Broker’s call: Chola Inv & Fin (Hold)
Target: ₹1,150 CMP: ₹1,134.60 Cholamandalam Investment and Finance Company’s (CIFC) AUM growth picked up further to 42 per cent YoY vs 40 per cent YoY (Q1FY24) led by strong growth in disbursements (up 47 per cent YoY). Disbursements grew by 47 per cent YoY led by growth across the segments. NIMs improved by 10 bps […]
Mamaearth IPO subscribed 7.6 times
Despite noise in the social media, the initial public offering of Honasa Consumer saw a strong response and subscribed 7.61 times on Thursday, the final day of bidding. The ₹1,701-crore initial public offering from the owners of famous Mamaearth outlets, received bids for 22 crore shares against an offer of about 2.9 crore shares. Retail […]
Angle One absorbs fintech firm DStreet Finance to target Gen Z investors
Online stock broking platform Angel One has absorbed the team of Bengaluru-based learning app Dstreet Finance, its first acquisition of a tech start-up team. This is to build an engagement platform and enhance its product offerings for the younger generation. The firm did not disclose the investment but said that it would absorb all the […]
At 83.29, rupee drops to record low against dollar
The rupee closed at a lifetime low at 83.29 per dollar as the greenback strengthened and US Treasury yields rose ahead of the Federal Open Market Committee’s policy decision. The Indian unit ended four paise weaker against previous day’s close of 83.25. The FOMC is likely to keep its rate on hold. Though there were foreign investor […]
Stocks that will see action today: November 1, 2023
Automobile stocks: A host of companies from automobile space such as Tata Motors, Maruti Suzuki, M&M, Ashok Leyland, Escorts, Eicher Motors, Bajaj Auto, TVS Motor, Hero MotoCorp and others will start declaring their monthly sales figures of October. Analysts expect a robust sales figures, due to festive season. Shares will react accordingly to their individual […]
GE T&D bags orders from Power Grid Corporation, shares rise
GE T&D India Ltd’s shares were up 4.99 per cent after the company won orders worth approximately Rs 500 crore from Power Grid Corporation of India (PGCIL). The contract involves the supply of 765 kV Power Transformers and Shunt Reactors for transmission system projects, primarily in Rajasthan. Sandeep Zanzaria, MD & CEO of GE T&D […]
FPIs trim holdings in Adani Group cos in Q2
Several foreign funds, including those based in Mauritius, have reduced their holding in the Adani Group companies for the quarter ended September (Q2). Elara India Opportunities Fund’s holding in flagship Adani Enterprises has dropped below 1 per cent in Q2 from 1.35 per cent in the June quarter, data from primeinfobase.com show. The fund’s holding […]
Analysts bullish on DLF as real estate boom continues
DLF Ltd. will announce its results for the quarter ended September today. According to the average of analysts’ estimates calculated by Bloomberg, DLF could report a net profit of ₹563.2 crore and a revenue of ₹1,586.3 crore in the quarter under review (July – Sept). Also read: DLF eyes 19-20% more retail rental revenue in […]
Brightcom Independent Director Nilendu Chakraborty resigns as regulatory actions take toll
Former Tata group executive Nilendu Narayan Chakraborty has tendered his resignation as Independent Director of the Brightcom Group, citing health issues and higher board responsibilities, following the exits of key operating personnel. Chakraborty, who was appointed in December 2021, said the recent actions by statutory authorities against the company and key executives had resulted in […]
El Nino-hit Indian agriculture output triggers concerns over rural economy
India’s agricultural production is likely to be affected by the El Nino-induced vagaries in the weather and climate. According to the Ministry of Agriculture and Farmers Welfare’s first advance estimates of the agricultural production, the output in almost all kharif crops, barring tur (pigeon pea) is lower. Also Read: India’s kharif rice, pulses and oilseeds […]