'The problem is not just slower growth, but also the quality of growth.'
India's third-largest telecom operator Vodafone Idea (Vi) has secured a 10-year breather on adjusted gross revenue (AGR) payments from the Department of Telecommunications (DoT). This is expected to ease pressure on its balance sheet and enable the company to raise bank debt for capital expenditure.
Despite trailing the benchmark Nifty 50, small and midcap (SMID) stocks appear pricey on a 12-month forward price-to-earnings (P/E) basis. The Nifty trades at roughly 21x forward earnings, compared with around 28x for both the Nifty Smallcap 100 and Nifty Midcap 100 indices.
The Sensex, which began the year at 26,160.90 level, has shed nearly 1,400 points.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
Information technology (IT) companies have been on the road to revival in the past one year. From being the worst-hit sector in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty 50 benchmark index. The IT index has been on a continuous decline in the last three sessions.
New entrants could include Flipkart, Paytm, Cafe Coffee Day and ICICI Prudential Life Insurance, it says
Even as cement companies continue to announce ambitious expansion plans, analysts turn cautious over the sector as incremental supply is expected to coincide with a weak demand growth period, and other headwinds of higher fuel costs, weak monsoons and general elections. In August, JSW Cement said it will take its current 19 million tonnes (MT) capacity to 60 MT in the next five years. The country's top producers have massive expansion plans underway - UltraTech Cement targeting 200 MT, Adani Cement aiming for 140 MT and Dalmia Cement planning for 110-130 MT.
Cement manufacturers' show during the June 2023-ended quarter (Q1FY24) has indicated an intensified slugfest for market share. For instance, Dalmia Bharat (Cement) said it has lost market share in eastern India owing to lack of price discipline. Industry analysts also said that the seasonal weakness in cement prices for Q1 is showing up earlier than usual.
The stock of Aditya Birla Fashion Retail is down 10 per cent from its February high. Even as the revenue performance of the apparel retail major in the October-December quarter's for the 2022-23 financial year (Q3FY23) was better than expected, the company saw brokerage downgrades, given the weak operating performance and the pressure on margins. This the second consecutive quarter of margin miss despite strong traction on the sales front.
Researchers at Ambit capital fear that the region "runs the risk of exploding as millions of barely literate men face a lifetime without jobs and without women."
Brokerage firm Ambit Capital has cut FY17 growth estimate to 3.5 per cent from 6.8 per cent and saaid there was even a possibility of growth contracting during the December quarter
While small-caps have delivered higher returns than their large-cap peers, investors would do well to recognise the incremental risk of investing in these companies.
After the peak of the rally, the 'champion sectors' tend to underperform or perform in line with the market
The report, published by brokerage firm Ambit Capital Research, also says the promoters hold disproportionately high board representation with respect to their total shareholding in the Bengaluru-based company.
Infosys has has the highest proportion of non-independent directors on its board.
Firms such as Infosys and Tech Mahindra score low on corporate governance, according to Ambit Capital.
The firms settled the charges by paying a total of $1.8 million.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
'The true fruits of the attack on black money, what Raghuram Rajan did for the banking system, and what technology is doing for us will come in FY19, which, not surprisingly, is the year running up to the next Lok Sabha elections.'
There are varied styles of picking stocks but these may not suit your investment profile. So, check before getting lured.
'Indian non-bank lenders stand exposed to a deteriorating credit quality environment.' 'Such a deterioration could put at risk the value of NCDs purchased by the mutual funds and expose investors in bond and liquid funds to a risk of capital loss.'
Promoters increasing stakes is definitely a positive signal for the market and investors.
Experts attribute this to new launches in anticipation of a demand revival after the 2014 general elections.
Nandita Gurjar, Sanjay Purohit and Gautam Thakkar among "potential exit candidates".
The new government will have to act quickly to maintain the momentum, Andrew Holland, CEO institutional equities and equity proprietary trading, Ambit Capital, tells Business Standard's Rajesh Bhayani.
US crude oil futures edged down on Tuesday after hitting an 8-week high of $82 a barrel on Monday.
Recent days have seen a clutch of local brokerage houses, including Way2Wealth, Fortune Financial Services, Antique Stock Broking, Centrum Capital, Avendus Capital and Ambit Capital, luring analysts and senior executives from foreign brokerage houses and leading local equity broking firms by offering meaningful equity stakes.
It was a roller-coaster week for the markets, amid talk of a fiscal stimulus by the government. Saurabh Mukherjea, chief executive officer, and Prashant Mittal, strategist, at Ambit Capital tell Puneet Wadhwa the recent flows into equity mutual funds are largely speculative in nature and pose a risk of reversal.
The sentiment around Indian equities remains positive and unchanged.
Change in other variables would help in relaxing the effects of rupee appreciation
The P-75 index, a subset of BSE 500 stocks, has severely underperformed the broader market across time horizons
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
FY17 GDP growth faces cash crunch heat
The benchmark BSE Sensex could dive to 22,000 levels by end of the current fiscal.
In the quarter ended September 30, the Pirojsha Godrej-led firm recorded Rs 492 crore net sales, up 49% year-on-year
RBI governor is seen succeeding International Monetary Fund (IMF) chief executive officer, Christine Lagarde, next year.
They are making switch to the high-growth alternative investments fund industry, reports Pavan Burugula.
Revenues, profit margins will be hit in the next one year, but more demand in the longer run.
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