecaps, midcaps & smallcaps. Smallcap stocks have had an impressive run, but they also come with heightened risks, especially in volatile market conditions; one of the big ones being limited liquidity affecting price movements, despite good fundamentals. Given the current global geopolitical & economic uncertainties and possible sell-offs due to perceived high valuations, it might be prudent to tilt the portfolio towards mid and large-cap stocks, which generally offer more stability and are better equipped to navigate economic challenges. However, this doesn’t mean completely avoiding small-caps. Selective exposure to quality smallcaps with strong growth prospects and solid financials can still add value to a portfolio, in the long run through multi-bagger returns. The key to investing in smallcaps is to balance risk and reward by focusing on fundamentals and staying bravely invested through short term market downturns, typically over a period of four to five years. Are you confident about the beginning of interest rate reduction cycle from next month onwards? While there has been speculation about a potential interest rate cut, I believe it’s important to temper expectations, especially in India. Central banks across geographies, are likely to remain cautious, considering inflationary pressures and global economic uncertainties. A premature reduction in interest rates could undermine efforts to keep inflation in check. That said, in India, if inflation remains around RBI’s target range of 4 percent & the tolerance band of an additional 2 percent and global geopolitical & economic conditions stabilize, we could see a gradual shift towards a more accommodative stance & a reducing interest rate cycle in India. | 2024-09-04 07:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sebi-plans-to-ease-registration-for-foreigners-buying-govt-debt-12813791.html | SEBI plans to ease registration for foreigners buying govt debt | SEBI.Related stories. | The Securities and Exchange Board of India is considering a plan to ease the registration process for foreigners looking to invest in government bonds, according to its board member. “We are actively examining if certain SEBI registration requirements can be done away with for those investors investing solely in Indian government bonds” Ananth Narayan, a whole-time member at the regulator told Bloomberg News on the sidelines of an industry conference in Mumbai. The move comes as foreigners continue to add money into index-eligible bonds with August seeing net inflows of $2.8 billion, the most since JPMorgan Chase & Co. announced last year it would include Indian bonds to its flagship emerging market gauge. India now has a 3% weight on the index, which will be ramped up to 10%, the maximum possible by March 2025. Net flows to Indian bonds have picked up as the nation’s weight in the emerging market index increases, while the end of election-related uncertainty and market expectations of a Fed rate cut next month are also helping, analysts including Nimish Prabhune and Min Dai at Morgan Stanley wrote in a note. If sovereign wealth funds and public retail funds that are otherwise exempted from making any additional disclosures, seek to register in India, the capital market regulator is considering if it can further ease their application process, Narayan said. In addition, the regulator has also created a dedicated cell for foreign portfolio investors, which has already reached out to over 500 investors, Narayan said. This cell will serve as a window to address any issues that may be faced by FPIs during registration, he said. “Ensuring ease of doing investments for FPIs to draw in good quality overseas savings remains a top priority for us,” he said. | 2024-09-03 22:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/wall-street-drops-on-september-worries-upcoming-data-12813877.html | Wall Street drops on September worries, upcoming data | S&P 500 and Nasdaq hit record highs on softening economic data.Related stories. | U.S. stocks slumped on Tuesday, at the start of one of the market's historically worst months, ahead of data likely to influence how much the Federal Reserve will lower interest rates. The benchmark S&P 500 index, Nasdaq Composite Index and the Dow Jones Industrial Average recorded their biggest daily percentage declines since early August. Nine out of 11 S&P 500 sectors fell, led by declines in technology, energy, communication services and materials. Market sentiment weakened as Institute for Supply Management data on Tuesday showed U.S. manufacturing remained subdued despite a modest improvement in August from an eight-month low in July. September is widely regarded as one of the worst months for stock market performance based on data stretching back to the 1950s, said Jason Browne, president at Alexis Investment Partners in Montgomery, Texas. "We had a weak ISM report come out this morning, but we do believe seasonality is a big factor here especially when you've had such a solid performance for the year until the end of last month," Browne said. "Everybody is reporting about how September is such a horrible month and that tends to feed on itself." The so-called Magnificent Seven megacap technology stocks, which have led this year's rally, slumped. Nvidia (NVDA.O), opens new tab dropped nearly 10%, shedding a record $279 billion from its market capitalization, which ended at $2.65 trillion. That is the biggest ever single-day decline in market value for a U.S. company. Alphabet (GOOGL.O), opens new tab fell 3.6%, Apple (AAPL.O), opens new tab lost 2.7% and Microsoft (MSFT.O), opens new tab shed 1.8%. The Philadelphia SE Semiconductor index (.SOX), opens new tab fell 7.8%. The Dow (.DJI), opens new tab fell 626.15 points, or 1.51%, to 40,936.93, the S&P 500 (.SPX), opens new tab dropped 119.47 points, or 2.12%, to 5,528.93 and the Nasdaq Composite (.IXIC), opens new tab slid 577.33 points, or 3.26%, to 17,136.30. The CBOE Volatility Index (.VIX), opens new tab, Wall Street's fear gauge that measures market expectations of stock market swings, jumped 33.2% to 20.72, the biggest daily percentage gain and highest close since early August. Traders are awaiting several labor market reports ahead of Friday's non-farm payrolls data for August. The Fed's meeting on Sept. 17-18 will be closely observed following Chair Jerome Powell's recent support for easing monetary policy. Odds of a 25-basis point interest rate cut are at 63%, the CME Group's FedWatch Tool showed, while those for a bigger 50 bps reduction are at 37%. Tesla (TSLA.O), opens new tab fell 1.6% after Reuters reported that the electric vehicle maker plans to produce a six-seat variant of its Model Y car in China in late 2025. Boeing (BA.N), opens new tab dropped 7.3% after Wells Fargo downgraded the aircraft manufacturer's shares to "underweight" from "equal weight." Declining issues outnumbered advancers by a 2.52-to-1 ratio on the NYSE, which had 297 new highs and 83 new lows. On the Nasdaq, 946 stocks rose and 3,315 fell as declining issues outnumbered advancers by 3.5 to 1. Volume across U.S. exchanges totalled 12.14 billion shares, up from nearly 11 billion for the 20-day moving average. | 2024-09-04 06:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/investec-initiates-coverage-on-azad-engineering-with-buy-tag-sees-23-upside-12813908.html | Investec initiates coverage on Azad Engineering with 'buy' tag, sees 23% upside | Investec added that the firm's stock price performance since the IPO, jumping over 100 percent since its listing in December 2023, inspires confidence..Related stories. | International brokerage Investec initiated coverage on Azad Engineering with a bullish call, believing that the aerospace components manufacturer has a strong foundation for multi-year growth. The brokerage decided to initiate coverage with a 'buy' tag and a target price of Rs 1,850 per share. This indicates an upside of around 23 percent compared to the previous session's closing price. Follow our market blog to catch all the updates Azad Engineering is likely to record 40 percent PAT CAGR over FY24 to FY27, while its working capital moderates and RoICs will improve. The aerospace component manufacturer's business model, along with its growth prosepcts, are giving investors the chance to invest in multiple attractive macro themes. This also offers significant optionality for investing. Investec added that the firm's stock price performance since the IPO, jumping over 100 percent since its listing in December 2023, inspires confidence. Azad Engineering has >75 percent of its revenue from exports, providing hedge against any volatility in domestic market. Azad’s orderbook increased to Rs 3,000 crore (book to bill: 8.8x ttm) at end of March FY24 and apart from the recent order wins from Rolls Royce, Baker Hughes and GE Tenova, it has recently received a contract for end-to-end production of Advanced Turbo Gas Generator (ATGG) engines from GTRE, noted ICICI Securities. | 2024-09-04 08:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-morgan-stanley-ups-gujarat-state-petronets-price-aim-antique-broking-bullish-on-defence-cos-12813904.html | Brokerage Radar: Morgan Stanley ups Gujarat State Petronet's price aim, Antique Broking bullish on defence cos | Brokerage Radar.Related stories. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes stocks such as Thermax, Gujarat State Petronet, and sectors such as banking, chemical, and industrials.HSBC On ThermaxReduce Call, Target `2,400/ShUnderlying Demand Remains Strong But Growth Tapering DownDifficult To Justify Valuation At Current LevelCurrent Share Price Factoring In 8.5% Terminal Growth, But Not Cyclical RisksStock Currently Trades At 48x 12 m Fwd Consensus Earnings Morgan Stanley On Gujarat State PetronetEqual-Weight Call, Target Raised To `452/ShRestructuring Of GPSC Grp Removes Co’s Holdco Discount From Its Ownership In Gujarat GasMove Rating & Price Target In-line With Guj Gas As Restructuring Is Expected To Be Done By Aug’25 Antique On Defence CosMaintain Buy Call On HAL, BEL, Bharat Dynamics, Mazagaon Dock & Garden ReachApproval To Proposals Worth `1.44 Lk Cr Should Be FeasibleMost Of The Announced Proposals Are To Be Sourced From Domestic IndustryThis Is A Tremendous Opportunity For Indian Defence Manufacturers Morgan Stanley On BanksDowngrade Federal Bk To Underweight From Equal-Weight, Target Cut To `185/Sh From `200/ShReiterate Underweight Call On RBL Bank, Target Cut To `210/Sh From `260/ShICICI, Kotak, & Axis Remain Key Pick With Marginal Target CutEqual-Weight Call On SBI, Target Cut To `800/ShEqual-Weight Call On Bank Of Baroda, Target Cut `265/ShUnderweight Call On PNB, Target Cut To `73/ShUnderweight Call On Bk Of India, Target Cut To `110/ShUnderweight Call On Canara Bank, Target Cut To `83/ShIt Is Time To Get SelectiveMargin & Asset Quality Set To Normalize In Next Few YearsMargin & Asset Quality Set To Drive Divergence In Profitability Based On Franchise StrengthLarge Private To Do Better & See Higher Relative ValuationsShift Further Away From SoE Banks/Mid-sized Private Banks Toward Large Private BanksAt State-Owned Enterprise (SoE) Banks, See A Big Trade Off Between Growth & ProfitabilityMid-sized Pvt Bks Are Structurally More Challenged In This Cycle, Given High Competitive Intensity Morgan Stanley On ChemicalsDowngrade Aarti Ind To Underweight Call, Target Cut To `568/Sh From `613/ShUpgrade PI Ind To Equal-Weight Call, Target Raised To `4,300/Sh From `3,350/ShPrefer Deepak Nitrite With Overweight Call, Target Raised To `3,295/Sh From `2,975/ShMonetisation Remains In Play, Albeit At Significantly Lower MarginsEarnings Not Fully De-risked, With Upgrades Still Some Time Away Jefferies On IndustrialsTop Picks – Siemens, HAL And L&TQ1 Order Flow Declined 3% YoY Led By Defence Cos Bharat Electronics & Data PatternsBharat Electronics & Data Patterns Saw Sharp Declines In Order FlowMay’24 National Elections Did Have An Impact On Order FlowBelieve Order Flow Should Recover Ahead As Power & Defence Capex In Particular Pick-upOperating Leverage Was Seen For Most CompaniesRemain Constructive On Infra+Industrial Capex Jefferies On Pipe CosBuy Call On Supreme Ind, Target `6,520/ShHold Call On Astral, Target `2,115/ShIn 6 Months, Supreme Ind Has Rallied By +26%, Whereas Astral Declined By 7%Supreme Ind’s Pipe Volume Growth Has Outpaced Astral For Last 10 QuartersSupreme Ind’s 2-Yr Volume CAGR At +33% Vs 24% For AstralSupreme Ind’s Pipe SKU Count At Nearly 14,000 Is Double That Of AstralIn FY24-27e, Est Astral’s EPS CAGR At +26-27%, Broadly Similar To Supreme Ind, At 24-25% | 2024-09-04 07:52 |
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