Bajaj Finance's quarterly business update, coupled with around 24 per cent fall over the past six months, has turned risk-reward favourable for investors, observe analysts. They see up to 39 per cent upside in the stock, from a one-year perspective. Global brokerage CLSA, for instance, has upgraded the stock from 'underperform' to 'outperform' with an increased one-year target price of Rs 6,600 (vs Rs 6,000 earlier) as it believes the risk-reward has turned favourable for the counter, and there is scope for expansion if growth remains robust.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
'We expect exports to touch Rs 1,000 crore by the end of the year.'
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
As many as 37 per cent of smartphones sold in India in 2022 cost Rs 15,000 or more.
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
Domestic rating agency Icra on Monday upped its banking sector outlook to 'positive' on healthy asset growth, improving asset quality and stronger capital buffers. The agency expects asset quality to improve to a decadal best of 4 per cent from a gross non-performing assets (NPAs) perspective by the end of FY24. The banking system's credit growth will slow down to 11-11.6 per cent in FY24, after a very healthy growth of 15.2-16.1 per cent expected in FY23, the rating agency said.
Reflective of the conglomerate's ambition to turn into a consumer-driven business, most of the 33 acquisitions in the last financial year were for its digital, retail, or related verticals.
While Jio MF will undoubtedly grow in size, it will have to cross multiple hurdles even to emerge as the market leader, observes Debashis Basu.
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.
Analysts cut upstream firms' FY15 earnings estimates, while raising those for GAIL and Gujarat Gas.
Freight earnings accounted for 65 per cent of IR's total earnings of Rs 144,167 crore (Rs 1,441.67 billion) in 2013-14.
Zomato has lost over 9 per cent thus far in calendar year 2023 (CY23) and has underperformed the S&P BSE Sensex that has slipped nearly 5.3 per cent during this period. Despite this underperformance, analysts at HSBC think that the stock can hit Rs 87 going ahead - up over 64 per cent from the current levels. The food delivery industry, wrote Yogesh Aggarwal and Abhishek Pathak of HSBC in a recent note, has slowed considerably in the last few months.
'The stockbroker should have a good balance sheet to support its scale of operations. It should also have proper risk management in terms of margins so that it doesn't go bankrupt during extreme market movements.' 'The broker must have a track record of navigating several market cycles in an ethical and transparent manner.'
The key risks against a fast recovery would include long delays in business travel resumption, delays in commissioning, etc.
The ministry has also asked that the cap of such borrowings is to be set at $500 million (Rs 3,450 crore) for a single company and $1 billion (Rs 6,900 crore) for the entire sector.
The 30-share Sensex ended up 33 points at 27,241.78 and the 50-share Nifty ended up 27 points at 8,200.70.
The regulator budget is projected to have deficit of Rs 76.6 cr; fee hike will help turn this into a surplus of Rs 105.7 crore.
'Favourable product mix, sales recovery, and cost saving initiatives are expected to support margins going ahead while focus on debt reduction (target of debt free by FY24) will aid balance sheet strength'
After clocking losses for seven straight quarters, Tata Motors on Wednesday posted a consolidated net profit of Rs 3,043 crore in the third quarter (Q3) of 2022-23. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix. "We remain cautiously optimistic about the demand situation, notwithstanding the global uncertainty.
India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
There are multiple near-term worries for the stock of India's largest listed consumer company, Hindustan Unilever (HUL). While inflationary pressures will weigh on its profitability, demand pressures - especially in the rural market - are expected to hit the firm's revenues. This is why brokerages have cut the earnings estimates for financial year 2022-23 (FY23) by 7-10 per cent.
Net sales of the company for the fiscal stood at Rs 48,605.53 crore.
Overall, the credit profiles of players will be supported by healthy balance sheets and liquidity. Prudence in capital and development expenditure, efficient working-capital management, and recent equity raising will help sustain credit metrics in FY22.
Injury due to self-cleaning of ears with Q-tips or sharp objects like pencils, pins, forceps also contribute to hearing loss, warns Dr Aditi Sinha.
Kochi Refineries shot up to the 20% upper deck on commencement of trading on Monday and stayed put at that level.
Ashok Leyland found itself in full gear in early trades on Thursday as burgeoning M&H vehicle sales have prompted the company to up truck sales growth targets to 20% for 2002-03.
The operating margin of India Inc is likely to drop in the December quarter with a 100-120 bps year-on-year decline, as 27/40 sectors are set to see crimped margins despite higher revenue, according to a report. Surging commodity prices and price hikes may help companies report a healthy 16-17 per cent revenue growth to Rs 9.1 lakh crore during the quarter ending December, the Crisil report said on Tuesday. Software major TCS will open the earnings season Wednesday.
After selling brands like Pulsar, Boxer, Platina and RE in over 70 countries, Bajaj Auto plans to enter Thailand this year followed by Brazil next year.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
Higher economic growth and affordability will help Indian aviation firms register strong growth.
India's gold imports, which have a bearing on the country's current account deficit (CAD), rose by 33.34 per cent to $46.14 billion during the 2021-22 fiscal on account of higher demand, according to official data. Gold imports were worth $34.62 billion in 2020-21. The surge in gold imports during the last financial year contributed to the widening of the trade deficit to $192.41 billion, against $102.62 billion in 2020-21.
Rising prices of international coal - both coking and thermal - used in the making of ferrous and non-ferrous metals, respectively, are expected to have an impact on margins of metals companies in July-September quarter (Q2) as steel companies may see margins getting eroded, while the base firms could stand to benefit, said brokerages.
At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016.
The economy segment of India's car market is unlikely to revive soon term as inflation and prices prompt buyers to defer purchases. The share of entry-level cars in the passenger vehicle market dropped to the lowest in seven years at the end of the Financial Year 2021-22 (FY22). A recovery in the segment will be largely driven by the overall economic growth, improvement in income levels, and easing of semiconductor shortage, say carmakers and analysts.
Bengaluru-based Prestige Estates Projects recently said it aims to double its annual residential sales bookings to Rs 25,000 crore by FY26 from its current markets and others such as Mumbai, Pune and National Capital Region (NCR). The company's chairman and managing director Irfan Razaq tells Raghavendra Kamath about his plans to achieve the target and outlook for the real estate market.
Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum may post a combined loss of Rs 10,700 crore in June quarter on selling petrol and diesel at rates below cost, a report said on Monday. While the raw material (crude oil) prices soared in April-June, petrol and diesel prices were not revised, leading to marketing losses which offset strong refining margins, ICICI Securities said in the report. The three state-owned oil marketing companies -- IOC, BPCL and HPCL -- control 90 per cent of the retail petrol and diesel sales in the country.
Notwithstanding the windfall tax placing a cap on profits, oil and gas producers like Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) have done well in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23). ONGC faces the drag of poor results from its subsidiary Hindustan Petroleum Corporation, and in comparative terms, OIL is better off. Standalone net sales in Q3FY23 stood at Rs 5,900 crore - up 57 per cent year-on-year (YoY), up 2 per cent quarter-on-quarter (QoQ).
The ongoing headwinds like war-triggered inflation, rate tightening by RBI and weak rupee will lead to a Rs 60,000 crore increase in 'risky debt' in FY23, a ratings agency warned on Monday. Defining 'risky debt' as borrowings by companies having a net leverage or debt to operating profit ratio of more than five times, India Ratings said the ongoing troubles will take the stock of such loans to Rs 6.9 lakh crore by end of FY23, as against the Rs 6.3 lakh crore it would have been but for the Russian invasion of Ukraine. An analysis of 1,385 corporate entities led the domestic ratings agency to trim revenue growth projection for entities in a post-war scenario and also forecast narrowing of the profit margins due to higher commodity prices, an increase in interest rates of up to 1 per cent and the rupee depreciating by a tenth.
