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Cummins India shares climb as firm aims for Rs 500 crore exports every quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The stock was trading 1.76 percent up at Rs 1,261 at BSE at the time of writing.  

[wealthdesk shortname=”Cummins” isinid=”INE298A01020″ bseid=”500480″ nseid=”CUMMINSIND” sector=”Engines” exchange=”bse”]The stock of Cummins India jumped 3.8 percent to Rs 1,288.35 on Friday a day after the engines and related parts maker reported an almost 20 percent decline in net profit but a 42 percent jump in revenue for the June quarter. The company said it was doing well in exports and there is scope for adding more.

The net profit for the June quarter stood at Rs 198 crore against Rs 247 crore in the same quarter in FY22. Revenue stood at Rs 1,696 crore in the quarter.

A change in revenue mix, increased commodity prices, and a lag in price pass-through impacted the company’s margin for the first quarter. The margin was at 12.6 percent compared to 12.4 percent in the June quarter of FY22.

Talking to CNBC-TV18, Ajay Patil, chief financial officer at Cummins India, said that the company had taken multiple price hikes in 18 months. “We have tactically responded from a pricing standpoint, keeping in mind where the commodity inflation has been,” he said.

Also Read: Nykaa shares drop 1% after beauty private label CEO Reena Chhabra resigns

Going strong on exports

Cummins reported a 58 percent year-on-year jump in exports. Patil said the company had seen fairly stable and steady demand from the end markets over the past few quarters.

“And the demand is fairly broad-based across all parts of the world. Within that, Asia Pacific continues to be fairly steady. What we are seeing is an uptick in demand from West Asia, Europe and Latin America,” he said.

Patil added that Cummins was looking at clocking Rs 500 crore exports every quarter if the supply chain normalises. “We have maintained that run rate (Rs 400 crore) over the last three quarters. Can we go towards Rs 500 crore of exports a quarter? Obviously, all our actions are in those directions.”

The stock was trading 1.76 percent up at Rs 1,261 at BSE at the time of writing.

Credit Suisse maintained an ‘outperform’ rating on shares of Cummins India with a target price of Rs 1,475 per share, up from the previous target of Rs 1,150 per share. The brokerage house said that the stock continues to look attractive.

Jefferies raised the target price on the shares of Cummins India to Rs 970 per share, up from the previous target of Rs 850 per share. The brokerage house raised the earnings per share estimates for the financial year 24-25 by 14 percent.

Also Read: Paytm slides further as advisory firm seeks Vijay Shekhar Sharma’s removal

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Navi Mutual Fund’s NFO opens for subscription today: Key things to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

It is an open-ended index fund that will seek to replicate the Nifty India Manufacturing Index, which tracks the performance of manufacturers among the top 300 companies in India.

Navi Mutual Fund’s sixth fund of this year – the Navi Nifty India Manufacturing Index Fund- has opened for subscription today. This is India’s first index fund focusing on the manufacturing sector.

This new fund offer (NFO) will close on August 23, 2022.

About the fund

It is an open-ended index fund that will seek to replicate the Nifty India Manufacturing Index, which tracks the performance of manufacturers among the top 300 companies in India.

(Source: Navi Mutual Fund)

This fund proposes a total expense ratio of 0.15 percent and 1 percent for the direct plan and regular plan respectively. Investors can invest through numerous online platforms or by contacting their financial advisors.

ALSO READ | Franklin Templeton launches NFO — Should you invest in it?

Why investors should choose this?

According to the fund house, the NFO aims to simplify investing in the Indian manufacturing sector. It will provide easy and cost-effective access to the entire manufacturing landscape through an index that is well diversified across sectors and market caps. Investors would gain exposure to not just the leaders of the sector but also to growth in upcoming sectors like electric vehicles, semiconductors, defense, etc., among others.

Why manufacturing?

Manufacturing is one of India’s high-growth sectors, which has been buoyed by the government’s constant support to strengthen the sector, the fund house said.

“The ‘Make in India’ initiative, Production Linked Incentive (PLI) Scheme, and the Skill India initiative are a few of the programmes that aim to put India on the world map as a global manufacturing hub. Foreign Direct Investment (“FDI”) policy initiatives aimed at reducing restrictions have led to an increase in foreign investment. FDI in the manufacturing sector increased by 25 percent to $16.3 billion(2) in 2021,” it said.

ALSO READ | Independence Day 2022: Key tips to achieve financial freedom

The largest sectors in the Nifty India Manufacturing Index currently are automobile and auto components, capital goods, healthcare, and metals and mining. It also has a well-balanced representation, with the top 10 stocks constituting only ~37 percent of the index. The index has delivered attractive average annual returns in the past – 8.9 percent, 24.5 percent, 9.6 percent, 14.5 percent, and 14.3 percent CAGR over the last 1, 3 , 5 , 10 years and since its inception in 2005, respectively which indicates that over the last 10 years the index is up 3.9 times from its original level, it said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Johnson & Johnson to end global sales of talc-based baby powder in 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

J&J had blamed several misinformations resulting in about 38,000 lawsuits from consumers in the North American nation.

Johnson & Johnson has said it would stop selling talc-based baby powder globally in 2023 and move to a cornstarch-based baby powder portfolio. The decision comes more than two years after it ended sales in the US and Canada due to safety lawsuits and falling demand.

“As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio,” J&J said in a press release.

“We continuously evaluate and optimise our portfolio to best position the business for long-term growth. This transition will help simplify our product offerings, deliver sustainable innovation, and meet the needs of our consumers, customers and evolving global trends,” the statement added.

It said that its cornstarch-based baby powder is already sold in many nations.

Also Read: China’s third-biggest IPO doubles in trading bebut

J&J has blamed several misinformations resulting in about 38,000 lawsuits from consumers in North America. The company has denied the allegations on several occasions, citing many scientific testing and regulatory approvals that have shown the safety of its products.

“Our position on the safety of our cosmetic talc remains unchanged. We stand firmly behind the decades of independent scientific analysis by medical experts worldwide that confirms talc-based Johnson Baby Powder is safe, does not contain asbestos, and does not cause cancer,” the firm added.

Johnson’s Baby Powder has been selling since 1894.

Also Read: Johnson & Johnson plans to split into two companies

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Shashi Tharoor to get Legion of Honour, France’s highest civilian award — here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Chevalier de la Légion d’Honneur or the Legion of Honour is a French order of merit that was established in 1802 by Napoleon Bonaparte. It is awarded for excellent civil or military conduct.

The French government is honouring Congress leader Shashi Tharoor with its highest civilian honour, ‘Chevalier de la Légion d’Honneur’ Emmanuel Lenain, French Ambassador in New Delhi wrote to the Thiruvananthapuram MP. The recognition comes after Tharoor surprised the officials of the embassy, consulates, Alliance Francaise and military attaches by delivering a speech in French last year.

According to the French government, the award is being conferred upon Tharoor in recognition of his writings and speeches. The two-term Lok Sabha MP is also a celebrated author with several fiction and non-fiction books under his belt.

Tharoor tweeted, “As one who cherishes our relations with France, loves the language and admires the culture, I am honoured to be recognised in this way. My gratitude and appreciation to those who have seen fit to award me this distinction.”

What is the Legion of Honour?

The Chevalier de la Légion d’Honneur or the Legion of Honour is a French order of merit that was established in 1802 by Napoleon Bonaparte. It is awarded for excellent civil or military conduct. The award is given without regard to birth or religion provided that the individual swears to uphold the values of liberty and equality. All previous orders were reserved only for Christians.

The award is given to people with 20 years of civil achievement in peacetime or those who display extraordinary military bravery in times of war. The badge of the Legion has the inscription “République Française” (Republic of France) while the reverse side has a set of crossed tricolours with the motto “Honneur et Patrie” (Honor and Country).

The first Indian to be awarded with the Legion of Honour was Maharaja Pratap Singh of Idar in 1918. Since then, more than 40 Indians have been honoured with the award. The list of the recipients includes JRD Tata (1983), Satyajit Ray (1987), Pandit Ravi Shankar (2000), E Sreedharan (2005), Amitabh Bachchan (2007), Lata Mangeshkar (2007), Shah Rukh Khan (2014), Kamal Haasan (2016), Ratan Tata (2016), and Azim Premji (2018), among others.

Earlier, in 2010, Tharoor had received a similar honour from the Spanish government. He was awarded the ‘Encomienda de la Real Order Espanola de Carlos III’.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Coronavirus in India: Over 16,000 new COVID cases recorded, positivity rate at 5.44%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

49 more people died due to the COVID-19 infection in the last 24 hours. As many as 10 deaths were reported in Kerala, 6 in Delhi, 6 in Karnataka.

India reported 16,561 COVID-19 cases in the last 24 hours, 262 or 1.61 percent higher than that reported the previous day. The maximum cases were reported in Delhi with 2,726 cases, Maharashtra with 1,877 cases, and Karnataka with 1,691 cases.

Active cases witnessed a drop of 1,541. Almost seven states or UTs reported a rise in active cases, whereas 28 states or UTs reported a fall. As many as 18,053 new recoveries were also recorded in the last 24 hours.

Also Read: Wear mask or pay Rs 500 fine as Delhi sees spurt in COVID-19 cases

Moreover, 49 more people died due to the COVID-19 infection in the last 24 hours. As many as 10 deaths were reported in Kerala, six in Delhi, and six in Karnataka.

India’s daily positivity rate stood at 5.44 percent, which is much higher than 4.58 percent recorded a day earlier. As many as 292 districts reported a weekly test positivity rate above 5 percent.

Mizoram reported the highest daily positivity rate at 25.36 percent. This was followed by Meghalaya at 14.52 percent and Delhi at 15.05 percent. 

Also Read: 100% samples from Mumbai found infected with Omicron sub-variants

According to government data, 17.72 lakh new vaccines were administered in the last 24 hours, which brought the total number of vaccinations to 207.47 crore. A total of 0.4 lakh people aged above 18 received their first dose, and 1.75 lakh got their second doses.

Almost 0.38 lakh people aged between 12 and 14 years received their first dose, while 0.75 lakh got their second doses. A total of 13.83 lakh also received their precautionary dose in the last 24 hours. In India, 93.72 crore people are fully vaccinated against COVID-19.

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Meesho adds 8 vernacular languages to tap 377 million users

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

E-commerce platform Meesho backed by SoftBank and Facebook plans to add 377 million potential users across different regions by launching support in eight vernacular languages, the company said on Friday.

E-commerce platform Meesho, which is backed by Facebook and SoftBank, has added eight new vernacular languages to the app and is targeting 377 million potential users across different regions.

Meesho said it had added Bengali, Telugu, Marathi, Tamil, Gujarati, Kannada, Malayalam and Odia. With this, Meesho customers can select their preferred language for using the app and see product information, placing and tracking orders, and making payments on android phones.

The company said that about half of its users were new to e-commerce and have probably never transacted on such platforms. By introducing local languages on the platform, Meesho aims to make shopping easier for them.

Also Read: Instagram can track a user’s web activity via in-app browser, claims report

“This is a natural step in our journey of becoming the single shopping destination for the next billion users in India,” Meesho chief technology officer Sanjeev Barnwal said in a statement.

Meesho turned unicorn in April 2021 after a funding round led by SoftBank.

Last year, Meesho introduced Hindi as a language option on the platform, which has seen a high adoption rate of 20 percent to date.

“The company aims to target a potential user base of around 377 million, as per data shared by Kantar ICUBE 2021. The majority of Meesho customers come from tier 2 and beyond cities like Ahmedabad, Vadodara and Jamshedpur and non-Hindi-speaking states, where English or Hindi may not always be the language of choice,” the statement said.

Also Read: ‘Crying CEO’ goes viral after plaintive LinkedIn post on sacking employees

Meesho claims that the transacting user base on its platform has surged around 5.5 times since March 2021, while the assortment has grown nine times to around 72 million during the same period.

It has 125 million monthly active users on its platform. Customers from tier 2 and beyond markets account for around 80 percent of all shoppers and have been key drivers of growth for Meesho.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Bharat Forge soars on strong financial performance and management outlook

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Shares of the company have grown steadily in the year so far and have gained 11.46 percent on the BSE.

[wealthdesk shortname=”Bharat Forge” isinid=”INE465A01025″ bseid=”500493″ nseid=”BHARATFORG” sector=”Castings & Forgings” exchange=”bse”]

Shares of Bharat Forge climbed over 7 percent a day after the company posted an over 7 percent rise in consolidated net profit to Rs 160.37 for the April-June quarter, backed by strong growth in automotive exports.

Investors also cheered the strong management commentary. After the results, Baba Kalyani, Chairman and MD of Bharat Forge, told CNBC-TV18: “Our exports will remain strong. We have many new avenues where exports are increasing. And we have a lot of work that we are doing in the aluminium space.”

Kalyani added that the company can easily target an improvement of 100 basis points in margin.

At 10:28 am, shares of the auto components maker were trading at Rs 791, an up of 7.43 percent from the previous close on the BSE.

Also read: Bharat Forge net profit rises over 7% on strong automotive exports

The company’s consolidated revenue from operations during the period under review stood increased by 35 percent and stood at Rs 2,851.46 crore. In the first quarter of last year, it stood at Rs 2,107.68 crore.

Bharat Forge said in a regulatory filing that the automotive export revenue grew in the April-June quarter driven by both commercial and passenger vehicle segments. As per the management, exports added 60 percent of the company’s revenue.

Also read: Amit Burman resigns as Chairman of Dabur India

Shares of the company have grown steadily in the year so far and have gained 11.46 percent on the BSE.

What do analysts have to say?

Brokerage firm UBS has maintained a buy call on the shares of Bharat Forge and has raised the target price from Rs 870 per share to Rs 900 per share.

The brokerage firm said Bharat Forge’s standalone EBITDA ( earnings before interest, taxes, depreciation, and amortisation, which is a measure of a company’s overall financial performance) for the first quarter of FY23 beat consensus by 8 to 9 percent and the company’s outlook remains relatively strong.

UBS expects Bharat Forge to see strong double-digit growth in India industrials for the next 3-4 years. It also projected that the company might see a significant ramp-up in the US and Europe aluminium plants.

Brokerage firm Jefferies has also given an ‘underperform’ call on the shares of Bharat Forge with a target price of Rs 540 per share.
The brokerage firm added that the near-term outlook for the company looks good but a falling earnings growth trajectory is being seen.

We see EBITDA/EPS Rising 13 percent /16 per cent in the financial year 2023 (FY23)  and just 9 percent /11 percent in FY24, Jefferies added. The brokerage firm has also cut FY23-24 EPS estimates for Bharat Forge by 4 to 5 percent

Meanwhile, market expert Mitessh Thakkar of earningwaves.com recommended buying Bharat Forge with a stop loss of Rs 724 and a target of Rs 760.

Catch up on all LIVE stock market updates here.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Supreme Court postpones demolition of Supertech Towers in Noida to August 28

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Supertech’s Apex and Ceyane towers in Noida Sector 93A are scheduled for demolition in pursuance of a Supreme Court order in August 2021 which noted that the structures had come up in violation of building norms.

The Supreme Court on Friday postponed the demolition of Supertech Towers in Noida to August 28. The apex court gave nod to deploy necessary explosives for the demolition of nearly 100-metre-tall illegal towers. The twin towers in Sector 93A were scheduled to be razed by a controlled implosion at 2.30 pm on August 21.

A Bench of Justices DY Chandrachud and AS Bopanna granted a “bandwidth” of one week from August 29 to September 4 to the agencies engaged in the demolishing exercise of the twin towers on grounds that there may be some marginal delay in razing the huge buildings due to technical and weather conditions.

Over 3,500 kg of explosives will be filled in around 9,400 holes drilled in the columns and shears of the skeletal structures of the twin towers, according to officials.

Supertech’s Apex and Ceyane towers in Noida Sector 93A are scheduled for demolition in pursuance of a Supreme Court order in August 2021 which noted that the structures had come up in violation of building norms.

The top court had directed that the entire amount of home buyers be refunded with 12 percent interest from the time of the booking and the RWA of Emerald Court project be paid Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project adjoining the national capital.

With inputs from PTI

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Paytm slides further as advisory firm seeks Vijay Shekhar Sharma’s removal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In an interview with CNBC-TV18, IIAS’ Amit Tandon argued that they prefer a professional CEO for the company and also oppose Vijay Shekhar Sharma’s outsized compensation at Paytm.

The Paytm stock was under pressure as markets opened on Friday after advisory firm IiAS asked shareholders to vote out Paytm Managing Director Vijay Shekhar Sharma from the company’s board in the upcoming annual general meeting scheduled on August 19.

In an interview with CNBC-TV18, IiAS’ Amit Tandon argued that they prefer a professional CEO for the company and also oppose Sharma’s outsized compensation.

“I will kind of begin with a caveat that asking for the removal of a founder is not a recommendation we make very easily… If you were to look at the AGM notice, the resolution that triggered the decision from our perspective was about the compensation,” said Tandon.

It is reported that Vijay Shekar Sharma earns Rs 6 crore as fixed pay.

“But he is also getting about Rs 790 crore worth of stock options — that’s the fair value of stock options for about five years. So, it’s just under Rs 4,000 crore. And we felt that for someone it’s a fairly large sum of money,” Tandon said.

Tandon said that Paytm has a well-defined succession plan and, thus, the board should trigger the removal of Sharma.

A strong July business update has failed to cheer the stock.

Despite the show in July, brokerage firm Macquarie has maintained its “underperform” rating on the stock and put a target of Rs 450 per share which is a 42 percent decrease from the current trading price of Rs 781 per share and roughly 80 percent down from its listing price.

For a ball-by-ball commentary on today’s (Aug 12) market action, please click here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

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Raju Srivastava suffers brain damage after heart attack, on ventilator support

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The 58-year-old stand-up comic underwent angioplasty following a heart attack on Wednesday. “He was doing his routine exercise and while he was on the treadmill, he suddenly fell down,” Raju’s cousin said.

Popular comedian-actor Raju Srivastava is “critical and on a ventilator” in the intensive care unit (ICU) of the All India Institute of Medical Sciences (AIIMS) in the national capital.

According to news reports, he also suffered immense brain damage after cardiac arrest. Srivastava’s friend Ahsaan Qureshi told the DNA that his brain isn’t functioning completely.

The 58-year-old stand-up comic underwent angioplasty following a heart attack on Wednesday. “He was doing his routine exercise, and while he was on the treadmill, he suddenly fell. He suffered a heart attack and was immediately taken to the AIIMS,” Raju’s cousin Ashok Srivastava had told PTI.

Srivastava received recognition after participating in the first season of the stand-up comedy show “The Great Indian Laughter Challenge” in 2005. He has been active in the entertainment industry since the late 1980s.

He has appeared in Hindi films such as “Maine Pyar Kiya”, “Baazigar”, “Bombay to Goa” (remake), and “Aamdani Atthani Kharcha Rupaiya”.

Praying for his recovery, actor Shekhar Sumar tweeted that the comedian was seriously ill after a heart attack and had been put on the ventilator.

 

With inputs from PTI

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?