Month: June 2023

Stock downgrades signal caution amidst market highs

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

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The current market rally has been met with celebration as all-time highs are achieved. However, it’s important to note that the rapid surge in many stocks has outpaced their underlying fundamentals. As a result, several stocks have recently received downgrades, indicating a more cautious outlook.

Let’s begin with Cholamandalam Finance, an exceptional company that recently saw a “neutral” rating from Citi following its downgraded assessment. Although the stock has risen by 56 percent year-to-date and 48 percent since the March lows, Citi believes that the stock has reached its peak multiples, trading at 4.5 times FY25 price to book and close to 21 times EPS. This reasoning has led to the downgrade of Cholamandalam Finance.

Moving on to One 97 Communications, Macquarie was the first to upgrade the stock when it was priced at around Rs 400 levels. However, Macquarie has now become the first to downgrade it to a “neutral” rating at Rs 850.

The downgrade is attributed to lingering business risks and uncertainties, particularly due to Ant Financial’s intention to sell a 25 percent stake in the company.

SBI Cards, another stock in focus, has observed an 8 percent increase year-to-date, with a significant 16 percent rally in the past three months since the March lows.

Nomura has downgraded the stock to “reduce” and significantly revised its target price to Rs 700, down from the earlier target of Rs 1,030. Nomura expresses concerns over profitability and stretched valuations, leaving no room for errors.

Narayana Hrudayalaya, a stock that has performed well, recording a 30 percent increase year-to-date, has been downgraded to “reduce” by Kotak Instl Eq. With their earlier target price of Rs 1,000, they now advise clients to sell into the recent rally following the substantial one-year surge.

While there are cautionary downgrades, one stock that has experienced a consensus upgrade in recent weeks is InterGlobe Aviation. The stock has seen a remarkable 48 percent rally from its lows, attracting multiple positive updates.

Morgan Stanley, for instance, has upgraded the stock for the second time in the last 10 days, raising the target price to Rs 3,321. UBS also anticipates strong Q1 results, which will establish a robust foundation for FY25, leading them to increase the target price to Rs 3,300.

Additionally, Kotak Institutional Equities has included IndiGo in its model large-cap portfolio with a target price of Rs 3,000, while Citi raised its target price to Rs 2,900.

Despite the flurry of upgrades, it’s crucial to consider the potential supply overhang. The Gangwal Family, as promoters, recently sold a 5 percent stake in IndiGo, with lockup restrictions set to expire on July 12. This suggests the possibility of further stake sales.

However, it’s important to note that such sales can only occur after the quarterly results are announced. This potential overhang notwithstanding, IndiGo has received significant upgrades across the board, highlighting its positive prospects.

As we navigate the current market landscape with its highs and cautious sentiments, it is essential to remain informed about both the downgrades and upgrades affecting various stocks.

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

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

Mutual fund platform BSE StAR MF sets new record with 2.9 cr transactions in June

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

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The BSE StAR MF platform processed a record-breaking 2.90 crore transactions in June 2023, according to a statement on Friday, June 30. This platform, which helps people invest in mutual funds online, is becoming increasingly popular among investors due to its efficiency and convenience.

The number of transactions on the BSE StAR MF platform has been steadily increasing. In the first quarter of the financial year 2023-24, there was a 39 percent rise in transactions, reaching 8.27 crore compared to 5.94 crore in the same period last year. This shows that more and more people are using the platform to invest in mutual funds.

In June 2023, the platform saw a 3.4 percent increase in monthly transactions, totalling 2.90 crore. The platform’s ability to handle a large number of transactions efficiently is also evident from this achievement.

Additionally, in June 2023, the platform welcomed 16.72 lakh new systematic investment plans (SIPs), which amounted to Rs 428 crore.

As of June 30, 2023, the platform had a total of 2.15 crore active SIPs, further solidifying its position as one of the preferred choices for mutual fund investments among asset management companies (AMCs) and mutual fund distributors.

BSE, established in 1875 and previously known as the Bombay Stock Exchange, is not only the first stock exchange in Asia but also the fastest in the world, with an impressive processing speed of six microseconds.

It plays a significant role in developing the Indian capital market and provides a transparent and efficient platform for trading various financial instruments, including stocks, bonds, and mutual funds.

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

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

Tushar Mehta re-appointed as Solicitor General of India for three-year term

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

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Senior advocate Tushar Mehta was re-appointed as the Solicitor General of India on Friday for a term of three years.

Mehta was appointed as Solicitor General on October 10, 2018 and since then he had been granted extension twice.

According to an order issued by the Department of Personnel and Training, besides Mehta, six Additional Solicitors General for the Supreme Court were also re-appointed for a period of three years.

BREAKING: Tushar Mehta re-appointed as Solicitor General of India. Six ASGs also re-appointed for the Supreme Court.

Madhavi Diwan, Jayant K Sud and Sanjay Jain will not continue as ASGs. pic.twitter.com/sVMiwIHisA

— Bar & Bench (@barandbench) June 30, 2023

Six ASGs who were re-appointed for the top court are Vikramjit Banerjee, K M Nataraj, Balbir Singh, S V Raju, N Venkataraman and Aishwarya Bhati.

The names of Additional Solicitors General Madhavi Goradia Divan and Sanjay Jain, whose tenure came to end on Friday, did not feature in the list of re-appointed law officers.

Additional Solicitor General Jayant K Sud, whose tenure came to end on Thursday, also did not feature in the list.

Additional Solicitors General Chetan Sharma for Delhi High Court, Satya Pal Jain for Punjab and Haryana High Court, Devang Girish Vyas for Gujarat High Court and Krishna Nandan Singh for Patna High Court were also re-appointed for a period of three years.

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

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

HT Parekh Legacy centre chronicles the HDFC Story — to be open for general public in July

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

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After 45 years, housing finance giant HDFC will cease to exist as it merges into HDFC Bank. To mark its contribution to India’s economic journey, HDFC has opened a legacy centre in Mumbai.

The HT Parekh Legacy centre has been set up at the Ramon House — the house of HDFC. It pays tribute to the man behind the Housing Finance Development Company — HT Parekh — who started the company and pioneered institutional housing finance, allowing the middle class to buy and own homes.

In 1977, HT Parekh started HDFC with a personal contribution of 10,000 rupees… and grew it into a juggernaut of the Indian financial landscape — a legacy his nephew Deepak Parekh has contributed to.

Also Read: HDFC’s Deepak Parekh writes letter to shareholders, announces retirement ahead of merger

The legacy centre documents not just HDFC’s triumphs over the years, but HT Parekh’s struggles too —right from convincing an India that frowned upon debt to avail home loans. The centre also houses snippets of Parekh’s personal history — from letters he wrote to his wife and friends… to appointment letters he handed out to the first employees — including Deepak Parekh and Keki Mistry.

Deepak Parekh, Chairman of HDFC said, “This Legacy Center is a humble contribution to HT Parekh as it showcases one of the most successful startups in an era of socialism.”

Watch video for more.

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

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

Hero MotoCorp to hike prices of motorcycles and scooters from July 3

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

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Two-wheeler maker Hero MotoCorp Ltd on Friday, June 30, said the company will raise the ex-showroom prices of its motorcycles and scooters, effective from July 3, 2023.

The price increase will be around 1.5 percent and the exact quantum of increase will vary according to specific models and markets, it said in an exchange filing.

The upward revision of the prices of motorcycles and scooters is part of the price review that the company undertakes from time to time, keeping in mind various factors like price positioning, input costs, and business imperatives.

Further, Hero MotoCorp will continue with innovative financing programmes to minimise the impact on the customers, it said

The onset of monsoon in most parts of the country and overall economic indicators bode well for a growth in demand, and industry volumes are expected to pick up leading into the upcoming festive season, it added.

Shares of Hero Motocorp Ltd ended at Rs 2,909.40, up by Rs 80.65, or 2.85 percent on the BSE.

Also Read: US, Dutch set to hit China’s chipmakers with one-two punch: Report

The company said its consolidated profit after tax increased by 31 percent to Rs 811 crore for the fourth quarter ended March 31, 2023, riding on the back of robust sales.

Total income rose to Rs 8,672 crore in the period under review from Rs 7,628 crore in the year-ago period. The company reported sales of 12.70 lakh units in the fourth quarter, up 7 percent, as compared with 11.89 lakh units in the same period of the 2021-22 fiscal.

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

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

BCCI confirms that Dream11 will replace Byju’s on Team India jersey for the next three years

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

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The Board of Control for Cricket in India (BCCI) floated a tender for the Indian cricket team jersey sponsorship and popular fantasy gaming platform Dream11 has grabbed the bid. It is learnt that sports management firm RISE Worldwide spearheaded this deal between the two parties.

Byju’s had an optional deal in place with the BCCI until November but decided to exit the contract in March, as per a News18 report. In the previous deal with Byju’s, BCCI earned around Rs 5.5 crore in all the bilateral series and the value dropped to Rs 1.7 crore for an ICC game.

Tweet:

🚨 NEWS 🚨: BCCI announces Dream11 as the new #TeamIndia Lead Sponsor.

More Details 🔽https://t.co/fsKM7sf5C8

— BCCI (@BCCI) July 1, 2023

For those who don’t get it.

* Adidas is apparel / kit sponsor.
* Dream11 is team sponsor.

Both are separate deals.

And also for those questioning legitimacy etc — please read Supreme Court guidelines on Fantasy Leagues before maligning names.

Half knowledge is dangerous.

— KSR (@KShriniwasRao) June 30, 2023

The recently-secured Adidas deal is for apparel and kit sponsorship while Dream11 is for team sponsorship. Going by the reports it is said that BCCI had to decrease the base price per match to Rs 3 crore this time around.

Also Read: BCCI announces Adidas as Team India’s new kit sponsor from June 2023-March 2028

BCCI’s June 14 release clealy stated that certain brands would be prohibited from this process and even though ‘Real Money Gaming’ was in the list an expection was made for ‘Fantasy Sports Gaming’.

Dream11 has taken rapid strides in the fantasy gaming segment in recent years with top cricketers like Hardik Pandya, Jasprit Bumrah and Rohit Sharma becoming the brand ambassadorsof for the platform. The company had secured the title sponsorship for the Indian Premier League (IPL) in 2020 after Vivo had pulled the plug on their deal with the tournament in the aftermath of the Galwan valley clash between the Indian Army and the People’s Liberation Army (PLA) in China.

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

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

Oscar-winning actor Alan Arkin dies at 89

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

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Alan Arkin, a versatile and prolific American actor who thrived in both comic and dramatic roles and won an Oscar for playing a heroin-using grandfather in the 2006 film “Little Miss Sunshine,” has died at 89, Variety reported on Friday, citing a statement from his family.

Arkin died at his home in Carlsbad, California on Thursday, Variety reported. Reuters could not immediately confirm his death.

“Our father was a uniquely talented force of nature, both as an artist and a man. A loving husband, father, grand and great grandfather, he was adored and will be deeply missed,” Arkin’s sons Adam, Matthew and Anthony wrote in a joint statement to People.

Arkin appeared in scores of films, was nominated for an Academy Award four times and won a Tony Award, Broadway’s top honors, in 1963 for his first major stage role in Carl Reiner’s “Enter Laughing.”

His first major movie role also earned him an Oscar nomination – best actor for playing a Soviet sailor in the 1966 Cold War comedy “The Russians Are Coming! The Russians Are Coming!”

Arkin was initially turned down for the “Little Miss Sunshine” role that ultimately won him a best-supporting-actor Oscar because the directors thought he was too healthy. The character was a foul-mouthed 80-year-old grandfather who was frail and shaky from years of drug abuse and bad behavior.

“It’s the best rejection I ever got in my life – they thought I was too virile,” Arkin said, flexing his biceps and striking a muscleman pose during a 2007 interview with The New York Times.

Arkin delivered a memorable dramatic turn as a psychopathic killer in the 1967 film “Wait Until Dark,” opposite Audrey Hepburn. He later said he hated the scenes in which his character terrorizes Hepburn, saying, “I didn’t like being cruel to her. It made me very uncomfortable.”

He appeared as a deaf-mute in the adaptation of Carson McCullers’s novel “The Heart Is a Lonely Hunter” in 1968, drawing his second Academy Award nomination for best actor.

In 1970, he starred in the film version of Joseph Heller’s novel “Catch-22,” putting in a strong performance in a movie that was considered a disappointment.

Arkin won plaudits for his performance in the 2012 thriller “Argo” telling the true-life story of a CIA mission to free six Americans from Iran by disguising them as crew members of an elaborately concocted but fictitious film about aliens. Director Ben Affleck’s film won the Academy Award for Best Picture.

He remained remarkably active in film and television well into his 80s. He won praise and Emmy nominations for the TV series “The Kominsky Method” also starring Michael Douglas that debuted in 2018.

Some of Arkin’s other films included “The Seven-Per-Cent Solution” in 1976, “The In-Laws” in 1979, “Edward Scissorhands” in 1990, “Glengarry Glen Ross” in 1992, “Grosse Pointe Blank” in 1997, “The Slums of Beverly Hills” in 1998, “Get Smart” in 2008, “Sunshine Cleaning” in 2008, “Stand Up Guys” in 2012 and “Going in Style” in 2017.

Not all his movies fared well. For example, he said he did “Freebie and the Bean” in 1974 because “I needed the bread.”

Alan Wolf Arkin was born on March 26, 1934 in the New York City borough of Brooklyn but his family later moved to Los Angeles when he was 11. His father, a painter and writer, lost his job as a teacher after he was accused of being a communist during the “Red Scare” of the 1950s.

Arkin was an original member of Chicago’s influential improvisational comedy troupe Second City and sang in a folk group that had a hit version of the 1950s single “The Banana Boat Song,” popularised by Harry Belafonte. Arkin also worked as a movie and stage director, made many TV appearances and wrote several books.

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

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

Tech Mahindra partners with Microsoft for generative AI-Powered Enterprise Knowledge Search

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

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Tech Mahindra on Friday announced an integration with Microsoft to introduce a solution named generative AI-Powered Enterprise Knowledge Search. This offering is said to leverage generative AI for enterprise data accessibility and to provide a multi-modal, multi-channel search experience for organisations.

“Tech Mahindra’s generative AI-powered Enterprise Knowledge Search integrates Microsoft Azure OpenAI Service, Azure Cognitive Search, and Azure Language understanding to help enterprises unleash knowledge accessibility in a unique way, which will eventually improve the knowledge quotient within organisations,” the company said in a statement.

The generative AI-Powered Enterprise Knowledge Search will reportedly introduce several AI-driven capabilities such as content summarisation, knowledge graph-led knowledge structuring, and a novel query interface.

Hasit Trivedi, CTO, Digital Technologies and Global Head, AI at Tech Mahindra, emphasised the significance of generative AI in transforming enterprise search. He stated, “The emergence of generative AI and its advanced capabilities have sparked a renewed interest among enterprises to reassess how they approach enterprise search. An average knowledge worker spends a significant amount of time searching for information, leading to lower productivity and organisational efficiency.”

As per Tech Mahindra, by utilising generative AI, the search will ensure correct tagging and indexing of data, remove irrelevant content, de-duplicate information, and maintain the repository efficiently. The solution is also said to leverage advanced statistical analysis, Natural Language Processing (NLP), and Large Language Model (LLM) technologies to enhance search accuracy and relevance.

“Users can also search for information from images, audio, videos, and other types of content in addition to documents. Further, an omnichannel experience is provided by being able to search across multiple channels, such as voice assistants or conversational AI platforms,” the company added.

Sangita Singh, General Manager IT&ITES, Microsoft India, expressed her enthusiasm for the collaboration, stating, “Tech Mahindra’s offering integrates Microsoft Azure AI to enable enterprises to tap into Generative AI, unlock the full potential of their data, and create a multi-modal multi-channel search experience. This will not only enhance effectiveness and personalisation but also boost employee productivity and satisfaction.”

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

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

WHO says it’s aware of reports on killer cough syrups using industrial grade PG, but no proof yet

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

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The World Health Organization (WHO) is aware of the media reports that mentioned the use of industrial grade propylene glycol (PG) in the manufacture of cough syrups, the UN agency told CNBC-TV18. However, it lacks the evidence to substantiate the media reports.

The WHO on January 11 alerted Uzbekistan on the issue of contamination of cough syrups imported from India. The alert was issued after 18 children died in Uzbekistan in December 2022, after consuming the cough syrup manufactured by Marion Biotech.

Following this, in March, the Central Drugs Standard Control Organisation (CDSCO) of India cancelled the licence of Noida-based Marion Biotech.

The WHO said that it is saddened by these cases of contamination that were reported in several countries over the past months. Meanwhile, the UN agency will continue its work to investigate the matter together with those who were impacted.

WHO Director General Tedros Adhanom Ghebreyesus  had issued a call for action in January to all member states to increase their surveillance and testing efforts as many people are needlessly being put at risk.

ALSO READ: WHO likely to declare commonly-used artificial sweetener aspartame as a possible carcinogen

It has also welcomed action by countries that were impacted by this to investigate the cause of the adverse events and deaths. The WHO said it has been trying to understand the original source of contamination.

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

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