I had highlighted in Nov 2022 that the sale of the HFC could be a potential rerating event for the company. I had estimated a minimum valuation of Rs1,050 crore for the HFC based on that of peers and comparable M&A transactions. Seems like ICFL has been able to get a much higher valuation for the HFC than my estimate. The market may value ICFL’s residual business at a higher P/BV due to this transaction. Considering the presence of Brookfield as a promoter, the possibility of proceeds from the sale of the HFC being frittered away or siphoned off as that happened in some other companies is also low.
Stock market update: Mining stocks up as market rises (20-09-2024)
The 30-share BSE Sensex was up 802.14 points at 83986.94
Buy Adani Ports & Special Economic Zone, target price Rs 1,850: Motilal Oswal Financial Services (20-09-2024)
Motilal Oswal Financial Services has buy call on Adani Ports & Special Economic Zone. With a target price of Rs 1,850. The current market price of Adani Ports & Special Economic Zone is Rs 1,425.
Vodafone Idea stock at Rs 2.5 or Rs 15? Analysts divided after AGR order (20-09-2024)
Vodafone Idea share price target: The lowest price target has been given by Goldman Sachs, with a ‘Sell’ rating, as it sees no government support/relief in AGR liabilities
Sandur Manganese & Iron Ores gets approval to increase production; stock up (20-09-2024)
The uptick in the share price came after the company announced that it has secured approval from the Karnataka State Pollution Control Board (KSPCB) to increase its manganese ore production capacity.
PNB shares gain 1.21% as Sensex rises (20-09-2024)
A total of 411,173 shares changed hands on the counter till 11:06AM (IST)
Stock market update: Power stocks up as market rises (20-09-2024)
The 30-share BSE Sensex was up 905.91 points at 84090.71
Rupee rises 9 paise to 83.56 against US dollar in early trade (20-09-2024)
A firm domestic equity market, lower crude oil prices supported the Indian currency, says forex traders
