NSE launches Nifty IPO index (22-07-2024)
The weight of each company in the index will be based on its free-float market capitalization, with a cap of 10% to prevent any single stock from dominating the index. The index will be reviewed and rebalanced on a quarterly basis to reflect changes in the market.
Inflation Largely Under Control: Economic Survey (22-07-2024)
In 2023, India's inflation rate was within its target range of 2 to 6 per cent. Compared to advanced economies like the USA, Germany, and France, India had one of the lowest deviations from its inflation target in the triennial average inflation from 2021-2023.
Primary mkt was robust amidst favourable investment climate: Eco Survey (22-07-2024)
Debt issuances dominated fundraising in the last fiscal year, constituting 78.8 per cent of the total funds raised
Safari Industries (India) Ltd (22-07-2024)
CRISIL has upgraded Safari’s Credit rating to “AA-” and A1+. This is a significant milestone for the company’s credit rating.
Key takeaway from CRISIL’s rating rationale wrt to growth
- The group continues to launch 3-4 stores per month, aiming to cater to premium as well as mass scale segments.
- As per CRISIL “For fiscal 2025, the group is expected to earn revenues of Rs. 1900 crore, 24% higher than 2024 with EBITDA margins improving to 18.5%.”
- “Group has its own manufacturing units for hard luggage which are operating at full capacity utilization.”
- “Group has announced capex of Rs.215 Crores for setting up a greenfield manufacturing unit in Jaipur, Rajasthan. Capex would lead to doubling its hard luggage capacity from ~6.5lac pieces per month to ~13lac pieces per month. The new capacities expected to become operational in H2FY25 and will help group to further penetrate in to North Indian market.”
- “With the capex expected to come online around December 2024, the revenues and margins are expected to see a further improvement from fiscal 2026, while capital structure remains strong.”
Disc: Invested. I am not SEBI registered Advisor/Analyst. My view may be positively biased. I am not suggesting any investment action. The information provided above is for education purpose only.
IOB PAT rises 21% YoY to Rs 633 crore in Q1 FY25 (22-07-2024)
Indian Overseas Bank (IOB) reported 20.93% jump in net profit to Rs 632.81 crore on 21.53% rise in total income to Rs 7,568 crore in Q1 FY25 over Q1 FY24.
Survey lauds the importance of mkts in India’s growth (22-07-2024)
Capital markets are becoming more prominent in India's growth story, with an expanding share in capital formation and investment landscape on the back of technology, innovation and digitisation, according to the Economic Survey 2023-24 tabled in Parliament on Monday. Further, Indian markets are resilient to global geo-political and economic shocks, it added. "Despite heightened geo-political risks, rising interest rates and volatile commodity prices, Indian capital markets have been one of the best performing among emerging markets in FY24," the Economic Survey said.
Rising FPI inflows keep the Indian Rupee in a manageable range of ₹82 to ₹83.5/USD in FY24, Says Economic Survey (22-07-2024)
India witnessed positive net foreign portfolio investment (FPI) inflows in FY24 of USD 44.1 billion, supported by strong economic growth, a stable business environment, and increased investor confidence, as per Economic Survey 2023-24 tabled in Parliament on Monday. Rising FPI inflows kept the Indian Rupee in a manageable range of ₹82 to ₹83.5/USD in FY24. The Rupee emerged as the least volatile currency among its emerging market peers and a few advanced economies in FY24. The shock absorbers of Indias external sector - forex reserves, sustainable external debt indicators, and market-determined exchange rate, are in place to cushion the global headwinds. The relative stability of the rupee, despite a stronger US dollar and elevated US treasury yields, reflects the strength of the Indian economy's sound macroeconomic fundamentals, financial stability, and improvements in external position. In the future, robust foreign inflows and comfortable trade deficits are expected to keep the ...
Nitin Spinners standalone net profit rises 45.74% in the June 2024 quarter (22-07-2024)
Sales rise 30.12% to Rs 802.97 crore
India’s Youth Unemployment Down From 17.8% To 10% In Five Years; Says Economic Survey (22-07-2024)
The survey suggests that the youth unemployment rate has dropped from 17.8% in 2017-18 to 10% in 2022-23, with increased youth participation in the labor force.