George Thomas, Equity Fund Manager at Quantum AMC, expects IT spending to improve, benefiting large-cap IT names. He also forecasts larger private banks to perform better due to better underwriting and improved liquidity. Thomas notes that while most sectors are fully valued, financials offer some room for growth. Expectations of market support from domestic funds remain positive.
U.S. Raises New Concerns Over Chinese Lending Practices (01-10-2024)
A Treasury official will call for greater transparency over emergency currency “swap” loans to struggling countries by China’s central bank.
Indices trade lower; oil & gas shares tumble (01-10-2024)
At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 121.53 points or 0.15% to 84,172.48. The Nifty 50 index fell 49.85 points or 0.19% to 25,761.
HBL Power: Signs of change (01-10-2024)
Kernex FY24 AGM Highlights
- Will do 230cr sales in FY25 (can increase if some of new tenders close by December), FY26 will be atleast 3x FY25 revenue
- Till date 11600cr worth of new tenders are out (Last tenders 2 years back were 1500cr), out of which 25 tenders are for implementation (kms) and 3 tenders are for Loco
- Loco tenders bid close date is October 4th and is expected to be awarded by December 2024
- 60-70% tenders of the 28 tenders are expected to be awarded by December, some of the tenders have November bidding so may result may come in January
- 44000kms worth of tenders to come by 2029, another 10,000km tenders expected after current 10,000km tender
- Locos TCAS implementation to be completed in 12 months
- Kernex expecting to win 25-30% of total tenders value
- Earlier guidance of 900cr sales in FY25 will not be met because the new tenders coming out now were delayed by 1 year and also some of the customers (Railway zones) wanted TCAS 4.0 and not TCAS 3.2, sure to meet guidance this time
- Working capital requirement will be around 150cr for new tenders, have tied up with banks
Karnataka CM Siddaramaiah questions ED slapping money-laundering case against him in MUDA “scam” (01-10-2024)
Karnataka Chief Minister Siddaramaiah defends against ED’s PMLA case linked to alleged MUDA site allocation irregularities involving his wife. He believes the compensatory sites do not attract money laundering provisions and asserts no need for his resignation.
MUDA scam: No money exchanged, so how is it a case for ED probe, asks Siddaramaiah (01-10-2024)
Karnataka CM Siddaramaiah defends himself against allegations of money laundering over compensatory plots allotted to his wife by Muda. Emphasizing no financial transactions, he accuses opposition parties of deceit and political vendetta. Meanwhile, his wife requests and receives cancellation of the allotment.
Volumes jump at Caplin Point Laboratories Ltd counter (01-10-2024)
Caplin Point Laboratories Ltd saw volume of 13.6 lakh shares by 14:14 IST on NSE, a 12.76 fold spurt over two-week average daily volume of 1.07 lakh shares