Posts in category Economic Times
MFs lap up commodity and metal stocks; some buy Kotak Bank, too (14-05-2024)
Vedanta, Hindalco, NMDC, GAIL India and ONGC were among the top picks in that space. Some leading mutual funds also lapped up Kotak Mahindra Bank, whose shares have been beaten down after the Reserve Bank of India’s ban on the private lender from issuing new credit cards and onboarding new customers through mobile and online banking, and the exit of joint managing director KVS Manian. Some funds bought shares of Axis Bank, while sold ICICI Bank and Jio Financial Services.
Bond buyback: Govt proposes, market disposes, over price (14-05-2024)
At a buyback auction of government bonds last week, the RBI accepted bids worth only ₹10,512.99 crore versus ₹40,000 crore worth of securities the government had offered to repurchase, with the central bank rejecting most bids.
It’s crunch time: Blackstone teams up with ADIA, GIC for Haldiram Snacks bid (14-05-2024)
A non-binding offer has been submitted to buy up to 76% of co at $8.5 bn valuation; 87-year old Haldiram with roots in Bikaner, Rajasthan is India’s largest snack and convenience foods company. Delhi and Nagpur factions of the Agarwal family are merging their snacks and packaged foods business, demerging the restaurant operations.
Hero MotoCorp joins ONDC to provide accessible digital mode to customers (13-05-2024)
The open network will initially offer two-wheeler parts, accessories and merchandise. Customers can easily discover 'Hero Genuine Parts' by using any buyer apps on the network, such as Paytm and Mystore, among others, Hero MotoCorp said in a statement.
Cipla shares gain 6% on upbeat Q4 numbers (13-05-2024)
Jefferies has maintained its 'Hold' rating while increasing the price target from ₹1,250 to ₹1,400. "We maintain our Hold rating on the stock, as the company continues to falter on key product launches in the US along with inability to meet its own launch guidance while the stock trades at rich valuation of 24x FY26 EPS," said Jefferies' analysts.
Risk-off sentiment brings big selloff in FPI-heavy counters (13-05-2024)
Foreign portfolio investors (FPIs) have sold shares worth over ₹22,000 crore this month after pulling ₹21,524 crore out of Dalal Street in April. More than 100 stocks where FPIs hold over 5% stake as of March 31, 2024, have declined between 10% and 30% in last one month, compared to a 1.7% fall in benchmark Nifty.
Markets rebound on Shah’s 400+ call (13-05-2024)
Benchmark Nifty rose 0.22%, or 48.85 points, to close at 22,104 while the Sensex gained 0.15%, or 111.66 points, to close at 72,776. Both indices had fallen over 1% each earlier in the day but bounced back mid-way through the session following the senior minister's remarks.
Muthoot FinCorp to rely less on flagship gold loans (13-05-2024)
Muthoot FinCorp aims to diversify from gold loans to 80% in 3 years, becoming a full-stack financial services provider. Plans include expanding branches, hiring, and offering new services to lower-middle income groups.
Edelweiss, Phoenix among ARCs vying for IOB’s Rs 13,472-crore NPAs (13-05-2024)
Edelweiss ARC, Phoenix ARC, Omkara ARC, and Prudent ARC eye Indian Overseas Bank's loan portfolio. Sets with reserve prices. ARCs conduct due diligence. Bank reports lower non-performing Assets.
Tighter regulations on personal loans and project finance may hurt banks in FY25 (13-05-2024)
Indian banks had a strong fiscal 2024 but face challenges in the current year due to regulatory changes impacting credit growth and net interest margins. Return ratios and riskier lending are also areas of concern as the market adapts.