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moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nse-ipo-exchange-seeks-sebi-noc-for-public-issue-12808317.html | NSE IPO: Exchange seeks Sebi NOC for public issue | The board of directors of NSE has asked the bourse to write to Sebi for a No Objection Certificate (NOC) for its planned public issue that has been in the works for quite a few years now..Related stories. | The board of directors of the National Stock Exchange (NSE) has asked the bourse to write to the Securities and Exchange Board of India (Sebi) for a No Objection Certificate (NOC) for its planned public issue that has been in the works for quite a few years now. A decision to this effect was taken at the board meeting held on Tuesday and was triggered by an ongoing case in the Delhi High Court wherein it was brought to the court's notice that the exchange has not written to the capital market regulator for an NOC for its proposed initial public offer (IPO). In response to a petition filed in the Delhi High Court related to NSE's IPO, the Sebi counsel made a submission saying that the exchange is yet to write to it for an NOC for its public issue. This assumes significance as the public issue of NSE has been pending for long as the exchange had filed its draft document way back in December 2016. Thereafter, the approval process took a hit due to regulatory probes related to the collocation scam, among other things. Also Read:ÂFPIs sell NSE shares on IPO uncertainty, derivatives volume concerns Interestingly, developments related to the listing of NSE are always closely followed as the exchange has among its shareholders many well-known global and domestic entities including state-owned insurance majors (LIC, General Insurance Corporation of India, New India Assurance Company, National Insurance Company), banks (State Bank of India) and foreign investors (Canada Pension Fund) among others. Shares of NSE are quite frequently traded as well in the unlisted arena with both domestic and overseas investors, showing keen interest in the shares as the exchange enjoys a dominant position in the Indian stock market. | 2024-08-28 01:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sme-ipo-reflects-power-of-money-says-nilesh-shah-12808135.html | SME IPO frenzy disconnected with fundamentals and reflects the 'power of money', says Nilesh Shah | "The SME exchange does not have the best fundamentals to justify current prices or valuation," Nilesh Shah said.Related stories. | The frenzied 400x over-subscription of SME IPO Resourceful Automobile has once again put the question of fundamentals versus liquidity before market participants. The enormous investor interest and anticipation of quick returns from the BSE's index of Small and Medium Enterprises (BSE SME) is beyond comprehension, and reflects the 'power of money', according to Nilesh Shah, Managing Director, Kotak Mahindra Asset Management, who believes fundamentals will prevail once this tide of money subsides. "We have seen the power of money in the early 90s, and 2000. But we have also seen once money power goes, fundamentals prevail," Nilesh Shah said in a conversation with CNBC-TV18, referring to the stock market boom of the 1990s, when internet-based companies pushed valuation of technology stocks sky high, and internet IPOs created pockets of severe over-valuation. Resourceful Automobile, which operates only two Yamaha showrooms in New Delhi and employs just eight people,received a staggering 400 times subscriptionon its final day of bidding, August 26. "The SME exchange does not have the best fundamentals to justify current prices or valuation," Nilesh Shah said, underscoring the fact that the BSE SME IPO index has seen a 1.4x growth this year. "There is momentum going on, there'll be few (SME IPOs) who will be good, but majority at this valuation are unlikely to meet investors' expectations." "I could never imagine the kind of issues would be able to list, let alone get so much of money," said Nilesh Shah. Nilesh Shah cited the example of OTC Exchange Of India - an exchange set up in 1990 under the Companies Act - with which he was involved during his first job at ICICI Bank. OTCEI was tasked to give capital market access to small and medium companies, and was recognized as a stock exchange, but subsequently collapsed. Calling the SME IPO index the world's best equity index, Nilesh Shah said it has delivered a CAGR return of 66 percent for last 10 years. Jokingly, Nilesh Shah cited a comparison that the SME IPO index started three decades after Sensex, but has already pipped Sensex in terms of crossing the one lakh milestone, driving the point of the ongoing liquidity rush. The founder of Capital Mind,Deepak Shenoy, meanwhile, has taken a contrarian viewon the SME IPO of Resourceful Automobile, which saw a stupendous subscription that sparked an animated debate on social media. | 2024-08-27 17:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sebi-pulls-up-rana-sugars-for-diverting-funds-to-related-parties-asks-co-to-recover-rs-607-crore-12808199.html | Sebi pulls up Rana Sugars for diverting funds to related parties, asks co to recover Rs 607 crore | Sebi's investigating officials found that the company's funds were diverted through conduit entities to unjustly enrich the company's promoters and their family members..Related stories. | Capital market regulator SEBI has asked Rana Sugars (RSL) to recover more than Rs 607 crores from related parties, which includes from Rs 268 crores in interest dues and Rs 339 crores in receivables, and has been asked to pay Rs 7 crores in fine. The Securities and Exchange Board of India (SEBI), in an order issued on August 27, found that the company's funds were diverted through conduit entities to unjustly enrich the company's promoters and their family members. The order stated, "Such diversion of funds has resulted in loss to investors or shareholders of RSL". Also read:ÂMC Investigates: Platform used by top brokerages faces scrutiny over Sebi advertising code compliance A fine of Rs 63 crore was slapped by SEBI on the promoters and associates of the company too, which included promoter and managing director Inder Pratap Singh Rana's fine of Rs 9 crore, promoter and chairman Ranjit Singh Rana's fine of Rs 5 crore, and promoter and director Veer Pratap Singh Rana's fine of Rs 5 crore. The market regulator had begun investigating the company to see if funds had been diverted to benefit promoters and promoter-related entities, and if the financial statements of the company were misstated. Sebi's officials covered the period between FY15 and FY21 for the investigation, though references to events outside the period were made where necessary. Based on the investigations, a showcause notice dated August 10, 2023, was issued to 15 noticees, which included the company, its promoters and associates. The allegation in the notice was that RSL transferred funds to Flawless Traders, Century Agros, Jay Aar Builders, RJ Texfab and RGS Traders which were private limited companies and which acted as conduit entities, who then passed on the funds the same day to Inder Pratap Singh Rana, Ranjit Singh Rana, Veer Pratap Singh Rana, Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana and Sukhjinder Kaur. (This is a developing story. Please check back for more) | 2024-08-27 19:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/block-deals-dodona-holdings-sells-6-78-lakh-shares-in-trent-12808196.html | Block deals: Dodona Holdings sells 6.78 lakh shares in Trent | Legends Global Opportunities (Singapore) Pte Ltd acquired 8.43 lakh shares or 0.52 percent stake of Shanti Educational Initiatives Ltd at Rs 124.9 each, while New Leaina Investments Limited were sellers.. | On August 27, 18 lakh shares were traded via block deals on NSE. Siddhartha Yog bought 6.78 lakh shares of Trent of Rs 6,925 per share while Dodona Holdings Limited sold 6.78 lakh shares of Trent at the same price. Shares of the fashion and lifestyle company from the Tata group, were trading 0.69 percent lower at Rs 6.877.90 at close. Over the last one year, the stock has gained around 243 percent. The other large deal took place in Bajaj Finserv. Promoter group entities sold stake worth Rs 4.5 lakh. Sunaina Kejriwal sold 75,000 shares of Bajaj Finserv Limited at a price of Rs 1,713 per share. Aryaman Family Trust and Nirvaan Family Trust also sold 75,000 shares at the same price. Bachhraj and Co Private Limited bought 2.25 lakh shares or 0.01 percent stake of Bajaj Finserv at the same price. Shares of the NBFC were trading 2.46 percent higher at Rs 1,727.60 at close. The stock has gained around 15 percent over the last one year. | 2024-08-27 20:08 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lttss-2-billion-revenue-target-leaves-brokerages-split-on-future-prospects-12808369.html | LTTS's $2 billion revenue target leaves brokerages split on future prospects | The deal pipeline for LTTS grew 2x YoY, but decision-making is still slow..Related stories. | L&T Technology Services' analyst day failed to prompt changes in brokerages' ratings, despite the management highlighting its new strategy, 'Go deeper to scale', for LTTS 3.0. Among the features, one of the key aspirations was recording $2 billion in revenue over the medium term. Once the firm clocks $2 billion in revenue, the management will aim to ensureLTTSrecords $1 billion in revenue from each segment. Additionally, the firm wants to raise margins through higher offshoring, with an increasing fresher mix. On the short-term demand outlook, the management remains cautiously optimistic, while attempting to bag large deals and order wins. The firm is focusing heavily on its go-to-market strategy for its three key verticals: Mobility, Sustainability, and Tech. The firm aspires for each of these verticals to become a $1 billion business. "Each segment currently has P&L accountability. While we are encouraged by the ambition, there is no timeline around when this could be achieved. For context, annualized revenues from Mobility, Sustainability, and Tech stand at $416 million, $354 million and $411 million, respectively," noted Motilal Oswal. The domestic brokerage left its 'buy' rating unchanged, with a price target of Rs 6,300 per share, which indicates an upside of 15 percent from current levels. Follow our live blog to catch all the updates Domestic brokerage Nuvama Institutional Equities said it remains positive on the LTTS story, as it sees its strong fundamentals, impressive clientele, and capabilities across segments help it deliver strong earnings growth over the next three years. "In the near term, however, we remain cautious on the entire ERD space, given the likely impact of slowdown/recession in the US/EU on the discretionary spend-based ERD business," said Nuvama. The brokerage kept its 'hold' rating intact, but bumped its target price up to Rs 5,200 per share, up from Rs 5,050 earlier. The deal pipeline for LTTS grew 2x YoY, but decision-making is still slow. However, the potential start of rate cuts with resilient macros in the US may lead to a demand uptick. As a result, Emkay Global bumped up its target price on the firm to Rs 5,000 apiece but maintained its 'sell' call. | 2024-08-28 08:00 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/currencies-hold-tight-ranges-as-market-awaits-more-us-rate-cues-12808376.html | Currencies hold tight ranges as market awaits more US rate cues | For the month, the dollar has fallen 3.4 percent, putting it on track for its biggest monthly decline since November 2022.. | The US dollar held near its lowest in more than a year against a basket of peers on Wednesday, with sterling trading just off multi-year highs, as markets focussed on clues to the size of a widely expected U.S. interest rate cut next month. Cryptocurrency bitcoin took the early Asia spotlight, dropping over 6 percent after breaking below support around $60,000. But overall moves in the foreign exchange market were muted as traders awaited fresh hints on the state of the world’s largest economy. Investors are unanimous in bets that the Federal Reserve will begin cutting interest rates next month following Chair Jerome Powell’s dovish tilt last week, with the debate now centred on whether or not it will be a super-sized 50-basis point cut. The current pricing sits at a 36 percent chance for the larger cut, up from 29 percent a week ago, according to the CME Group’s FedWatch Tool. Markets, which are fully priced for a 25-basis point cut next month, see just over 100 basis points worth of easing by the end of the year. A preliminary estimate for US gross domestic product in the second quarter is due later this week, along with the Fed’s preferred inflation measure the personal consumption expenditures (PCE) index. But with attention shifting from inflation to the strength of the economy, the importance of this week’s PCE data is "debatable", said Matt Simpson, senior market analyst at City Index. "It will require a strong upside surprise to dispel expectations of multiple Fed cuts". The dollar index, which measures the greenback against a basket of currencies, was last 0.02 percent higher at 100.61, hovering above a 13-month low of 100.51 hit in the previous session. For the month, the dollar has fallen 3.4 percent, putting it on track for its biggest monthly decline since November 2022. But given that markets have been pricing in easing from September for weeks now, downside momentum on the dollar appears to be waning, with support built up around 100.18/30, Simpson said. Sterling ticked down slightly to $1.32585 after hitting its highest since March 2022 against the greenback at $1.3269 on Tuesday. The euro slid 0.05 percent to $1.117825 and was sitting not far from a 13-month peak touched at the top of the week. The yen edged further off Monday’s three-week high of 143.45 against the greenback, and was last 0.18% lower at 144.225 per dollar. Elsewhere, the Australian dollar was little changed at $0.6791, ahead of inflation data that could be market-moving due to the wide range of forecasts. It remained close to a one-month high of $0.67985 hit on Friday. In cryptocurrencies, bitcoin was last down 4.37 percent at $59,137.00 after sliding over 6% earlier in trade. | 2024-08-28 07:48 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trade-setup-for-wednesday-top-15-things-to-know-before-the-opening-bell-61-12808287.html | Trade setup for Wednesday: Top 15 things to know before the opening bell | Nifty consolidates.Related stories. | The market saw consolidation after a day of rally, closing flat with a positive bias on August 27. The Nifty 50 sustained its upward journey for the ninth straight day, while the momentum indicators RSI and MACD, the key drivers, maintained a positive bias. According to experts, further consolidation is expected, but as long as the index sustains above 25,000 on a closing basis, the 25,100-25,200 range is the immediate level to watch. The 24,950 level remains an immediate support. 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: 25,060, 25,083, and 25,121 Support based on pivot points: 24,984, 24,960, and 24,922 Special Formation: The Nifty 50 formed a Doji-like candlestick pattern on the daily charts as the closing was near its opening levels, indicating indecision among bulls and bears about the further trend. The index moved very close to its previous record high of 25,078.30 and maintained a higher highs, higher lows formation for another session. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 51,385, 51,496, and 51,674 Support based on pivot points: 51,029, 50,919, and 50,741 Resistance based on Fibonacci retracement: 51,514, 51,940 Support based on Fibonacci retracement: 50,579, 49,725 Special Formation: The Bank Nifty formed a small bullish candlestick pattern with minor upper and long lower shadows on the daily timeframe. Buying interest at lower levels helped the index close above the down-sloping resistance trendline adjoining the record high of July 4 and the high of July 18. Sustainability above this trendline is key for further upside in the index, with positive momentum indicators RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence). 3)Nifty Call Options Data According to the monthly options data, the 25,000 strike holds the maximum open interest (with 85.68 lakh contracts). This level can act as a key level for the Nifty in the short term. It was followed by the 25,500 strike (84.04 lakh contracts) and the 26,000 strike (83.92 lakh contracts). Maximum Call writing was seen at the 25,300 strike, which saw an addition of 24.89 lakh contracts, followed by the 25,000 and 25,100 strikes, which added 16.56 lakh and 15.6 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,800 strike, which shed 5.73 lakh contracts, followed by the 24,900 and 24,500 strikes, which shed 3 lakh and 2.08 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 25,000 strike (with 89.91 lakh contracts), which can act as a key level for the Nifty. It was followed by the 24,000 strike (80.51 lakh contracts) and the 24,500 strike (77.01 lakh contracts). The maximum Put writing was observed at the 24,400 strike, which saw an addition of 12.14 lakh contracts, followed by the 24,700 and 24,300 strikes, with 7.12 lakh and 4.87 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 24,200 strike, which shed 13.02 lakh contracts, followed by the 24,000 and 24,900 strikes, which shed 10.9 lakh and 2.25 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the 52,000 strike holds the maximum open interest, with 42.14 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 51,500 strike (32.51 lakh contracts) and the 52,500 strike (30.58 lakh contracts). Maximum Call writing was visible at the 52,500 strike (with the addition of 12.94 lakh contracts), followed by the 52,000 strike (11.28 lakh contracts) and the 51,500 strike (7.12 lakh contracts), while the maximum Call unwinding was seen at the 51,200 strike, which shed 5.19 lakh contracts, followed by the 51,000 and 51,100 strikes, which shed 4.11 lakh and 3.75 lakh contracts respectively. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 51,000 strike (with 32.27 lakh contracts), which can act as a key support level for the index. This was followed by the 50,000 strike (31.05 lakh contracts) and the 50,500 strike (25.45 lakh contracts). The maximum Put writing was observed at the 50,200 strike (which added 11.38 lakh contracts), followed by the 51,300 strike (9.93 lakh contracts) and the 50,900 strike (9.17 lakh contracts), while the maximum Put unwinding was seen at the 50,800 strike, which shed 83,280 contracts, followed by the 52,500 and 52,200 strikes, which shed 17,475 and 1,605 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 1.22 on August 27, from 1.31 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 Volatility dropped after two days of uptrend and remained below the 14 mark, keeping the trend favourable for bulls. The India VIX, the fear gauge, fell 1.18 percent to 13.63 from 13.80 levels, staying below all key moving averages. 10)Long Build-up (38 Stocks) A long build-up was seen in 38 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (47 Stocks) 47 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (42 Stocks) 42 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (59 Stocks) 59 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, Birlasoft, India Cements Stocks removed from F&O ban: Aarti Industries, Aditya Birla Fashion and Retail, Chambal Fertilisers and Chemicals, Indian Energe Exchange, RBL Bank Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary. | 2024-08-28 01:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stock-radar-pnc-infratech-zydus-life-nbcc-awfis-space-vodafone-idea-upl-in-focus-on-wednesday-12808316.html | Stock Radar: PNC Infratech, Zydus Life, NBCC, Awfis Space, Vodafone Idea, UPL in focus on Wednesday | 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 fundraising activities, here’s a quick look at which stocks will be in focus in today's trade: Quarterly Earnings on August 28 Procter & Gamble Hygiene & Health Care, HMA Agro Industries, Aelea Commodities, and Toyam Sports will announce their quarterly earnings on August 28. Stocks To Watch Jio Financial Services Subsidiary Jio Leasing Services has invested Rs 67.50 crore by subscribing to 6.75 lakh, 8.1% cumulative optionally convertible preference shares of Rs 10 each in Reliance International Leasing IFSC (RILIL). RILIL is a 50:50 joint venture between Jio Leasing Services and Reliance Strategic Business Ventures (a wholly owned subsidiary of Reliance Industries). The investment is made to fund the business operations of RILIL. Additionally, Jio Financial increased its shareholding in Jio Payments Bank from 78.95% to 82.17% by subscribing to 6.8 crore equity shares of Rs 10 each in Jio Payments Bank for Rs 68 crore for its business purposes. UPL Subsidiary UPL Corporation, through its step-down subsidiary UPL Global, acquired a 20% stake in PT Excel Meg Indo, Indonesia, for $6.85 million. Post-acquisition, UPL Global will hold 99.9998% stake in PT Excel, while another arm, UPL Europe, will hold 0.0002%. PNC Infratech The company has been declared the lowest bidder in a highway cum bridge project with a bid project cost of Rs 380 crore from NHAI. The project involves the construction of an additional 3-lane bridge over the river Ganga for a connection between Buxar and Bharauli on NH-922 in Uttar Pradesh and Bihar on Hybrid Annuity Mode. Kirloskar Brothers The company has received a letter from the Registrar of Companies, Maharashtra. RoC has instructed the company to keep its Register of Directors and Key Managerial Personnel updated. ICICI Prudential Life Insurance Company The company has received an order from the Deputy Commissioner of State Tax, Maharashtra State, demanding GST, interest, and penalty of Rs 429.05 crore for FY20. Zydus Lifesciences The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to market Amantadine extended-release capsules, 68.5 mg, and tentative approval for 137 mg. Amantadine extended-release capsules are used for the treatment of dyskinesia in patients with Parkinson’s disease. This approval makes Zydus eligible for 180 days of exclusivity for Amantadine extended-release capsules, 68.5 mg. SBI Cards and Payment Services Dinesh Khara, Chairman and Non-executive Director, has resigned from the directorship of the company, effective August 27. NBCC India The Board of Directors of the company will meet on August 31 to consider the issue of bonus shares to the equity shareholders of the company. Aditya Birla Capital The company has invested Rs 300 crore on a rights basis in its subsidiary Aditya Birla Housing Finance. Wipro The technology services and consulting company has expanded its collaboration with Dell Technologies to bring the Dell AI Factory to Wipro’s Enterprise AI-Ready platform. The collaboration will allow enhanced cost control and risk mitigation while providing enterprises with access to best-in-class technology, accelerating the adoption of AI across cloud, data center, and edge environments. IndiaMART InterMESH The company has incorporated its wholly owned subsidiary IIL Digital to set up a digital marketplace that offers business solutions for a diverse range of customer needs. Vodafone Idea The telecom operator said its Board of Directors approved the formulation, adoption, and implementation of Employee Stock Option and Performance Stock Unit Scheme 2024. This scheme contemplates the grant of up to 34.85 crore Stock Options and Performance Stock Units, constituting 0.50% of the issued share capital of the company as of July 31, to eligible employees, subsidiaries, and associate companies. This is subject to shareholder approval. Gensol Engineering Gensol Engineering announced its entry into the US market with the launch of its Delaware-based subsidiary, Scorpius Trackers Inc., targeting 2,000 MW of annual supply by 2028. Godrej Agrovet The company has completed its acquisition of an additional 49% stake in its subsidiary Godrej Tyson Foods (GTFL) from Tyson India Holdings (the existing equity shareholder). With this acquisition, the company increased its total shareholding in GTFL from 51% to 100%, making GTFL a wholly-owned subsidiary of the company. Awfis Space Solutions The flexible workspace solutions company has partnered with Nyati Group for an additional 3 lakh square feet of Grade-A workspace. This alliance is the largest under the Managed Aggregation (MA) model, enhancing the company's current MA model portfolio and expanding its presence in Pune. Carysil Subsidiary Carysil UK has agreed to acquire the remaining 30% stake in UK-based Carysil Brassware for £350,000. In April 2023, Carysil UK had acquired a 70% stake in Carysil Brassware for £1.16 million. With this acquisition, Carysil Brassware will become a 100% wholly-owned subsidiary of Carysil UK. Asian Energy Services The company said its Board of Directors approved the issuance of 48 lakh fully convertible warrants for cash at an issue price of Rs 335 per warrant, amounting to Rs 160.8 crore. Infibeam Avenues Artificial intelligence subsidiary Phronetic.AI launched a new women's safety feature in its AI Facility Manager solution for CCTVs. Bulk Deals AAVAS Financiers Foreign portfolio investor Amansa Holdings sold a 2.2% stake in the housing finance company at an average price of Rs 1,690 per share. However, Nippon India Mutual Fund A/C - Nippon India Multi Cap Fund bought a 1.26% stake in the company at the same price. Rolex Rings Investors Franklin Templeton Mutual Fund, India Acorn ICAV, SBI Mutual Fund, and Kotak Mahindra Mutual Fund bought a 2.97% stake in the company. However, investor ICICI Prudential Mutual Fund, and promoters Ashok Kumar Dayashankar Madeka and Sanjaykumar Bhagvanji Bole sold a 2.81% stake. Tata Technologies Ghisallo Master Fund LP and Copthall Mauritius Investment bought a 1.76% stake in Tata Technologies at an average price of Rs 1,013 per share. However, TPG Rise Climate SF Pte sold a 2.99% stake in the company at an average price of Rs 1,014.16 per share. Mainboard Listing on August 28 Orient Technologies SME Listing on August 28 Ideal Technoplast Industries, QVC Exports Stocks Turn Ex-Dividend Asahi India Glass, Axita Cotton, Bajaj Steel Industries, DMCC Speciality Chemicals, Force Motors, GE T&D India, Hazoor Multi Projects, Hindustan Zinc, International Combustion, Sigachi Industries, Yuken India Stock Trades Ex-Date for Consolidation of shares Shekhawati Industries Stock Trades Ex-Date for Rights Vardhman Polytex F&O Ban Hindustan Copper, Balrampur Chini Mills, Birlasoft, India Cements | 2024-08-28 01:13 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bulk-deals-amansa-holdings-sells-2-21-stake-in-aavas-financiers-12808220.html | Bulk deals: Amansa Holdings sells 2.21% stake in Aavas Financiers | representative image.Related stories. | Amansa Holdings Private sold a 2.21 percent stake or 17.51 lakh shares in Aavas Financiers for an average price of Rs 1690 via a bulk deal on August 27. Nippon India Mutual Fund A/C - Nippon India Multi Cap Fund bought a 1.26 percent stake or 10 lakh shares in Aavas Financiers for an average price of Rs 1690. As of June 30, Amansa Holdings had a 3.16 percent stake in Aavas Financiers. Franklin Templeton Mutual Fund bought 1.56 lakh shares in Rolex Rings for an average price of Rs 2421.08. SBI Mutual Fund bought 2.8 lakh shares in Rolex Rings for an average price of Rs 2421.66. While, Kotak Mahindra Mutual Fund bought 1.7 lakh shares, Ghislalo Master Fund LP bought 3.12 lakh, and India Acorn ICAV bought 2.03 lakh shares in the company. On the sellers side, ICICI Prudential Mutual Fund sold 3.19 lakh shares in Rolex Rings Ltd for an average price of Rs 2425. Ashokkumar Dayashankar Madeka sold 2.72 lakh shares, Sanjaykumar Bhagvanji Bole sold 1.75 lakh shares. Copthall Mauritius Investment Limited bought 40.1 lakh shares in Tata Technologies for an average price of Rs 1013. Rise GIC Climate SF Pte sold 121.29 lakh shares in Tata Technologies for an average price of Rs 1014.16. Legends Global Opportunities (Singapore) Pte. Ltd. bought 2.92 percent stake or 34.95 lakh shares in Orient Ceratech Limited for an average price of Rs 54.14. While, Great International Tusker Fund sold a 2.92 percent stake or 34.95 lakh shares in Orient Ceratech Limited for an average price of Rs 54.13. | 2024-08-27 20:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/madhuri-dixit-amrita-rao-invest-in-rs-11-5-crore-pre-ipo-round-of-hive-hostels-12808040.html | Madhuri Dixit, Amrita Rao invest in Rs 11.5 crore Pre-IPO round of Hive Hostels | Colstay private limited recorded a turnover of Rs 40.73 crore, with a profit after tax of Rs 1.46 crore in FY24..Related stories. | Colstay Private Limited, the operator of the student co-living accommodation brand Hive Hostels, has raised Rs 11.5 crore through a private placement round, which saw participation of popular celebrities like Madhuri Dixit and Amrita Rao. According to sources close to the development, the fund raising round saw participation of few other marquee investors as well, including Ankit Mittal and his family office Sixth Sense Ventures Partners, serial venture investor Ritesh Malik, Anmol Sood,  Sahil Vachani- MD and CEO of Max Estates, Rohit Kothari-backed Anchorage Capital Fund among others. The company issued a little over 1.16 lakh equity shares during the latest private placement round and is planning to apply for an IPO in the second half of next year, sources told Moneycontrol. “Hive Hostels is gearing up for an IPO next year, aiming to leverage this fresh capital to drive its next phase of expansion,” said the source on conditions of anonymity. Meanwhile, following the funding round, Dixit will hold a 0.44 percent stake in Hive Hostels, while Ankit Mittal, along with his family office will have a 1.58 percent share in the company. In terms of the financial performance, the company recorded a turnover of Rs 40.73 crore, with a profit after tax of Rs 1.46 crore in FY24. In comparison, the company reported revenue of Rs 29.5 crore and a PAT of Rs 65 lakh in FY23. Founded in 2019 by brothers Bharat Aggarwal and Siddharth Aggarwal, Hive Hostels is a student co-living housing brand. After experiencing the challenges of shared living in PG accommodations, the brothers launched Hive Hostels to provide an enhanced, community-driven living environment. Starting with just 30 beds in a flat in Mumbai’s Vile Parle area, the company has grown to accommodate over 8,000 students and operates more than 2,600 beds across major Indian cities, including Mumbai, Noida, Ahmedabad, Dehradun, and Jaipur. The company caters to diverse needs with two offerings: Hive, an affordable option, and Aurus, a premium luxury housing segment. | 2024-08-27 22:57 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/allow-ias-ras-to-advise-on-non-equity-asset-classes-as-well-market-players-suggestion-to-sebi-12807793.html | Allow IAs & RAs to advise on non-equity asset classes as well, market players' suggestion to Sebi | A section of market players are of the view that IAs with the necessary expertise should be allowed to offer specific advice on other asset classes, including where to invest in areas like real estate..Related stories. | Market participants have suggested to Securities and Exchange Board of India (Sebi) that investment advisors that are registered with the capital market regulator should be allowed to offer advice on asset classes apart from equities as well. Market players also want the watchdog to review the eligibility criteria so that only serious and full-time advisors are allowed to offer investment advice to investors. These are some of the suggestions that market players have given to Sebi in response to the recent consultation paper issued by the regulator to review the regulatory framework for Investment Advisers (IAs) and Research Analysts (RAs). Moneycontrol reached out to various industry experts who have given their suggestions and feedback to Sebi and it appears that some of the proposals in the consultation paper have sparked debate and may require revisions before the final rules are framed. The consultation paper assumes significance as recently Sebi whole-time member Kamlesh Varshney discussed a framework to bring a large number of unregistered financial advisors – finfluencers – under the regulatory ambit by easing norms for IAs and RAs so that it becomes easier for more people to register themselves. One of the proposals in the Sebi paper was that IAs be allowed to provide broad asset allocation advice beyond equities, rather than recommending specific investments within those asset classes. Industry players, however, have expressed dissatisfaction with this approach. A section of market players are of the view that IAs with the necessary expertise should be allowed to offer specific advice on other asset classes, including where to invest in areas like real estate. “Why limit advice to broad allocations for other asset classes? Just because Sebi doesn’t regulate them doesn’t mean they’re inherently bad,” said an industry insider on conditions of anonymity. Under current regulations, IAs are permitted to advise only on securities governed by Sebi.The regulator is of the view that while some IAs have been advising on unregulated assets like real estate, gold, and tax planning, such unregulated products often lack transparency, carry hidden fees, and present potential conflicts of interest, offering limited recourse for investors. Meanwhile, the Sebi paper also proposes to review the eligibility criteria for IAs and RAs and while current norms stipulate that such entities have a postgraduate degree, the proposals suggest reducing this requirement to a graduate degree. Further, while IAs and RAs have to renew their National Institute of Securities Markets (NISM) certification every three years, the Sebi paper has proposed that renewal should be required only if there are any incremental changes. A large section of market players who have given their feedback to the regulator believes that the watchdog is relaxing the eligibility criteria a “bit too much”. “At least one of the two requirements should be maintained -- either a postgraduate degree or the NISM certification every three years,” said Sagar Lele, co-founder of Rupeeting. “The NISM exams help refresh your knowledge, and for those without a postgraduate degree in the field, taking the NISM exam is crucial for enhancing their understanding,” he added. On the issue of working as a part-time IA, the consultation paper has proposed that individuals or partnership firms may be eligible for registration as part-time IA or RA if they are engaged in other business activities. Market players, however, are of the view that part-timers may not be fully dedicated to delivering IA or RA services as they could have other main businesses to run. The Sebi consultation paper was issued on August 6 and the last date for submitting feedback was August 26. The Sebi paper aimed to enable and facilitate making available the services of IAs and RAs to a wider set of audience. “The ratio of investment adviser per million population in India is very low as compared to the United States which is leading to proliferation of the unregistered entities acting as IAs and RAs,” stated the Sebi paper. Some of the other proposals in the paper included zero net-worth requirement, flexibility in fee-charging modes, and use of artificial intelligence, among other things. | 2024-08-27 13:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/cesc-stock-zooms-8-amid-bullish-calls-from-multiple-brokerages-more-upside-seen-12807819.html | CESC stock zooms 8% amid bullish calls from multiple brokerages; more upside seen | CESC stock has zoomed 150 percent in the last 12 months, , more than doubling investors' capital. In comparison, Nifty delivered returns of around 27 percent during this period..Related stories. | Shares of CESC Limited surged over 8 percent on August 27 to hit an all-time high of Rs 206.27 on NSE after several brokerages shared bullish calls on the power utility stock. Investec remains positive on power stocks including CESC, NTPC and Inox Wind, citing strong power demand and a positive earnings outlook. Power generation saw an 8.3 percent year-on-year (YoY) increase in July, driven by robust power demand. This surge led to a higher plant load factor (PLF) for coal, gas, nuclear, and renewable energy segments, said Investec in a recent note. Additionally, coal dispatches to the power sector increased by 25.7 percent YoY, reaching 65.5 metric tonnes. The brokerage expects healthy earnings growth for power companies like CESC, given all these factors. Elara Capital, which interacted withCESC's management recently during the Sanjiv Goenka Group Investor Day, also has a buy rating on the stock with a target price of Rs 228 per share. Follow our market blog to catch all the live action In the brokerage's view, CESC is attractively positioned, given steady and low-risk earnings from regulated standalone operations at Kolkata and Haldia distribution businesses, and options value of incremental earnings from the distribution franchisee in Rajasthan with a strong balance sheet. Additionally, the company's plans to invest in 3GW of RE assets, and set up a 10,500-tonne annual green hydrogen production facility also bode well for the performance. "We see substantial rerating potential for the stock post the commissioning of 3GW renewable energy capacity," said Elara Capital. At 12:34 pm, CESC stock was trading over 8 percent higher at Rs 204. 30 on the National Stock Exchange (NSE). So far this year, the stock has rallied around 50 percent, beating benchmark Nifty's returns of around 14 percent during this period. In the last 12 months, the counter has zoomed 150 percent, more than doubling investors' capital. In comparison, Nifty delivered returns of around 27 percent during this period. Technical view Axis Securities has picked CESC as one of the stocks for near-term gains based on technical cheats. The stock is trending within a medium-term rising channel, recently finding support at the lower band and now advancing towards the upper band, indicating a continued uptrend. The stock has confirmed a breakout above the small descending triangle pattern at Rs 180 levels within a rising channel on the weekly chart, indicating the continuation of the medium-term uptrend, the brokerage said. Also Read |ÂInvestec bullish on NTPC, CESC, Inox Wind on healthy power demand, positive outlook CESC stock took support at the 38 percent Fibonacci retracement level of a rally from Rs 122-193 positioned at Rs 166 confirming a medium-term support base. The weekly RSI strength indicator's crossover above its reference line has generated a buy signal, said Axis Securities, adding that this indicates an upside to Rs 209-216 levels, keeping the stop loss at Rs 170. | 2024-08-27 13:02 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nifty-sensex-close-flat-in-a-volatile-session-as-fmcg-metal-stocks-spoil-party-12807956.html | Nifty, Sensex close flat in a volatile session as FMCG, metal stocks spoil party | Representative image.Related stories. | Benchmark indices Nifty and Sensex ended the trading session little changed, mildly in the red, after FMCG and metal stocks dampened sentiment. It was a choppy session on the bourses as the two oscillated between positive and negative territory. At close, the Sensex was down 52.16 points or 0.06 percent at 81,645.95, and the Nifty was down 14.40 points or 0.06 percent at 24,996.20. About 1,865 shares advanced, 1,611 shares declined, and 70 shares were unchanged. Throughout the trade, the broader market, also known as mid-small cap indexes, outperformed the headline indices, rising 0.6 and 0.5 percent. Market experts note that the broader market hasn't reached the 'euphoria' stage yet, with strong retail and mutual fund inflows sustaining the current buoyancy. Notably, mid- and small-cap indices have comfortably outpaced the Nifty's year-to-date gains. "This week, the market will focus on India and U.S. GDP data, the monthly derivatives expiry, and other global cues," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal. Also read:ÂAre Goenka family stocks new D-Street darlings? PCBL, RPG Life Sciences, others surge up to 60% in a month India VIX, a barometer to assess market anxiety, fell 1 percent to end at the 14 levels. Zee Entertainment shares saw investor interest in the afternoon, with shares closing 12 percent higher. The gains come after the media firm said it had entered into an agreement to settle all disputes with Sony regarding the termination of the merger. Tata Elxsi also soared over 16 percent, extending gains for the fourth session in a row, riding on the back of heavy trading volumes in the counter. As much as 38 lakh shares of Tata Elxsi changed hands on the exchanges so far, a meteoric spike compared to the one-month daily traded average of one lakh shares. Read more:ÂDeepak Shenoy weighs on Resourceful Auto IPO, says 'Outrage over oversubscription nonsensical' Among sectors, Nifty FMCG was the worst performer after shares such as ITC, Hindustan Unilever, United Spirits, and Tata Consumer Products slipped, souring the momentum in the sector. Nifty Metal, after a decent rally in previous sessions, also fell prey to profit-taking, with stocks such as JSW Steel, Hindalco, and Tata Steel falling in today's session. Nifty Energy also fell almost 1 percent. Also read:ÂThis mid-cap IT party is getting lit; NIIT, Datamatics, KPIT Tech, eClerx Srvcs surge 6-20% Gainers included Pharma and Healthcare stocks. Pharma majors such as Sun Pharma, Lupin, and Divi's Laboratories lifted sentiment and helped the index end firmly in the green. It was the private sector lenders that helped the Nifty Bank move higher. Gains in ICICI Bank, IDFC Bank, and Axis Bank were major contributors to the rally. Top Nifty gainers were L&T, SBI Life Insurance, Maruti Suzuki, Bajaj Finserv, and HDFC Life, while losers were HUL, JSW Steel, Titan Company, Tata Motors, and NTPC. | 2024-08-27 15:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/heavy-trading-volumes-lift-tata-elxsi-stock-15-higher-extends-gains-to-4th-straight-session-12807910.html | Heavy trading volumes lift Tata Elxsi stock 15% higher; extends gains to 4th straight session | Tata Elxsi | CMP: Rs XX | Shares of the Tata Group company zoomed 15 percent in trade, riding on the back of heavy trading volumes in the counter. With this, the stock not just extended its upward trend to the fourth straight session, but also gained over 22 percent in just two days..Related stories. | Shares of Tata Elxsi zoomed 15 percent in trade on August 27, riding on the back of heavy trading volumes in the counter. With this, the stock not just extended its upward trend to the fourth straight session, but also gained over 22 percent in just two days. As much as 38 lakh shares ofÂTata Elxsi changed hands on the exchanges so far, a meteoric spike as compared to the one-month daily traded average of one lakh shares. At 2.20 pm, shares of the technology company were trading at Rs 8,833.80 on the NSE. With the sharp surge in the stock, its market capitalisation also swelled to Rs 55,039 crore. Meanwhile, the stock is trading at a trailing 12 month (TTM) price-to-earnings (PE) ratio of 69.1. Brokerage firm Incred Equities forecast a compound annual growth rate (CAGR) of 12.1 percent for revenue in dollar terms, 15.8 percent for EBIT, and 14.2 percent for the bottomline over FY24-27. Follow our market blog to catch all the live action Meanwhile, Saurabh Mukherjea-led Marcellus Investment Managers recently exited Tata Elxsi, which was a part of the firm's Rising Giants PMS portfolio. The fund house attributed the exit largely to expectations of better internal rate of return from new additions--Escorts Kubota, Coforge and CMS Info Systems. Tata Elxsi posted a 6 percent sequential decline in its Q1 net profit to Rs 184 crore, while its revenue was marginally up 2 percent to Rs 926 crore. Brokerage firm HDFC Securities sees a high certainty of double-digit growth in FY25,driven by client and sub-segment skew, which is seen as a positive for Tata Elxsi. Aside from that, on the segmental front, the brokerage expects the company's transportation vertical to continue to drive growth in FY25-26 while the media and communications, and healthcare and lifesciences segments are expected to recover in FY26. " The rate of recovery in the non- transportation segment will determine the trajectory in valuation multiples, following its de-rating over the past two years," the brokerage added. | 2024-08-27 15:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jio-financial-services-increases-stake-in-jio-payments-bank-shares-gain-12808028.html | Jio Financial Services increases stake in Jio Payments Bank, shares gain | Jio Financial Services increases holding in Jio Payments Bank.Related stories. | Jio Financial Services Ltd's shares rose on Tuesday after the Reliance Industries Ltd unit announced plans to boost its holding in Jio Payments Bank from 78.95 percent to 82.17 percent. The Mumbai-based company told shareholders through an exchange filing that it subscribed to 6.8 crore shares of Jio Payments Bank Ltd (JPBL) for Rs 68 crore. Shares ofJio Financial Servicesrose 0.17 percent to Rs 323.80 on the NSE, outperforming the benchmark Nifty index's 0.03 percent gain. The development comes after it secured authorisation from the Department of Economic Affairs, Ministry of Finance, to increase its foreign investment cap to 49 percent of its total equity on a fully diluted basis. Jio Financial Services, spun off from Reliance Industries Ltd, operates in the areas of investing and financing, insurance broking, payment bank, payment aggregator, and payment gateway services. In May this year, the company introduced a pilot version of the 'JioFinance' app, which offers UPI, digital banking, and other related services. In April 2024, the company announced a partnership with BlackRock Inc., a global investment management firm, to launch a wealth management and broking business. As per data available on the BSE, the stock has delivered 52.46 percent returns in the last 365 days. | 2024-08-27 20:31 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/premier-energies-ipo-fully-subscribed-on-day-1-niis-lead-so-far-12807862.html | Premier Energies IPO subscribed 2.1 times on day 1; NIIs lead so far | The trading in its equity shares will commence on the BSE and NSE, effective September 3..Related stories. | Premier Energies' Rs 2,830-crore initial public offering saw a robust subscription on the first day after it was subscribed 2.1 times on August 27. Investors bought 9.36 crore equity shares against the offer size of 4.46 crore equity shares. The company intends to raise Rs 1,291.4 crore via fresh issue, and another Rs 1,539 crore through offer-for-sale (OFS), at the upper end of the price band at Rs 427-450 per share. Follow our LIVE blog for all the latest updates Non-institutional investors were at the forefront, buying 5.38 times the portion set aside for them. Retail investors were at the second spot, picking 1.81 times the allotted quota, followed by employees who bought 3.16 times their reserved portion. The part set aside for qualified institutional buyers (QIBs) was subscribed 4 percent. Founded in April 1995, Premier Energies specializes in the production of integrated solar cells and panels. Its product lineup features solar cells, monofacial and bifacial modules, as well as EPC and O&M solutions. The company operates five manufacturing facilities, all located in Hyderabad, Telangana, India. The company plans to use the net proceeds, defined as the gross proceeds from the Fresh Issue minus the related expenses, for two main purposes: investing in its subsidiary, Premier Energies Global Environment Private Limited, to partially finance the establishment of a 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad, Telangana, India, and for general corporate purposes. The trading in its equity shares will commence on the BSE and NSE, effective September 3. Ahead of the listing, the Premier Energies IPO shares were available at around 84 percent premium over the upper price band, in the grey market. The grey market is an unofficial platform for trading in IPO shares till the listing. | 2024-08-27 17:33 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/this-mid-cap-it-party-is-getting-lit-niit-datamatics-kpit-tech-eclerx-srvcs-surge-6-20-12807823.html | This mid-cap IT party is getting lit; NIIT, Datamatics, KPIT Tech, eClerx Srvcs surge 6-20% | Aside from sectoral expectations, stock-specific triggers led to the spike in several midcap IT names..Related stories. | Since Federal Reserve Chair Jerome Powell hinted at adjusting the US central bank's monetary policy, raising hopes for a rate cut in the upcoming September meeting, the information technology sector has surged back into the spotlight. Stocks, especially those belonging to the mid-cap space like NIIT, Datamatics Global Services, KPIT Tech, and eClerx Services, have surged 6-20 percent in trade on August 27. The party in the midcap IT space is basking on expectations of strong growth prospects and reasonable valuations offered by this pocket in the market. Aside from these sectoral expectations, stock-specific triggers also led to the spike in several midcap IT names. TakeNIITfor example, the stock is up 16 percent today, extending its uptrend to the eighth straight session. Not just that, the stock also skyrocketed 20 percent in the previous session after veteran investor Ramesh Damani bought a 0.6 percent stake in the company last week. On the other hand, a sharp spike in volumes in the counters ofKFIN Tech,Tata ElxsiandeClerx Services, lifted these shares 6-10 percent higher. As forDatamatics Global Services, the company's partnership with global tech major Microsoft took the stock to its 20 percent upper circuit. Follow our market blog to catch all the live action Meanwhile, sentiment for the overall information technology sector has vastly improved following signs of an imminent rate cut in the US. Expectations of a recovery in discretionary demand on the back of easing monetary policy, growth prospects emerging from AI wave and underperformance in recent times are just some triggers that are driving sentiment for the sector. However, taking a rather contrasting stand, brokerage firm HSBC expressed concerns over the mid-tier IT space, highlighting weaker margin performance as a significant risk. The brokerage also remarked that mid-tier IT companies are now trading at a 50 percent premium to top-tier firms, compared to a 35 percent discount over the past five years. However, the firm also raised price targets for several mid-tier IT names like Coforge, Mphasis, L&T Tech and KPIT Technologies. | 2024-08-27 13:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/aipl-launches-bse-sensex-next-30-index-12807802.html | AIPL launches BSE Sensex Next 30 Index | Singh added that he is confident that the index could rank among the top three in the country, both in terms of AUM tracking it and products launched against it..Related stories. | AIPL (Asia Index Private Limited), which is a wholly-owned subsidy of BSE, launched the BSE Sensex Next 30 Index at an event in Mumbai on August 27. This is the first index being launched following BSE’s acquisition of S&P’s stake in Asia Index Private Limited. The index tracks the performance of the largest companies from the BSE 100 that are not a part of BSE SENSEX and includes sectors like Financial Services, Consumer Discretionary, Energy, Commodities, Healthcare, Industries, FMCG, IT and Utilities. The weight of the 30 stocks in the index is based on their free-float market capitalization. “Thirty stocks hold a special place in our hearts. It was a 30-stock index that BSE launched several years ago, which has become a leading parameter of the capital markets and a robust indicator of India's economic health. We call this the share bazaar index, known to many as the Sensex,” noted Ashutosh Singh, MD & CEO, Asia Index Private Limited (AIPL) The new index aims to cater to both domestic and international clients, appealing to both retail and institutional investors. “We wanted this index to have a very wide appeal, cutting across different types of investors, including those in the passive and active investment spaces,” Singh added. “These companies scored well on several qualitative aspects, including management quality and credit discipline. The debt-equity ratio of this index stands at about 1.15, not far from the original 30. Even the rate of profitability and revenue growth for these companies was also higher by three percentage points over the Sensex basket in the last four years,” he said. Singh added that he is confident that the index could rank among the top three in the country, both in terms of AUM tracking it and products launched against it. Speaking at the launch, Nilesh Shah, MD and CEO, Kotak Mutual Fund remarked, "SEBI and the government have worked to ensure that our markets remain within our country. Having our own index is very important. Shah added that he hopes that indices like the BSE Sensex 30 and the BSE Sensex Next 50 would become global leaders. He also spoke about the need for financial literacy among Indians, noting that a significant portion of household savings still goes into cash rather than growth-oriented investments. "We need to educate people and provide not only knowledge but also the wisdom," he said, emphasising the importance of long-term planning and trust in financial institutions. | 2024-08-28 14:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/kfin-tech-jumps-over-10-hits-new-record-high-on-heavy-volumes-positive-outlook-12807753.html | KFin Tech jumps over 10%, hits new record high on heavy volumes, positive outlook | So far this year, shares of KFin Tech more-than-doubled or zoomed over 126 percent.Related stories. | Shares ofKFin Technologiessurged over 10 percent, reaching a new record high of Rs 1,111 apiece on August 27, driven by heavy trading volumes and a promising business outlook. Approximately 4.6 million equity shares were exchanged on both the BSE and NSE during intraday trading, significantly exceeding the one-week average of 0.7 million shares. Year-to-date, KFin Tech shares have more than doubled, soaring over 126 percent, far outpacing the Nifty 50 benchmark's 15 percent rise. In its FY24 annual report, KFin Tech outlined its ambition to become a global fund administrator, aiming to reduce reliance on the domestic capital market. Over the next five years, the company expects its non-domestic mutual fund business to contribute 45-50 percent of total revenue. Additionally, value-added services (VAS) revenue is projected to increase from the current 6 percent to 12-15 percent in the same period. Over the last five years, KFin Tech's revenue from operations has grown at a compound annual growth rate (CAGR) of 13.7 percent, while profit has increased at a 25 percent CAGR. Operationally, EBITDA has grown at a 20.4 percent CAGR in the past five years. The number of clients increased to 6,071 in FY24, up from 5,363 in FY23, while the number of folios rose by 13 percent year-over-year to 124 million in FY24. Currently, KFin Tech is covered by around 12 brokerage houses, with nine recommending a 'buy' rating, two issuing 'sell' calls, and one advising a 'hold.' At current levels of Rs 1,078, the stock is trading at 16.2x FY24 price adjusted book and FY25 price adjusted book of 13.71x. KFin Tech operates as a technology-driven financial services platform, offering a range of services and solutions to the capital markets ecosystem, including asset managers and corporate issuers. Its investor solutions include data analytics, digital onboarding, fund accounting, and processing for alternative investments, mutual funds, and insurance investments. ALSO READ:ÂKFin Technologies Q1 profit jumps 57% to Rs 68 crore | 2024-08-27 13:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/citibank-na-pays-rs-40-2-lakh-to-settle-allegations-of-violations-of-fpi-regulations-depositories-regulations-12807989.html | Citibank NA pays Rs 40.2 lakh to settle allegations of violations of FPI Regulations, Depositories Regulations | A settlement order was issued by the Securities and Exchange Board of India (Sebi) on August 27..Related stories. | Citibank N.A, a designated depository participant (DDP), has paid Rs 40.2 lakh to settle allegations of violations of Foreign Portfolio Investors (FPI) Regulations and of Code of Conduct given under Depositories and Participant Regulations. The allegation involved the copying or replication of a client's wet-ink signature without the knowledge of the client. The DDP submitted an application to the market regulator, in which the terms of settlement were given, including the amount of Rs 40.2 lakh and a list of remedial measures taken to enhance internal controls with regard to issues highlighted by the market regulator. A settlement order was issued by the Securities and Exchange Board of India (Sebi) on August 27. Also read:ÂMC Investigates: Platform used by top brokerages faces scrutiny over Sebi advertising code compliance According to the details given in the order, a showcause notice dated February 9, 2024, was issued to the DDP. The notice stated that the following was observed and alleged: Customer Acquisition Form (“CAF”) appeared to have been regenerated by the implementation team (“IM team”) and a member of the IM team had copied/replicated the end-client’s wet-ink signatures, without the knowledge of GC/end client. Pending the adjudication proceedings, the DDP filed a settlement application proposing to settle the proceedings initiated against them through the showcause notice, without admission or denial of the findings of fact and conclusions of law. The internal committee (IC) of Sebi recommended the settlement amount in a meeting held on May 7, 2024. The DDP submitted the revised settlement terms (RST) including the suggested amount and a list of remedial measures to enhance internal controls. | 2024-08-27 15:40 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/energy-stocks-fed-rate-cut-middle-east-conflict-12807733.html | India's energy stocks deliver in 2024 as investors seek earnings growth amid global jitters | The recent surge in oil and gas stocks has been driven by multiple factors, including expectations of U.S. interest rate cuts that may increase fuel demand..Related stories. | Shares of downstream oil refiners and upstream oil companies have found investor interest in 2024, riding on a range of global cues from middle east crisis to expectations of a rate cut by the US Fed, said market participants. As a result, the Nifty Energy Index has risen 31 percent so far this year. “A combination of higher gross refining margins, range-bound crude, and stable fuel prices implies that the oil marketing companies’ integrated margins should improve sharply over 2Q-3Q,”Bloomberg Newsquoted a recent note by Saurabh Handa, analyst at Citigroup. Oil prices havesteadied after advancing by up to 7 percentin three trading sessions until August 26 on supply concerns as the Middle East conflict refuses to resolve, with the Brent crude hovering around $81.25 a barrel as on August 27. Downstream Oil Stocks Shares of oil refinerHindustan Petroleum (HPCL)have delivered multi-bagger returns of 134.68 percent in the last one year, while shares ofIndian Oil Corporationhave delivered 142.31 per cent returns in the last two years. In the last one year,BPCLhas moved higher by 100.20 percent, compared to Sensex which rose 26.08 percent as per BSE. VLA Ambala, SEBI Registered Research Analyst and Co-Founder of SMT said these heightened price levels might prevail for a while, affecting oil stocks’ momentum. This conflict could further aggravate market sentiments, especially now that it is in overbought conditions, as seen from the RSI readings on a monthly timeframe. Amit Goel, Co-Founder & Chief Global Strategist, Pace 360 said the market is increasingly optimistic about the Federal Reserve's potential decision to lower interest rates. A rate cut could stimulate economic activity, boost demand for oil, and consequently drive up oil prices. "Geopolitical tensions in the Middle East have raised concerns about potential disruptions to oil supply and created uncertainty about the region's oil production capacity. Such concerns can lead to increased demand for oil, pushing prices higher. The combination of these factors has improved investor sentiment toward oil stocks. As investors anticipate higher oil prices, they are more likely to buy shares in companies involved in the oil industry," he added. Upstream Oil Stocks Upstream oil companies too are higher, withOil Indialeading the pack, hitting a fresh 52-week high at Rs 729.8 per share on August 27. The stock has been gaining for the last four days, rising by 6.38 percent in this period.ÂOil and Natural Gas Corporation Ltd (ONGC)is higher by over a percent to Rs 331.35 per share on the NSE, delivering multi-bagger returns of 142.52 percent in just two years. In the last three years, the stock has grown investor wealth by nearly 185 percent. Read More:India now top importer of Russian oil Triggers for Rally A Bloomberg index of world’s 124 mid- to large-sized energy companies has risen by 4.7% so far this year, and half of the top 10 performers are Indian energy companies. Ajay Garg (Director & CEO, SMC Global Securities Limited) added "Brent Crude oil prices have surged by approximately 3% following escalated tensions in the Middle East, notably between Israel and Hezbollah, alongside a production halt in Libya. Inventory of US is near downside of five years average while overall demand is steady and it is supply concern which is driving prices higher." The recent surge in oil and gas stocks has been driven by multiple factors, including expectations of U.S. interest rate cuts that may increase business activity and thus the fuel demand, military clashes between Israel and Hezbollah in Lebanon raisingconcerns of a broader Middle East conflictthat could disrupt supply, and the possibility of production shutdowns in Libya. Indian energy stocks have outperformed many global peers also because they offer attractive dividend yields, Vikas Pershad, portfolio manager at M&G Investments toldBloomberg News. “In a market where earnings growth visibility is highly valued, and dividends are scarce, Indian energy companies stand out by offering attractive dividend yields,” he said. | 2024-08-27 21:05 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/technical-view-nifty-extends-gain-on-9th-day-inches-closer-to-record-high-support-stands-at-24870-12807953.html | Technical View: Nifty extends gain on 9th day, inches closer to record high; support stands at 24,870 | Market Today.Related stories. | The Nifty 50 index extended the winning run on the ninth consecutive session and moved closer to its record level of 25,078.30 amid buying seen in the media and pharma names. After a flat opening, the index remained in a tight range and touched a day high of 25,073.10, however, selling in metal, FMCG and energy names dragged the index from day's high to close at 25,017.75, up 7.20 points or 0.03 percent. Top Nifty gainers were SBI Life Insurance, Maruti Suzuki, Bajaj Finserv, Shriram Finance and HDFC Life, while losers included HUL, JSW Steel, Titan Company, Tata Motors and Grasim Industries. On the sectoral front energy, metal and FMCG were down 0.5-1 percent, while bank, realty, pharma, media were up 0.2-4 percent. "Rangebound trade ended marginally higher at 25,017.75. With gains of 4 percent, media was the top gainer among the sectors followed by Pharma while FMCG corrected the most. Consolidation was seen in the broader markets also but it managed to outperform the frontline index," said Aditya Gaggar Director of Progressive Shares. "On the daily timeframe, the Index has made a DOJI candlestick pattern near the record levels indicating indecisiveness between the bulls and bears. A firm close above 25,100 will push the Index higher to the 25,200-25,300 zone; on the flip side, 24,870 will be considered as an immediate strong support," he added. The Bank Nifty index also opened with marginal gains and touched 51,404.70 during the day. However, selling at higher level erased some of the intraday gains to close 0.26 percent higher at 51,278.75. | 2024-08-27 16:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/paras-defence-share-price-gains-after-board-approval-for-raising-rs-200-crore-via-qip-12807970.html | Paras Defence share price gains after Board approves fundraise worth Rs 200 crore via QIP | The proposal to raise funds was considered in an earlier meeting held on August 22..Related stories. | Paras Defence and Space Technologies share price gained after the board of directors at its meeting held today approved raising of funds of up to Rs 200 crore through Qualified Institutions Placement (QIP). The proposal to raise funds was considered in an earlier meeting held on August 22. At the time of publishing,Paras Defencestock traded at Rs 1,277.90 per share on the NSE, up 0.46 percent. The timeline on the QIP on when it will be launched has not been shared by the company yet. The funds will be raised "through public and/or private offerings of equity shares and/or any other convertible securities, in one or more tranches and/or one or more issuances simultaneously, subject to necessary approvals including the approval of the members of the Company and such other regulatory/ statutory approvals as may be required," the company said in an exchange filing. The company also recently secured industrial license to establish industrial undertaking in Navi Mumbai Paras Defence manufactures defence electronics and space application products. It offers rockets, telescopes, guns and ammunition among other special purpose machineries. | 2024-08-27 20:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/option-strategy-of-the-day-long-build-up-in-hindpetro-covered-call-strategy-recommended-12807850.html | Option strategy of the day| Long build up in HindPetro; Covered call strategy recommended | Stock market trend.Related stories. | HindPetro Ltd shares have given a breakout above the highs established in the past few weeks. Technical analysis indicates a bullish setup, suggesting that the stock is likely to outperform in the upcoming sessions. "The stock has been gaining momentum over the past few days and may outperform the broader market in the next 4-5 sessions," said Arun Kumar Mantri, Founder of Mantri Finmart. To capitalize on this upside momentum, Mantri recommends a covered call strategy onHindPetro. Trade details:Position:Â Buy 1 Lot Hindpetro September Futures at Rs 407 and Sell 1 Lot of Hindpetro September 420 CE at Rs 10.5 Holding period:Â 5-6 trading sessions Stop loss:Rs 395 (Spot levels) Technical Analysis: Mantri highlights that the stock is currently in a cycle of higher highs and higher lows and is on the verge of breaking out above recent resistance levels on the daily charts. The recent price performance indicates strength, which is expected to sustain the positive momentum in the coming days. "The stock is comfortably trading above its 21, 50, 100, and 200 DEMA on both daily and weekly charts, signaling strength. Leading indicators, such as Parabolic SAR and MACD, also point to a positive trend in the near term," Mantri added. On the derivatives front, Mantri notes that there is significant put writing at the 400 strike price, which should provide strong support. Meanwhile, the 425-430 range is expected to act as stiff resistance, as evident from the substantial call writing in the September series. | 2024-08-27 13:55 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/taking-stock-indices-fail-to-hold-early-gains-nifty-sensex-come-off-highs-to-end-flat-12807974.html | Taking Stock: Indices fail to hold early gains; Nifty, Sensex come off highs to end flat | About 2,036 shares rose, 1,746 fell, while 86 were unchanged..Related stories. | Indian benchmarks--the Nifty 50 and the 30-stock Sensex failed to hold on to early gains and ended the session on August 27 on a flat note. This comes after both the benchmarks rose close to 1 percent in the previous session, buoyed by hopes of an imminent rate cut in the Federal Reserve's upcoming September meeting after Jerome Powell hinted at the need for policy adjustment in his Jackson Hole speech. At close, the Sensex was up 13.65 points or 0.02 percent at 81,711.76, and the Nifty was up 7.20 points or 0.03 percent at 25,017.80. About 2,036 shares rose, 1,746 fell, while 86 were unchanged. Biggest Nifty gainers were SBI Life Insurance, HDFC Life, Bajaj Finserv, Maruti Suzuki, and Shriram Finance, while losers included JSW Steel, Titan Co, HUL, Tata Motors and Coal India. Among sectors, FMCG was the worst hit as it slipped over 1 percent, followed by energy, automobiles and metals, which were down 0.1-0.6 percent. On the other hand, banks, pharma and realty indices rose 0.2-0.8 percent. As for the broader market, the midcap as well as smallcap indices outperformed the benchmarks and rose around 0.5 percent each. Several stocks touched 52-week high on the BSE including Aarti Drugs, Akzo Nobel, Alkem Labs, Ashok Leyland, Bajaj Auto, Cipla, eClerx Services, Emami, Eris Life, HCLTech, HDFC Life, ICICI Lombard, Quess Corp, Sun Pharma, and Suven Pharma among others.Click to View Full List Outlook for August 28 Ajit Mishra – SVP, Research, Religare Broking The markets edged higher, gaining nearly half a percent, continuing the ongoing trend. Following a flat start, the Nifty traded within a narrow range but saw selective buying in the final hour, pushing the index to close near the day’s high at 24,770. The sectoral trend remained mixed, with FMCG, pharma, and metal sectors posting decent gains, while profit-taking in banking and financial majors limited the upside. Meanwhile, buoyancy in the small-cap space contributed to positive market breadth, settling on the advancing side. Rotational buying in heavyweights across sectors is aiding the index's gradual climb, though inconsistency in the banking majors is keeping participants cautious. On the index front, Nifty may pause around 24,850 before moving towards the 25,000+ level. In the event of a dip, we expect the index to find support in the 24,450-24,600 zone. In addition to domestic factors, we recommend closely monitoring the US markets for further cues. Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas Nifty opened on a flat note and consolidated during most part of the day. A late surge helped the Nifty to close with gains of ~71 points. On the daily charts we can observe that the Nifty is heading towards 24,830 – 24,900 zone. Sector rotation is helping the Nifty to stay at elevated levels. A negative divergence is developing on the momentum indicator, so the upmove is likely to be slow and might encounter intraday pullbacks. In terms of levels, 24,550 – 24,500 shall act as a crucial support zone and on the upside 24,900 – 24,960 shall act as an immediate hurdle from short term perspective. The Bank Nifty witnessed an intraday dip towards the crucial support zone 50,350 - 50,300 and witnessed buying interest. So, until this zone is not breached we can expect a rally in the Bank Nifty which could take it to levels of 51,000 – 51,500 from short term perspective. A stop-loss of 50,300 should be maintained for the long positions. | 2024-08-27 15:52 |
moneycontrol.com | https://www.moneycontrol.com/news/world/is-chinas-consumption-story-fading-e-comm-firms-55-bn-stock-crash-sends-warning-on-economy-12807828.html | Is China's consumption story fading? E-comm firm's $55-bn stock crash sends warning on economy | PDDŌĆÖs shares plunged 29% in their biggest fall on record, wiping out $55 billion of market value. Its closest rivals Alibaba Group Holding Ltd. and JD.com Inc. followed suit, sliding about 5% in Hong Kong. Bloomberg.Related stories. | One of the last remaining bright spots for Chinese consumption is rapidly fading, as the nationŌĆÖs economic malaise takes a toll on demand for even the most accessible of goods. In the latest warning to global markets on the health of the Chinese economy, Temu-owner PDD Holdings Inc. on Monday surprised investors with an unusually gloomy outlook. The e-commerce firm, which became a market darling with low-priced goods that helped propel sales and profits during ChinaŌĆÖs economic downturn, also reported revenue that missed estimates. During a post-earnings briefing, CEO Chen Lei mentioned at least eight times that revenue and profits must ŌĆ£inevitablyŌĆØ decline as economic growth slows. ŌĆ£We are seeing many new challenges ahead, from changing consumer demand, intensifying competition, and uncertainties in global environment,ŌĆØ Chen, also one of PDDŌĆÖs earliest employees, told analysts. The CEO and his lieutenants were careful to stress they remained confident in Chinese consumption over the longer term ŌĆö a big priority for Beijing in rebalancing the worldŌĆÖs No. 2 economy. But the damage was done. PDDŌĆÖs shares plunged 29% in their biggest fall on record, wiping out $55 billion of market value. Its closest rivals Alibaba Group Holding Ltd. and JD.com Inc. followed suit, sliding about 5% in Hong Kong. PDDŌĆÖs warning stunned investors because the company was long viewed as the main beneficiary of a Chinese ŌĆ£consumer downgradeŌĆØ ŌĆö its low-pricing strategy on Pinduoduo domestically and Temu abroad was intended to appeal to cost-conscious shoppers at a time of unprecedented economic volatility. The disappointing results were the latest in a series of red flags about the Chinese economy. This week, popular fast food chain Din Tai Fung ŌĆö long one of the most popular restaurant brands across the country ŌĆö revealed it was shutting more than a dozen outlets. Last month, Starbucks Corp. disclosed a 14% plummet in Chinese revenue in the June quarter. ŌĆ£The big issue is weakness in China consumer,ŌĆØ said Joshua Crabb, head of Asia Pacific equities at Robeco Hong Kong Ltd. ŌĆ£The read-across for competition and a weak consumer will be negative for sure.ŌĆØ While Starbucks and Din Tai Fung have long wrestled with volatile sentiment, PDDŌĆÖs warnings were especially surprising given it encapsulated for years how cash-strapped Chinese consumers spurned luxury brands for lower-end alternatives. Founded by ex-Google engineer Colin Huang in 2014, the company in past years has combined low prices with aggressive rural expansion and game-like elements on its platform to grab market share from Alibaba and JD. It parlayed that formula into the global e-commerce bargains app Temu, which it launched during the Super Bowl in 2023. That app has become a shopping phenom akin to Shein, becoming for a time one of the most downloaded US apps. That drove a remarkable six-fold gain in market value from the post-Covid troughs of 2022, crowning Huang ChinaŌĆÖs richest person this month. But he held the mantle for just 18 days, till MondayŌĆÖs selloff. ChinaŌĆÖs less affluent consumers outside of glitzy mega cities drove much of PDDŌĆÖs success. TheyŌĆÖre now a big source of uncertainty. Consumption, a main driver of the economy, weakened this year after a rebound in post-Covid reopening spending last year. Against the backdrop of widespread job and salary cuts as well as plunging property prices, Chinese consumers have turned more cautious with their spending, leading to intense price wars in sectors such as cars. Retail sales expanded just a little over 3% in the first seven months of 2024, far worse than the 8%-plus growth recorded in pre-pandemic times. ResidentsŌĆÖ confidence in future income plunged to the worst level since the end of 2022, one of the most intense periods of Covid lockdowns, according to a central bank survey conducted in the second quarter. Almost half of the residents polled said employment is ŌĆ£grim and difficult,ŌĆØ the highest proportion since the end of 2022. Nearly two thirds of those surveyed said theyŌĆÖre willing to save more, hovering near an all-time high recorded last year. Lei signaled that there was a fundamental shift in consumer behavior, a move away from the bargain-basement products that have turbocharged revenue since its founding. ŌĆ£Consumers are making more thoughtful decisions to balance quality and value,ŌĆØ he said on the earnings call. ŌĆ£In response, we have collaborated with high-quality brands and manufacturers to create customized products that cater to these diverse demands.ŌĆØ For some investors, PDD executives were merely trying to contain expectations run amok. After all, it may be unreasonable to expect the company to keep logging 50%-plus growth, as itŌĆÖs done in all but one quarter on record. Wall Street was betting on PDD to almost double revenue during the June quarter. Instead, it rose 86%. On Monday, executives said they will make big investments to capitalize on future opportunities. PDDŌĆÖs result ŌĆ£implies weak consumption and intense competition. However, managementŌĆÖs comments on declining long-term profitability are too conservative, in our view,ŌĆØ Morgan Stanley analysts Eddy Wang and Kathy Zhu wrote. | 2024-08-27 13:19 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/are-goenka-family-stocks-new-d-street-darlings-pcbl-rpg-life-sciences-others-surge-up-to-60-in-a-month-12807904.html | Are Goenka family stocks new D-Street darlings? PCBL, RPG Life Sciences, others surge up to 60% in a month | Shashwat Goenka, Vice Chairman of RPSG Group, stated that all business verticals—from energy and carbon black manufacturing to retail, media, entertainment, and BPO—will experience significant organic and inorganic growth in the coming years..Related stories. | Shares of Rama Prasad Goenka (RPG) and the RP-Sanjiv Goenka (RPSG) Group, led by the two Goenka brothers, have become Dalal Street's new darlings this year. Stocks including PCBL, Spencer's Retail, RPG Life Sciences, and RPSG Ventures have gained up to 60 percent in the last month. The Goenka business was split in 2010 between Harsh Goenka and Sanjiv Goenka. Harsh Goenka-led RPG Group housesCEAT, KEC International,Zensar Tech, RPG Life Sciences among other companies. Meanwhile, Sanjiv Goenka-led RPSG Group houses CESC, PCBL, Firstsource, Spencer's Retail, NPCL, RPSG Ventures, and some other firms. RPSG Group stocks The stocks of the RPSG Group have seen a notable performance as well. WhilePCBLhas zoomed 60 percent in the last month, Firstsource has gained around 17 percent, beating benchmark Nifty's returns during this period. The gains came after Chairman Sanjiv Goenka's bullish projections for both firms. The RPSG Group chairman projected a fivefold increase in PCBL’s profit over the next five years, aiming for Rs 2,400-2,500 crore. ForFirstsource, he expects profits to rise 2.5 times in three years, driven by a shift to high-margin businesses and cost reductions. The company is also focused on completing an acquisition and securing three deal wins per quarter. Follow our market blog to catch all the live action Meanwhile,RPSG Ventureshas surged around 58 percent in the last month on high volumes. The company, together with its subsidiaries, manages a diverse portfolio of businesses encompassing IT services, business process services, FMCG, real estate, and sports, among others. It holds a 53.66 percent stake in Firstsource and a 51 percent stake in RPSG Sports, which holds the right to own and operate the Lucknow Super Giants IPL team. CESChas gained 24 percent in the past month with several brokerages sharing bullish calls on the stock and power utility sector.READ MORE Spencer's Retailstock was up 9 percent on August 27. In the past month, the stock has climbed around 37 percent. This comes as Shashwat Goenka, Vice Chairman of RPSG Group, said that every vertical—from energy and carbon black manufacturing, now expanding into chemicals, to retail, consumer, media, entertainment, and BPO businesses—will undergo significant transformation and growth, both organic and inorganic, in the coming years. RPG Group stocks RPG Group stocks also saw significant gains this year, but some have moderated in the last month. In the past month, CEAT rose about 9 percent, whileRPG Life Sciencessurged nearly 18 percent andSTEL Holdingsjumped 13 percent. KEC International, which gained 24 percent over the past six months on account of several order wins, dipped around 1 percent this month. Similarly, Zensar Technologies, up 42 percent year-to-date, declined by 4 percent in the last month. | 2024-08-27 14:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/foreign-investors-ditch-indias-pricey-stocks-opt-for-new-issues-12807886.html | Foreign investors ditch India's pricey stocks, opt for new issues | Investors are pumping money instead into initial public offerings (IPOs), whose valuations are lower and where there is less of a scramble for stocks..Related stories. | Foreign investors are unloading their holdings of expensive Indian stocks and turning instead to new listings in primary markets as they seek cheaper exposure to the market and better returns. Their selling has been driven by profit booking as Indian stocks trade at record highs, and at valuations topping those of most major stock markets. Investors are pumping money instead into initial public offerings (IPOs), whose valuations are lower and where there is less of a scramble for stocks. Foreigners have so far sold a net $3.42 billion worth of equities in the secondary market. They purchased a net $1.47 billion through primary market issuances so far this month, according to India's Central Depository Services Ltd. A Societe Generale (SG) report showed foreigners have bought more than $6 billion of stocks on the primary market this year, the highest since 2021. "Foreign investors are shying from deploying funds into secondary market for long term and seeing better and faster return prospects in the primary market," said Rajat Agarwal, Asia equity strategist at SG. They are sellers in the secondary market this year partly because earnings growth prospects have moderated, he said. India's NSE Nifty 50 index has risen 14% this year, and the 12-month price-to-earnings ratio for its large-and-mid cap stocks stands at 24 times, the highest among major global markets, according to LSEG data. Meanwhile, the Indian primary market has been busy, with IPO listings of $7.3 billion so far this year – the highest in Asia, followed by China's $5.1 billion, according to Dealogic data. Foreigners are lured by the cheapness of stocks in primary markets. Jon Withaar, head of Asia Special Situations, Pictet Asset Management, said the valuations tend to be lower in primary markets due to lack of competition from retail, index, ETFs and most types of institutional investors. "Companies offering IPOs or rights issues tend to price their shares conservatively to ensure a successful launch and attract more investor interest," said Michael Collins, chief executive officer of WinCap Financial. "This lower valuation may also be seen as an opportunity for foreign investors who believe that these companies have potential for significant growth in the long run". With the Fed poised to lower interest rates and investors looking to enter riskier markets for higher returns, analysts expect foreigners will continue to use this route to own Indian stocks. | 2024-08-27 13:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/deepak-shenoy-weighs-in-on-resourceful-auto-ipo-says-outrage-over-oversubscription-nonsensical-12807890.html | Deepak Shenoy weighs in on Resourceful Auto IPO, says 'Outrage over oversubscription nonsensical' | Capital Mind's Deepak Shenoy has written that he is going to miss out on this IPO and that he has no problems with that because there will be other opportunities..Related stories. | The founder of Capital Mind, Deepak Shenoy, has taken a contrarian view on a recent SME initial public offer that saw stupendous subscription, which sparked an animated debate online. Resourceful Automobile, an SME that operates just two Yamaha showrooms in New Delhi under the brand name Sawhney Automobiles and employs around eight people, is out to raise Rs 12 crore. What caught everyone's attention is the oversubscription of 400x! The IPO price is Rs 117 per share and rumours have it that the grey market premium is 72 percent. Comments on social media called the investor interest in the IPO "crazy", "insane" and so on, and have said that the IPO is a sign that SME segment is overheated. Shenoy has taken a different view. According to his post on X platform (formerly Twitter), the outrage over the oversubscription is nonsensical, the general understanding of how much investor money has gone to the company is flawed, and people are missing the whole point about an SME exchange, and the bigger point of investors' right to choose and investors' responsibility. That said, he has written that he is going to miss out on this IPO and that he has no problems with that because there will be other opportunities. Shenoy wrote that oversubscription should not be a cause for concern: "Firstly the oversubscription is BS - your money stays in your bank account and you simply cannot get an entry easily, so you keep money in your account and bid - if you don't get allocation, it will just get released and you still earn the interest. So oversubscription nowadays doesn't make sense to look at." He said that smaller IPOs are getting oversubscribed because investors have been cut off from a big source of funding for the bigger IPOs. He wrote, "Even earlier people would borrow like crazy, 100-200 cr. for four days, to fund an ASBA application, from NBFCs. RBI and SEBI put an end to that, so now the smaller IPOs are getting oversubscribed." Netizens have expressed shock that a company that was looking to raise so little was given Rs 2,700 crore, which these people calculated based on the oversubscription numbers. Also read:ÂResourceful Auto SME IPO: Investors mystified over bumper subscription for firm with '2 Yamaha showrooms, 8 employees' Shenoy has disabused people of that notion. He wrote that no one has given this company Rs 2,700 crore. He pointed out that money has not left the investors'/applicants' bank accounts. In fact, according to Shenoy, if Resourceful tried to raise Rs 2,700 crore, the company would get nothing because the IPO's appeal is its "tiny" size. Then he took on the concern that the IPO may be a sign that people are investing in "crappy" companies. To this, he cited the example of Jet Airways, which "traded for many years after it was dead". Rationality is a myth He shot down the idea that there was ever rationality that moved the market. He wrote, " Have put notes here on twitter, in times that were less heady, that a company is GOING TO WIPE OUT ALL ITS EQUITY and your money is going to become ZERO, and people have still bought enough for upper circuits. So don't even start with "rationality" and all that. People will buy anything, at any time, if there is a suitable narrative." Shenoy said that he does not know if this company is "crappy" because he hasn't analysed it. On worries that the company is expensive, given that it is asking for a valuation of Rs 31 crore when its revenue was just Rs 1.5 crore last year, Shenoy wrote that he has seen more "expensive" IPOs than that. He pointed out the merit in small companies raising small money transparently through the listed markets. He asked if it wasn't a better option that the company raising debt and raising money from private investors whose only focus seems to artificial intelligence (AI) now. He wrote, "The bigger point is - no one is forcing you to buy into this or any IPO. You can take it as a sign of euphoria in the markets, if you like. But it's just wrong to try and block such companies from doing IPOs - if anything encourage more. "Yes, it could go bust or the business may fail. You don't get a free ride on return, boss. There is risk. If you don't understand it, please do fixed deposits. Don't apply on FOMO." | 2024-08-28 12:54 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lic-spikes-over-3-on-news-of-insurer-seeking-changes-to-surrender-value-norms-12807829.html | LIC spikes over 3% on news of insurer seeking changes to surrender value norms | So far this year, the stock of this life insurer has surged over 30 percent.Related stories. | Shares of India's largest insurer Life Insurance Corporation of India jumped more than 3 percent to Rs 1,089 on August 27 as reports suggested that it has reached out to the Insurance Regulatory Development Authority of India (IRDAI) seeking review of surrender value regulations. According toCNBC-TV18reports, LIC is seeking an increase in the interest rate assumption used to calculate surrender values and is also suggesting using a plan-based Government Securities (G-Sec) benchmark for this calculation. Using a government securities (G-Sec) benchmark in the calculation of surrender values for life insurance policies may ensure that the surrender values reflect the true economic cost and value of the policy. G-Sec yields typically reflect the current interest rate environment and economic conditions. Earlier this year, the IRDAI introduced new regulations for the surrender value of life insurance policies. Under these updated rules, insurance companies are now required to pay a special surrender value after policyholders have completed the full premium payment for the first year. This marks a shift from previous regulations, which provided no surrender value in the first year and began payments only after two years of premium payments. ALSO READ:ÂLIC net buys Rs 17,000 crore of shares in Q1; check out 11 new additions to portfolio The new surrender value will be 75-80 percent of the premiums paid, which is a significant increase from the previous 30 percent. These new regulations will come into effect on October 1, 2024. LIC, in its Q1FY25 investor conference call, had expressed confidence in managing the impact of the new surrender value norms. The management had outlined plans to develop higher ticket size products with lower surrender value behavior to minimise any impact on margins. In the quarter ended June, LIC reported 9.6 percent rise in net profit to Rs 10,461 crore, while total premium income increased by 15.66 percent to Rs 1.1 lakh crore. Its net VNB margin also expanded to 13.9 percent in Q1FY25 from 13.7 percent a year back. Going ahead, analysts at JM Financial remain positive on LIC's ability to grow its non-par business and strong EV returns. The brokerage firm has maintained a 'buy' rating on the stock and set target price at Rs 1,300 apiece. Similarly, Antique Stock Broking remained bullish on LIC's growth prospects, increasing its FY25-FY27E APE growth by 6-7 percent and raised target price to Rs 1,260 apiece from Rs 1,160. So far this year, the stock of this life insurer has surged over 30 percent, outpacing Nifty 50's 15 percent rise. At current levels of 1,083, LIC is trading at 8.28x of FY24 price-adjusted book and 5.91x FY25 price-adjusted book. | 2024-08-27 13:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/chambal-fertilisers-gnfc-rcf-share-price-rise-among-broader-rally-in-fertiliser-stocks-after-brazil-potash-price-drops-12807891.html | Chambal Fertilisers, GNFC, RCF share prices rise amid a broader rally in fertiliser stocks following a drop in Brazil Potash | The analysts at the global brokerage Morgan Stanley noted potash prices have yet to react to potentially tighter supply dynamics..Related stories. | Fertiliser stocks were on an uptrend in Tuesday's trade with RCF, GNFC, FACT, and Chambal Fertilisers among others trading in green as the Brazil Potash prices dropped. Rashtriya Chemicals and Fertilizers, RCF stock touched an intraday high of Rs 207.89 per share on the NSE, zooming 4.36 percent. At 1:20 pm, the stock was trading at Rs 204.97 apiece, up 2.90 percent. The stock has gained after two days of consecutive fall. Gujarat Narmada Valley Fertilizers & Chemicals Ltd followed the broader trend in the sector with the scrip rising 2.5 percent to its intraday high of Rs 693 per share. The stock has been gaining for the last two days and has risen 1.58 percent in the period. The analysts at the global brokerage Morgan Stanley noted potash prices have yet to react to potentially tighter supply dynamics after drop in Brazil Potash prices. "Urea prices largely retreated across key regions last week," it stated. Chambal Fertilisers and Chemicalsshare price touched an intraday high of Rs 517.8 per share on the NSE, up 2.68 percent. It rose after fall for three straight sessions, while Fertilisers And Chemicals Travancore Ltd, NSE FACT, zoomed nearly 3 percent to the day's high of Rs 1,023 per share on the NSE. At the time of publishing, the counter quoted Rs 1,000.30 apiece, rising 2.82 percent. The monthly price of muriate of potash (MOP) dropped from a peak of over $1200 MT in 2022 to $300 levels in June 2024, mainly due to Russia-Ukraine war. Amid the uptrend in the sector, Nuvama Institutional Equities maintains a cautiously optimistic view on the sector, noting that the global agrochemicals industry continues to face pressures from high inventories and logistical challenges. Additionally, most of the management of agrochemicals companies provided muted commentary, suggesting that a recovery is likely only in the second half of FY25 due to elevated global inventories. Nuvama also highlighted the risk of Chinese oversupply, which could affect prices. | 2024-08-27 15:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/cdsl-pays-rs-1-3-crore-to-settle-allegations-of-violation-of-sebi-directives-12807923.html | CDSL pays Rs 1.3 crore to settle allegations of violation of Sebi directives | A settlement order issued by the Securities and Exchange Board of India (Sebi) on August 27 stated that a settlement amount of 1,30,04,550/- (Rupees One Crore Thirty Lakh Four Thousand, Five Hundred and Fifty Only) was recommended by the regulator's High Powered Advisory Committee (HPAC).Related stories. | Central Depository Services Ltd (CDSL) has paid Rs 1.3 crore to settle allegations of violations of market regulator's directions. A settlement order issued by the Securities and Exchange Board of India (Sebi) on August 27 stated that a settlement amount of 1,30,04,550/- (Rupees One Crore Thirty Lakh Four Thousand, Five Hundred and Fifty Only) was recommended by the regulator's High Powered Advisory Committee (HPAC) and was approved by the Panel of Whole-time Members. Also read:ÂMC Investigates: Platform used by top brokerages faces scrutiny over Sebi advertising code compliance A showcause notice dated November 13, 2023, had been issued to the depository.In it, there were allegations of violations of the following provisions: 1)Clause 1.2 of SEBI Circular: SEBI/HO/DDHS/CIR/P/103/2020 dated June 23, 2020; This clause states, "On maturity/redemption date of the defaulted debt securities Depositories shall temporarily restrict transactions in such debt securities from such maturity/redemption date till the time its status of payment is determined" 2)Clause 4.1 SEBI Circular: SEBI/HO/DDHS/CIR/P/103/2020 dated June 23, 2020; This clause states: "Within 2 working days from the date of intimation from Issuer or Debenture Trustee(s) that issuer has defaulted on its payment obligations, the Depositories in co-ordination with Stock Exchanges shall update the ISIN master file and lift restrictions on transactions in such debt securities. Information regarding resumption of transactions shall be disseminated immediately on the websites of both Depositories and Stock Exchange(s)." 3)ÂClause 2.2 of Chapter XI: Operational frame for transactions in defaulted debt securitiespost maturity date/redemption date of SEBI operational circular for issue and listing ofNon-convertible Securities, Securitised debt instruments, Security Receipts, MunicipalDebt Securities and Commercial paper, dated August 10, 2021; This clause is similar to point 1, on Clause 1.2 of SEBI Circular dated June 23, 2020; 4)Clause 5.1 of Chapter XI: Operational frame for transactions in defaulted debt securitiespost maturity date/redemption date of SEBI operational circular for issue and listing ofNon-convertible Securities, Securitised Debt Instruments, Security Receipts, MunicipalDebt Securities and Commercial paper, dated August 10, 2021 This clause reads similar to what is giving in point 2, on Clause 4.1 the SEBI Circular dated June 23, 2020. Pending adjudication proceedings,CDSLsubmitted an application to settle the matter without admitting or denying the findings of facts and conclusions of law. The application was dated January 11, 2024. | 2024-08-27 15:10 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/zee-entertainment-stock-jumps-15-as-co-settles-merger-termination-disputes-with-sony-12807930.html | Zee Entertainment stock jumps 15% as co settles merger termination disputes with Sony | Zee Entertainment | CMP Rs xx | Share price jumped as much as 15 percent today (August 27) after the media firm said it has entered into an agreement to settle all disputes with Sony regarding the termination of merger..Related stories. | Zee Entertainment EnterprisesLtd share price jumped as much as 15 percent today (August 27) after the media firm said it has entered into an agreement to settle all disputes with Sony regarding the termination of merger. In the afternoon trade, Zee stock jumped to an intraday high of Rs 154.9, before cooling off to Rs 147.7, still up about 10 percent from the previous close. "As part of the settlement, the companies (Zee and Sony Pictures Networks India) have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums," Zee Entertainment said in a statement. Earlier, in January this year, Sony Pictures Networks India (SPNI) terminated a proposed $10 billion merger deal with Zee Entertainment, calling off a December 2021 agreement. Sony also sought a $90 million termination fee on account of alleged breaches by Zee Entertainment of the terms of the merger agreement. Zee too had sought termination fee of $90 million (Rs 750 crore) from SPNI and its entity Bangla Entertainment Pvt. Ltd. (BEPL) on May 23 for pulling the plug on $10-billion merger. "Culver Max and BEPL have failed to comply with their obligations under the Merger Cooperation Agreement (MCA). Therefore, the Company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee", Zee had said in an exchange filing. In their statement released on August 27, the two companies said that under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other. "The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media & entertainment landscape, signifying the definitive conclusion of all disputes," according to the statement by the two firms. The mega-merger between Zee and Sony was called off on January 22 this year and one of the main reasons cited behind the $10 billion deal being derailed was the lack of consensus over who would head the merged entity. While ZEEL MD and CEO Punit Goenka earlier agreed upon as the candidate to be at the helm of the merged company, Sony reportedly sought a reconsideration after Goenka came under a SEBI probe. The merger deal had received an in-principle approval from ZEEL's board of directors in September 2021. One of the first legal roadblocks to the merger emerged, as the IndusInd Bank moved the Mumbai bench of the National Company Law Appellate Tribunal (NCLAT) to initiate insolvency proceedings against Zee. The lender, in its petition, claimed that the Mumbai-based media company defaulted dues amounting to Rs 83.08 crore. After the merger was called off, Sony Group Corporation had initiated arbitration proceedings before Singapore International Arbitration Centre (SIAC) claiming $90 million as a termination fee saying that ZEEL failed to satisfy merger conditions and also initiated arbitration proceedings before Singapore International Arbitration Centre (SIAC). ZEEL had also initiated legal actions to contest the claims of $90 million filed by Sony Group before SIAC. The two media firms in their recent statement have said that they have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement. | 2024-08-27 15:20 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/datamatics-shares-surge-12-on-deal-with-microsoft-to-build-ai-copilots-12807727.html | Datamatics stock hits 20% upper circuit on deal with Microsoft to build AI copilots | The stock of the company was trading 11.68 percent higher at Rs 626.5 on NSE at 12:01 pm. The shares opened at Rs 563.45 before touching day's high of Rs 648.95 on the stock exchange.. | Shares ofDatamatics Global Serviceswas locked in 20 percent upper circuit on August 27 after the IT consulting company announced a partnership with global tech major Microsoft to build its own copilot solutions focusing on process automation to accelerate business transformation. The shares of the company continued its upward trend as they were trading 20 percent higher at Rs 673.2 quote on NSE at 13:04 pm. The stock opened at Rs 563.45 before touching day's high of Rs 648.95 on the stock exchange. The Mumbai-based firm has launched a partner on-boarding copilot available on the Microsoft Teams store, which integrates Azure OpenAI with Datamatics Intelligent Automation Platform, the company statement said. The firm will advance its copilot innovation and maximizing potential by providing unique solutions to each organization with Microsoft 365’s support, the statement said. Rahul Kanodia, vice chairman and CEO of Datamatics said, “We are thrilled to be named one of Microsoft's top ISV partners globally and to be highlighted in the “AI First Mover” Series. Microsoft copilot and the generative AI space offer significant opportunities for businesses to automate and unlock their untapped potential. Our collaboration with Microsoft is driven by a shared commitment to empower organizations worldwide. We will continue to introduce copilot-based products and services to accelerate business transformation for our clients.” | 2024-08-27 13:06 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/resourceful-automobile-sme-ipo-allotment-date-today-check-latest-gmp-and-other-key-details-ahead-of-listing-12807583.html | Resourceful Automobile SME IPO allotment date today; check latest GMP and other key details ahead of listing | Resourceful Automobile operates just two Yamaha two-wheeler showrooms under the name “Sawhney Automobiles”..Related stories. | Resourceful Automobile shares will be allotted to successful bidders on Tuesday after the issue got bumper subscription of 400x on its final day of bidding. Resourceful Auto allotment will be declared on the official website of the registrar, Cameo Corporate Services. The bidders can also check their allotment status on the BSE website. Resourceful Automobile IPO Allotment Status Check on Cameo Step 1:Visit the official website of the registrar to check IPO statushere. Step 2:Select Resourceful Automobile from the drop down list. Step 3:Choose one of the options from application number or PAN number. Step 4:Fill in the Captcha code and press the button Submit Step 5:You will be able to see the allotment status Resourceful Automobile IPO Allotment Status Check on BSE Step 1:Visit the official website BSE to check IPO statushere. Step 2:On right side, click on Status of Issue Application. Step 3:Click on Equity on the issue type Step 4:Fill in details like application or PAN numbers and click on 'Search'. Step 5:Your allotment status will be shown. According to multiple websites that track the grey market premium activities, Resourceful Automobile GMP is trading at about 70 percent premium on the issue price in the unlisted market. The issue size of the maiden share sale is Rs 12 crore. The New Delhi-based company will be listed on the BSE SME platform on August 29, Thursday. It was an entirely a fresh issue of 10.24 lakh shares. The bid price was fixed at Rs 117 apiece for a lot of 1200 shares. The company plans to use the IPO proceeds to fund the expansion of its operations, including the opening of two new showrooms in the Delhi-NCR region, debt repayment, and covering working capital needs. The company specialises in the sale and servicing of Yamaha motorcycles and scooters, and has a small workforce of 8 employees with 2 showrooms in Delhi. | 2024-08-27 11:55 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nifty-sensex-extend-morning-gains-as-pharma-realty-stocks-rally-vix-eases-1-12807696.html | Nifty, Sensex extend morning gains as pharma, realty stocks rally; VIX eases 1% | L&T, SBI, HDFC Life Insurance were key Nifty gainers.Related stories. | Benchmark indices Nifty and Sensex managed to gain momentum in the afternoon trade on August 27 after a flat opening amid gains in the pharma and realty stocks. This positive breadth in the markets mainly stems from positive global cues and indications of a possible rate cut by the US Fed next month. At noon, the Sensex was up 167.71 points or 0.21 percent at 81,865.82, and the Nifty was up 48.60 points or 0.19 percent at 25,059.20. About 1,963 shares advanced, 1,315 shares declined, and 104 shares remained unchanged. Follow our LIVE blog for all the latest updates The broader market, particularly the mid-, small-cap indices, outperformed the Nifty and Sensex, gaining 0.4 percent each. According to Ruchit Jain, Research Analyst at 5paisa, the segment hasn't yet reached the 'euphoria' stage, and strong retail and mutual fund inflows are likely to sustain the momentum. Notably, the mid-, small-cap indices have comfortably outpaced the Nifty's year-to-date gains. "This week, the market's focus will be on India and US GDP data, the monthly derivatives expiry, and other global cues," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal. Sectoral Trend Nifty FMCG tanked nearly 1 percent after stocks such as ITC and HUL dampened the sentiment in the market. Among gainers, Nifty Pharma and Healthcare were the major gainers rising up to 0.6 percent. Read:ÂBajaj Auto working on 100cc version of Freedom CNG motorbike Fundamental View "There are both headwinds and tailwinds for the market now. Headwinds are coming from the escalation of the geopolitical tensions in the Middle East and Ukraine. Brent crude has shot up above $81. The strongest tailwind comes from the expected rate cuts by the Fed, which will spill over to other central banks including the RBI. The Indian economy now needs monetary stimulus through rate cuts and this is likely in the next policy meeting," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. "If geopolitical tensions cause dips in the market, DIIs and retail investors are likely to buy that dip," he added. Read more:ÂInterarch Building Products rises another 2% after IPO; Should you buy, sell, hold? Technical View Vaishali Parekh of Prabhudas Lilladher said that the Nifty has steadily strengthened, crossing the 25,000 mark and showing potential for further gains, with an initial target of 25,600. The index is supported by a near-term support level at 24,750 and is bolstered by improving frontline stocks. The Sensex, following a brief consolidation, has risen to the 81,700 zone. With positive momentum and increased broader market participation, the Sensex will aim for targets between 82,100 and 82,500. The daily support at 81,300 and 24,900 and resistance at 82,300 and 25,200, she said. Key Nifty Gainers L&T, SBI, HDFC Life Insurance Key Nifty Losers JSW Steel, Tata Motors, Grasim Key Sensex Gainers Bajaj Finserv, L&T, HCL Tech Key Sensex Losers ITC, HUL, Kotak Mahindra Bank Stock Moves Medi Assist Healthcare:Shares jumped 9 percent after the company announced its wholly-owned subsidiary Medi Assist Insurance TPA will acquire a full stake in Paramount Health Services & Insurance TPA for Rs 311.8 crore. HCL Tech:Shares gained 2 percent after the company announced an extension of its AI-driven engineering services and digital process operations partnership with Xerox. Under this partnership, HCL Technologies will assist Xerox with foundational and structural design efforts aimed at positioning the company for long-term, profitable, and sustainable growth. | 2024-08-27 12:15 |
moneycontrol.com | https://www.moneycontrol.com/news/opinion/skill-or-luck-what-is-the-true-source-of-your-investment-success-12807479.html | Skill or Luck: What is the true source of your investment success? | Investing successfully consistently over a long period of time requires discipline, solid research, and patience..Related stories. | How could you assess whether your investment decisions are due to skill or pure luck? Investing successfully consistently over a long period of time requires discipline, solid research, and patience. 2023 was a bullish year in which the Midcap 100 Index was up by 46%. Roughly 100 stocks in the midcap category were up by 80% on average. Such years create investors who think they know it all and it may lead them to an illusion that the profits are due to their investment research and stock picking skills. However, the returns generated may be just due to the overall market run-up. Portfolio analysis plays an important role during such times to understand where the profits are coming from. Case Study: Let's take 2 portfolios Portfolio 1:A randomly generated portfolio of 30 stocks. 30 random stocks were picked from the Nifty 200 Universe at the beginning of every year since 2019. All stocks were given an equal weight. Portfolio 2:Nifty 200 momentum 30 Index. This Index aims to track the performance of 30 high momentum stocks across large and mid-cap stocks. The Momentum Score for each stock is based on recent 6-month and 12-month price return, adjusted for volatility. Detailed rationale can be foundÂhere. Investing in a smart Index like Nifty 200 Momentum 30 is a much better approach than picking random stocks as the Index has generated more returns for lesser risk, consistently. Randomly picking stocks may work better in bullish years like 2021, 2023; however, when the market breadth does not perform well it could be difficult to generate alpha from stock picking. In conclusion, ask these questions next time you think the profits in your portfolio are too good to believe: What was the process used to generate the profits? Are the profits consistent or concentrated in certain time periods? How much risk have you taken for the reward generated? How spread out were your investment bets? Have you just made money on a few stocks or the overall portfolio? The outcome of a bad process is luck. | 2024-08-27 11:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/medi-assist-shares-jump-9-on-subsidiarys-rs-311-crore-acquisition-of-paramount-tpa-12807531.html | Medi Assist shares jump 9% on subsidiary's Rs 311-crore acquisition of Paramount TPA | Medi Assist shares have risen 13 percent in the last week..Related stories. | Shares ofMedi Assist Healthcare Limitedsurged over 9 percent to Rs 625 in morning trade on August 27 after the company announced its wholly-owned subsidiary Medi Assist Insurance TPA will acquire a full stake in Paramount Health Services & Insurance TPA for Rs 311.8 crore. "The Board of Directors, in their meeting today, approved the acquisition of a 100% equity stake in Paramount Health Services & Insurance TPA Private Ltd by Medi Assist Insurance TPA Private Ltd, our wholly-owned subsidiary," the company stated in a stock exchange filing. Follow our LIVE blog for all the latest market updates Paramount Health Services & Insurance TPA, currently owned by Fairfax Asia and Dr. Nayan Shah's family, is being acquired in one of India's largest TPA deals, with the equity value expected to exceed Rs 400 crore. The acquisition was formalized on August 26, 2024, through a share purchase agreement, pending approval from the Insurance Regulatory and Development Authority of India (IRDAI) and completion of customary closing formalities. Following the acquisition, Medi Assist’s market share by premiums managed is expected to increase by 6 percent in the group segment and by 4 percent in the overall health insurance industry (group and retail combined) as of March 2024. This strategic move positions Medi Assist Healthcare Services Ltd to strengthen its leadership in the health insurance sector and expand its service capabilities. In the fiscal year 2024, Paramount TPA managed a total of Rs 3,866 crore in premiums for the group and retail segments, generating revenues of Rs 153 crore. With a strong market presence, particularly in the group segment where it ranks as the second-largest TPA by premiums, Paramount TPA is a valuable addition to Medi Assist’s portfolio. At about 9:30 am, shares of the company were trading at Rs 610, up 8.7 percent from the last close on the NSE. Medi Assist shares have risen 13 percent in the last week. | 2024-08-27 10:12 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/interarch-building-products-rises-another-2-after-ipo-should-you-buy-sell-hold-12807589.html | Interarch Building Products rises another 2% after IPO; Should you buy, sell, hold? | The turnkey pre-engineered steel construction solutions provider raised Rs 179.5 crore through its anchor book launched on August 16..Related stories. | After a strong debut on Dalal Street,Interarch Building Productsshares surged another 2 percent on August 27, extending gains from the previous day when the share closed over 35 percent higher. The company saw a robust stock market debut on August 26 after listing at Rs 1,299 apiece, a premium of 44.3 percent over the issue price of Rs 900. Wondering whether to buy, sell or hold? Here's what market experts say. Follow our LIVE blog for all the latest updates With its solid market position, diverse and loyal customer base, and proven track record of quality and efficiency, Interarch is well-poised to continue its growth and leadership in the PEB industry. The company’s integrated operations and ability to deliver cost-effective, timely projects make it a strong contender for long-term success. Therefore, shareholders should hold the stock for the medium to long term, says Akriti Mehrotra, Research Analyst at StoxBox. Interarch Building Products' IPO saw massive demand, achieving a subscription rate of 93.53 times on the final day of bidding. Investors across all categories sought 43.88 crore equity shares, far exceeding the offer size of 46.91 lakh shares. Read:ÂGrey market premiums point towards strong listing for upcoming IPOs "The company has created a niche place in pre-engineered steel buildings segment and is one of the leading players in India. Its top and bottom lines showed consistent growth, with greater margins resulting from a balanced product mix and on-time project completion and advise investors to book short-term profit after IPO," Amit Goel, Co-founder and Chief Global Strategist at Pace 360, said. Mehta Equities, with a 'hold' rating on the company, suggests that the issue was reasonably priced by looking at its financial performance and market position and believes that the market could give Interarch a premium multiple towards its leadership position. "We believe the investor demand has come considering reasonable valuations and an opportunity to invest in a leading player in the PEB segment with a strong market position, ranking 3rd in operating revenue with the 2nd largest installed capacity and commands a healthy market share in the organized markets," it added. Read more:ÂTata Tech sees 3.3% stake change hands in Rs 1,367.4 crore large deal The turnkey pre-engineered steel construction solutions provider raised Rs 179.5 crore through its anchor book launched on August 16. The public issue opens on August 19. Institutional investors including ICICI Prudential Mutual Fund, Whiteoak Capital, Mirae Asset, Pinebridge Global Funds, LC Pharos Multi-Strategy Fund, and Eastspring Investments India Infrastructure Equity Open participated in the anchor book. At about 11 am on August 27, shares of the company were 1,202, higher by just 0.5 percent, shedding most of its early gains. | 2024-08-27 11:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/us-private-equity-group-tcg-seeks-pact-with-oil-psus-for-a-10-billion-project-12807741.html | US private equity group TCG seeks pact with oil PSUs for a $10 billion project | Investment in the project, which will convert crude oil into chemicals, underscores attempts at ramping up petrochemical capacities in India as it provides building blocks for everything from consumer goods to car parts..Related stories. | US-based private equity firm The Chatterjee Group (TCG) is seeking to partner with Indian state-run companies for its oil-to-chemicals project in the nation, according to people familiar with the matter. TCG is in talks withOil & National Gas Corp.and its unitHindustan Petroleum Corp.for the planned project estimated at more than $10 billion in the southern Indian city of Cuddalore in Tamil Nadu, the people said, asking not to be identified as the discussions are private. The proposal is for the oil companies to collectively hold a 49% stake in the venture, whereas TCG, doing business in India through Haldia Petrochemicals Ltd., will own 51%, they said. A TCG representative didn’t immediately comment when reached by phone. Haldia Petrochemcials, ONGC and HPCL didn’t respond to requests for comments. Investment in the project, which will convert crude oil into chemicals, underscores attempts at ramping up petrochemical capacities in India as it provides building blocks for everything from consumer goods to car parts. The market is drawing billionaires and global majors amid a consumption boost in the world’s fastest-growing major economy. Chemical and petrochemical demand in India is expected to rise threefold to $1 trillion by 2040, accounting for more than 10% of the global growth in the segment, according to government estimates. Most oil refiners, including billionaire Mukesh Ambani’s Reliance Industries Ltd., are focusing more on producing petrochemicals than traditional fuels, to tap the booming market that’s seeing demand for specialty plastics and chemicals for making solar panels and electric vehicles. TCG project is capable of producing 3.5 million metric tons per year of ethylene and propylene and by 2029, Haldia Chief Executive Officer Navanit Narayan said, according to a Reuters report in April. | 2024-08-27 12:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/tata-tech-sees-3-3-stake-change-hands-in-rs-1367-4-crore-large-deal-12807516.html | Tata Tech sees 3.3% stake change hands in Rs 1,367.4 crore large deal | Tata Technologies block deal.Related stories. | A large deal involving shares worth Rs 1,376.40 crore ofÂTata Technologies took place on the exchanges on August 27. Around 1.30 crore shares, making up a 3.3 percent stake in the company changed hands at a floor price of Rs 1,027 apiece. Moneycontrol could not immediately verify the buyers and sellers in the transaction. Following the block deal, shares of Tata Technologies witnessed a negative knee jerk reaction, slipping to its day's low of Rs 1,021.55 on the NSE. This large deal is comes after another major stake sale happened in the counter last week. A total of 2.9 percent stake was sold in a block deal worth Rs 1,218.50 crore as private equity firm Alpha TC Holdings diluted its equity in the company. Follow our market blog to catch all the live action Domestic funds and High Net worth Individuals (HNIs) were the buyers in the trade, while ICICI Securities likely brokered the deal. Meanwhile, the stake sale took place nearly nine months after the Tata group company made its market debut in November last year. In Tata Tech's IPO, Tata Motors divested 11.4 percent of its stake, while Alpha TC Holdings sold 2.4 percent. As of the end of the June quarter, Tata Tech's shareholding data showed that Alpha TC still held a 4.34 percent stake in the company. | 2024-08-27 09:43 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/mc-investigates-platform-used-by-top-brokerages-faces-scrutiny-over-sebi-advertising-code-compliance-12807744.html | MC Investigates: Platform¬†used by top brokerages faces scrutiny over Sebi advertising code compliance | (Photo by Frederic Bartl: Pexels).Related stories. | Pickright¬†Technologies Pvt. Ltd, backed byNuvama Wealth, allows research analysts (RAs) and investment advisors (IAs) to display the accuracy of their trading calls and the performance of their model portfolios, a practice legal experts claim violates the advertising code. Bengaluru-based¬†Pickright¬†allows users to either pick a portfolio based on the returns generated or sign up for trading calls fromSebi-registered experts based on the ‚Äúaccuracy‚ÄĚ of the calls. Users can then place their orders on the platform, which are then executed through leading brokerages. According to legal experts, by displaying past performance and ‚Äúaccuracy‚ÄĚ levels, the platform is enabling a violation of the Advertisement Code for RAs and IAs issued by the Securities and Exchange Board of India (Sebi) in April 2023. The RAs, IAs and the platform could invite regulatory action for such marketing content, according to lawyers and industry experts that Moneycontrol spoke to. Also read:¬†Nithin Kamath warns of explosion of fake apps that mimic broker interfaces, promise easy trading profits ‚ÄúIt is a violation of Sebi rules for RIA and RA to advertise their services using past performance metrics. A Research Analyst doing this is in violation of Sebi's Advertising Code and any Registered Investment Advisor doing this doing is both illegal and immoral. RIAs cannot have a product that is meant for use by multiple people because their role is to make customised solutions for individuals based on their investing goals and capacity to take risk,‚ÄĚ said Naveen Fernandes, the Public Interest Director on BSE Administration and Supervision Ltd. (BASL). BASL has been notified by Sebi as the supervisory body of RAs and RIAs by Sebi. ‚ÄúThe Advertisement Code for RA/IAs prohibits them from making reference to past performances,‚ÄĚ said Smrithi Nair, Partner at Juris Corp Advocates & Solicitors, an advisor to market infrastructure institutions such as stock exchanges. Pickright‚Äôs disclosure page also inaccurately listed its registration status as a registered investment advisor (INA200015635), although it surrendered its certificate of registration in February last year. Advertising rules The advertising code for RAs and IAs states: ‚ÄúThe advertisement shall not imply any assured returns or minimum returns or target return or percentage accuracy or service provision till achievement of target returns or any other nomenclature that gives the impression to the client that the investment advice/recommendation of the research report is risk-free and/or not susceptible to market risks and/or that it can generate returns with any level of assurance.‚ÄĚ Yet,¬†Pickright‚Äôs Trading Advisory page allows RAs and IAs to display the accuracy levels of their trading calls. Then there are others... Most of these appear to have been taken down since Moneycontrol wrote to¬†Pickright¬†for their responses. The platform‚Äôs Investpack feature allows the registered entities to show the returns they have generated over varied periods. Investpack, according to the website, is a ‚Äúready-to-invest portfolio‚ÄĚ with selected stocks, ETFs or mutual funds ‚Äúcombined to beat market volatility with zero tension‚ÄĚ. Kinjal Champaneria, Partner at Solomon & Co, cited the advertisement code issued by BSE Administration & Supervision Ltd. Under it, he said, ‚Äúreference to the past performance of the investment advisor or recommending/promoting any specific investment by way of reference to past performance or research material is not permitted‚ÄĚ. Platform‚Äôs response Pickright denied that it shows the performance track record of individual RAs. According to its response, the company displays the performance of strategies of the registered entities and not of the registered entities. That is, the performance shown is of the product and not of the maker/designer; the regulations only restrict the performance of the maker/designer. In an email response to Moneycontrol‚Äôs queries, it stated: ‚ÄúThe performance track record of Individual RA‚Äôs is not shown in¬†Pickright. The CAGR of the strategy is only shown to logged-in state users for a few strategies. The CAGR is shown for specific strategies from inception on the¬†Pickright¬†platform. This is not back-tested data.‚ÄĚ Nuvama, which holds a strategic stake in the platform, also put forward a similar response to Moneycontrol‚Äôs email: ‚ÄúRA performance metrics are not showcased. However, CAGR of invest pack/strategies based on actual historical data is accessible to logged-in users.‚ÄĚ Nair said that this argument might not sway the regulator since the RA/IA essentially provides stock recommendations or investment advice, and the performance of these recommendations or advice cannot be seen as distinct from the performance of the registered entities. Similar product? Pickright¬†doesn‚Äôt seem to be the only platform sailing close to the wind. As 5Paisa‚Äôs spokesperson pointed out, when asked about integrating the brokerage platform with¬†Pickright,¬†Pickright‚Äôs ‚Äúproduct offering is similar to Smallcase‚ÄĚ. Nithin Kamath-backed Smallcase‚Äôs spokesperson¬†said that their platform does not highlight performance metrics of RAs and IAs and that these are shared only when the clients ask for them. The spokesperson said, ‚ÄúIn accordance with the Advertisement Code, Smallcase doesn‚Äôt use or highlight past performance of SEBI registered RA and IAs in any advertisements or display this information in the public domain. The performance, when requested by the clients, is shown based on the inputs and recommendations provided by the RA/IA and is based on a transparent return calculation methodology shared on the website.‚ÄĚ On Smallcase, returns generated by portfolios are shown after a user logs in and is shown a disclosure: ‚ÄúBy proceeding, you understand that investments are subjected to market risks and agree that returns shown on the platform were not used as an advertisement or promotion to influence your investment decisions‚ÄĚ. Pickright, too, has users agreeing to disclaimers before being shown the returns data. As Nuvama said, ‚Äúadequate disclaimers are shared on the website for information of the investors as per SEBI Guidelines.‚Ä̬†Pickright¬†said that returns are ‚Äúonly shown after user consent for RIA packs.‚ÄĚ That is, only after a user ticks a box agreeing to a disclaimer is the user shown the performance of the portfolio, even against a benchmark index‚Äôs performance. But Champaneria said that adding these disclaimers will not protect the registered entities. He said, ‚ÄúThe addition of disclaimers is mainly to alert or caution the investor of the risks involved in such investment and therefore adding a disclaimer will not protect the registered entities from regulatory action.‚ÄĚ BASL‚Äôs Fernandes said that, if any platform is enabling RAs and RIAs to do this, that is to promote their services or products using past-performance metrics, they will also guilty of breaking the law as accessories. He added, ‚ÄúSmallcase too is in violation of the SEBI guidelines for allowing RAs to use past-performance to advertise their products or services. The regulator should act against such platforms but these platforms seem to be operating under the regulator's radar where possible.‚ÄĚ Brokerages‚Äô take Pickright, which is not a Sebi-registered entity, has claimed that it has leading brokerages as ‚Äúpartners‚ÄĚ. Aditya Birla Money said it is ‚Äúenabling its customers avail services of Registered Investment Advisors (RIA) empanelled on¬†Pickright‚Äôs platform‚ÄĚ. 5Paisa Capital said, ‚Äúthere exists an order placement-related integration with them such that the client may be allowed to punch orders from their platform, which would be routed through our platform after 2F authentication‚ÄĚ. The brokerage added that there are ‚Äúno commercials involved in this association and our integration is only to facilitate order placement through open APIs‚ÄĚ. Zerodha said it isn‚Äôt a partner to the platform and that, after Moneycontrol raised the query based on¬†Pickright‚Äôs claims, it reached out to the platform and asked them to take down such claims. Bajaj Finserv has not responded to Moneycontrol's email. The article will be updated once they do. How will the regulator view these integrations? Champaneria said that after the regulator‚Äôs meeting with its Board on June 27, it is clear that Sebi intends to restrict the association with Sebi-registered entities and unregistered entities/platform. He quoted Sebi‚Äôs proposal that was approved by its Board: ‚Äúthe persons regulated by the Board and the agents of such persons shall not have any association, like any transaction involving money or money‚Äôs worth, ¬†referral of a client, ¬†interaction of information technology systems or any other association of similar nature or character, directly or indirectly, with any other person who, directly or indirectly, provides advice or recommendation or makes any implicit or explicit claim of return or performance, ¬†in respect of or related to security or securities unless permitted by the Board to provide such advice/ recommendation/claim‚ÄĚ. Surrendered registration Pickright¬†used to be a registered Investment Advisor, but according to its email to Moneycontrol, it surrendered its registration in February 2023. Its disclosure page still cites its IA Registration (INA200015635). When asked why it is still claiming to be registered when it isn‚Äôt listed anymore as a Sebi-registered IA,¬†Pickright¬†said that compliance holds it liable for five years ‚Äútill the surrender of the page of disclosure of advisory is kept‚ÄĚ. The company has kept the disclosure on the IA registration till they surrender the page. This, according to legal experts, isn‚Äôt allowed. Nair said that once the registration is surrendered, an entity cannot continue to claim to be Sebi-registered just because it is liable for actions taken as a registered entity. | 2024-08-28 10:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/dollar-slips-as-traders-weigh-middle-east-risks-us-rate-cuts-12807597.html | Dollar slips as traders weigh Middle East risks, US rate cuts | Against a basket of currencies, the greenback dipped 0.03% to 100.82, languishing near a 13-month low of 100.53 hit in the previous session..Related stories. | The dollar and yen eased on Tuesday, paring some of their safe-haven gains from the start of the week in the wake of a major missile exchange between Israel and Hezbollah that stoked fears of a wider escalation. Imminent US rate cuts also remained at the top of investors' minds and further pressured the greenback, though currencies were mostly rangebound on the lack of major news in the Asian session. The yen was last 0.1% lower at 144.65 per dollar, having risen to a three-week high of 143.45 in the previous session on a flight to safety. The euro and sterling rose about 0.1% each to $1.1172 and $1.3201 respectively, hovering near their recent multi-month highs. The Canadian dollar strengthened slightly to 1.34875 per U.S. dollar, having touched a five-month peak on Monday as oil prices surged. "The market is sort of taking a breather and waiting to see key data releases," said Rodrigo Catril, senior FX strategist at National Australia Bank. "Given also that we have kind of second-tier data releases this week, it plays to the view of a sort of more range-y environment over the near term." Most currencies were holding near milestone highs and the dollar near its lowest level in more than a year, helped by the likelihood of a US rate cut in September after Federal Reserve Chair Jerome Powell more or less nodded to such a move in his Jackson Hole speech on Friday. San Francisco Fed President Mary Daly also said on Monday a quarter-percentage point reduction in borrowing costs next month was likely. Against a basket of currencies, the greenback dipped 0.03% to 100.82, languishing near a 13-month low of 100.53 hit in the previous session. The Fed's aggressive rate-hike cycle and expectations of how much further U.S. rates could rise had been a huge driver of the dollar's strength over the past two years, keeping other currencies, particularly the Japanese yen, under pressure. "The question now is no longer whether the Fed is going to cut in September but by how much," said David Chao, Invesco's global market strategist for Asia Pacific ex-Japan. "Powell left the door open for larger cuts in case labour conditions deteriorate. Investors believe that the Fed appears to be open to cutting rates faster than previously expected." Markets have already fully priced in a rate cut next month, and see about 100 basis points worth of easing by the end of the year. Elsewhere, the Australian dollar gained 0.23% to $0.6787, not far from a one-month high of $0.67985 hit on Friday. The New Zealand dollar rose 0.34% to $0.6225, similarly holding near Friday's high of $0.6236, its strongest level in more than seven months. | 2024-08-27 11:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/q1fy25-results-offer-hopes-of-recovery-for-chemical-players-but-risks-continue-to-loom-12807439.html | Q1FY25 results offer hopes of recovery for chemical players, but risks continue to loom | The chemical industry recorded a 7 percent year-on-year topline growth in Q1..Related stories. | The April-June quarter saw specialty chemicals companies report sequential growth on the back of an improvement in demand environment. That said, Nuvama Institutional Equities still holds a cautiously optimistic outlook for the sector, stating that the global agrochemicals industry is still reeling from pressures of high inventories and logistical challenges. The chemical industry recorded a 7 percent year-on-year topline growth in Q1, alongside a 4 percent EBITDA increase, despite a 4 percent decline in the bottomline due to margin pressures. While this earnings performance may appear modest, it offers a glimmer of hope, as it's the first time in four quarters that the sector has posted year-on-year topline growth following three consecutive quarters of sequential growth. It was companies such as Aarti Industries,Deepak Nitrite, PI Industries, and SRF that logged year-on-year topline growth in Q1FY25. While Nuvama believes this volume-led growth momentum would continue and likely drive an uptick in prices as the year moves ahead, it also noted that profitability remains a key concern. The brokerage also highlighted the uneven recovery across different pockets of the industry. "While discretionary sectors like dyes, pigments, and textiles sustained volume-led growth in Q1 FY25, companies catering to end-user industries such as agrochemicals faced ongoing challenges, with realisations remaining subdued due to continued destocking," it stated. Follow our market blog to catch all the live action Meanwhile, commentary by most managements of agrochemicals companies was also muted, hinting at an expected recovery only by the second half of FY25 due to heightened global inventories. Furthermore, the risk of Chinese oversupply poses a risk to prices, Nuvama said. Going ahead, as the recovery in the agrochemicals segment remains uncertain, Nuvama is tilting in favour of companies serving discretionary end-user industries and FMCG, like Galaxy Surfactants and Aarti Industries. "Companies such as Jubilant Ingrevia, which have expanded into new business lines, and CDMOs are expected to maintain sequential growth momentum. Additionally, players like Gujarat Fluorochemicals, focusing on new-age industry applications such as battery chemicals and semiconductors, are anticipated to enter into long-term agreements, ensuring structural growth," the brokerage said. On the flip side, the brokerage believes that companies like Anupam Rasayan, which is heavily reliant on agrochemicals, may continue to face pressure. | 2024-08-27 10:51 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/it-was-late-rakesh-jhunjhunwalas-favourite-once-now-indias-largest-mutual-fund-wants-a-piece-of-the-pie-12807497.html | It was Late Rakesh JhunjhunwalaŌĆÖs favourite once. Now, IndiaŌĆÖs largest mutual fund wants a piece of the pie | Karur Vysya Bank has a network of 840 branches, catering primarily to MSMEs.Related stories. | Shares of one of the early purchases and a favourite bank of IndiaŌĆÖs big bull Late Rakesh Jhunjhunwala, shot up to 4 percent on August 26, as the largest mutual fund in the country got the central bankŌĆÖs nod to buy 9.99 percent stake in the bank. Apart from the immediate pop in the Karur Vysya bank stock triggered by the news of stake purchase by SBI MF, the bankŌĆÖs strong financial position and attractive valuation should drive a further re-rating in the stock, analysts say. Independent market analyst Ambareesh Baliga highlighted that a trusted fund name like that of SBI Mutual Fund lends confidence and credibility to the stock. Karur Vysya has always been seen as a small but well run regional bank. "Given Karur Vysya Bank's strong financial position, SBI MFŌĆÖs stamp will offer some credibility and trust amongst market participants," he noted. Yuvraj Choudhary, a research analyst at Anand Rathi Institutional Equities, "Karur Vysya Bank is our top pick amongst peers ŌĆō it has a better margin profile, strong profitability, and low stress pipeline,"┬ĀChoudhary said. He too described SBI Mutual Fund's stake buy as "incrementally positive." As of May 31, 2024, SBI Mutual Fund managed assets worth Rs 9.83 lakh crore, spread across 115 mutual fund schemes, with significant allocations in HDFC Bank (8.4 percent), Reliance Industries (6.8 percent), ICICI Bank (6.5 percent), Infosys (3.2 percent), Bharti Airtel (3.3 percent), among others. ALSO READ:┬ĀKarur Vysya Bank's Q1 net profit surges 28% to Rs 458.65 crore Sturdy financials As one of the oldest private banks in India, Karur Vysya Bank has a network of 840 branches, catering primarily to MSMEs (35 percent of lending), retail (24 percent), and agri customers (18 percent).┬ĀThe bank has made a shift from a traditional bank to digitising its core operations to improve its overall efficiency. At a time when the banking industry is seeing elevated levels of credit-to-deposit (CD) ratio due to sluggish deposit mobilisation compared to higher credit offtake, Karur Vysya's CD ratio has remained stable versus peers. The bank maintained CD ratio guidance of 85 percent, above peers like DCB Bank (87 percent) and IDFC First Bank (100 percent). As a result, its margins have improved┬Āover the years due to the change in the underlying product mix which┬Āis moving toward the retail segment. Its NIM stands at 4.1 percent in Q1FY25, above City Union Bank's 3.5 percent, DCB Bank's 3.4 percent, and Karnataka Bank's 4.1 percent. Its asset quality also remains robust as the gross non-performing asset (GNPA) or NNPA declined to 1.3 percent/0.4 percent in Q1FY25 from 8.7 percent/3.9 percent in FY20.┬ĀThe improvement in asset quality is supported by loan book diversification, credit approval processes, implementations of remedial actions and enhanced recovery methods. Currently, 11 brokerage firms are covering the stock, with 10 recommending a 'buy' rating on Karur Vysya Bank and one recommending a 'hold.'┬ĀAt current levels of Rs 224, the stock is trading at┬Ā1.69┬Ātime FY24 Price-Adjusted Book and FY25 Price to adjusted book of 1.55. Over the past three months, has risen by over 67 percent, significantly outperforming the Nifty 50's 9 percent gain. | 2024-08-27 09:30 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/jai-corp-shares-gain-on-merger-of-promoter-company-pet-fibres-with-mega-pipes-12807564.html | Jai Corp shares gain on merger of promoter company Pet Fibres with Mega Pipes | Over the past 3 months, shares of Jai Corp have surged over 30 percent.Related stories. | Shares of Jai Corp, a steel-to-spinning yarn manufacturer, gained by over a percent to Rs 393 apiece on August 27 after the NCLT approved merger of promoter company Pet Fibres with Mega Pipes. With this merger, shares of Pet Fibres, which holds 2 lakh equity shares or 0.1 percent stake in Jai Corp will be transferred to reflect the new entity - Mega Pipes. The exchange filing mentions that the company needs to update or transfer Depository Participant (DP) account details due to the merger. Shares currently held in Pet Fibre’s DP account with ILFS (Infrastructure Leasing & Financial Services) will now be transferred to Mega Pipes’s DP account with MOSL (Motilal Oswal Securities). Incorporated in 1985, Jai Corp is primarily into manufacturing businesses like steel, plastic processing and spinning yarn. Apart from the expansion of its plastic processing business, it is now focusing and investing in emerging opportunities like developing SEZs, infrastructure, venture capital and real estate. ALSO READ:ÂJai Corp Consolidated June 2024 Net Sales at Rs 120.92 crore, up 4.65% Y-o-Y In the recently concluded June quarter, Jai Corp's revenue grew by 4.56 percent year-on-year (YoY), while profit surged by 148 percent YoY. However, sequentially, both revenue and profit declined by 1.4 percent and 41 percent, respectively. Despite that, the company's earnings per share (EPS) for Q1 reached Rs 0.77, marking a strong 146 percent rise compared to the year-ago period. The board will now meet on August 29 to consider a potential buyback of the company's equity shares. The meeting agenda will be to discuss the potential repurchase of fully paid-up equity shares with a face value of Re 1 each, as per the exchange filing. Over the past 3 months, shares of Jai Corp have surged over 30 percent, significantly outperforming benchmark Nifty 50's 9 percent surge. Earlier, it had hit 52-week high of Rs 438 apiece on July 2, 2024, and 52-week low of Rs 203 on September 20, 2023. | 2024-08-27 11:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/real-estate-stocks-slip-as-morgan-stanley-notes-slower-pre-sales-waning-investor-interest-12807498.html | Real estate stocks slip as Morgan Stanley notes slower pre-sales, waning investor interest | On an EV/EBITDA basis, both Prestige and Godrej, which are rated as "Overweight" (OW), look relatively cheaper, according to Morgan Stanley..Related stories. | Real Estate stocks slipped on August 27 as Morgan Stanley, in a recent note, emphasised that investor interest in the sector has diminished compared to six months ago, highlighting a shift in market sentiment. Developers are increasingly launch-dependent, and valuations are currently stretched. Despite these challenges, the brokerage remains constructive, observing that the sector continues to experience an up-cycle. According to analysts at Morgan Stanley, the pre-sales outlook for major developers such as DLF, Oberoi, and Prestige is expected to be slower. In response, investors are showing more interest in smaller developers. Among these, Godrej is identified as a preferred investment choice, although there are concerns about its lower margins and cash flow, the brokerage said. On an EV/EBITDA basis, bothPrestigeandGodrej, which are rated as "Overweight" (OW), look relatively cheaper, according to Morgan Stanley. This suggests that despite ongoing uncertainties, these stocks might present attractive investment opportunities. Follow our market blog to catch all the live action Meanwhile, international brokerage Citi recently increased the target prices for several real estate stocks. Realty firms have expressed confidence in sustaining demand over the next few years, with timely launches remaining a top priority due to the low inventory levels among developers. As a result of this, Citi hiked the target price ofDLF, Prestige Estates,Phoenix Mills,Oberoi Realty, and Sobha. However, the brokerage cautioned on expensive valuations. Over the past year, the Nifty Realty index has soared 93 percent, compared to a 27 percent rise in the Nifty index. This sharp increase has raised valuation concerns, with analysts suggesting that many real estate stocks might be overvalued, despite their positive outlook and earnings growth potential. In a recent report, JM Financial stated that with historically low inventory levels, increasing disposable income, and limited supply expansion, the residential real estate sector is set to continue its upward trajectory. For FY25, the brokerage expects market growth of 18 percent (volume growth of 12 percent and 6 percent escalation in prices) and a moderate increase in supply. "While supply is expected to grow steadily going forward, we expect inventory levels to be maintained at healthy levels on the back of robust absorption, given the buoyant demand scenario. Additionally, while cash flows are anticipated to grow substantially, developers are likely to prioritise business development over deleveraging," JM Financial said. Analysts at JMFL favour developers with a history of timely launches and strategic business development. The brokerage initiated coverage on DLF, Keystone,Macrotech, andSobhawith a 'buy' and Oberoi Realty with a 'hold' rating. "Our preferred picks are DLF, Macrotech andKeystone," it said. | 2024-08-27 09:17 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/national-infrastructure-trust-files-for-rs-1600-crore-ipo-12807680.html | National Infrastructure Trust files for Rs 1,600 crore IPO | Representative image.Related stories. | National Infrastructure Trust, an infrastructure investment trust sponsored by Gawar Construction Limited, has filed its draft offer documents with SEBI. The trust aims to raise a total of Rs 1,600 crore through a public issue of units. The IPO comprises a fresh issue of units amounting to Rs 1,200 crore and an offer for sale of units worth Rs 400 crore by the Sponsor Selling Unitholder. HDFC Bank and SBI Capital Markets Ltd are serving as the lead book-running managers for the issue, while KFin Technologies Ltd has been appointed as the registrar. The issue will be conducted through the book-building process, with 75 percent of the units, excluding the strategic investor portion, allocated to institutional investors, and the remaining 25 percent to non-institutional investors. The trust was established on September 25, 2023, and registered with SEBI on March 7, 2024, with the objective of acquiring, managing, and investing in a portfolio of infrastructure assets across the country. Use of Proceeds Offer for Sale:The proceeds from the Offer for Sale will be entitled to the Sponsor selling unitholder. Fresh Issue:The proceeds from the Fresh Issue, amounting to Rs 1,200 crore, will be utilized for the following purposes: a) Providing loans to the Project SPVs for the repayment or prepayment of external borrowings, either partially or fully, to financial lenders (including any accrued interest and prepayment penalties). b) Providing loans to the Project SPVs for the repayment of unsecured loans obtained by the Project SPVs from the Sponsor. The offer document also highlights several key risks:The trust's revenues from the initial portfolio assets are dependent on consistent annuity income and interest from the National Highways Authority of India (NHAI).Failure to identify and acquire new infrastructure assets that generate comparable revenue, profits, or cash flows may adversely affect the trust's business, financial condition, cash flows, and ability to make distributions.Inability to maintain roads in accordance with the requirements of the Concession Agreements may result in penalties or even termination of these agreements, which could materially impact the trust's reputation, business, financial condition, results of operations, and cash flows. | 2024-08-27 12:11 |
moneycontrol.com | https://www.moneycontrol.com/news/business/low-cost-small-cars-necessary-maruti-rc-bhargava-12807669.html | Low cost, small cars necessary, any demand setback won't change strategy, says Maruti's RC Bhargava | FY24 was the best in the history for the company, said Maruti Suzuki's chairman RC Bhargava, as the company proposed a record dividend of Rs 125 per share.Related stories. | RC Bhargava, the Chairman of India's largest car company by market share - Maruti Suzuki - has reiterated the commitment to small cars in India, and said that any lull in demand will not alter the strategy in this direction. "We firmly believe that low cost, small cars are necessary in our economic and social conditions. A temporary setback in demand not going to change our strategy," RC Bhargava said at Maruti's 43rd AGM on August 27. "We are confident that the rural market will revive and many scooter owners there are looking to upgrade to small cars," Bhargava added. The car company has proposed a record dividend of Rs 125 per share, calling FY24 the best year in the history of Maruti Suzuki. Maruti's Green Push Talking about Maruti's electric vehicle plans, Bhargava said Maruti's first EV will be produced in a few months' time and will be exported to global markets. The car company is aiming to export 20 percent of its production of 4 million vehicles by 2030. Bhargava reiterated Maruti's commitment to cut fuel cost and emissions through its hybrid cars, and said the company is 'betting big' on that. "EVs are likely to be adopted gradually over the years, as the challenges facing the consumers are overcome. There can be little doubt that during the period this happening all other vehicles also need to become cleaner." Rural Expansion Maruti Suzukialso assured investors of deeper network expansion in smaller towns going forward. "Further strengthening our sales and service network to rural areas and small towns so benefits are not limited to people in large towns," said RC Bhargava. "A small delay has taken place in finalising the site for our new one million unit expansion. We are making our best effort to come to a quick decision in this matter," Bhargava added. Clearing Inventory Glut Taking corrective measures to clear vehicle stockpile, Maruti chairman assured that the company's stock levels have always been at 38-40 days, and it is gearing up for clearing the inventory by the festive season. Federation of Automobile Dealers Associations (FADA) had earlier this month said claimed on record that thevehicle inventories have climbed from 65-67 days in early Julyto 70-75 days in August, at over Rs 73,000 crore of pending vehicles. Gender Parity Bhargava said the names of two new independent directors, both women, have been proposed for approval by the shareholders, in order to improve the gender ratio in the company. The Board will now have three women directors. | 2024-08-27 11:37 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/adani-power-stock-gains-on-new-subsidiary-launch-in-middle-east-12807539.html | Adani Power stock gains on new subsidiary launch in Middle East | So far this year, Adani Power stock has rallied 27 percent, outpacing benchmark Nifty's returns of around 14 percent during this period..Related stories. | Adani Power stock edged higher on August 27 after the company set up a subsidiary in the Middle East. Adani Power Middle East Ltd. was officially incorporated on August 26 with an authorised capital of 27,000 shares, each valued at US $1, the Adani group firm informed in a regulatory filing. As of now, the subsidiary has yet to commence business operations, so its size and turnover are not applicable at this stage. The object of this new company is to invest in power, infrastructure, and related fields. The cost of acquisition for the shares involves an initial subscription to the share capital of $27,000, which is divided into 27,000 shares with a nominal value of $1 each. Adani Power Limited holds 100 percent of the share capital in the incorporated company, according to the exchange filing. Follow our market blog to catch all the live action At 9:18 am,Adani Powershares were trading over a percent higher at Rs 670.65 on the National Stock Exchange (NSE). So far this year, the stock has rallied 27 percent, outpacing benchmark Nifty's returns of around 14 percent during this period. The counter has rallied 106 percent in the last 12 months, more than doubling investors' capital. In comparison, Nifty delivered returns of around 27 percent during this period. Meanwhile, reports surfaced recently which claimed that the Gautam Adani-owned power firm is dealing with unpaid dues of around $800 million from Bangladesh. This debt has accumulated for electricity supplied by Adani Power's coal-fired plant in Godda, located in Jharkhand, India. Ahsan H Mansur, the newly appointed Governor of Bangladesh Bank, confirmed the unpaid dues in an interview with Bloomberg News last week. Adani Power is currently negotiating with Bangladesh’s interim government to resolve this issue, the report added. Adani Power’s Godda power plant began its operations in April 2022 with outsized ambitions in Bangladesh. | 2024-08-27 09:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/hcl-tech-stock-rises-2-hits-new-all-time-high-as-it-extends-partnership-with-xerox-12807543.html | HCL Tech stock rises 2%, hits new all-time high as it extends partnership with Xerox | So far this year, shares of HCL Tech surged over 19 percent.Related stories. | Shares ofHCL Technologiessurged over 2 percent to reach a new all-time high of Rs 1,757 apiece on August 27. This uptick came after the company announced an extension of its AI-driven engineering services and digital process operations partnership with Xerox. Under this partnership, HCL Technologies will assist Xerox with foundational and structural design efforts aimed at positioning the company for long-term, profitable, and sustainable growth. “HCL Tech will utilise its expertise in automation, product and sustenance engineering, and process operations services—including order-to-cash, sales and marketing operations, supply chain, and procurement—along with its advanced full-stack GenAI platform, HCLTech AI Force, to create a unified interface that reimagines the way employees and clients engage with Xerox,” the company stated in a press release. Additionally, the IT giant will support the newly-established Xerox Global Business Services (GBS) organisation in driving key business metrics, such as working capital, device connectivity, sales efficiency, and the effectiveness of remote problem-solving. The partnership between Xerox and HCL Tech began in 2009, focusing on product engineering as well as IT and process support services. Despite cautious discretionary spending and delayed decision-making among clients, HCL Technologies reported decent results for Q1FY25. The company saw a 2 percent quarter-on-quarter decline in revenue at Rs 28,057 crore, while operating profit decreased by 4 percent QoQ to Rs 4,795 crore. Despite these challenges, analysts at Axis Securities are optimistic about HCL Technologies' long-term growth prospects, citing its multiple long-term contracts with leading global brands. ALSO READ:ÂHCL Tech Q1 results: Net profit rises 20% to Rs 4,257 crore; firm declares Rs 12 dividend "Improved revenue visibility boosts our confidence in the company’s future growth. Moreover, we believe a favorable demand environment will help alleviate concerns about discretionary spending," the brokerage firm commented, giving a 'buy' recommendation for the company with a target price of Rs 1,730. So far this year, shares of HCL Tech surged over 19 percent, slightly outperforming benchmark Nifty 50's 15 percent rise. | 2024-08-27 11:24 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/rothschild-to-boost-equity-capital-markets-debt-businesses-in-india-as-deals-heat-up-12807690.html | Rothschild to boost equity capital markets, debt businesses in India as deals heat up | Dealmaking activity in India has gained momentum this year as its economy continues to rank among the fastest growing in the world. Bloomberg.Related stories. | Rothschild & Co. plans to beef up its equity capital markets advisory business in India and also provide debt advisory services amid the country’s dealmaking boom. The expansion plans at Rothschild follow a surge of initial public offerings in the Indian stock market, partly driven by some multinational companies seeking to unlock value from their local operations, according to Aalok Shah, a managing director and co-head of Rothschild India. “We have an equity advisory product where we work with companies to prepare them for an IPO, including selection of banks, assigning valuations and pricing, and then fees for these banks,” Shah said in an interview in Mumbai. “I think it’s going to be like a core focus area as long as the whole IPO market is also active and growing.” Dealmaking activity in India has gained momentum this year as its economy continues to rank among the fastest growing in the world. Around $6.4 billion has been raised through IPOs in the South Asian nation this year, almost double the amount from the same period a year earlier, data compiled by Bloomberg show. That’s also roughly three times the amount raised in Hong Kong, the data show. And there’s more to come. Among those, Hyundai Motor Co. could raise as much as $3.5 billion from a share sale of its Indian unit, Bloomberg News has reported. Hillhouse Investment is considering options for the Indian unit of Versuni Group BV, formerly Philips Domestic Appliances, people familiar with the matter have said. To help with that work, Rothschild pools in existing resources from London, Dubai and Singapore, Shah said. It also plans to double its existing team in India, he added. The firm is also starting a debt advisory business as an increasing number of Indian companies consider raising debt to help boost growth. It may seek to hire some bankers to help businesses on refinancing, syndication and acquisition financing, among other services, Shah said. Beyond equity and debt, Rothschild sees opportunities in mergers and acquisitions advisory as both local and global companies seek deals in India, particularly in sectors such as infrastructure, renewable energy, health care and technology, according to Shah. A big part of that M&A activity will be driven by large private equity funds, he added. KKR & Co is buying medical device maker Healthium Medtech in a transaction valued at as much as $1 billion. KKR is also acquiring a controlling stake in Baby Memorial Hospital in the southern state of Kerala, while Warburg Pincus has invested in eye-care equipment and devices maker Appasamy. As part of its expansion plans in India, Rothschild has moved to a new office which is more than double the size of its earlier space. “From a Rothschild perspective, India is core to the future growth of our business globally,” Shah said. | 2024-08-27 11:21 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/lemon-tree-hotels-signs-license-agreement-for-hotel-in-ayodhya-shares-gain-12807340.html | Lemon Tree Hotels signs license agreement for hotel in Ayodhya; shares gain | Lemon Tree Hotels.Related stories. | Lemon Tree Hotels share price rose in the opening trade on August 27 following the announcement of a new license agreement for a property in Civil Lines in Ayodhya. At 09:27am, Lemon Tree Hotels was quoting at Rs 134, up Rs 1.1, or 0.83 percent, on the BSE. The property, managed by the company's wholly-owned subsidiary Carnation Hotels, is slated to open in FY28 and will feature 80 rooms, a restaurant, a rooftop lounge bar, a swimming pool, a fitness center, banquet halls, and other amenities. “In recent years, spiritual destinations have seen a marked uptick in the number of visitors and Ayodhya features high on the must-visit list for pilgrims. The city holds immense spiritual and cultural significance in Uttar Pradesh and we are thrilled to expand our presence in the city. This opening will be in addition to our seven existing and six upcoming hotels in the state," said Vilas Pawar, CEO - managed & franchise business, Lemon Tree Hotels. For more updates and market actions, check out our live blog In addition to the Ayodhya project, Lemon Tree Hotels recently signed a license agreement with its upscale brand Aurika Hotels & Resorts for a property in Surat, Gujarat. This hotel, expected to open in FY 2030, will feature 175 rooms and suites, an all-day dining restaurant, banquet facilities, a swimming pool, and a spa. Earlier this month, the company also secured a new property in Varanasi, Uttar Pradesh, expected to open in FY 2028, and announced the opening of the Lemon Tree Hotel in Noida. | 2024-08-27 09:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/stocks/bondada-engineering-shares-hit-52-week-high-on-project-win-worth-rs-575-crore-12807339.html | Bondada Engineering shares hit 52-week high on Rs 575 crore project win | Bondada Engineering.Related stories. | Bondada Engineering share price hit a 52-week high of Rs 3,684.45 in early trading on August 26, following the announcement of a Letter of Award valued at Rs 575.74 crore. At 09:25 am, Bondada Engineering was quoting Rs 3,684.45, up Rs 175.45, or 5.00 percent, on the BSE. The contract was awarded by Lumina Clean Energy, Purelight Energy, and VVKR Photovoltaics Energy for a 170.40 MW power project. This initiative is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 under the PM-KUSUM Solar projects, which will be implemented across various districts in Maharashtra. The project scope includes the design, survey, supply, installation, testing, and commissioning of grid-connected distributed solar power plants. These plants are intended for the solarization of selected agricultural feeders at the substation (SS) level within the MSEDCL jurisdiction. Additionally, the project encompasses the associated 11 kV line to connect the plant with the relevant SS and the implementation of a remote monitoring system (RMS) for the solar power plants. For the latest updates and market actions, check out our live blog Earlier this month, Bondada Engineering announced that September 2, 2024, will be the record date for the subdivision (or stock split) of its equity shares. Under this plan, each existing equity share with a face value of Rs 10 will be split into 5 new equity shares, each with a face value of Rs 2. | 2024-08-27 09:53 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/reliance-power-hits-lower-circuit-for-3rd-session-after-sebi-bans-anil-ambani-from-securities-market-12807596.html | Reliance Power hits lower circuit for 3rd session after SEBI bans Anil Ambani from securities market | The ban on Anil Ambani and 24 other entities, including former key officials of Reliance Home Finance, was imposed for allegedly diverting funds from the company..Related stories. | Shares of Reliance Power and Reliance Home Finance fell to a 5 percent lower circuit for the third consecutive session. The sharp decline comes after market regulator Securities and Exchange Board of India (SEBI), on August 22, banned promoter Anil Ambani from the securities market for five years. The ban on Ambani and 24 other entities, including former key officials of Reliance Home Finance, was imposed for allegedly diverting funds from the company. At 10:20 am,Reliance Powershares were trading at Rs 31.11 on the National Stock Exchange (NSE), locked at the lower circuit. Reliance Home Finance was also locked at the lower circuit, trading at Rs 4 on the NSE. Follow our live blog to catch all the updates The Securities and Exchange Board of India (SEBI) imposed a Rs 25 crore penalty on Anil Ambani and banned him from any association with the securities market, including roles as a director or key managerial personnel (KMP) in listed companies or intermediaries registered with the regulator, for five years. Additionally, SEBI has barred Reliance Home Finance from the securities market for six months and imposed a Rs 6 lakh fine on the company. In its 222-page final order, the regulator found that Ambani, aided byReliance Home Finance's key managerial personnel, executed a fraudulent scheme to divert funds from the mortgage lender, disguising them as loans to entities connected to him. Reliance Power has issued a clarification about the regulator's order. "Reliance Power Ltd was not a notice or party to the proceedings before Sebi in which the Order is passed. No directions are given in the Order against Reliance Power Ltd. Anil Ambani had resigned from the board of directors of Reliance Power Ltd pursuant to the interim order dated February 11, 2022, passed by SEBI in the same proceedings," it said. Therefore, "the order dated August 22, 2024 passed by the SEBI has no bearing whatsoever on the business and affairs of Reliance Power Ltd," the company added. Also Read |ÂReliance Power, other shares fall after SEBI bans Anil Ambani from securities market for five years In a statement, a spokesperson for Ambani said he had resigned from the boards of Reliance Infrastructure and Reliance Power pursuant to the SEBI interim order dated February 11, 2022. “Ambani is reviewing the final order dated August 22 passed by SEBI in the matter, and will take appropriate steps as legally advised,” they said. The statement has not led to any slowdown in selling as both stocks have continuously hit the 5 percent lower circuit in all sessions. | 2024-08-27 11:14 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nifty-sensex-open-marginally-higher-as-pharma-healthcare-stocks-rise-ultratech-cement-in-focus-12807451.html | Nifty, Sensex open marginally higher as pharma, healthcare stocks rise; UltraTech Cement in focus | Multiple market experts suggest that valuation in the pharma sector seems attractive after a health correction. Bloomberg.Related stories. | Benchmark indices Nifty and Sensex were off to a muted start after opening in the positive, albeit slightly, extending their five-day gaining streak on August 27. This comes just a day after the two gained one percent each following the US Fed's indication of a rate cut next month. At about 9:20 am, the Sensex was up 75.78 points or 0.09 percent at 81,773.89, and the Nifty was up 18.10 points or 0.07 percent at 25,028.70. About 1663 shares advanced, 890 shares declined, and 124 shares unchanged. Follow our live blog for all the latest updates "The overall breadth remains positive even if we see a flat-to-negative start and as the day progresses, stock specific buying could carry the markets in the green", Ruchit Jain, research analyst at 5paisa toldMoneycontrol. He added that despite a gradual upmove in the headline indices, buying stock specific buying opportunities have largely contributed to the sentiment. Read:ÂMadhusudhan Kela and Sunil Singhania bought this stock only four months ago. And now, the stock is on steroids Cement and construction major UltraTech Cement was buzzing in trade after it successfully raised $500 million through a sustainability-linked loan, aligning its funding strategy with its sustainability and ESG goals. The financing, supported by six banks, marks UltraTech's second sustainability-linked initiative following its pioneering bond issuance in 2021, the company said in an exchange filing on August 26. Shares of the company were edged higher by a percent. The broader market, mainly mid-small cap indices, outperformed the Nifty and Sensex after rising 0.2 and 0.3 percent, respectively. Jain added that this space hasn't reached the 'euphoria' stage yet and strong retail coupled with mutual fund inflows will keep the buoyancy intact. To be sure, the mid-small cap indices have outpace the Nifty's year-to-date gains comfortably. "This week, the market will focus on India & US GDP data, derivatives monthly expiry, and other global cues," Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said. Read more:ÂLG Electronics weighs India IPO to help chase $75-billion goal Among sectors, Nifty Pharma was the top gainer, rising almost a percent after gains in Divi's Labs and Dr Reddy's kept the index higher. Multiple market experts suggest that valuation in the pharma sector seems attractive after a health correction. The healthcare index followed next, up 0.5 percent. Nifty IT also saw buying interest after it rose 0.4 percent. "After a flat opening, Nifty can find support at 24,950 followed by 24,850 and 24,800. On the higher side, 25,050 can be immediate resistance, followed by 25,150 and 25,200," Hardik Matalia, Derivative Analyst at Choice Broking, said. "The charts of Bank Nifty indicate that it may get support at 51,000, followed by 50,800 and 50,700. If the index advances further, 51,300 would be the initial key resistance, followed by 51,500 and 51,600," he added. | 2024-08-27 09:35 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/ceigall-india-stock-soars-7-as-investors-cheer-upbeat-q1-earnings-12807537.html | Ceigall India stock soars 7% as investors cheer upbeat Q1 earnings | Ceigall India recorded an on year improvement across all three key parameters of revenue, profit and profitability in Q1..Related stories. | Ceigall India shares surged as much as 7 percent on August 27 as investors cheered for the company's upbeat earnings for the April-June quarter. The road infrastructure developer's net profit for the quarter surged nearly 69 percent on year to Rs 79.4 crore in Q1 of FY25, up from Rs 44.2 crore in the same period last fiscal. Bottomline growth was aided by an equally impressive topline growth of over 32 percent to Rs 820 crore, as against Rs 620 crore in the base period. The operational performance also improved as the EBITDA margin expanded sharply to 17.5 percent as compared to 13.4 percent in the same period last year. At 10.45 am, shares ofCeigall Indiawere trading at Rs 405.55 on the NSE, sharply off its day's high of Rs 421.50. The stellar earnings also tipped off a spike in volumes in the counter as 28 lakh shares changed hands on the exchanges so far, significantly higher than the one-week daily traded average of 11 lakh shares. Follow our market blog to catch all the live action Shares of Ceigall India made their market debut earlier this month, listing at a premium of 5 percent at Rs 419 on the NSE, as against its IPO price of Rs 401 per share. The stock is currently trading over 6 percent lower than its listing price. In an interaction with CNBC-TV18 post its listing, Bhagat Singh and Ramneek Sehgal from Ceigall India, stated that the company plans to utilise proceeds from the public issue to reduce debt and purchase machinery. The company has also quoted for the longest metro project in Agra, valued at Rs 1,528 crore, and currently holds an order book of Rs 9,400 crore, with 80 percent from NHAI. "The company has also bid for projects worth Rs 16,000 crore," the duo said. "While standalone cash flows are positive, operating cash flows are negative due to the HAM project, where 40 percent of payments are received during execution and 60 percent as annuity income. As these HAM projects are completed, cash flow is expected to strengthen. Ceigall India consistently bids for contracts based on targeted EBITDA margins," they explained. | 2024-08-27 11:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/aavas-financiers-shares-rise-2-as-cvc-makes-open-offer-to-acquire-up-to-26-stake-12807691.html | Aavas Financiers shares rise 2% as CVC makes open offer to acquire up to 26% stake | Aavas Financiers shares rise 2% as CVC makes open offer to acquire up to 26% stake. | Aquilo House Pte Ltd and CVC Capital Partners have on August 27 filed open offer to acquire up to 26 percent ofAavas Financiers Limited'sexpanded voting share capital at Rs 1,766.69 per fully paid up equity share. The open offer has been made for acquisition of over 2 crore equity shares of face value of Rs 10 each worth up to Rs 3,664 crore. JM Financial Limited has been appointed as the manager to the Open Offer, which opens on October 4 and closes on October 17. At 11:20 am on August 27, Aavas Financiers shares were trading nearly 2 percent higher at Rs 1,720 apiece. On July 3, Moneycontrol was the first toreportthat the promoters of Aavas Financiers, Kedaara Partners and Partners Group were eyeing an exit. Should the open offer be fully subscribed, CVC is set to acquire a controlling 52.47% stake in Aavas. | 2024-08-27 11:46 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/short-call-sgbs-an-expensive-headache-for-the-govt-cooling-crude-to-lift-indigo-shilpa-medicare-bikaji-foods-in-focus-12807461.html | Short call | SGBs an expensive headache for the govt? Cooling crude to lift IndiGo, Shilpa Medicare, Bikaji Foods in focus | With the Jackson Hole symposium hinting at a potential easing of monetary policy, the outlook for gold could become even more favorable.Related stories. | All that glitters is not gold, and this saying has proven true for the government. The Reserve Bank of India recently announced premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and March 2020. Street chatter has it that not only is the government opting for early withdrawals, but it might also be hesitant to issue any more SGB tranches. Here’s the scoop: back in 2015, the RBI and the government launched SGBs with a clear goal—curb India’s insatiable appetite for gold, reduce imports, and help control the ballooning current account deficit. Instead of buying physical gold, investors could invest in bonds that earned a fixed annual interest of 2.5 percent, with any returns made after the bond’s eight-year maturity being completely tax-free. The SGBs were a hit right out of the gate. In the first year alone, the government issued three series, continuing to roll out new bonds as gold prices climbed. But there’s a twist: SGBs are most beneficial when gold prices remain stable or increase gradually. If gold prices soar, the government ends up paying much more than anticipated—and that’s exactly what happened. When the government raised Rs 245 crore from the first batch of SGBs in 2015, gold was priced at Rs 2,684 per gram. By the time those bonds matured, gold prices had more than doubled to Rs 6,132 per gram. This meant that the RBI had to pay out significantly more, plus the interest accrued over the years. While this price surge was great news for investors, it threw a wrench in the government’s original plan to cheaply raise funds for its initiatives and manage the growing current account deficit. What started as a cost-effective strategy turned into a costly dilemma, with SGB values more than doubling in less than eight years. Out of the 67 tranches of SGBs issued so far, only four have matured, leaving the government to face 63 more tranches set to mature in the coming years. With the Jackson Hole symposium hinting at a potential easing of monetary policy, the outlook for gold could become even more favorable. It remains to be seen whether more SGBs will be issued and how the government plans to navigate this financial conundrum. Soft crude can give IndiGo a profitable lift Analysts at ICICI Securities highlighted that any drop in crude oil prices could breathe new life into aviation stocks, with Interglobe Aviation (IndiGo) set to gain the most. In the first quarter of FY25, the average price of Brent crude oil was $84 per barrel, and aviation turbine fuel (ATF) was around Rs 1 lakh per kiloliter. By August 23, 2024, the price of Brent crude had dropped to $78.2 per barrel, and the average ATF price for August was Rs 97,945 per kiloliter. What does this mean for Indigo? If fuel prices per available seat kilometer (ASK) fall by 10 percent, the difference between revenue per available seat kilometer (RASK) and cost per available seat kilometer (CASK) would jump to Rs 0.52. In that case, IndiGo's profit before tax (PBT) would rise by 36 percent to Rs 12,200 crore. And if fuel prices drop by 20 percent, the RASK-CASK spread would increase to Rs 0.69, boosting PBT by a whopping 72 percent to Rs 15,500 crore. Shilpa Medicare (Rs 731.55, +5%) Successful phase 3 clinical trials of fatty liver drug SMLNUD07, known as NorUDCA Bull case:Robust pipeline of complex, high-margin drugs set to come into the mix by FY26, with several products currently under clinical trials. Sharp spike in institutional shareholding in the stock during the June quarter ushers further confidence. Bear case:With several drugs caught in different phases of clinical trials, the company is extremely privy to regulatory risks. Heavy dependence on 10 customers for its CDMO business can also pose a downside risk to earnings growth. Bikaji Foods (Rs 855, 0.04%) Acquired 55 percent stake in Ariba Foods Bull Case:Bikaji can tap into Ariba's preexisting distribution network. Acquistion is in-line with Bikaji's strategy to develop and expand the frozen snacks business in India. Bear Case:Falling demand for quick-service food might impact the topline. Bikaji could face difficultiesd in shifting some production to Ariba's manufacturing in Ujjain, Madhya Pradesh. Export sales contribute to 50 percent of Ariba's sales, any chances in taxation or import laws in other countries can impact margins. (with inputs from Vaibhavi and Zoya) | 2024-08-27 08:28 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/brokerage-radar-price-target-lifted-for-avenue-supermarts-power-stocks-get-bullish-views-12807425.html | Brokerage Radar: Price target lifted for Avenue Supermarts, mid-cap IT names; power stocks get bullish views | Stock Market Radar.Related stories. | Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes stocks like Avenue Supermarts and Medi Assist, along with sectors like power, information technology, chemicals, and real estate. CLSA On Avenue Supermarts Maintain Outperform, Raises Target To Rs 5,650 From Rs 5,535/Sh Annual Report Analysis Indicates Greater Sustainability Focus Gradually Improving Across The Environmental And Social Metrics Increased Its Focus On Utilising More Solar Energy & Green Building Certifications Paying A Greater Proportion Of Workers Above Minimum Wage Than In FY23 Remain Positive On The Outlook For The Stock Co Remains A Long-term Cost-leader In Indian Retail JPMorgan On Indegene Initiate With Neutral, Target At Rs 570/Sh Growth Slowed Down Post COVID From Client-specific Factors & weakening Macro Growth Should Bounce Back To early Teens From FY26 Expect Co To Enjoy Low-teens Secular Growth Co Trades At Premium To Most TechOps Cos & At Upper End Of Midcap Tech Svcs Peers With Full Valuations & Clouded Visibility On New Launch, Find The Stock Fairly Priced Investec On Power Generation Increased 8.3% YoY July Led By Healthy Power Demand PLF Increased For Coal, Gas, Nuclear & RES Segments & Was Lower For Hydro Segment Coal Dispatches To The Power Sector Increased 25.7% YoY To 65.5 mt Expect A Healthy Earnings Growth Within Our Coverage Space Remain Positive On NTPC, CESC, Inox Wind & Kalpataru Investec On Medi Assist Buy Call, Target At Rs 625/Sh Acquisition Of Paramount TPA Represents One Of The Largest TPA Deals In India Acquisition Will Increase Market Share In Grp Segment By 6% & 4% In Health Deal Values Paramount At Rs 400 crore, Implying 2.5x FY24 Sales & 39x FY24 P/E Deal Value Is Reasonable Given The Scale Of Paramount HSBC On IT Mid-tier IT Space Is Not So Strong, Weaker Margin Performance Is A Concern Downgrade KPIT To Hold From Buy, Target Cut To Rs 2,000 From Rs 2,160/sh Prefer L&T Tech Over KPIT & Cyient, Maintain Our Hold Rating On LTTS Mid-tier Avg Valuations are now at a premium to top-tier companies Vs 35% In Past Five Years Believe Persistent Sys Will Continue To Grow Strongly In Double-Digits & Outperform Peers KPIT Has Significantly Outperformed The Sector Over The Past Few Years Buy Call On Coforge, Target Raised To Rs 6,900 From Rs 6,500/sh Hold Call On Mphasis, Target Raised To Rs 2,900 From Rs 2,725/sh Hold Call On L&T Tech, Target Raised To Rs 5,560 From Rs 4,905/sh MS On Chemicals Brazil Potash Price Drops Potash Prices Have Yet To React To Potentially Tighter Supply Dynamics Urea Prices Largely Retreated Across Key Regions Last Week MS On Real Estate Investor Interest In Real Estate Has Waned Vs 6 Months Ago Developers Are Launch-Dependent And Valuations Are Stretched We Remain Constructive Amid A Continued Up-Cycle Pre-sales Outlooks For DLF, Oberoi, & Prestige Could Be Slower Investors Are Looking At Smaller Developers Godrej Is Our Preferred Play; Questions Around Lower Margin & Cash Flow Remain On An EV/ EBITDA Basis, Prestige & Godrej, Both OW-rated, Look Cheaper | 2024-08-27 07:49 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/bulk-deals-ashish-kacholia-sells-1-22-stake-in-repro-india-12807296.html | Bulk Deals: Ashish Kacholia sells 1.22% stake in Repro India | representative image. | Ashish Kacholia sold 1.22 percent stake or 1,75,000 shares in Repro India at an average price of Rs 625 via a bulk deal on August 26. On the buyers side, JVS Joyrass Holdings bought 0.7 percent stake in Repro India at an average price of Rs 625. As of June 30, Ashish Kacholia had a 2.41 percent stake in the company. DSP Mutual Fund bought 1.03 crore shares in AU Small Finance Bank at an average price of Rs 630. In the newly listed Interarch Building Products, Pinebridge Inv Asia Limited A/C PB Global Funds-Pinebridge bought 1.67 lakh shares in Interarch Building Products at an average price of Rs 1202.92. Aditya Birla Sun Life Mutual Fund also bought 2 lakh shares, and BOFA Securities Europe SA bought 1.3 lakh shares. ICICI Prudential Pharma Healthcare & Diagnostics Fund bought 1.71 crore shares in Medplus Health Services at an average price of Rs 616. While its India Opportunities Fund, Innovation Fund, and Multi-Asset Fund bought 18.12 lakh, 6.04 lakh, and 9.67 lakh shares in Medplus Health Services, respectively. The Government of Singapore bought 11.54 lakh shares in Medplus Health Services at an average price of Rs 616.2. | 2024-08-26 20:42 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trade-setup-for-tuesday-top-15-things-to-know-before-the-opening-bell-54-12807363.html | Trade setup for Tuesday: Top 15 things to know before the opening bell | Nifty, Bank NIfty trader.Related stories. | The market gained eight-tenths of a percent on August 26, marking a strong start to the monthly F&O expiry week. The Nifty 50 remained in positive territory for the eighth consecutive day. Momentum indicators like the RSI and MACD maintained a positive bias, serving as key drivers. Experts suggest that some consolidation can't be ruled out before the index climbs towards the immediate resistance levels of 25,100 and then 25,400, while 24,950 is expected to serve as immediate support, followed by 24,700 as the next support. 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: 25,041, 25,081, and 25,146 Support based on pivot points: 24,912, 24,872, and 24,807 Special Formation: The Nifty 50 has formed a bullish candlestick pattern on the daily timeframe and displayed a higher top-higher bottom formation. It successfully closed the bearish gaps of August 2 and August 5 with Monday's rally, which is a positive sign. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 51,274, 51,334, and 51,432 Support based on pivot points: 51,078, 51,018, and 50,920 Resistance based on Fibonacci retracement: 51,514, 51,944 Support based on Fibonacci retracement: 50,569, 49,724 Special Formation: The Bank Nifty has formed a small bullish candlestick pattern with a long upper shadow on the daily timeframe, indicating selling pressure at higher levels. The index rose 0.4 percent to 51,148 and remained above all key moving averages. However, it failed to close above the downward-sloping resistance trendline in Monday's session. A close above this trendline is expected to start the next leg of the upward journey. 3)Nifty Call Options Data According to the monthly options data, the 26,000 strike holds the maximum open interest (with 81.28 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,500 strike (78.31 lakh contracts) and the 25,000 strike (69.12 lakh contracts). Maximum Call writing was seen at the 26,100 strike, which saw an addition of 24.5 lakh contracts, followed by the 25,500 and 26,000 strikes, which added 19.03 lakh and 14.62 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,800 strike, which shed 20.88 lakh contracts, followed by the 24,900 and 25,300 strikes, which shed 11.31 lakh and 4.6 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 24,000 strike (with 91.41 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 25,000 strike (86.99 lakh contracts) and the 24,500 strike (74.51 lakh contracts). The maximum Put writing was observed at the 25,000 strike, which saw an addition of 43.03 lakh contracts, followed by the 24,900 and 24,800 strikes, with 30.67 lakh and 12.8 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 23,900 strike, which shed 2.11 lakh contracts, followed by the 24,700 and 24,100 strikes, which shed 1.98 lakh and 49,175 contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the 52,000 strike holds the maximum open interest, with 30.85 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 51,500 strike (25.38 lakh contracts) and the 51,200 strike (20.83 lakh contracts). Maximum Call writing was visible at the 51,300 strike (with the addition of 10.62 lakh contracts), followed by the 51,200 strike (10.35 lakh contracts) and the 51,700 strike (6.55 lakh contracts), while the maximum Call unwinding was seen at the 51,000 strike, which shed 10.57 lakh contracts, followed by the 50,900 and 50,800 strikes, which shed 5.12 lakh and 2.04 lakh contracts respectively. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 51,000 strike (with 26.48 lakh contracts), which can act as a key support level for the index. This was followed by the 50,000 strike (22.98 lakh contracts) and the 50,500 strike (19.35 lakh contracts). The maximum Put writing was observed at the 51,200 strike (which added 9.38 lakh contracts), followed by the 50,800 strike (6 lakh contracts) and the 51,300 strike (5.83 lakh contracts), while the maximum Put unwinding was seen at the 50,400 strike, which shed 2.58 lakh contracts, followed by the 50,300 and 52,000 strikes, which shed 39,315 and 23,835 contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 1.31 on August 26, from 1.27 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 Volatility maintained its uptrend for another session but remained below the 15 mark. Therefore, the trend is expected to be favourable for bulls. The India VIX, the fear index, increased by 1.79 percent to 13.80, up from 13.55 levels. 10)Long Build-up (73 Stocks) A long build-up was seen in 73 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (15 Stocks) 15 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (25 Stocks) 25 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (69 Stocks) 69 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: Nil Stocks retained in F&O ban: Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Birlasoft, Chambal Fertilisers and Chemicals, Indian Energe Exchange, India Cements, RBL Bank Stocks removed from F&O ban: GNFC, Granules India, Hindustan Copper, NALCO, Sun TV Network Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary. | 2024-08-26 22:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/gala-precision-engineering-sets-price-band-of-rs-503-529-a-share-for-ipo-12807426.html | Gala Precision Engineering sets price band of Rs 503-529 a share for IPO | Gala Precision Engineering Ltd has set a price band of Rs 503-529 a share for its initial public offering that will open on September 2.Related stories. | Gala Precision Engineering Ltd has set a price band of Rs 503-529 a share for its initial public offering that will open on September 2. The anchor book will start on August 30 and the issue will close on September 4. The IPO includes a fresh issue of 2.56 million shares and an offer for sale of 616,000 shares by existing promoters and shareholders. At the upper price band, the fresh issue is valued at Rs134.34 crore, the OFS at Rs32.58 crore, bringing the total issue size to Rs167.93 crore. The estimated market cap is around Rs670 crore. Gala Precision has two manufacturing facilities in Palghar (Maharashtra). It makes precision components of technical springs like disc and strip springs, coil and spiral springs, and special fastening solutions. These products are used in sectors like renewable energy (including wind turbine and hydropower plants), electrical, off-highway equipment, infrastructure and general engineering, and automotive and railways. Catch all the market action on our LIVE blog The company claims to be a major disc springs manufacturer in the domestic market, boasting a 10 percent market share in the Indian disc springs market. It has a significant presence in the disc and strip springs market for the renewable industry with a 70 percent share in the domestic market and three percent in the global market. Gala, which competes with listed peers like Harsha Engineers International, SKF India, Sundaram Fasteners, Rolex Rings, Sterling Tools, and Ratnaveer Precision Engineering earned little more than 80 percent revenue from its springs technology business, 19.3 percent from fastening solutions, and half a percent from the surface engineering solutions segment. The firm recorded almost flat profit from continuing operations for the year ended March 2024 at Rs 22.53 crore, down just 0.14 percent from Rs 22.56 crore in the previous fiscal despite a healthy topline and operating numbers. The base in the previous year was high due to exceptional items. It reported exceptional loss of Rs 2.3 crore against exceptional gain of Rs 9.76 crore during the same period. Revenue from operations grew by 22.4 percent on-year to Rs 202.5 crore in the fiscal year 2024. EBITDA (earnings before interest, tax, depreciation and amortisation) in FY24 jumped 41.8 percent to Rs 38.8 crore with margin rising 260 bps to 19.1 percent compared to FY23. PL Capital Markets is the sole book-running lead manager to the issue. | 2024-08-27 07:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/premier-energies-raises-over-rs-846-crore-via-anchor-book-ipo-to-open-on-august-27-12807355.html | Premier Energies raises over Rs 846 crore via anchor book; IPO to open on August 27 | Premier Energies IPO.Related stories. | Private equity investor GEF Capital-backed solar cell and solar module maker Premier Energies has mobilised Rs 846.12 crore through its anchor book on August 26, a day before the issue opening. Global marquee investors Nomura Funds, Blackrock Institutional Trust Company, PGGM World Equity, Government Pension Fund Global, Abu Dhabi Investment Authority, Neuberger Berman Investment Funds, Morgan Stanley, BNP Paribas, Pioneer Investment Fund, Eastspring Investments, Carmignac Portfolio, and Allianz Global Investors Fund participated in the anchor book. In addition, domestic fund houses like HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon Life India, Ashoka Whiteoak ICAV, Kotak Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Trustee, Mirae Asset, DSP Mutual Fund, Quant Mutual Fund, UTI Mutual Fund, Canara Robeco Mutual Fund, Tata Mutual Fund, Invesco India, Bandhan Mutual Fund, Sundaram Mutual Fund, Motilal Oswal Mutual Fund, and Manulife also invested in the company via anchor book. Also read:ÂGala Precision Engineering IPO to hit Dalal Street on September 2 The company said it has finalised allocation of 1,88,02,666 equity shares to anchor investors at Rs 450 per equity share. "Out of the total allocation of 1,88,02,666 equity shares, 88,34,356 equity shares were allocated to 17 domestic mutual funds through various schemes." Half of the issue size is reserved for qualified institutional buyers (out of which 60 percent is booked for anchor book), 35 percent for retail investors, and the remaining 15 percent for non-institutional investors (high-networth individuals). Also read:IGI IPO: Why Blackstone wants Indian investors to fund its exit from overseas units Telangana-based Premier Energies intends to raise Rs 2,830.4 crore via initial public offering at the upper price band. The IPO is a combination of fresh issue of equity shares worth Rs 1,291.4 crore and an offer-for-sale of 3.42 crore equity shares worth Rs 1,539 crore by investors and promoter. Investors South Asia Growth Fund I Holdings LLC and South Asia EBT Trust, and promoter Chiranjeev Singh Saluja are the selling shareholders in the offer-for-sale. The public issue will close on August 29. The company will utilise Rs 968.6 crore out of the net fresh issue proceeds for the establishment of 4 GW Solar PV TOPCon cell and a 4 GW solar PV TOPCon module manufacturing facility in Hyderabad; the remaining funds will be used for general corporate purposes. | 2024-08-26 22:52 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/gpt-infraprojects-launches-qip-floor-price-set-at-rs-183-83-per-share-stock-may-gain-12807448.html | GPT Infraprojects stock gains on QIP launch; floor price set at Rs 183.83 per share | GPT Infraprojects stock has rallied 353 percent in last 12 months, more than quadrupling investors' capital. In comparison, Nifty delivered returns of around 27 percent during this period..Related stories. | Shares of Kolkata-based infrastructure firm GPT Infraprojects gained on August 27 as the company's Fund Raising Committee has given the green light for a qualified institutional placement (QIP) to raise funds. The floor price for the QIP has been set at Rs 183.83 per equity share, a discount of 1.8 percent from the last closing price. The company may offer a discount of up to 5 percent on the floor price at its discretion. A QIP is a fundraising mechanism used by companies to raise capital through the issue of equity shares or convertible securities to qualified institutional buyers (QIBs). GPT Infraprojects' fund raising committee approved the preliminary placement document dated August 26, 2024, and authorised the opening of the issue to eligible qualified institutional buyers. Follow our market blog to catch all the live action For the first quarter of FY25, GPT Infraprojects reported consolidated financials showing a positive trend. Its net sales increased by 2.47 percent on-year to Rs 241.73 crore compared to Rs 235.90 crore in the year-ago period. The company's quarterly net profit saw a significant rise of 31.61 percent YoY, totaling Rs 16.03 crore, up from Rs 12.18 crore a year earlier. GPT Infraprojects shares ended 1.3 percent lower at Rs 187.20 on the National Stock Exchange (NSE) in the previous session. So far this year, the stock has rallied 124 percent, massively outpacing benchmark Nifty's returns of around 14 percent during this period. The counter has rallied 353 percent in last 12 months, more than quadrupling investors' capital. In comparison, Nifty delivered returns of around 27 percent during this period. | 2024-08-27 09:23 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-23-12807035.html | First Tick: Top 10 global cues for today’s trade | stocks.Related stories. | Indian benchmark indices Sensex and Nifty 50 are likely to open lower on August 27, tracking cues from GIFT Nifty trading near 25,025.5, a short while ago this morning. Track the latest updates onÂGIFT Nifty right here on Moneycontrol. Indian indices ended on a strong note on August 26 with Nifty back above 25,000 and also inched closer to its record high, after Fed Chair Powell at its latest meeting hinted at interest rate cuts in the near future. At close, the Sensex was up 611.90 points or 0.75 percent at 81,698.11, and the Nifty was up 187.45 points or 0.76 percent at 25,010.60. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading lower, indicating a flat to negative start for the day. Nifty futures were trading at 25,025.5 at 07:10 am IST. Asian Equities (Down) Asian markets were trading mostly lower in the early trade on Tuesday despite the Dow Jones Industrial Average on Wall Street reaching new highs.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Topix 0.30 -0.87 10.79Nikkei-0.180.9711.60Hang Seng - - -Taiwan -0.492.85 19.37Kospi-0.440.07-1.05US Equities (Down) The S&P 500 finished lower on Monday, with AI heavyweight Nvidia dipping ahead of its quarterly report this week. At the same time, investors waited for inflation data to provide clues about the path of interest-rate cuts by the Federal Reserve. The S&P 500 declined 0.32% to end the session at 5,616.84 points. The Nasdaq declined 0.85% to 17,725.77 points, while the Dow Jones Industrial Average rose 0.16% to 41,240.52 points.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Dow Jones 0.16 1.18 10.33S&P500-0.321.9218.74Nasdaq-0.850.9219.06US Bond Yield (Down) The US 10-year Treasury yield was down 10 bps at 3.81 percent, while the US 2-year bond yield was down 11 bps at 3.93 percent.CURRENT PRICEMTDYTDUS 10-Year Treasury 3.81 4.194.23US 2-Year Treasury 3.93 4.385.04Dollar Index (Down) The dollar index was trading marginally lower around 101 against the other major currencies in the early trade on Tuesday.CURRENT PRICEMTDYTDDollar Index 100.90 104.31 104.07Asian currencies (Down) Except for Indonesian Rupiah, all other Asian currencies were trading lower against the US dollar, with the Philippines Peso leading as the top loser, followed by the Japanese Yen and Thai Baht.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Indonesian Rupiah 0.343 5.58 -0.259South Korean Won-0.2383.77-3.06Japanese Yen-0.2696.25-2.67Philippines Peso-0.342 4.04-1.52Thai Baht-0.258 5.560.475Taiwan Dollar-0.1693.14-4.06China Renminbi-0.014 1.80-0.308Malaysian Ringgit-0.2506.36-5.38Singapore Dollar-0.0232.98-1.21Gold (Down) Gold and Silver prices were trading marginally lower in the early trade on Tuesday.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Gold -0.24 2.63 21.75Silver-0.152.9125.46Crude (Down) Crude oil prices pared some of its previous session gains on Tuesday, with WTI price was down nearly 0.5 percent and Brent was down 0.37 percent.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)US West Texas -0.45 -1.10 7.55Brent Crude-0.370.485.30LME Commodities (Gain) LME commodities were trading higher in the early trade on Tuesday with Lead prices rose 3 percent and Aluminium prices up 2.5 percent.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Aluminium 2.50 10.98 6.63Copper1.730.698.52Nickel0.930.930.93Lead 3.12 1.61 2.34Zinc1.808.849.56Fund Flow Action The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 483 crore on August 26, while domestic institutional investors also bought equities worth Rs 1870 crore on the same day.26th AugustMTDYTDFII Net Flows 483.3630,102.4-1,51,270DII Net Flows 1,870.2248,950.63,06,276Hope you're all set for today's trade, we wish you a profitable day ahead. | 2024-08-27 07:45 |
moneycontrol.com | https://www.moneycontrol.com/news/business/ipo/resourceful-automobile-sme-ipo-investors-mystified-over-bumper-subscription-for-firm-with-2-yamaha-showrooms-8-employees-12807267.html | Resourceful Auto SME IPO: Investors mystified over bumper subscription for firm with '2 Yamaha showrooms, 8 employees' | Many have attributed the hype to the current bullish sentiment in the SME market..Related stories. | An SME IPO went viral on social media platform X on August 26 for the blockbuster response it evoked from investors despite its seemingly weak fundamentals. Resourceful Automobile, which operates only two Yamaha showrooms in New Delhi and employs just eight people, received a staggering 400 times subscription on its final day of bidding, August 26. The bumper response, coupled with a high grey market premium (GMP), has sparked widespread discussions on the social media platforms. The IPO, which opened on August 22, saw bids that far exceeded expectations. Resourceful Automobile operates just two Yamaha two-wheeler showrooms under the name “Sawhney Automobiles”. Resourceful Automobile will list on BSE SME platform on August 29 and allotment status will be announced on August 27. The issue size of the IPO is about Rs 12 crore and official registrar to the issue is Cameo Corporate Services. According to the company’s red herring prospectus (RHP), Resourceful Automobile plans to use the IPO proceeds to fund the expansion of its operations, including the opening of two new showrooms in the Delhi-NCR region, debt repayment, and covering working capital needs. The company, headquartered in Delhi, specialises in the sale and servicing of Yamaha motorcycles and scooters, and has a small workforce of eight employees. Of these, three handle finance and legal matters, two manage sales and marketing, one oversees HR and administration, while the remaining two are responsible for operations. Despite this limited operational scale, the company’s IPO has garnered massive attention. Traders and retail investors alike were mystified at the outsized subscription figures for a firm with such a modest footprint. According to multiple websites that track the grey market premium activities, the shares were commanding a premium of up to 70 percent in the unlisted market. However, the high GMP has also triggered caution among traders on X who are voicing their concerns. A number of voices on X raised questions about the logic behind the frenzy. One trader, Akshay Jogani, expressed his disbelief, tweeted, “Resourceful Automobile SME IPO is crazy. Two Yamaha dealership showrooms, eight employees. Asking ₹12 Cr, got ~₹2700 Cr in bids. Market cap ~₹31 Cr at IPO price on a net worth of ~₹1.5 Cr. Yet, 227x subscribed. Is no one asking what the terminal value of two dealership showrooms and eight employees is?” Another trader, Mr. X, warned against jumping on the bandwagon, posting, “Avoiding #ResourcefulAutomobile IPO. Operates 2 Showrooms, sells Yamaha two-wheelers under the brand name Sawhney Automobile. Only has 8 employees. Current GMP at 73% (looks fabricated).” For the period ending October 31, 2023, Resourceful Automobile reported a negative cash flow of Rs 19.33 lakh from its operating activities. The high liquidity and oversubscription have baffled market observers, who are unsure if the response is based on sound fundamentals or driven purely by speculation. Viral Nagda, another trader, noted the dissonance between the company’s recent performance and the current market enthusiasm. He tweeted, “Indian Markets Hit Fever Pitch as Resourceful Automobile's IPO is Oversubscribed by 200x Despite Negative Cash Flow. #ResourcefulAutomobile sought ₹12 Cr, received ₹2400 Cr. Despite two years of negative cash flow, the grey market premium soars over 70%.” | 2024-08-27 09:50 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-hul-itc-titan-tatva-chintan-shriram-pistons-and-others-on-tuesday-12807314.html | Trade Spotlight: How should you trade HUL, ITC, Titan, Tatva Chintan, Shriram Pistons, and others on Tuesday? | Top Buy Ideas.Related stories. | The benchmark indices started the week on a strong note, closing 0.8 percent higher on August 26, with 1,244 shares advancing and 1,167 shares declining on the NSE. The market is likely to consolidate, but the overall trend remains in favour of the bulls. Here are some trading ideas for the near term: Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities Hindustan Unilever| CMP: Rs 2,821 HUL has provided a breakout from a significant sideways consolidation, forming a classical symmetrical triangular pattern. The momentum indicator MACD (Moving Average Convergence Divergence) has returned to buy mode on both daily and monthly charts, which is quite positive in the short to medium term. From a derivatives perspective, the stock has seen a good long buildup since the July series. Regarding options data, the stock has surpassed its crucial hurdle of Rs 2,800 and closed above it, where it has the highest open interest on the Call option front. It has also seen significant buildup on the Put side, and the PCR (Put Call Ratio) is still oversold at 0.56, suggesting there could be a sharp upmove from here. Strategy: Buy Target: Rs 2,920, Rs 2,960 Stop-Loss: Rs 2,759 Alkem LaboratoriesSeptember Futures | CMP: Rs 5,829 Alkem has provided a breakout from sideways consolidation with a bullish crossover in its MACD on daily, weekly, and monthly charts. The breakout has occurred, and the retest seems to be complete. The breakout was accompanied by an increase in volumes, indicating a price-volume breakout. Since the July series, the stock has seen a good long buildup, which is positive. Although there were shorts seen last week, the increase in volumes during the last trading session increases the probability of an upside. Strategy: Buy Target: Rs 6,000, Rs 6,100 Stop-Loss: Rs 5,739 Tata SteelSeptember Futures | CMP: Rs 156.2 Tata Steel is expected to retrace its overall 3-wave corrective zigzag pattern formed on the daily charts. The momentum indicator MACD has entered buy mode on the daily charts, which is quite positive in the short term. A minimum of 38.2 percent Fibonacci retracement is expected, which comes to Rs 161.51, and above that, the 50 percent retracement level comes to Rs 165. The stock has witnessed short buildup since almost the June series and now appears oversold, hence a bounce back in terms of short covering is expected. Strategy: Buy Target: Rs 161.51, Rs 165 Stop-Loss: Rs 153.21 Pravesh Gour, Senior Technical Analyst at Swastika Investmart Titan Company| CMP: Rs 3,630 Titan Company is witnessing multiple bullish setups, including a breakout of a symmetrical triangle formation. It is also forming higher highs and higher lows, making it attractive for long-term investors as it has closed above the 200-DMA (Days Moving Average) on the longer timeframe. It is building a strong base in a cluster of 20, 50, and 100-DMA at around Rs 3,400. On an immediate basis, Rs 3,800 is the horizontal resistance line; above this, we can expect a rally towards the Rs 4,000 level. On the downside, Rs 3,400 is immediate and strong support. Momentum indicators are positively poised to support the current trend strength. Strategy: Buy Target: Rs 3,800, Rs 4,000 Stop-Loss: Rs 3,400 Prakash Industries| CMP: Rs 230.88 Prakash Industries is in a classical uptrend and is now breaking out of a triangle formation to resume its uptrend. The breakout coincides with rising volume, and it has managed to sustain above the breakout level. The structure of the counter is very attractive, as it is trading above all of its moving averages. MACD supports the current strength, while the momentum indicator RSI (Relative Strength Index) is also positively poised. On the higher side, Rs 250 acts as a crucial level, and above this, we can expect a long move towards Rs 280+ in the shorter to longer timeframe, while on the lower side, Rs 200 serves as important support during any correction. Strategy: Buy Target: Rs 250, Rs 280 Stop-Loss: Rs 200 ITC| CMP: Rs 505.70 ITC has experienced a breakout from a multi-year resistance on the longer timeframe and has closed above the Rs 500 level. It is currently forming an ascending triangle pattern on the daily chart, suggesting potential continued upward momentum. The immediate resistance is at the previous swing high around Rs 510, and a break above this level could lead to a near-term target of Rs 540. On the downside, the immediate support is at the recent breakout level of Rs 500, with a strong demand zone around Rs 490. Momentum indicators are showing positive signals, indicating that the current trend's strength is likely to continue. Strategy: Buy Target: Rs 540 Stop-Loss: Rs 500 Mehul Kothari, DVP – Technical Research at Anand Rathi Shriram Pistons & Rings| CMP: Rs 2,104 Shriram Pistons is trading in a strong uptrend. During Friday’s session, a range breakout above the Rs 2,100 mark was witnessed, followed by a retracement during Monday’s session. The weekly and long-term charts depict a buy-on-dips trend. Thus, traders are advised to buy the stock between Rs 2,100 and Rs 2,000 for a target of Rs 2,300 in the coming weeks. Strategy: Buy Target: Rs 2,300 Stop-Loss: Rs 1,900 Kokuyo Camlin| CMP: Rs 199.7 In Monday’s session, a fresh range breakout was witnessed in Kokuyo Camlin above the Rs 195 mark, and it was achieved at an all-time high. The price action was supported by exceptional volumes of over 15 lakh, compared to the usual volume of just 3–4 lakh in the stock. The daily ADX (Average Directional Index) has crossed 25 and is now near 29, indicating more strength. Thus, traders are advised to accumulate the stock in the range of Rs 198–190 for a target of Rs 224. Strategy: Buy Target: Rs 224 Stop-Loss: Rs 179 Tatva Chintan Pharma Chem| CMP: Rs 1,000 Tatva Chintan Pharma Chem has been in a corrective mode for the past two years, coming down from the peak of Rs 2,600. On the daily scale, after the fall was arrested, a double bottom formation was witnessed. Along with that, there is also a positive divergence on the weekly RSI. Thus, traders are advised to buy the stock above Rs 1,020 for a target of Rs 1,120 in the coming weeks. Strategy: Buy Target: Rs 1,120 Stop-Loss: Rs 970 | 2024-08-26 21:09 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/fiis-net-buy-shares-worth-rs-483-crore-diis-net-buy-rs-1872-crore-12807259.html | FIIs net buy shares worth Rs 483 crore, DIIs net buy Rs 1,872 crore | Except PSU Bank (down 0.5 percent), all other sectoral indices ended in the green with Information Technology, Metal, Oil & Gas, Realty up 1-2 percent..Related stories. | Domestic institutional investors (DII) were net buyers of shares worth Rs 1,872 crore. Foreign investors (FII) were also net buyers of shares worth Rs 483 crore, provisional data from NSE showed on August 26. DIIs bought Rs 13,045 crore worth of shares and sold shares worth Rs 11,175 crore. Meanwhile, FIIs purchased Rs 12,749 crore in shares and offloaded equities worth Rs 12,266 crore during the trading session. For the year so far, FIIs have net bought shares worth Rs 1.27 lakh crore, while DIIs have bought shares worth Rs 3.13 lakh crore. Also read:ÂTaking Stock: Sensex gains 612 points, Nifty above 25,000; PSU Banks underperform Market view At close, the Sensex was up 611.90 points or 0.75 percent at 81,698.11, and the Nifty was up 187.45 points or 0.76 percent at 25,010.60. Biggest Nifty gainers were Hindalco, NTPC, HCL Technologies, Bajaj Finserv and ONGC, while losers included Apollo Hospitals, Hero MotoCorp, Adani Ports, Eicher Motors and Maruti Suzuki. Except PSU Bank , all other sectoral indices ended in the green. On today's market Shrikant Chouhan, Head Equity Research, Kotak Securities noted that on the backdrop of positive global sentiments, Indian markets opened with a positive note and after robust opening throughout the day, it maintained positive momentum. "In addition, on daily charts, it has formed uptrend continuation formation and on intraday charts, it is holding higher bottom formation, which supports further uptrend from the current levels," he said. For the trend following traders now, Chouhan noted that 24900/81300 would be the trend decider level. Above the same, the market could continue the positive momentum till 25125-25200/82000-82600. On the flip side, below 24900/81300 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions. | 2024-08-26 18:44 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/world-street-apple-cfo-swap-canada-tariffs-on-chinese-evs-ikeas-preowned-launch-temu-stock-drop-and-more-12807437.html | World Street | Apple CFO swap, Canada tariffs on Chinese EVs, Ikea’s Preowned launch, Temu stock drop, and more | World Street offers a sneak peek into the world of business and the economy..Related stories. | Apple will replace CFO Luca Maestri with Kevan Parekh on January 1. Canada will impose 100% tariffs on Chinese EVs. Ikea launches "Ikea Preowned," a platform for buying and selling used furniture. Temu parent PDD Holdings' stock plummets amid revenue misses. US semiconductor stocks fall as Nvidia’s results approach. Apple’s September 9 event will unveil new devices. All this and more on this edition of World Street. iChange Begins Apple has announced that Chief Financial Officer Luca Maestri will be succeeded by current Apple executive Kevan Parekh on January 1. Maestri, who became CFO in 2014, has overseen a remarkable period of growth, with Apple’s stock surging over 800 percent since his appointment, fueled by strong demand for iPhones. He will remain with the company, overseeing teams focused on IT, security, and real estate development. Canada Clamps Canada will follow the United States and European Union by imposing a 100 percent tariff on imports of Chinese electric vehicles. Additionally, a 25 percent tariff will be applied to imported steel and aluminum from China. The tariffs will impact all EVs shipped from China, including those produced by Tesla, a Canadian government official said. Canadian imports of automobiles from China through Vancouver surged 460 percent YoY to 44,356 units in 2023, coinciding with Tesla’s shipments of Shanghai-made EVs to Canada. Second Smörgåsbord Ikea is venturing into the second-hand market with the launch of "Ikea Preowned," a peer-to-peer marketplace allowing customers to buy and sell used furniture directly. This move puts the Swedish giant in direct competition with established platforms like eBay, Gumtree, and Craigslist. The platform will initially be tested in Madrid and Oslo until the end of the year, with plans for a global rollout, as confirmed by Jesper Brodin, Chief Executive of Ingka, the main operator of Ikea stores. Temu Trouble PDD Holdings, the parent company of the fast-growing Temu shopping app, saw its stock plummet over 30%, wiping out more than $50 billion in market value. The e-commerce giant reported disappointing revenue and warned of intense competition and other challenges that could slow growth and profits. PDD has faced scrutiny from governments, including the U.S., which appears to be impacting its outlook. Despite rapid growth, with revenue reaching over $13.6 billion, it fell short of analysts' expectations of $14 billion. The company's executives further unnerved investors by forecasting a tough road ahead. Nvidia Nerves U.S. semiconductor stocks dropped on Monday as investors braced for Nvidia’s upcoming financial results, set to be released on Wednesday. Nvidia, a major driver of 2024's record stock market run, has seen massive gains thanks to its AI-powered growth. Analysts expect its second-quarter revenue and earnings to more than double from last year. With Nvidia’s significant influence on major indexes, any big move in its stock could impact the broader market. iCountdown Apple will host a press event at its Cupertino headquarters on September 9, where it's expected to unveil new iPhones and Apple Watch models. The event will be streamed on Apple’s website and YouTube. Apple traditionally reveals its latest devices in the fall, just in time for the holiday shopping season. Since 2020, the tech giant has opted for pre-recorded video launches. Bronfman Bows Media veteran Edgar Bronfman Jr. has withdrawn from the bidding for Paramount Global, paving the way for Skydance Media to take control of Shari Redstone’s media empire, reported Reuters. Bronfman’s bidding group informed Paramount’s special committee of its decision to exit the process on Monday evening. Bronfman was reportedly unable to come up with the equity financing package required for his bid. Win-WinBudget South Korean authorities plan to increase government spending next year to support a cooling economy, with a focus on boosting financial support for semiconductors and growing sectors like K-pop entertainment, reported Bloomberg. According to the Finance Ministry, the government’s 2025 budget will reach 677.4 trillion won ($512 billion), a 3.2 percent rise from this year’s budget. This represents a faster increase compared to this year’s 2.8 percent rise. | 2024-08-27 07:55 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-consolidate-at-25000-bank-nifty-hold-51000-12807397.html | Trading Plan: Will Nifty consolidate at 25,000, Bank Nifty hold 51,000? | Nifty Trader.Related stories. | The Nifty 50 gained strength after a couple of days of consolidation and closed above the psychological 25,000 mark on August 26, continuing its upward journey for the eighth consecutive session. According to experts, if the index holds 25,000 amid likely consolidation, the 25,100-25,400 levels are the ones to watch in the coming sessions, while immediate support lies in the 24,900-24,800 zone. For the Bank Nifty, 51,500 is expected to be a hurdle on the higher side, with support at 51,000. On Monday, the Nifty 50 jumped 188 points to 25,011, and the Bank Nifty climbed 215 points to 51,148. On the NSE, 1,244 shares advanced, while 1,167 shares declined. Nifty Outlook and Strategy Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities The Nifty has managed to close above the 25,000 level, indicating that the probability of a new lifetime high is quite high. The momentum indicator MACD (Moving Average Convergence Divergence) is well in buy mode on the daily and weekly charts, indicating that the short-term trend is positive. From a derivatives perspective, the options data indicates that the immediate support is pegged in the range of 24,800 to 25,000 levels, whereas the immediate resistance is now pegged in the range of 25,200 to 25,400 levels. The PCR (Put Call Ratio) is trading well above the 1 level, at 1.23, and the index is also trading well above its maximum pain levels at 24,900, hence the overall trend looks positive. As long as the 24,800 level is not broken in the near term on a closing basis, the short-term trend remains positive for fresh highs. Key Resistance: 25,200, 25,400 Key Support: 24,900, 24,800 Strategy: Buy with a stop-loss of 24,800, and aim for targets of 25,200 and 25,400. Mehul Kothari, DVP – Technical Research at Anand Rathi From a technical standpoint, we are currently observing a Double Top formation at these levels, and the RSI (Relative Strength Index) on the daily chart is indicating a potential three-point negative divergence. Looking ahead, while a move above 25,100 on the Nifty 50 could extend the rally towards 25,200 – 25,400, it would be prudent to consider booking profits in individual stocks at these higher levels. For the short term, the new support level to watch is 24,800 in the upcoming sessions. Key Resistance: 25,100, 25,200 Key Support: 24,800, 24,600 Strategy: Buy Nifty Futures above 25,100, with a stop-loss of 24,990 and a target of 25,200 - 25,300. Pravesh Gour, Senior Technical Analyst at Swastika Investmart The Nifty is currently exhibiting strong bullish momentum, with the 25,000-25,080 range serving as an immediate and crucial resistance zone. If the index struggles to break through this level, a phase of profit booking may ensue. However, a decisive move above 25,080 could open the door for a rally towards the 25,250 mark. On the downside, the 24,880-24,770 range acts as an immediate demand zone. If this level is breached, the next significant support lies at the 20-day moving average (20-DMA) of 24,550. Key Resistance: 25,080, 25,250 Key Support: 24,880, 24,770, 24,550 Strategy: Consider buying on dips near 24,880, with a stop-loss at 24,550 and a target of 25,250. Bank Nifty - Outlook and Positioning Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities The Bank Nifty too has closed well above the 51,000 level, where there were multiple swing resistances as well as the highest open interest in the Call front. Now, since those levels have been taken out, the next resistance on the upside is at 51,500, with immediate support at 51,000 and below that at 50,500 levels. If the Bank Nifty manages to surpass 51,500, it is very likely to inch towards 52,000 levels. The PCR is at 0.77, indicating that the bears have the upper hand. However, there was clear Call unwinding at the lower strikes (i.e., 51,000, 50,900, and 50,800), along with clear addition in Puts at almost all strikes, with the maximum at 51,200, indicating a high probability of an upside from here. The index has closed well above its VWAP (Volume Weighted Average Price) level of 51,000, which is positive in the short term. Key Resistance: 51,500, 52,000 Key Support: 51,000, 50,800 Strategy: Buy with a stop-loss of 50,800, and target levels of 51,500 and 52,000 Mehul Kothari, DVP – Technical Research at Anand Rathi Although the Nifty Bank index managed to close well above the 51,000 mark, it did not confirm a breakout. A close above 51,200 would have validated a breakout from the falling channel pattern. However, the index fell short of this level in Monday’s session. Consequently, further upside is anticipated only if the index moves above 51,300 in the spot market or closes above 51,200. On the downside, a breach of the 51,000 level could trigger some profit-taking in the near term. Key Resistance: 51,300, 51,700 Key Support: 51,000, 50,700 Strategy: Wait and watch or buy above 51,300 in spot. Pravesh Gour, Senior Technical Analyst at Swastika Investmart Bank Nifty has established a strong base at its 100-day moving average (DMA) and is currently trading above the 20-day moving average (DMA). However, the 51,100 to 51,500 range is a crucial supply zone. A breakout above 51,500 or a dip below 50,500 will likely determine the next significant trend in the market. Key Resistance: 51,500, 52,000 Key Support: 51,000, 50,550, 50,000 Strategy: Consider buying on dips near 51,000, with a stop-loss at 50,550 and a target of 52,000. | 2024-08-27 00:07 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/nithin-kamath-warns-of-explosion-of-fake-apps-that-mimic-broker-interfaces-promise-easy-trading-profits-12807335.html | Nithin Kamath warns of explosion of fake apps that mimic broker interfaces, promise easy trading profits | Zerodha's Nithin Kamath also gave a quick breakdown of the process employed by these scamsters.Related stories. | Zerodha's co-founderNithin Kamathhas warned about the explosion of fake apps that mimic leading broker interfaces and sell the dream of easy money, only to then vanish into thin air. In a post on social media platform X, Kamath wrote that they even fool "smart", "sensible" people. Sharing a video on such scams, Kamath wrote, "Fake trading app scams have exploded and have become a mega nuisance." He added, "These scams work by inducing you to trade and making you think that making money is easy. So first, you are added to WhatsApp groups and then asked to install fake trading apps that look exactly like those of major brokers". Also read:ÂGovt fines Zerodha Asset Management, founder Nithin Kamath over CFO appointment delay, firm to contest order Explaining their strategy, Kamath said, in the first couple of trades, these apps let you make money. This is designed to convince you that you can make a lot of money. Then, they will ask you to transfer money to trade. Finally, when you try to withdraw your 'profits', these app operators ask you to make an upfront payment--to cover the fees, taxes and so on--and then the entire group and the people in it vanish. Kamath warned, "Always remember, if something is too good to be true, it almost always is. It's important to be skeptical about claims of easy money." One person who commented under his post said that a person known to the user was scammed of Rs 10 lakh and another person was scammed of Rs 50 lakh in the same manner. Another X user commented below that we should not ignore the "connivance" of bank managers in running such scams. The user pointed out that they allow many fraud accounts to be opened using the Know Your Customer (KYC) details of unsuspecting people or people who need the money (and therefore sell their KYC details). These fraud accounts are then used to hold the money made from such scams. | 2024-08-26 21:59 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/trent-ltd-block-deal-6-8-lakh-shares-sold-for-rs-470-crore-12807484.html | Trent Ltd block deal: 6.8 lakh shares sold for Rs 470 crore | Trent Ltd stock saw a block deal a day after Nifty entry..Related stories. | Trent Ltd saw a large deal on 27th August, with stake worth Rs 470 crore being sold in the block deal window ahead of market open. As many as 6.8 lakh shares of Trent Ltd were sold for Rs 6,925 per share. The deal price is near the stock's previous close of Rs 6,930. The counter opened gap-up in Tuesday's trade to quote at Rs 6,930.10 per share on the NSE, rising marginally by 0.065 percent. Trent stock has more than doubled so far this year, jumping over 130 percent since January. In the last 365 days, it rose 244.07 percent, as per BSE. The scrip multiplied investors wealth by a whopping 630.25 percent in the last three years. In a major development, the fashion and lifestyle company from the Tata group would enter into the NSE Nifty 50 index, effective 30 September. In the first quarter of FY25, the company's consolidated net profit of Rs 392.6 crore increased by 126 percent over the profit of Rs 173.48 crore in the corresponding period of the previous fiscal year. The Tata Group company reported in a regulatory filing that its revenue from operations was Rs 4,104.4 crore, up 56 percent from Rs 2,628.37 crore in the same period last year. | 2024-08-27 09:29 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/sebi-fines-catalyst-trusteeship-for-violations-while-handling-issue-by-spandana-sphoorthy-12807290.html | Sebi fines Catalyst Trusteeship for violations while handling issue by Spandana Sphoorthy | In the order, the market regulator took into consideration that the material available does not estimate the losses made by the investor and that there has been no action taken against the DT in the past..Related stories. | The market regulator has penalised Catalyst Trusteeship for violating the regulations governing debenture trustees, when handling an issue bySpandana Sphoorthy FinancialLtd. The operations of the debenture trustee (DT) between March 31, 2023, and October 31, 2023, were looked into as part of Sebi's examination of breach of convenants (or terms of an issue) by the NBFC. In the order dated August 26, the Securities and Exchange Board of India (Sebi) said that, when there was a breach or default, the debenture trustee had not communicated that to all the securities holders and that it had not organised a meeting for all of them. The order also said that it had not informed the concerned credit rating agency (CRA) in time. In the order, the regulator asked the DT to pay a fine of Rs 1 lakh. Also read:ÂSebi's FPI Disclosure Rules: Large FPIs fully compliant, investors with concentrated holdings on shopping spree, say sources On the violation when communicating with the securities holders, the order said, "the Noticee (the debenture trustee) had communicated the event of default to some of the debenture holders and the meeting was also conducted by it. But the Noticee has not provided any documentary evidence in support of having communicated all the debenture holders w.r.t breach of covenants and whether all of them attended the said virtual meeting." "Further, it is noted that the Noticee has not provided any document in support of having communicated all the debenture holders via RPAD/SPAD or Courier in addition to the email communication," said the order. As the order noted, intimating one or few debenture holders and merely submitting that the debenture holders were intimated cannot be construed as a proper communication. On its communications with the CRA, the order noted, " (the regulator's finding) conspicuously shows that the Noticee didn’t share any information upfront with India Ratings despite breach of covenants observed by it on June 20, 2023 and therefore, submission of the Noticee is devoid of merits." The order noted that the "material available on record has not quantified the amount of disproportionate gain or unfair advantage, if any" made by the DT and the loss, if any, suffered by investors. It also noted that the DT had not been penalised by Sebi in the past. The order also stated, "The Noticee being a registered intermediary is expected to adhere to fair practices and maintain a high degree of professionalism in the conduct of its business." "Further, it is pertinent to that the role of a DT is crucial as it is primarily responsible to ensure that the interest of the debenture holders is not hampered by the issuer companies. Much power is given to trustees as they stand as a protector for the investors. The Noticee was under a statutory obligation to abide by the provisions of the Circulars issued by the Regulator, which it failed to do during the IP (investigation period). | 2024-08-26 20:04 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/stock-radar-bondada-engineering-hcl-tech-lemon-tree-hotels-medi-assist-repro-india-in-focus-on-tuesday-12807400.html | Stock Radar: Bondada Engineering, HCL Tech, Lemon Tree Hotels, Medi Assist, Repro India 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 and order wins to fund raising, here's a quick look at which stocks will be in focus in today's trade. Stocks To Watch Bondada Engineering The company has received a Letter of Award for a project worth Rs 575.74 crore from Lumina Clean Energy, Purelight Energy, and VVKR Photovoltaics Energy, the special purpose vehicles formed by Paradigm IT Technologies and Metalcraft Forming Industries. UltraTech Cement The cement major has raised $500 million through a sustainability-linked loan with participation from six banks. PI Industries The Board of Directors has appointed Sanjay Agarwal as Group Chief Financial Officer of the company, effective August 26, following the retirement of Manikantan Viswanathan (Chief Financial Officer) from the company. HCL Technologies The global technology company has announced an extension of its strategic AI-driven engineering services and digital process operations (DPO) partnership with Xerox. HCLTech will support the newly formed Xerox Global Business Services organization (GBS) in driving key business metrics. Lemon Tree Hotels The hotel chain has signed a new property, Lemon Tree Hotel, Civil Lines, Ayodhya. The 80-room hotel property is expected to open in FY28 and will be managed by its subsidiary, Carnation Hotels. UCAL The automotive component manufacturer has signed a Memorandum of Understanding (MoU) with Blaer Motors. Both companies will leverage their combined expertise and resources towards the design and development of electronic components, including motor controllers ranging from 500 watts to 2 kilowatts. Mazagon Dock Shipbuilders Sanjeev Singhal, Director (Finance), has been entrusted with the additional charge of Chairman & Managing Director (CMD) of the company for five months, effective August 1. Sanjeev currently serves as the Director (Finance) of the company. Medi Assist Healthcare Services Subsidiary Medi Assist Insurance TPA has signed definitive documents for the 100% acquisition of Paramount Health Services & Insurance TPA from Fairfax Asia and the Shah family. With this acquisition, Medi Assist's TPA market share will grow to 36.6% for the group segment and 23.6% of the health insurance industry by premiums managed. Gland Pharma Qiyu Chen has not received security clearance from the Ministry of Home Affairs, Government of India. Consequently, he will cease to continue as a Director of the company, effective August 30. GPT Infraprojects The company launched its qualified institutions placement (QIP) issue on August 26, with the floor price fixed at Rs 183.83 per share. Bulk Deals Repro India Ace investor Ashish Rameshchandra Kacholia sold a 1.22% stake in the company at an average price of Rs 625 per share. However, JVS Joyrass Holdings bought a 0.7% stake at the same price. AU Small Finance Bank DSP Mutual Fund has bought a 1.39% stake in the small finance bank at an average price of Rs 630 per share. However, Fincare Business Services sold a 1.7% stake at the same price. Interarch Building Products Pinebridge Investment Asia Limited A/C PB Global Funds-Pinebridge India EQ Fund bought a 1% stake in the company at an average price of Rs 1,202.92 per share. PM Consultancy purchased a 0.64% stake at an average price of Rs 1,285.78 per share, and BOFA Securities Europe SA picked up a 0.78% stake at an average price of Rs 1,287.75 per share. Aditya Birla Sun Life Mutual Fund acquired a 0.6% stake each in Interarch at an average price of Rs 1,218.08 per share and Rs 1,299.92 per share, respectively. Medplus Health Services Foreign company Lavender Rose Investment exited Medplus by selling its entire shareholding of 11.35% at an average price of Rs 616.48 per share. However, ICICI Prudential Mutual Fund picked up a 4.3% stake in the company at an average price of Rs 616 per share, and the Government of Singapore bought a 0.97% stake at an average price of Rs 616.2 per share. MEP Infrastructure Developers Elara India Opportunities Fund and Polus Global Fund exited MEP by selling a 1.09% stake each at an average price of Rs 8.43 per share. However, Vani Agencies bought a 2.66% stake in the company at the same price. Stocks Turn Ex-Dividend Amarjothi Spinning Mills, Jai Corp, KDDL, KSE, Manorama Industries, Panchsheel Organics, United Drilling Tools, Windsor Machines Stocks Trade Ex-Date for Buyback KDDL, Suprajit Engineering, Technocraft Industries Stock Trades Ex-Date for Split Aditya Vision F&O Ban Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Birlasoft, Chambal Fertilisers and Chemicals, Indian Energe Exchange, India Cements, RBL Bank | 2024-08-27 03:03 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/lg-electronics-weighs-india-ipo-to-help-chase-75-billion-goal-12807410.html | LG Electronics weighs India IPO to help chase $75-billion goal | Chief Executive Officer William Cho said an Indian market debut is one of several options it’s weighing to revitalize a decades-old consumer electronics business. Bloomberg.Related stories. | LG Electronics Inc. is considering an initial public offering for its India business, tapping a booming stock market to help hit a target of $75 billion in electronics revenue by 2030, Bloomberg reported. Chief Executive Officer William Cho said an Indian market debut is one of several options it’s weighing to revitalize a decades-old consumer electronics business. It’s the first time the South Korean company, which competes head-on with larger rival Samsung Electronics Co., has spoken publicly about an Indian debut, the subject of persistent market and media speculation. On May 28, Moneycontrol was the first to report that LG Electronics Inc has hired advisors, namely JP Morgan and Morgan Stanley, to evaluate a potential initial public offering of its unit LG Electronics India Pvt Ltd on local bourses. ALSO READ:LG Electronics India eyes IPO after Hyundai’s move; no final decision yet Cho — who ascended to the top post in 2021 after more than three decades with the flagship of the family-owned LG Group — has set a goal of growing the electronics business to an annual revenue of 100 trillion won ($75 billion) by 2030. That’s versus overall company revenue of about $65 billion in 2023. It aims to get there in part by earning more from enterprise clients — targeting about 45% of sales from other companies by the end of the decade, versus 35% now. LG Electronics CEO William Cho “It is one of many options we can consider,” Cho told Bloomberg Television. “I understand there’s increased interest among global investors,” he said, referring to a potential IPO in India. “As of now, nothing is confirmed.” In India, LG seeks to sustain rapid growth. In the first six months of this year, revenue at LG’s unit within the Asian country rose 14% to a record 2.87 trillion won, while net income climbed 27% to 198.2 billion won. Any IPO would coincide with a boom in India’s capital markets. Some 189 companies aim to sell shares to raise $5.6 billion this year, making it one of the busiest markets in this space. At least 30 IPOs joined the pipeline as demand powered by domestic money pushes companies to explore listings. Korean peer Hyundai Motor Co. is preparing to raise as much as $3.5 billion in an Indian IPO, Bloomberg News reported this month. “We have been watching carefully what’s going on in the Indian market in terms of IPOs and following similar industry and similar IPO cases,” Cho said. LG hasn’t yet calculated possible valuations for its Indian unit, he added. Cho, 61, plans to nurture new businesses that can each bring in more than 1 trillion won of annual revenue. Among them is heating, ventilation and air-conditioning, for which the company has 11 production sites globally. Chillers — large air conditioners for buildings — have become key for artificial intelligence data centers, which are sprouting up across the world as companies pursue generative AI. Over the past three years, overseas sales of LG’s chillers have grown 40% annually, on average. LG is also expanding its subscription service for home appliances. In Korea, consumers can rent products such as washing machines and laptops ranging from three to six years by paying a monthly fee. In theory, that improves affordability and convenience: Some 35% of consumers are now opting for subscriptions, Cho said. The company recently began offering subscriptions in Malaysia and plans to roll that model out to customers in Thailand, Taiwan and India starting this year, and potentially the US and Europe in the future. LG expects revenue from the subscription business to grow 60% to about $1.3 billion in 2024. The company’s also planning to expand its free ad-supported streaming services. Cho said LG will invest 1 trillion won by 2027 to grow its webOS-based advertising and content business. “Half of my career was spent outside Korea, and it is about understanding customers and creating new business models for them,” said Cho, who has worked with LG in North America, Germany and Australia. | 2024-08-27 17:34 |
moneycontrol.com | https://www.moneycontrol.com/news/business/markets/investec-bullish-on-ntpc-cesc-inox-wind-on-healthy-power-demand-positive-outlook-12807432.html | Investec bullish on NTPC, CESC, Inox Wind on healthy power demand, positive outlook | Coal dispatches to the power sector increased by 25.7 percent YoY in July.Related stories. | Investec analysts remain bullish on power stocks such as NTPC, CESC, and Inox Wind, citing strong power demand and a positive earnings outlook. So far this year, these stocks have delivered gains ranging from 33 percent to 84 percent, outpacing the benchmark Nifty 50’s 15 percent increase. According to a recent note by Investec, power generation saw an 8.3 percent year-on-year (YoY) increase in July, driven by robust power demand. This surge led to a higher plant load factor (PLF) for coal, gas, nuclear, and renewable energy segments. Additionally, coal dispatches to the power sector increased by 25.7 percent YoY, reaching 65.5 metric tonnes. However, analysts at JM Financial noted that peak power demand and energy consumption across India moderated by nearly 5 percent YoY in August 2024, influenced by various factors such as extended holidays (like Independence Day and a long weekend) and heavy rains in certain regions. Despite this dip, the PLF of coal-fired power plants continued to improve, reaching 68 percent in July 2024, up from 64 percent in July 2023. ALSO READ:ÂBrokerage Radar: Price target lifted for Avenue Supermarts, mid-cap IT names; power stocks get bullish views During this period, 5,937 MW of new renewable energy tenders were issued, including 2,937 MW of complex projects with wind components. Meanwhile, a total of 89 GW of renewable energy projects, along with 8 GW, 18 GW, and 28 GW of nuclear, hydro, and thermal projects, respectively, are currently under construction. For the quarter ended June, NTPC reported an 11 percent YoY increase in standalone net profit, reaching Rs 4,511 crore, while consolidated revenue rose 13.5 percent YoY to Rs 44,419 crore. CESC’s net profit grew 5.4 percent YoY to Rs 388 crore in Q1FY25, with revenue from operations increasing 12.8 percent YoY to Rs 4,863 crore. Inox Wind also made a turnaround, posting a profit of Rs 50 crore after a loss of Rs 65 crore in the previous quarter. The company’s total revenue surged by 85 percent YoY to Rs 651 crore in Q1FY25. | 2024-08-27 09:07 |
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