Rupee Closes Weaker Against Dollar Amid Rising Crude Prices
Bharat Electronics Ltd. has received an export order worth Euro 25.75 million from Thales Reliance Defence Systems.
Source: Exchange filing
Ahluwalia Contracts (India) Ltd. has received an order worth Rs 581 crore from ETSY Realcon for civil construction in Gurugram.
Source: Exchange filing
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Sterlite Technologies Ltd. recieved shareholders and creditors' nod for demerger of its Global Services Business.
The company expects to get NCLT approval for demerger within 2-3 months.
Demerger is likely to allow both businesses to grow independently and unlock value for investors.
Source: Exchange filing
Coal India is to tweak its e-auction norms by taking steps like lowering earnest money deposit & ramping up quantities offered under auction.
The company is to lower EMD in e-auctions from Rs 500/ton of coal to Rs 150/ton.
Coal India is contemplating 3-hour auction window to replace the earlier long-drawn process.
Source: Exchange filing
Quant Mutual Fund's Harshal Patel resigned as CFO with effect from July 1.
Harshal Patel cites 'personal reasons' for his resignation from the post of CFO
Shashi Kataria appointed as CFO, Operations Head ED of Quant Money Managers with effect from July 1
Alert: Shashi Kataria was CFO, COO & Director of PPFAS AMC
Godrej Consumer Products Ltd. launched first indigenously developed mosquito repellant molecule Renofluthrin under brand GoodKnight.
Renofluthrin is 2 times efficient than existing molecule used in GoodKnight repellants.
Molecule to be used across all major household mosquito repellents of Godrej Consumer Products.
Source: Press Conference
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Puravankara Ltd.'s customer collections from real estate business rose 39% Rs 965 crore from Rs 696 crore.
Its sales came at Rs 1,128 crore from Rs 1,126 crore.
Source: Exchange filing
Total vehicle sales at 64 lakh units vs 55 lakh units
PV sales at 3.4 lakh units vs 4.1 lakh units
Total exports at 11.9 lakh units vs 10.3 lakh units
Utility vehicle sales at 6.5 lakh units vs 5.5 lakh units
Two-wheeler sales at 50 lakh units vs 41.4 lakh units
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UBS Research has upgraded Federal Bank to 'Buy' from 'Neutral' with a target price of Rs 250, which implied a 28% upside.
Expect ROA accretion-based re-rating aided by near-term catalyst
Re-rating catalysts: clarity on new CEO and visibility on future strategy
Expect 20bp ROA accretion by FY27 to be driven by improvement in NIMs
Change in mix towards high yield loans to drive NIM expansion
Sustained c20% loan growth driving better operating leverage
Risk-reward is very attractive at current levels
Core bank at 1.1x FY26E P/BV, 27-120% discount to select peers with comparable ROEs
Synergy Industrials acquires 8.7% stake in GMR Power & Industrial via conversion of Foreign Currency Convertible Bonds.
Source: Exchange filing
No firm development on ship building joint venture, Shipping Corporation said.
Alert: Issues clarification on media report of govt plans on JV with state-run refiners.
Source: Exchange filing
Market breadth was skewed in favour of buyers. Around 2,097 stocks advanced, 754 stocks declined, and 95 stocks remained unchanged on BSE.
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.98% on Thursday.
Source: Cogencis
The local currency strengthened by 2 paise to open at 83.54 against the US dollar.
It closed at 83.56 on Thursday.
Source: Bloomberg
At pre-open, the NSE Nifty 50 was 0.30% or 72 points higher at 24,387.95, and the S&P BSE Sensex was 0.25% or 196.28 points higher at 80,093.62.
Downgrade stock to Neutral from Buy
The target price raised to Rs 9,100 vs Rs 8,830 earlier (+7.4% upside)
Earnings have been upgraded 40% by consensus in past 12 months
Sees limited room for valuation re-rating, 30% earnings growth priced in
Believes current valuations reflects upside case earnings expectation
Factors that will lead to upgrade to Buy again:
Quarterly order run-rate beyond Rs 3,800 crore from mobility
Robust margins in emerging portfolio in electrification
TCS Q1 Results: Margin Contracts, But Long-Term Forecast Maintained
The Indian currency weakened 3 paise to close at 83.56 against the US dollar.
Eraaya Lifespaces: AG Dynamic Funds bought 2.5 lakh shares (1.65%) at Rs 800 apiece, and Sneha Garg sold 2.43 lakh shares (1.6%) at Rs 800 apiece.
Systematix Corporate Services: Dovetail India Fund bought 0.72 lakh shares (0.55%) at Rs 1,400 apiece.
Cigniti Technologies: Ashika Credit Capital bought 1.4 lakh shares (0.51%) at Rs 1,355.1 apiece.
Prestige Estate Sales Falls 22.6% In June Quarter
Hindustan Zinc Inks Deal To Acquire 180-MW Renewable Energy From Serentica
HCL Technologies (Bloomberg Estimate)
Revenue estimate at Rs 28,028 crore.
EBIT estimate at Rs 4,806.4 crore.
Margin estimate at 17%.
Net profit estimate at Rs 3,846.1 crore.
Indian Renewable Energy Development Agency (Bloomberg Estimate)
Net profit estimate at Rs 368.6 crore.
TCS Q1 FY25 (Consolidated, QoQ)
Revenue up 2.2% at Rs 62,613 crore versus Rs 61,237 crore (Bloomberg estimate Rs 62,128.4 crore).
EBIT down 3% at Rs 15,442 crore versus Rs 15,918 crore (Bloomberg estimate Rs 15,245.5 crore).
EBIT margin at 24.7% versus 26% (Bloomberg estimate 24.5%).
Net profit down 3.2% at Rs 12,105 crore versus Rs 12,502 crore (Bloomberg estimate Rs 11,959 crore).
Anand Rathi Wealth Q1 FY25 (Consolidated, YoY)
Total income up 38% at Rs 245.4 crore versus Rs 178.4 crore.
Net profit up 38% at Rs 73.4 crore versus Rs 53.2 crore.
Adi Godrej Family Entity Exits Two Godrej Companies
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