Markets gained momentum last week after US inflation slowed more than expected. China has also eased some of its strict coronavirus measures that are hurting the world’s second-largest economy and raising hopes for further growth in China.
HR technology company Darwinbox may launch an initial public offering (IPO) within the next three years, its co-founder Rohit Chennamaneni said today. Speaking at a virtual media conference, he said the company is expected to turn profitable in 2025, with the Indian business turning a profit in the next fiscal year.
This is how we plan to expand now. When you look at an IPO, I think in general as a business we want to be a global business that serves global companies and competes with companies like SAP, Oracle and Workday,” said co-founder Rohit Chennamaneni. (Read more a lot)
Overall, we estimate 19% CAGR in EBITDA for FY22-25, setting the 24/7 business to zero. As we move forward, a “buy” is recommended at the SOTP-based target price of Rs 5,400 (previously Rs 5,000).
Given the uncertain global demand environment and the looming risk of increased competition from Chinese competitors in the near term, we are lowering our NOCIL estimates, but not before we move into FY25 and raise our target price to Rs 275 (previously Rs 300)) by based on 18x FY25E EPS Rs 15.4.
Shares of Jindal Steel and Power Ltd. (JSPL) edged higher as investors showed confidence after September (Q2) earnings were strong despite the challenging environment. Shares rose more than 7% in two sessions after the company reported results on Thursday.
Steel prices in the country are on a downward trend in the second quarter of fiscal year 2023, analysts said, as the average price of flat and long products declined by 17% and 4% quarter-on-quarter, respectively. On the other hand, the cost of energy continues to rise as coal prices rise. (read more)
ICAR’s Research Center, DRMR, planted a genetically modified (GM) DMH-11 mustard hybrid in six field trial plots to evaluate yields, days after the Supreme Court filed a petition challenging the biotechnology. release”.
The Genetic Engineering Assessment Committee (GEAC), the regulatory body of the Federal Ministry of Environment, Forests and Climate Change, has recommended the release of DMH-11 seeds into the environment for testing, demonstration and seed production under the supervision of the Council of India. Agricultural Research (IKAR) meeting on 18 October.
Dhara Mustard Hybrid (DMH-11) is a hybrid seed variety developed by the University of Delhi’s Center for Crop Genetics that has caused an uproar among scientists, farmers and activists for its release into the environment. Anti-GMO groups are knocking on the door of the Supreme Court. (PTI)
Wholesale price inflation fell to a 19-month low of 8.39% in October due to falling fuel and manufactured goods prices.
For the first time in 19 months, WPI inflation data reached single digits. The last time it was in March 2021 and was 7.89%.
Since April 2021, WPI inflation has been in double digits for 18 consecutive months, with September inflation at 10.79%. Inflation in October 2021 was 13.83%.
“The fall in inflation in October 2022 was mainly due to lower prices for petroleum products, non-ferrous metals, metal products (except for machinery and equipment), textiles, other non-metallic mineral products, minerals, etc.,” the Ministry of Industry and Trade said on Monday. (PTI)
India Renaissance Fund (IndiaRF), an India-focused investment platform run by Piramal Enterprises Ltd and global private equity giant Bain Capital, announced on Monday a capped investment of Rs 5.5 crore or $66.5 million in ‘social’ brand Impresario Entertainment and Hospitality Pvt.
Following the deal, IndiaRF became the majority shareholder of Impresario and L Catterton Asia pulled out of a five-year investment in the company.
“The new capital will help further expand Impresario’s business, which also received an investment from L Catterton in 2017 and has shown solid growth over the years despite challenges related to the COVID-19 pandemic,” IndiaRF said in a statement. says in the statement. (read more)
Paytm Chief Executive Officer Vijay Shekhar Sharma said in a letter to shareholders that the company is on the right path to profitability and free cash flow after its latest quarterly report showed strong operating leverage and reduced EBITDA losses.
The company said its loan distribution business continues to show accelerated growth, with payments made through the Paytm platform currently making an annualized rate of Rs 37,000 crore in October. In October 2022, the value of loans issued increased by 387% year on year to Rs 3,056 crores, and the number of loans issued increased by 161% year on year to 3.4 million (read more)
The spread between Indian state bond yields and central government debt is only expected to widen in the final quarter of the fiscal year, bankers and analysts said, as states turn to the market to fund their planned spending.
The spread between India’s benchmark 2032 bond yield of 7.26% and the 10-year bond yield has been low over the past few months, hovering in the 30-40 basis points (bp) range.
“We will likely see the spread rise from January to March to 50 basis points… as supply increases (both in the state and in the central region),” said Vijay Sharma, senior executive vice president of PNB Gilts.
This fiscal year, Indian states have borrowed just 3.67 trillion Indian rupees ($45.43 billion), or about 70% of their planned loans. (Reuters)
Shares of Rama Steel Tubes Ltd are one of the bulls in the Indian stock market in 2022. Bullish stocks hit a new high in early trading today. Rama Steel shares opened higher today and hit an all-time high of Rs 171.45 per share on the NSE.
This long stock is one of those stocks paying a dividend on Dalal Street in 2022 as it traded without paying a dividend in February 2022. The shares also recently traded ex-rights at a 1:5 ratio. (read more)
Shares of Ion Exchange (India) Ltd, backed by Mukul Agarwal and owned by Nippon India Small Cap Fund, surged to a record high in early trading on Monday. Ion Exchange shares gapped up today before hitting an intraday high of Rs 2,470, a new high for the NSE. On the BSE, Mukul Agarwal’s portfolio share hit an all-time high of Rs 2,466.70 in early trading after a surge in trading volume.
Shares owned by a Japan-India small-cap fund have hit record highs in the past three sessions. It also reached an all-time high during the trading session on Friday and Thursday. However, stocks have a history of delivering high returns to their shareholders. This is one of the bulls in the Indian stock market. Over the past five years, more than 425% of the shares have been returned to shareholders. (read more)
Shares of Aurobindo Pharma fell nearly 7% in early trading on Monday after the company reported a 41% drop in consolidated net income for the second quarter ended September 30, 2022.
The company’s shares fell 6.52% to a 52-week low of Rs 457.20 on the BSE after a weak start.
Aurobindo Pharma reported on Saturday that its consolidated net income fell 41% to Rs 409 crore in the second quarter ended September 30, 2022. (PTI)
Kalrock Partners Ltd, part of the Jalan-Kalrock consortium that owns Jet Airways, said on Monday its promoter Florian Fritsch was assisting regulators in Liechtenstein, Switzerland and Austria with certain investigations. The company added that Fritsch “confirmed” that neither Kalrock Capital Partners nor Jet Airways were involved in these ongoing investigations or the allegations based on them.
An ongoing investigation has been launched following an anonymous complaint filed against certain businesses in which Florian Fritsch, an investor in Kalrock Capital, is in his personal capacity one of the financial investors. (read more)
HCG outperformed the industry and reported a 19% CAGR in FY2016-2019 revenue and a 24.6% CAGR in new patients. ARPOB HCG reached Rs 37,000 (up 3.0% year-over-year in the second quarter of fiscal year 2023) thanks to high-tech design, which is expected to improve as the number of foreign patients increases. We have a Buy recommendation with a target price of Rs 330 per share.
Karnataka Bank: We should see this as upside as the company’s overall performance improves in the coming quarters. We recommend buying the stock with a target price of Rs 148 per share, which implies 10% upside potential for CMP.
The number of Covid-19 cases in India has declined, with the country reporting 547 new infections in one day, the lowest level since April 8, 2020, according to Union Health Ministry data updated on Monday. At the moment, the total incidence in the country has increased to 4,46,66,924 people.
Data updated at 8 am showed that the number of active cases fell below 10,000 for the first time since April 2020, while the death toll in Maharashtra rose to 5,30,532. (read more)
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a long bullish candle with a gap up opening on the daily chart and surpassed the Jan’22 high of 18350 carrying higher high-low, indicating of extended rally in days to come. Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a long bullish candle with a gap up opening on the daily chart and surpassed the Jan’22 high of 18350 carrying higher high-low, indicating of extended rally in days to come. Tirthankar Das, Technical and Derivatives Analyst, Retail, Ashika Stock Broking Ltd: From a technical perspective, Nifty formed a long bullish candle with a gap up on the daily chart and broke the Jan 22 high at 18350 with a higher high-low, indicating an extended rally in the coming days. Tirthankar Das, Retail Technology & Derivatives Analyst, Ashika Stock Broking Ltd: From a technical standpoint, Nifty formed a long bullish candle that gapped on the daily chart and broke the Jan 22 high of 18350 and higher highs and lower lows. , indicating continued growth in the coming days. After the trading session over the past few days, the index has broken above the downtrend line, which confirms that the main trend is up and is well positioned to accelerate the upward momentum, which is properly supported by global signals. The Indian VIX, which measures market volatility, also recorded a breakout of its five-month range, trading below 16, indicating low risk perception among market participants. Formation of higher highs and lows of the Nifty benchmark is well supported by inter-industry participation, with high market support now at 17950, then 17500 as it is a 50-day EMA and a 12-month downtrend line. The RSI Momentum Indicator (Relative Strength Index) is currently at 68 which is a little close to overbought conditions, but the current setup suggests Nifty will challenge the all-time high of 18600 in the next few sessions. During the day, Nifty is likely to open flat and will need to take advantage of the 18200-18235 lower levels to open long positions for the 18600 upside target.
Sam Bankman-Fried quickly achieved superstar status as the head of the FTX cryptocurrency exchange, earning numerous accolades: the savior of cryptocurrencies, the latest force in democracy, and the potential to become the world’s first trillionaire.
Now, after FTX filed for bankruptcy protection on Friday, comments about the 30-year-old Bankman-Fried are less friendly, leaving his investors and customers feeling cheated while many others in the crypto world worry about that they might get hurt. Bankman-Fried himself can be brought to administrative or criminal liability.
“Sam, what did you do?” Sean Ryan Evans, host of the cryptocurrency podcast Bankless, tweeted after filing for bankruptcy. (PTI)
Elon Musk has reportedly fired at least 4,400 contract workers on the social network after firing about 50% of Twitter’s employees. “Update: Company sources told me that Twitter fired about 4,400 of its roughly 5,500 contract employees yesterday, and the layoffs are expected to have a major impact on content moderation and the core infrastructure services that keep the site running. overwhelmed,” platformer creator Casey Newton tweeted. (read more)
Japan’s Nikkei tumbled from a two-month high in the previous session on Monday as investors took profits, while market heavyweight SoftBank Group Corp tumbled after its Vision Fund investment arm posted another sharp quarterly loss.
By noon, the Nikkei was down 0.76% to hit 28,047 while the broader Topix lost 0.65% to hit 1964.90.
“Investors were selling shares to take profits after the Nikkei’s surge in the previous session,” said Shigetoshi Kamada, general manager of research at Tachibana Securities.
Shares of SoftBank Group Corp fell 12.28%, the biggest headwind for the Nikkei, after the tech startup investor announced that its investment arm, Vision Fund, posted losses for the third consecutive quarter. (Reuters)
Shares of Life Insurance Company of India rose 9.1% on Monday, the biggest intraday gain since listing in May, after the country’s largest insurer reported higher quarterly earnings on Friday.
LIC’s after-tax profit rose to Rs 159.52 billion ($1.98 billion) in the July-September quarter from Rs 14.34 billion in the same period a year earlier thanks to a transfer of nearly $1.8 billion from insurers’ funds to shareholders’ fund . (Reuters)
Cryptocurrency prices continued to fall over the weekend, with Bitcoin, the largest and most popular digital coin in the world, down almost 5% today to $16,103. According to CoinGecko, the global cryptocurrency market capitalization remains below the $1 trillion mark today, having fallen almost more than 5% to $845 billion in the last 24 hours.
On the other hand, Ethereum, the token pegged to the Ethereum blockchain and the second largest cryptocurrency, also fell more than 6 percent to $1,191. (read more)
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services: “Market structure is favorable for Nifty to continue growing to new record levels. Market momentum is evident in a 4-week winning streak and FII ended up being the buyer. for 11 sessions. The US dollar index fell sharply from recent highs around 114 to 106.6 and the FII is likely to continue buying. DII is unlikely to sell big when the market momentum is so strong. In addition, SIP inflows have exceeded Rs 13,000. crores per month – a record. The quality of the rally improved with the participation of quality large-cap stocks such as the twins HDFC, RIL, Infosys and TCS. Bank Nifty’s all-time highs could provide market resilience. Bank outlook continues Nifty IT has more of an edge as fears of a slowdown in tech spending need not be a reality.”