National Securities Depository Limited (NSDL) announced on October 18 that it has reached a milestone of Rs 500 lakh crore (US $6 trillion) in assets held in custody. This rapid growth is remarkable, as it took 18 years to reach Rs 100 lakh crore in June 2014.
Adani Power shares drop 0.46% as Sensex rises (18-10-2024)
A total of 219,624 shares changed hands on the counter till 01:29PM (IST)
Kirloskar Electric – A Turnaround Bet? (18-10-2024)
Recent noise around Kirloskar Electric Company (KEC) one of India’s leading manufacturers’ has lead to raising a few concerns regarding its operations:
- Profit decline despite sales growth: Despite maintaining consistent sales growth over the past 5 years, KEC has witnessed a significant decline in profits during the same period which raises questions about the company’s cost management, operational efficiency, or other underlying factors affecting profitability.
(Image Source: Finology Ticker)
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Reduced Reliance on Other Income: The common size income statement in the image above shows that KEC’s profitability has been impacted by a reduced dependence on other income sources(such as interest, dividends, and gains from investments).
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Promoter share pledging: Promoter holding is strong (49.51%), but 75.68% of their shares are pledged which means promoters have used their shares as collateral for loans. It is also a sign of financial stress or liquidity needs.
(Image Source: Finology Ticker’s Shareholding Table)
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Auditor’s Qualified Opinion: KEC received a qualified opinion from auditors due to material misstatements related to trade receivables from certain subsidiaries, raising corporate governance concerns.
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Moody’s Ratings assigns ‘Baa3 ‘ LT issuer rating to Bajaj Finance (18-10-2024)
Bajaj Finance (BFL) said that Moody’s Ratings has assigned a first-time ‘Baa3/P-3’ long-term and short-term foreign and local currency issuer ratings to the company with ‘stable’ outlook.
Mphasis shares rise 0.08% as Sensex climbs (18-10-2024)
A total of 15,439 shares changed hands on the counter till 01:23PM (IST)
Chola Inv Finance shares fall 0.19% as Nifty gains (18-10-2024)
A total of 4,911 shares changed hands on the counter till time (IST).
Jharkhand Elections: BJP’s Himanta Biswa Sarma reveals seat-sharing plan ahead of key contest (18-10-2024)
The Bharatiya Janata Party (BJP) has outlined a tentative seat-sharing plan for the upcoming Jharkhand Assembly Elections. Assam Chief Minister Himanta Biswa Sarma, who also serves as the party’s co-incharge for the Jharkhand elections, shared the details in a press briefing on Friday.
US dollar index seen mildly pressured near 2 and half month high (18-10-2024)
The US dollar index is staying pressured near a two and half month high on Friday morning in Asia tracking strength in some of the basket currencies. Pound strengthened today amid sharp uptick in UK retail sales that rolled back expectations of a rate cut by BoE even as inflation this week came in below the central banks target rate. Moreover, Japanese yen is adding some strength against the dollar amid comments from Japanese authorities that fueled speculations about a possible government intervention. The greenback however continues to stay well supported above 103 mark on persistent safe haven demand amid rising Middle East tensions. Fall in euro after ECB cut rates yesterday also kept the index supported. Currently, the dollar index that measures the greenback against a basket of currencies is quoting at 103.50, down 0.15% on the day.