The Bombay Stock Exchange (BSE) building, background right, looms over a no-entry street sign in Mumbai, India. (Photographer: Vivek Prakash/Bloomberg)
5 years ago
Jun 17, 2021
CESC, Somany Ceramics, Welspun Enterprises may react as the companies reported quarterly results after the market closed Wednesday. Power Grid, Natco Pharma, J&K Bank are among the companies scheduled to report earnings Thursday. Cyient is holding their annual shareholders' meeting. Foreign investors bought net Rs 680 crore of stocks on Tuesday, according to NSDL website.
Stocks have risen to new highs even in the face of near-record valuations and a mixed earnings season. The benchmark index has advanced 10% this year compared with a gain of 5% for the MSCI AC Asia Pacific Index. Its 1-year forward price-to-earnings ratio has increased to 22 times since April, close to record valuations of about 23.4 times reached in January, according to data compiled by Bloomberg.
Says company expects strong growth during the current year due to multiple high value product launches in the U.S., rebound in domestic India business with new products and contribution from Crop Health division
Company expects strong growth during the current year due to multiple high value product launches in the U.S., rebound in India and contribution from Crop Health division
Shares of the Rakesh Jhunjhunwala-backed firm made a U-turn after it announced that it has signed a binding term sheet to acquire a majority stake in Publishme, a full-service games marketing and publishing agency based in Turkey and the Middle East region. This will be the company’s first acquisition since it went public in March.
Nazara will invest approximately Rs 20 crore for a 69.82% stake in Publishme, by way of primary and secondary transaction through its subsidiary, it said in a press release.
After the announcement, Nazara’s stock gained as much as 1.6%, paring a 1.6% opening drop. The shares of the gaming and sports media company have risen 50% since its March 30 listing.
Shares of JK Cement rose 1.25% to Rs 2803.55 as Citi Research initiated coverage on the stock as its new top buy in India's mid-cap cement space.
“Our positive thesis is premised on potentially higher pricing for grey cement, better visibility into medium-term growth and rerating expectations,” Citi Research said in a note dated June 16.
It added that JK Cement has historically traded at a discount to larger pan-India producers, but its stronger balance sheet, better return on capital and improving growth visibility is helping narrow the valuation gap. “We believe the next rerating leg will be triggered by pent-up demand once the Covid restrictions are lifted,” it added.
The research firm set a 12-month target price of Rs 3,650 for the stock.
Stocks have risen to new highs even in the face of near-record valuations and a mixed earnings season. The benchmark index has advanced 10% this year compared with a gain of 5% for the MSCI AC Asia Pacific Index. Its 1-year forward price-to-earnings ratio has increased to 22 times since April, close to record valuations of about 23.4 times reached in January, according to data compiled by Bloomberg.
Federal Bank’s board approved issue of as many as 104.85 million shares to International Finance Corp., IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund at Rs 87.39 each, according to a stock exchange filing.
The bank also approved a plan to raise as much as Rs 4,000 crore in one or more tranches via modes including rights issue, preferential issue and Qualified Institutions Placement
It also approved a plan to raise as much as Rs 8,000 crore by selling bonds including AT1 bonds, Tier 2 bonds and Masala bonds
