Broker’s Call: Westlife Foodworld (Add)
Target: ₹790 CMP: ₹724.60 We recently hosted Westlife’s management, represented by executive director Akshay Jatia, for a roadshow in Singapore. Akshay spearheaded the digital journey at Westlife while launching and growing the McDelivery and On-The-Go channels. He played a crucial role in accelerating EOTF format and consolidating brand extensions like McCafé and McBreakfast. Overall, we […]
Average electricity prices on IEX during FY23 rose 35% on higher demand
The average market clearing price on the day ahead market (DAM) segment at the Indian Energy Exchange (IEX) rose 35 per cent Y-o-Y to ₹5.90 per unit (kilowatt hour) during FY23 on account of higher demand for electricity amid lower supplies. DAM, which accounts for the majority of trade on India’s largest power exchange, witnessed […]
Lithium is one of the worst-performing commodities this year
Lithium, a key material used in the production of cathodes for electric vehicle (EV) batteries, has turned out to be one of the worst performing commodities this year with its prices crashing by over 55 per cent. Prices of lithium carbonate, which is used in making the cathode, have dropped to 2,05,000-2,46,000 Chinese yuan ($29,673.64-$35,716.37) […]
Broker’s call M&M Financial (Buy)
Target: ₹285 CMP: ₹237.55 Mahindra & Mahindra Financial Services (MMFS) has over the last 18 months embarked on multiple strategic initiatives, which we believe will lead to lower operating cost ratios through improved productivity aided by higher efficiencies, sustainable improvement in asset quality resulting in lower credit costs, much better risk management by leveraging analytics/business […]
Campus Activewear’s CFO resigns, effective June 10
Campus Activewear’s Chief Financial Officer Raman Chawla has resigned with effect from June 10, the company said on Saturday, adding that it was in the process of appointing a replacement. Also read: “Feeling light and happy”: Rajesh Gopinathan after resigning as CEO of TCS The footwear and athleisure wear manufacturer had listed its shares in […]
Adani share block deal aids FPI investment in equities turn positive in Mar
After pulling out funds in the past two months, Foreign investors have invested ₹7,936 crore in the Indian equities in March mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. However, if one adjusts for the investments of GQG in Adani Group, the net flow is still negative, meaning […]
Coal production at record 892.21 mt in FY23
India’s coal production grew by 14.65 per cent on a Y-o-Y basis to hit an all-time high of 892.21 million tonnes (mt) on a provisional basis in the last financial year aided by Coal India’s (CIL) record production as well as captive and commercial mines. The world’s second-largest consumer of coal produced 778.19 mt of […]
Broker’s Call: Electronics Mart India (Buy)
Target: ₹86 CMP: ₹66.39 Electronics Mart India Limited is the fourth largest electronic retailer with a diversified product offering (6,000 SKUs across product categories from more than 70 consumer durable and electronics brand) and is strongly placed in the southern region (AP and Telengana). EMIL has been increasing its market presence and geographic base with […]
Rupee rises by 24 paise to 82.10 against US dollar on FII flows
The rupee appreciated by 24 paise to 82.10 in early trade on Friday following foreign fund inflows and a fall in crude oil prices. Gains in the local stock market and weakness in the US dollar in early Asian trade also boosted the rupee sentiment. At the interbank foreign exchange market, the rupee opened higher […]
DIIs most bullish on markets since FM’s 2019 corporate tax cut
Bullish bets by domestic institutional investors (DIIs) on India’s stock market touched a three-year high this week. Data showed that DIIs were holding net long positions in the index futures segment, comprising mainly the benchmark Nifty and the Bank Nifty index to the tune of 79,050 contracts on March 28, the highest since March 2020. […]