5 Minutes Read

This analyst recommends TCS, UltraTech Cement as her top picks today

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

 Listen to the Article (6 Minutes)

Summary

Soni Patnaik, an expert from JM Financial Services, highlighted Tata Consultancy Services (TCS) as her top pick within the large-cap segment. And among the various options in the cement sector, UltraTech Cement stood out as her preferred choice.

In a recent interview with CNBC-TV18, Soni Patnaik, an expert from JM Financial Services, shared her insights and recommendations on two stocks from the IT and cement sectors.

Soni Patnaik started by emphasising her confidence in the Information Technology (IT) sector, which has been a consistent performer and a reliable support for the Nifty index. She specifically highlighted Tata Consultancy Services (TCS) as her top pick within the large-cap segment. According to Patnaik, TCS has shown remarkable strength recently, marked by a substantial monthly breakout.

As per her analysis, TCS is poised for impressive growth with potential price targets of Rs 3,800 to Rs 4,000. This suggests a significant upside potential from its current levels. To mitigate risk, Patnaik suggested a cautious approach by implementing a stop loss at Rs 3,350.

This positional call aligns with her positive outlook on TCS, which had already demonstrated a notable increase of over 3 percent in the last month.

Switching gears from the IT sector, Soni Patnaik drew attention to the cement sector. Among the various options in this sector, UltraTech Cement stood out as her preferred choice. She pointed out that UltraTech Cement has exhibited signs of revival, as reflected in its stock performance.

With a stop loss set at Rs 8,395 and an ambitious target of Rs 9,000, Patnaik’s outlook on UltraTech Cement suggested a potential gain of more than 6 percent in the past month alone.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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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CAT 2023 registration closes today: Check how to apply and other important details

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

 Listen to the Article (6 Minutes)

Summary

CAT 2023 is scheduled to be conducted on November 26, using Computer Based Test (CBT) mode. Applicants will be able to download their hall tickets starting from October 25.

The Indian Institute of Management (IIM) Lucknow will close the online registration process for the Common Admission Test (CAT 2023) today, September 13. Eligible candidates can submit their complete registration forms online until 5 p.m. on Wednesday through the official website iimcat.ac.in.

The CAT exam is held to select candidates for admission to various Post Graduate management programmes across IIM

Exam date for CAT 2023

CAT 2023 is scheduled to be conducted on November 26 in computer-based test (CBT) mode. Applicants will be able to download their hall tickets starting from October 25 (5 p.m. onwards.

Eligibility criteria

To apply for the CAT exam, candidates must have completed their graduation with at least 50 percent marks or equivalent. Alternatively, candidates should have a professional degree like CA/CS/ICWA/Fellow of the Institute of Actuaries of India (FIAI) with the required percentage. For more detailed eligibility criteria, applicants can refer to the notification available on the official website.

Application fees

Candidates from the SC/ST/PwD categories will be charged a registration fee of Rs 1,200, while candidates from all other categories will have to pay Rs 2,400 to complete their application process.

How to apply

Step 1. Visit the official website iimcat.ac.in.

Step 2. On the homepage, click on the IIM CAT 2023 registration link.

Step 3. Sign up and continue the application process.

Step 4. Fill out the form, pay the fee and submit your application.

Exam pattern of CAT 2023

The candidates can expect the results of the entrance test by the second week of January 2024. The CAT scores will remain valid until December 31, 2024.

Since 2015, the CAT exam has adhered to a consistent pattern, with the last three years serving as a reference for the 2023 edition.

CAT is a computer-delivered test with a duration of two hours, although it’s important to note that it’s not an online exam. Similar to the previous year, CAT 2023 will feature 66 questions divided into three sections- Verbal Ability and Reading Comprehension; Data Interpretation and Logical Reasoning; and Quantitative Ability.

Out of the 66 questions, at least 18 will not carry negative markings. The exam comprises both Multiple Choice Questions (MCQs) and Non-MCQs. If any non-MCQs have negative markings, a few MCQs will be altered to have no negative marking.

Over 48 questions in CAT are of MCQ type and will carry a negative marking in a 1:3 ratio.

IIMs typically require a minimum qualifying score between the 70th and 90th percentiles in the CAT exam in each of the three sections to shortlist candidates for the final admission round.

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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NALCO Recruitment 2023: Apply for 36 vacant managerial posts, check eligibility and other key details

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

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Summary

The last date of submission of the online application is September 27, according to the official notification released by NALCO.

State-owned National Aluminium Company Limited (NALCO) has released an official notification for recruitment into various managerial positions. Candidates can apply for the vacant positions by visiting the official website of NALCO at nalcoindia.com.

As per the official notification, the NALCO will be accepting applications till 5 p.m. on September 27, 2023.

NALCO Recruitment 2023: Vacancy details

As per the official notification, NALCO has initiated the recruitment process for the 36 vacant seats in different managerial positions.

  • Deputy Manager, Civil- 7 vacancies.
  • Deputy Manager, Horticulture- 2 vacancies.
  • Deputy Manager, Public Relations and CC – 3 vacancies.
  • Senior Manager, Safety- 1 vacancy.
  • Deputy Manager, Law- 2 vacancies.
  • Deputy Manager, Mining- 8 vacancies.
  • Assistant General Manager, Mining- 2 vacancies.
  • Deputy Manager, Coal Mining- 6 vacancies.
  • Senior Manager (Blasting Officer)- 1 vacancy.
  • Assistant General Manager, Coal Mining- 3 vacancies.
  • Deputy Manager (Survey)- 1 vacancy.

 

Age limit

As per the official notification, for the Assistant General Manager post the applicant should not be over 45 years of age. For the Senior Manager posts one should be under the age of 41 years and for the Deputy Manager posts the applicant should be under the age of 35 years.

Salary

For the post of Assistant General Manager, the recruited candidates will be paid from Rs 1,00,000 to Rs 2,60,000. For the Senior Manager post, the pay scale is Rs 90,000 to 2,40,000. Additionally, for the post of Deputy Manager, the pay scale will be from Rs 70,000 to 2,00,000.

How to apply?

  • Visit the official website of NALCO at www.nalcoindia.com.
  • Click the given link “NALCO recruitment 2023” on the homepage.
  • Upload required documents –scanned copies of passport-size photographs, signature, and academic details.
  • Click on ‘Submit’ once you have rechecked all the details.
  • After the submission, keep a copy of the application form for future reference.

Selection Process

As per the notification, the selection process will be done on the basis of the information submitted by the candidate at the time of submission of the online application. After the process begins, the assessment will be made through Group Discussion (GD) and Personal Interview (PI) with the mark weightage of 25 percent and 75 percent, respectively.

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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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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Suzlon shares end lower for the fourth day in a row, post longest losing streak in three months

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

 Listen to the Article (6 Minutes)

Summary

With Wednesday’s move, the stock is down for the fourth straight session. The last instance of the stock falling for four days in a row was back in June. Before the four-day correction, the stock had doubled from the June lows of Rs 13. 

Shares of Suzlon Energy Ltd. are down another 5 percent on Wednesday. The stock is locked in a lower circuit. This is the second straight day in which the stock is down in a lower circuit of 5 percent.

With Wednesday’s move, the stock is down for the fourth straight session. The last instance of the stock falling for four days in a row was back in June. Before the four-day correction, the stock had doubled from the June lows of Rs 13.

Today’s drop in Suzlon’s shares are on volumes that are 30 percent higher than their 20-day average at this time of the day. Close to 14 crore shares of the company have already been traded so far, compared to the 17 crore shares traded on Tuesday and 10 crore on Monday.

On the charts, the stock is declining towards its 50-Day Moving Average, which is placed at 20.30. Its 100 and 200-Day Moving Averages are placed further lower at 15.8 and 12.44 respectively.

From overbought zones of 81 at the start of the month, the stock’s Relative Strength Index (RSI) has slipped below the 50 mark, currently at 47. RSI above 70 means the stock is in overbought territory, while RSI falling below 30 means that the stock is oversold.

After a successful QIP in which the company raised Rs 2,000 crore, Suzlon’s Group CFO Himanshu Mody explained that about Rs 1,500 crore would go towards debt repayment and the balance will be for working capital and capex purposes.

“This would mean that Suzlon‘s balance sheet would be completely debt free, in fact, net debt free after a sort of hiatus of 15 years, so we wouldn’t in fact be cash surplus without any debt on the balance sheet,” Mody said.

Shares of Suzlon ended 2.8 percent lower at Rs 22.2.

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

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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
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US FDA panel deems popular cough and cold ingredient Phenylephrine ineffective

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

 Listen to the Article (6 Minutes)

Summary

A US advisory panel has said one of the most popular ingredients in commonly used over-the-counter cough and cold drugs does not work. Ekta Batra has more.

The independent advisory committee of the US drug regulator Food and Drug Administration (FDA) has unanimously declared that phenylephrine, a commonly used ingredient in cough and cold medications, is ineffective.

Phenylephrine, which is intended to relieve nasal symptoms caused by colds and allergies, has been a component of over-the-counter cough and cold drugs for the past 50 years.

It is the most frequently encountered ingredient in these medications, accounting for $1.8 billion in sales in the US in just one year.

This ingredient is present in various combinations of cough and cold medications, including well-known brands such as Vicks and Tylenol in the US.

In India, leading pharmaceutical companies incorporate phenylephrine into commonly manufactured drugs. Examples include Asoril Flu by Glenmark, Wikoryl AF by Alembic, and T Minic by GSK.

Experts do not anticipate an immediate reaction, as the FDA panel has not raised safety concerns.

Additionally, alternatives to this ingredient may be limited. For instance, pseudoephedrine is an alternative, but it has its own limitations due to concerns about consumer misuse.

While the committee’s recommendation is not binding, the next actions taken by the USFDA will be closely monitored.

If the FDA were to revoke its designation of phenylephrine as safe and effective, companies might be required to withdraw medications containing this ingredient from the market.

Back home in India, such a step might prompt the Drug Controller General of India (DCGI) to conduct its own research. However, experts believe that the impact would be limited unless the Indian drug regulator issues a warning against the ingredient, leading to informed consumers refraining from purchasing medications containing it.

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

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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
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Traffic jam expected in Mumbai as 2 roads at BKC closed for 10 months, check alternate routes

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

 Listen to the Article (6 Minutes)

Summary

The routes will be closed from September 12 midnight till June 30, 2024 due to the construction work for bullet train stations.

The Mumbai Traffic Police has imposed restrictions on the regular traffic movement on some roads in the Bandra-Kurla Complex (BKC) area as the construction of the bullet train is about to commence. As the construction of the underground railway station of the Mumbai-Ahmedabad High-Speed Railway (HSR) project is going to take place, the road was shut from Tuesday, September 13 to June 20, 2024.

The Mumbai Traffic Police closed the two roads between the Diamond Bourse Junction to JSW Centre and Platina Building Junction to Motilal Nehru Nagar for the next ten months. The commuters have been requested to take alternate routes.

In an official statement released by the Mumbai Traffic Police Department, the DCP (Headquarters and Central Traffic), Pradnya Jedge said that the traffic management on the routes mentioned will be shut from September 12 midnight till June 30, 2024. The decision to close the roads has been taken to prevent any mishaps or hindrances due to the construction.

According to the official circular, the routes that will be closed for the next ten months include the BKC connector that passes through Kurla’s Razzak junction. It will also include the MTNL junction that goes to the diamond bourse junction that arrives after taking a left and then right turn towards the JSW office in Kherwadi, Bandra (East).

Apart from this, the road from Kherwadi that goes towards the Asian Heart Hospital and the right turn towards the diamond bourse junction to JSW and MMRDA offices is also closed. Additionally, the Razzak and MTNL Junctions and BKC Road 10 to Platina Junction are also inaccessible to commuters.

However, keeping the troubles of the commuters in mind, the authorities have also mentioned alternate routes that can be taken during this period.

The commuters who usually opt for the route from Razzak Junction in Kurla to Diamond Bourse Junction and towards Kherwadi to the JSW office can instead go for a right turn from the Asian Heart Hospital. Those who are travelling from Motilal Nehru Nagar Trade Centre towards Platina Junction can take a left and then a right towards the MTNL junction. Apart from this, commuters can now take a turn to the left at MTNL Junction instead of Razzak Junction to the Trade Centre route. The commuters, who are going to the JSW office via Kherwadi and Asian Heart Hospital, can now take a left turn from Nabard Junction, towards BKC to avoid any troubles.

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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Justin Trudeau ‘declined’ India’s offer of Air India One service to return to Canada

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

 Listen to the Article (6 Minutes)

Summary

Justin Trudeau and his delegation were in New Delhi for two-day G20 summit. They were stranded in the national capital due to technical issues with their aircraft.

Canadian Prime Minister Justin Trudeau reportedly ‘declined’ India’s offer of Air India One services. Trudeau and his delegation decided to wait for the replacement aircraft.

The prime minister and his delegation were in New Delhi for two-day G20 summit. They were stranded in the national capital due to technical issues with their aircraft.

News agency ANI on Tuesday quoted its sources as saying that Trudeau had rejected Air India One services. They finally flew out on Tuesday afternoon on another Canadian plane.

The report came at a time when Prime Minister Narendra Modi conveyed strong concerns about continuing anti-India activities of extremist elements in Canada to his Canadian counterpart on the sidelines of G20 Summit.

“Prime Minister Narendra Modi conveyed our strong concerns about continuing anti-India activities of extremist elements in Canada. They are promoting secessionism and inciting violence against Indian diplomats, damaging diplomatic premises, and threatening the Indian community in Canada and their places of worship,” the Ministry of External Affairs had said.

In July, India had summoned the Canadian envoy and issued a demarche over the increasing activities by pro-Khalistani elements in Canada, days after posters featuring names of India’s senior diplomats serving in Canada featured in some posters in certain areas in that country.

In June, a video had emerged on social media that showed a float depicting the assassination of Indira Gandhi. It was reportedly part of a parade that was organised by some Khalistani elements in Brampton. Asked about India’s concerns over the increasing activities of the Khalistani elements in Canada, Trudeau said at a press conference that his country will always defend freedom of peaceful protest but at the same time asserted that it will always prevent violence and push back against hatred.

There were instances of India complaining to Canadian authorities over incidents of security lapse at the Indian consulate in Vancouver. A Canadian readout said Trudeau and Modi spoke about inclusive economic growth, support for low-and middle-income countries, and access to concessional finance for sustainable development.

With inputs from PTI

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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Mazagon Dock Shipbuilders raises FY24 revenue growth guidance, says order book will last 4-5 years

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

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Summary

The company’s order book has been on a declining trend over the last five years, starting from over Rs 55,000 crore in financial year 2019 to Rs 39,000 crore currently.

State-run Mazagon Dock Shipbuilders has raised its revenue growth guidance for financial year 2024. The company now expects revenue growth of 12-15 percent for the current financial year, compared to the 10-12 percent it guided for earlier.

In an interaction with CNBC-TV18, the company’s chairman & managing director Sanjeev Singhal said that the current order book stands at Rs 39,000 crore as of June 30 and that this orderbook will continue for the next 4-5 years.

“I have been maintaining that we should not be compared on a quarter to quarter (QoQ) basis because this is a different kind of industry with the lumpy executions, orderbook and longer gestations periods. So, a QoQ comparison would not be okay. But on a year to year (YoY) basis, yes, certain comparisons can be done. And as we proceed more towards the year, a better clarity does emerge,” he said.

The company’s order book has been on a declining trend over the last five years, starting from over Rs 55,000 crore in financial year 2019 to Rs 39,000 crore currently.

Mazagon Dock had recently signed a Master Ship Repair Agreement with the US Government. The non-financial agreement is expected to open-up voyage repairs of US Navy Ships at Mazagon Dock.

At their peak of Rs 2,484 earlier this month, shares of Mazagon Dock were up over 15 times from their IPO price. The stock debuted on the bourses in October 2020 with an issue price of Rs 144.

The government still holds 84.8 percent stake in the company which is above the minimum shareholding norms of 75 percent. At its peak price, the excess government stake in Mazagon Dock was valued at well over Rs 4,100 crore. It is currently valued at around Rs 3,410 crore.

Singhal further told CNBC-TV18 that the current capacity utilisation is at 10 submarines and 11 warships simultaneously and that there are requirements in the Indian Navy.

Singhal is also anticipating potential revenue opportunities worth Rs 2.5 lakh crore from the next general vessel. The total quantum includes next-generation destroyers, 17 Bravo, Submarines, corvettes, patrol vessels and some smaller vessels.

“So, the total requirement would be around Rs 2.5 lakh crore on which various shipyards would be competing. We see that for the big-ticket orders, which is destroyers, submarines, Mazagon Dock Shipbuilders continues to be a strong contender,” he said.

There would be better clarity on the order book in the next 6-12 months, Singhal said.

“The visibility is with respect to 3 number of additional submarines and P75I (‘Project-75 India) 6 number of summaries where the price bids have been submitted. With respect to other orders, the clarity would be emerging with time. But yes, they are at different stages of approvals. So, we expect maybe in next 6-12 months a better visibility would be there with respect to materialising of these orders,” Mazagon Dock’s chairman & managing director added.

Shares of Mazagon Dock Shipbuilders are down for the second day in a row. After Tuesday’s 8 percent drop, the stock is down another 2.6 percent. Despite the two-day drop, the stock is still up 155 percent so far in 2023.

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

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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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Bata shares slide after analyst sees 23% downside in the next 12 months

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

 Listen to the Article (6 Minutes)

Summary

Despite multiple initiatives and reach expansion in the last 2-3 years, revenue CAGR over FY19-23 was only for percent – the lowest among top four listed footwear players in India, CITI observed.

Analysts at global brokerage CITI expects up to 23 percent downside to Bata India Ltd shares in the next 12 months as they believe the stock is overvalued.

CITI has initiated coverage on the country’s largest footwear retailer with a ‘sell’ rating and target price of Rs 1,310 per share implying potential downside of up to 23 percent.

Bata India shares dropped by 3 percent to touch a low of Rs 1,648.90 apiece on BSE on Wednesday after a bearish call by analysts.

Bata India is the largest footwear retailer in terms of revenue and number of retail stores in India.

CITI noted that as per its estimates, despite being the market leader, Bata India has lost market share led by subdued performance (zero percent volume compounded annual growth rate (CAGR) over the past decade).

Despite multiple initiatives and reach expansion in the last 2-3 years, revenue CAGR over FY19-23 was only 4 percent – the lowest among top 4 listed footwear players in India, CITI observed.

Also Read: IRFC, IRCON, RVNL shares see profit booking continue on strong volumes, heavy volatility

The financial services firm also noted that although valuation at 45x FY25 P/E at consensus estimate appears inexpensive or attractive, reverse DCF at current market price implies 17.2 percent revenue CAGR over FY26-36E against 10.8 percent revenue CAGR pre-COVID in the past decade.

Reverse DCF is a valuation technique that works backwards from the current share price to estimate the implied growth rate of future cash flows.

A higher reverse DCF than the growth rate in the past period implies that the current stock price is too optimistic and does not reflect the realistic growth prospects of the company and the stock is overvalued.

Bata India had reported a 10 percent fall in net profit to Rs 107.8 crore for the April-June quarter of FY24 compared to Rs 119.3 crore in Q1FY23.

Revenue from operations grew by 2 percent year-on-year to Rs 958.1 crore in Q1 of FY24.

The company last month had announced a Voluntary Retirement Scheme (VRS) for all eligible workmen at the Southcan Unit in Karnataka.

Bata India shares are trading down 2.06 percent at Rs 1666.05 on BSE at 9.44 AM.

Catch the latest market blog headline with CNBC-TV18.com’s blog 

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
Quiz
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North Korea’s Kim Jong Un concludes meeting with Putin in Russia

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

 Listen to the Article (6 Minutes)

Summary

North Korean leader Kim Jong Un arrived in Russia’s Far East for a meeting with President Vladimir Putin amid rising tensions with the United States.

One-on-one talks between Russia’s Vladimir Putin and North Korea’s Kim Jong Un has concluded, Russian state media reported on Wednesday. Kim Jong arrived at a cosmodrome in Russia’s Far East for a meeting with Russian President Vladimir Putin that underscores how the two leaders’ interests are aligning in the face of their separate, intensifying confrontations with the United States.

Putin welcomed Kim at the entrance to a launch vehicle assembly building. The two men shook hands and Putin said he was “very glad to see” Kim. Kim’s translator thanked Putin for the warm welcome, “despite being busy.” The two leaders will inspect the cosmodrome and then sit down for talks, Russian state media reported.

Hours earlier, North Korea fired two ballistic missiles toward the sea, extending a highly provocative run in North Korean weapons testing since the start of 2022, as Kim used the distraction caused by Putin’s war on Ukraine to accelerate his weapons development.

For Putin, the meeting with Kim is an opportunity to refill ammunition stores that the 18-month-old war has drained. For Kim, it’s a chance to get around crippling UN sanctions and years of diplomatic isolation. Kim is expected to seek economic aid and military technology, though an arms deal would violate international sanctions that Russia supported in the past.

South Korea’s Joint Chiefs of Staff didn’t immediately say how far the North Korean missiles flew. Japan’s Coast Guard, citing Tokyo’s Defense Ministry, said the missiles have likely already landed but still urged vessels to watch for falling objects.

Kim’s personal train stopped in Khasan, a station on the Russia-North Korea border, early Tuesday where it was met by a military honor guard and a brass band. He was met on a red carpet by regional Gov. Oleg Kozhemyako and Natural Resources Minister Alexander Kozlov, according to North Korean state media and a video posted on social media.

Kim said his decision to visit Russia four years after his previous visit showed how Pyongyang is “prioritizing the strategic importance” of its relations with Moscow, North Korea’s official news agency said Wednesday. The Korean Central News Agency said Kim then left for his destination, but it didn’t specify where.

Putin has been attending an economic forum this week in Vladivostok, a Russian city close to the border where the two leaders had their last meeting, and Kremlin spokesman Dmitry Peskov has said the two leaders will meet afterwards. But it’s not certain where.

Russian news agency RIA-Novosti reported Kim’s train headed north after crossing the Razdolnaya River, taking it away from Vladivostok. The South Korean news agency Yonhap later published a photo it said showed the train in Ussuriysk, a city about 60 kilometres north of Vladivostok that has a sizable ethnic Korean population.

Some Russian news media speculate he is headed for the Vostochny spaceport, which Putin is to visit soon. The launch facility is about 900 kilometres northwest of Ussuriysk, but the route there is circuitous and it is unclear how long Kim’s slow-moving train would take to reach it.

Workers on Wednesday were constructing a temporary wooden platform at a railway station in Komsomolsk-on-Amur, another city in the Russian Far East. Citing unidentified Russian officials, Japan’s Kyodo news agency reported that Kim was expected to visit a plant in that city that produces Sukhoi fighter jets after his meeting with Putin.

Russian Defense Minister Sergei Shoigu will be part of the Russian delegation, Peskov said.

Kim’s delegation includes Foreign Minister Choe Sun Hui and his top military officials, including Korean People’s Army Marshals Ri Pyong Chol and Pak Jong Chon and Defense Minister Kang Sun Nam.

Other officials identified in North Korean state media photos along his trip could hint at what Kim might seek from Putin and what he would be willing to give.

One is Jo Chun Ryong, a ruling party official in charge of munitions policies who joined him on recent tours of factories producing artillery shells and missiles, according to South Korea’s Unification Ministry.

Also identified in photos were Pak Thae Song, chairman of North Korea’s space science and technology committee, and Navy Adm. Kim Myong Sik, who are linked with North Korean efforts to acquire spy satellites and nuclear-capable ballistic missile submarines. Experts say North Korea would struggle to acquire such capabilities without external help, although it’s not clear if Russia would share such sensitive technology.

North Korea may have tens of millions of ageing artillery shells and rockets based on Soviet designs that could give a huge boost to the Russian army in Ukraine, analysts say. Kim Jong Un may also seek energy supplies and food. Deputy Foreign Minister Andrei Rudenko said Russia may discuss humanitarian aid with the North Korean delegation, according to Russian news agencies.

Lim Soo-suk, South Korea’s Foreign Ministry spokesperson, said Seoul was maintaining communication with Moscow while closely monitoring Kim’s visit.

“No UN member state should violate Security Council sanctions against North Korea by engaging in an illegal trade of arms, and must certainly not engage in military cooperation with North Korea that undermines the peace and stability of the international community,” Lim said at a briefing.

The United States has accused North Korea of providing Russia with arms, including selling artillery shells to the Russian mercenary group Wagner. Both Russian and North Korean officials denied such claims.

Speculation about their military cooperation grew after Shoigu, the Russian defence minister, visited North Korea in July. Kim subsequently toured his weapons factories, which experts said had the dual goal of encouraging the modernization of North Korean weaponry and examining artillery and other supplies that could be exported to Russia.

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
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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?