RBI allows bank and non-bank PPI issuers to issue payment instruments for public transport.
To permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems.
Source: RBI circular
The shares of Kalyani Steels Ltd. rose on Friday to hit a life high after it signed a memorandum of understanding worth Rs 11,750 crore with the government of Odisha to set up manufacturing plant.
The scrip rose as much as 8.47% to hit fresh life high of 889. It recently hit life high on Feb. 19. It pared gains to trade 5.63% higher at Rs 865.70 apiece, as of 1:51 p.m. This compares to a 0.09% advance in the NSE Nifty 50 Index.
It has risen 174.69% in the last 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 83 indicating it was overbought.
Macquarie retained 'Neutral' On Maruti Suzuki price target Rs 10,608
Changing market mix to pose challenge to Maruti's market share in small PVs
Near-term demand for small cars will remain tepid due to product price hike
Rising consumer preference for SUVs and Micro-SUVs pose risk to market share recovery
Margin upside risk on lower discounts and operating leverage
Godrej Industries approved raising up to Rs 1,000 crore via issuance of NCDs.
Source: Exchange Filing
U.S. Dollar Index at 103.94
U.S. 10-year bond yield at 4.32%
Brent crude down 0.56% at $83.20 per barrel
Nymex crude down 0.60% at $78.14 per barrel
Bitcoin was down 0.70% at $51,289.52
Life Insurance Corp of India's Mauritius branch resumed operation from Feb 23.
Source: Exchange Filing
Airtel Digital TV launched India's first anime entertainment channel with Sony India.
Anime entertainment channel Anime Booth are to be available to viewers in Hindi initially.
Source: Exchange filing
Banks placed bids worth Rs 2.05 lakh crore in 13-day VRR auction conducted today.
Notified amount for the auction was Rs 1 lakh crore.
Auction cut-off was at 6.62%.
Source: RBI
BCCI selected CeatT Ltd. as official partner to sponsor certain segments of IPL matches.
Ceat is to spend Rs 240 crore over five years for IPL sponsorship.
Source: Exchange Filing
Suprajit Engineering at 5.5x its 30 day average, up 4.7%
Gujarat Alkalies & Chemicals at 5.2x its 30 day average, up 1.7%
Concord Biotech at 3.6x its 30 day average, up 1.63%
Adani Wilmar at 3.6x its 30 day average, up 5.4%
Welspun Living at 3.5x its 30 day average, up 5.3%
Juniper Hotels Ltd.'s IPO was subscribed 0.26 times or 26%, as of 10:57 a.m. on Friday.
GPT Healthcare Ltd.'s IPO was subscribed 0.88 times or 88% as of 10:58 a.m. on Friday
Federal Bank Ltd had 81.7 lakh shares changed hands in two large trades.
The lender's 0.3% equity changed hands between the price range of Rs 153.45 to Rs 153.4 apiece.
Buyers and sellers are not known immediately.
Source: Bloomberg
Why Maruti Suzuki Is Losing Market Share In Small Car Segment?
Birla opus makes big entry in paints
Addresses key business aspects with wide portfolio,distribution, influencer partnership
Revenue target set at Rs 100 billion; breakeven expected in 3 years
Incumbents may face near term growth challenges
BofA maintained 'Buy' rating on Indus Towers with a Price target of Rs 280
Expect Vodafone Idea potential fundraise to be positive for Indus Towers
Expect Indus to distribute special dividend on receiving pending dues
Remain optimistic on improving revenue and new tower adds in FY25
Valuation and risk-reward attractive given 5x FY25 EBITDA multiple
Achieved total payment volume of $150 billion.
Have become a leader in money processing volume in India.
Over the years, we've pivoted from a payment gateway provider to full stack financial solutions company.
Source: Razorpay's CEO Harshil Mathur at FTX 2024 event
State Bank of India: Downgraded to 'neutral' from 'buy' (downside of 4%).
ICICI Bank: Downgraded to 'neutral' from 'buy' (upside of 3%).
Yes Bank: Downgraded to 'sell' from 'neutral' (downside of 37%).
Bajaj Finance: Upgraded to 'neutral' from 'sell'.
HDFC Bank: Reiterates 'buy' (upside of 33%).
U.S. Dollar Index at 103.90
U.S. 10-year bond yield at 4.32%
Brent crude down 0.47% at $83.28 per barrel
Nymex crude down 0.51% at $78.21 per barrel
Bitcoin was down 0.82% at $51,228.04
The yield on the Indian benchmark 10-year bond trade flat at 7.073%.
The India rupee was trading flat at 82.86.
Manappuram Finance Ltd's board approved raising Rs 600 crore via NCDs.
Source: Exchange filing
Vodafone Idea's stock rose as much as 8.28%, the most jump since Feb. 07.
It was trading 7.89% higher at Rs 17.60 per share, compared to a 0.12% advance in the benchmark Nifty 50 at 9:31 a.m.
It has risen 162.69% in the past 12 months. The total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 66.30.
Of the 17 analysts tracking the company, 15 maintain a 'sell' and two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 58.6%
Market breadth was skewed in favour of buyers. Around 2,086 stocks rose, 860 stocks declined, and 115 remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 0.32% or 70.70 points higher at 22,288.15, and S&P BSE Sensex was trading 0.34% or 247.08 points higher at 73,394.44.
The local currency weakened 2 paise to open at 82.87 against the U.S. Dollar.
It closed at 82.85 on Thursday.
Source: Bloomberg
The yield on the 10-year bond opened flat at 7.07%.
Source: Bloomberg
Kirloskar Ferrous Industries Ltd has temporarily suspended operations of blast furnace at Hiriyur plant due to market conditions.
Source: Exchange filing
Expect growth to undershoot the RBI’s forecasts in FY25 (RBI: 7.0%, Nomura: 6.2%)
Expects one-year ahead inflation forecast (for Q4 FY25) to also be lower (RBI: 4.7%, Nomura: 4.1%)
Expects 100bps in rate cuts cumulatively starting from August.
Expects both growth and year-ahead inflation to undershoot the RBI’s forecasts in FY25
Rate cuts warranted, especially if inflationary pressures continue to be benign
Asian Shares Climb As Equities Hit Record Highs: Markets Wrap
Citi Research has initiated coverage with a 'buy' on Honasa Consumer and target price set at Rs 550 apiece.
The brokerage expects growth outperformance led by company-specific initiatives and masstige positioning.
Citi Research sees strong business prospects, robust growth opportunity, and improving financial metrics.
Consolidated revenue to post 25% CAGR over FY24-26E driven, the brokerage said.
Citi Research estimates Ebitda to grow at a faster clip of 55% CAGR.
Cautious approach is needed to manage last mile of disinflation.
Resilient growth allows time to "wait a bit longer" to achieve target.
Allows time to get clarity on weather related risks.
Status Quo even on stance, the RBI fears that markets are front running anticipation of policy pivot.
Reaffirms earlier stance highlighted in post policy note which pushed stance change to 'neutral'.
The brokerage expects the first rate cut to be in October from August earlier.
Birla Eyes High Single-Digit Market Share In Paints Within A Year Of Launch
Gujarat Mineral Development Approves Rs 3,041 Crore Capital Outlay For Fiscal 2025
Eureka Forbes Stake Sale: Goldman, Cassini, Morgan Stanley Among Buyers
Angel One To Raise Rs 2,000 Crore By Issuing Shares
Eureka Forbes Stake Sale: Goldman, Cassini, Morgan Stanley Among Buyers
Juniper Hotels: The public issue was subscribed to 0.23 times on day 2. The bids were led by retail investors (0.87 times), non-institutional investors (0.14 times), and institutional investors (0.6 times).
GPT Healthcare: The public issue was subscribed to 0.37 times on day 1. The bids were led by retail investors (0.66 times), non-institutional investors (0.18 times), and no bids from institutional investors.
Vodafone Idea To Consider Fundraise Next Week As KM Birla Hunts For New Investors
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