Tag: JPMorgan

Layoff wave hits Asian investment banking divisions of JPMorgan, Morgan Stanley, HSBC

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

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Between April and May of this year, major players in the global financial arena — JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc — have initiated significant layoffs in their Asian investment banking divisions. These actions are in response to dwindling deal volumes and economic uncertainties, prompting a need for strategic restructuring.

JPMorgan Chase & Co recently launched another round of cutbacks, eliminating a minimum of seven positions across sectors like consumer, energy, and healthcare, according to Bloomberg reports on Tuesday, May 7. This move follows two previous rounds of layoffs in Asia last year, totalling approximately 50 positions.

Despite these challenges, the Wall Street giant recently promoted 48 employees to executive positions in Asia, alongside over 100 promotions across Europe, the Middle East, and Africa.

Meanwhile, Morgan Stanley has been reported to embark on its most significant downsizing effort in the Asia-Pacific region in years, according to Bloomberg. It intends to eliminate around 50 roles, with at least 80% of the reductions expected in Hong Kong and China. This decision, announced in mid-April, highlights the economic headwinds gripping China, exacerbated by an enduring real estate crisis.

Despite attempts to delay layoffs in hopes of voluntary exits, the firm finds itself compelled to implement deeper cuts as revenue from China continues to shrink. These impending job cuts mark the most substantial downsizing effort by Morgan Stanley in China in recent memory, particularly significant given China’s status as its largest market in the region.

HSBC Holdings Plc has also entered the fray, trimming approximately a dozen positions within its Asian investment banking division, according to Bloomberg. This move is in response to the pronounced downturn in deal-making activity across the region, particularly evident in the Hong Kong and China markets.

HSBC joins the ranks of global competitors like UBS Group AG, Goldman Sachs Group Inc, and Citigroup Inc, all of whom have undergone multiple rounds of job reductions in Asia over the last 18 months amidst a downturn in stock sales and merger activity.

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

JP Morgan: Nifty may test 25,000 if BJP wins in 2024 Lok Sabha elections

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

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Nifty50 could test levels of 25,000 if Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) wins a third term in the upcoming Lok Sabha elections, global brokerage firm JPMorgan said in a note while suggesting a buy-on-dips strategy.

The brokerage has picked several stocks as its top bets spanning sectors including indigenous defense, waterways, affordable housing, and manufacturing renaissance, among others.

As elections get going, stock markets go through an extended period of elevated volatility, but indices decline sharply after the conclusion of elections, JPMorgan said.

According to the brokerage firm’s bull case scenario estimates, the Nifty50 may inch towards 25,000, driven by further PE (price-to-earnings) rerating led by—

— If the ruling party retains power with an inline or higher-than-expected seat share.

— The RBI starts easing amidst potentially benign US and global macroeconomic outcomes.

The benchmark index Sensex has delivered a 9% return in three months after the general elections since 1991. The broader NSE index, Nifty50 has delivered 8% in six months after the general elections since 1991.

JPMorgan estimates that if the bear case scenario were to pan out, the Nifty50 index may witness a sharp drop and the index could plunge to 16,000. This is a 6,500-points correction from Nifty 50’s current market levels.

The brokerage has listed these reasons behind its bear case estimates—

— Election results are unexpected

— Global recession

— Geopolitical tensions

— Higher oil prices

— Higher domestic unemployment

Here are the stock picks by JPMorgan—

Indigenous Defense — Hindustan Aeronautics, Bharat Electronics, Solar, Mazagon, Bharat Dynamics, Cochin Shipyard, Kaynes tech, Data Patterns, BEML, Mishra Dhatu, MTAR Tech

Savers to Investors — HDFC Asset Management (JPM is Overweight), Kfin Tech (neutral), BSE, Nippon, Motilal, 360 One, Angel One, MCX, Nuvama, CAMS, CDSL, UTI AMC, Aditya Birla Sun life

Waterways — Container Corp (neutral), Adani Ports, Thermax, Mazagon, JSW Infra, SCI, ION Exchange, KNR, ITD, Va Tech, Welspun Ent

Affordable Housing — Pidilite (overweight), Macrotech (Neutral), Prestige (OW), LIC Housing (OW)

Ultratech, Ambuja, Shree Cement, ACC, Dalmia, JK Cement, Brigade, PNB Housing, Piramal Ent, NCC, Can Fin Homes, etc

Manufacturing — L&T, Siemens, ABB, BHEL, Cummins, Tube Investments, Thermax, Rail Vikas, Voltas, AIA Eng, Apar, Grindwell, IRCON, Elgi, Graphite, EIL, Voltamp

Electronics Manf — Havells (Neutral), Polycab, Dixon, Whirlpool, Kaynes, Amber, Bajaj Electricals, Cyient DLM

The general election, which begins on April 19, will be held in seven stages until June 1. The counting of votes will take place on June 4 and results are expected on the same day.

(With inputs from Ekta Batra)

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

JPMorgan analyst says ‘correction’ in US stocks is not over

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

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The slide in US equities over the past three weeks was the start of a selloff that is likely to deepen along with mounting macroeconomic risks, including rising Treasury yields, a strong dollar and elevated oil prices, says JPMorgan Chase & Co.’s Marko Kolanovic.

While earnings results from Corporate America this week may temporarily stabilize the market, it doesn’t mean stocks are out of the woods, the bank’s chief market strategist said.

Complacency around equity valuations, inflation staying too hot, dimming expectations for imminent Federal Reserve interest-rate cuts and an overly rosy profit outlook are among forces Kolanovic says are adding to downside risks.

“The correction likely has further to go,” he wrote Monday in a note to clients after the S&P 500 Index ended last week more than 5% below its March 28 closing high. A market correction is generally defined as a decline of 10% or greater. “Market concentration has been very high, and positioning extended, which are typically red flags, at risk of a reversal.”

US stocks rallied Monday, with the S&P 500 gaining 0.9%, ahead of a busy week of earnings. Results are due from around 180 members of the index, representing more than 40% of its market capitalization.

Microsoft Corp., Google parent Alphabet Inc., Meta Platforms Inc. and Tesla Inc. are among the biggest names set to report. The rebound comes after the group sent the technology-heavy Nasdaq 100 Index to its biggest weekly loss in 17 months amid investor concerns that the Fed will keep rates higher for longer.

To Kolanovic, recent trading patterns and the current market narrative parallel those of last summer, when upside inflation surprises and hawkish Fed revisions spurred a drop in risk assets. Except now investor positioning appears more elevated. The strategist recommends staying defensive, with the equities backdrop looking “problematic.” In his model portfolio a defensive approach involves hedging risk assets with long volatility and commodity exposure, excluding gold.

Kolanovic and his team have been among a small group of bearish contrarians on Wall Street this year. As most of their peers boosted their US equity outlooks, the JPMorgan crew remained averse to stocks and risk assets broadly, with the lowest S&P 500 year-end target among the big Wall Street banks. At 4,200, their forecast implies a roughly 16% drop from Monday’s level before 2024 ends.

The bank’s house view on US equities has failed to materialize for two consecutive years as Kolanovic remained bullish throughout much of 2022’s rout and then held a bearish stance during last year’s 24% rally in the S&P 500.

“The multiple expansion seen in past months, extremely low volatility metrics up to recently, tightest credit spreads since 2007, and the general inability by market participants earlier in the year to identify any potential negative catalysts for stocks are starting to shift,” Kolanovic said.

Separately on Monday, Kolanovic told clients it’s time to consider buying Japanese consumption-related stocks on expectations real wage growth will spur higher personal consumption in the nation and boost consumer-focused shares.

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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

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

JPMorgan Chase sheds market capitalisation equal to Kotak Mahindra Bank on weak earnings

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

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Shares of JPMorgan Chase, the biggest US bank by revenue and market capitalisation fell 6.5% on Friday after issuing a disappointing Net Interest Income guidance for 2024. This was the biggest single-day drop for the stock since June 11, 2020.

The 6.5% drop resulted in the lender shedding over $36 billion in its overall market capitalisation. As of Friday’s close, JPMorgan Chase had a market cap of $525 billion, down from the $561 billion it had on Thursday.

This $36 billion fall equals to nearly ₹3 lakh crore. This is almost equal to the entire market capitalisation of private lender Kotak Mahindra Bank Ltd. As of Friday’s close, the market capitalisation of Kotak Mahindra Bank stood at ₹3.6 lakh crore. It is also equivalent to stocks like Tata Motors, whose market capitalisation as of Friday, stood at ₹3.38 lakh crore.

Shares of JPMorgan Chase fell after it did not revise its Net Interest Income forecast higher for 2024, leaving it unchanged at $90 billion. Analysts and consensus estimates expected the lender to raise that forecast by $2 billion to $3 billion.

Trading revenue for the biggest US bank, even by assets fell 5% from the year ago period. However, both fixed income and equities segment topped analyst expectations by $100 million each.

JPMorgan’s guidance on net interest income “strikes us as ultra-conservative,” Piper Sandler analyst R Scott Siefers wrote in a note to clients. “The unchanged outlook will disappoint investors a bit and could weigh on the stock.” Still, it “now leaves room to be revised upward later.”

Besides JPMorgan, Wells Fargo also missed estimates on the Net Interest Income front, a sign that muted loan growth and the pressure to pay more for deposits are offsetting the benefits of higher rates.

(With Inputs From Agencies.)

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

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

RBI Monetary Policy: 5 factors that could drive the central bank’s rate decision in April

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

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A confluence of factors, ranging from inflation and economic growth trajectories to global macro environment, are poised to influence the repo rate decision of the Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) at its first meeting for the financial year 2025, set from April 3 to 5.

Here’s how experts believe these factors will play into the RBI’s policy decision:

Sustained economic growth

India’s economy is on an upswing, with growth forecasts for the last financial year (FY24) suggesting a robust performance ahead.

Sonal Varma, Managing Director and Chief Economist – India and Asia Ex-Japan at Nomura, told CNBC-TV18 that the economy is expected to exceed initial projections, possibly reaching an 8% growth rate.

Also Read | Experts anticipate RBI to keep interest rates unchanged in April

This optimistic outlook could prompt the RBI to adopt a cautious stance on rate adjustments to avoid overheating the economy.

India’s economy grew a stellar 8.4% in the fourth quarter of 2023, the fastest among major economies

Global macroeconomic conditions

The RBI’s policy decision is also likely to be influenced by global economic trends, particularly the stability of the US economy.

Jahangir Aziz, Global Head-EM Economics at JPMorgan, suggested that the RBI might hold off on any significant rate cuts until at least July, considering the global economic landscape.

The US Federal Reserve is currently expected to deliver its first cut in June, a Reuters poll in March showed. However, the risks are growing for the cut to happen later in the year.

While the Fed has indicated some rate cuts in the coming months, the RBI is expected to keep rates higher for longer.

JPMorgan predicts the first rate cut by RBI in July, and even that is unlikely to be a significant one, according to Aziz.

At its policy announcement on February 8, the MPC left the key repo rate—the rate at which RBI lends to commercial banks—unchanged at 6.5% for the sixth straight time.

Inflation forecasts

Inflation control is a perennial goal for the RBI, and current projections indicate a manageable scenario.

Inflation, at 5.09% in February, is expected to decline to 4.00% in the third quarter before rising, a separate Reuters poll showed. Price rises are expected to average 4.60% in the current fiscal year.

With inflation likely to stay within the 2%–6% target, the central bank may find some leeway in maintaining or subtly adjusting interest rates to support economic growth while keeping prices in check.

Monsoon predictions

The agricultural sector’s outlook, which is heavily dependent on monsoon patterns, also bears significance for the RBI’s policy framework.

A forecasted normal monsoon season, as predicted by Skymet, suggests that agricultural production could remain stable, thereby controlling food inflation and supporting rural income.

“There is a better chance of a normal and above normal…there is a very low chance of a below normal or drought this year,” Jatin Singh, the Founder and CEO of Skymetweather.com told CNBC-TV18.

Also Read | Skymet forecasts normal monsoon in 2024 with minimal El Nino impact

A normal monsoon is crucial for the RBI, as it directly impacts inflation and growth rates.

Crude oil prices

Lastly, the volatile nature of crude oil prices, exacerbated by geopolitical tensions, presents an external challenge for India’s economy.

With crude oil prices expected to remain elevated, the RBI will need to account for the impact of higher energy costs on inflation and the current account deficit.

Vivek Dhar, an analyst at Commonwealth Bank of Australia said, “Brent oil futures should track closer to $75 to $80 a barrel in coming months given our view that China’s oil demand growth will disappoint.”

Also Read | Oil rises with lower US stockpiles and OPEC meeting to the fore

This external factor could influence the RBI’s stance to mitigate any inflationary pressures arising from costly imports.

For the entire interview, watch the accompanying video

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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

JPMorgan boosts quarterly dividend 9.5% after record profit

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

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JPMorgan Chase & Co. unexpectedly lifted its dividend 9.5% in the wake of a record annual profit and as regulators signal they may rethink proposals for tightening capital rules.

The increase to $1.15 a share, announced in a statement on Tuesday, marked the second time in the past 12 months that the biggest US bank boosted its quarterly payout. The firm has sent about $60 billion to shareholders through dividends and stock buybacks over the past three years.

JPMorgan has been an outspoken critic of a US regulatory effort to ratchet up capital requirements, estimating that proposed rules could force it to hold about $50 billion more — roughly equal to its annual profit for 2023. Industry groups have waged a fierce lobbying campaign against the plan, warning it will make them less competitive and drive up lending costs.

Earlier this month, Federal Reserve Chair Jerome Powell told lawmakers that regulators are likely to significantly change that plan. While decisions had yet to be made, he said it was “very plausible” they could scrap an existing proposal and put forth a new one.

JPMorgan, led by Chief Executive Officer Jamie Dimon, didn’t provide a reason for the dividend increase in its statement. The firm had raised the payout by 5% to $1.05 a share for the third quarter.

The stock climbed 14% this year to $193.79 by the close of US markets on Tuesday. The price was little changed in extended trading after the bank’s announcement as of 6 p.m. in New York.

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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

Jamie Dimon warns US recession ‘not off the table’ yet

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

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Jamie Dimon said he wouldn’t take the prospect of a recession in the US “off the table,” but that the Federal Reserve should wait before it cuts interest rates.

“The world is pricing in a soft landing, at probably 70-80%,” the JPMorgan Chase & Co. chief executive officer said via video link at the Australian Financial Review Business Summit in Sydney on Tuesday. “I think the chance of a soft landing in the next year or two is half that. The worst case would be stagflation.”

Dimon said economic indicators have been distorted by Covid-19 and he takes them with “a grain of salt,” saying the Fed should wait for more clarity before lowering interest rates.

“They can always cut quickly and dramatically. Their credibility is a bit at stake here,” he said. “Unemployment in the United States is very low at the moment, wages continue to go up.”

Dimon said while the US economy was “kind of booming” currently, the risk of a recession remained.

The comments strike a slightly less optimistic tone from the top banker, who has recently painted a sanguine outlook for world markets — a sharp divergence from his views less than two years ago when central banks first started tightening interest rates. Dimon made headlines for warning in 2022 that a “hurricane” was about to hit the US economy.

Federal Reserve Chair Jerome Powell last week suggested the central bank is getting close to the confidence it needs to start lowering interest rates.

“We’re waiting to become more confident that inflation is moving sustainably at 2%,” Powell said Thursday while answering questions from the Senate Banking Committee. “When we do get that confidence — and we’re not far from it — it’ll be appropriate to begin to dial back the level of restriction.”

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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

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

Foreign Portfolio investors invest over ₹6,100 crore in March so far on strong economic growth

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

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Foreign Portfolio Investors (FPIs) are turning steady buyers as they bought Indian equities worth ₹6,139 crore so far this month driven by strong economic growth, market resilience and decline in US bond yields. This came following a modest investment of ₹1,539 crore in February and massive outflow of ₹25,743 crore in January, data with the depositories snowed.

“FPI inflows have shown a positive trend as compared to the previous month. Thanks to the recent announcement of Q3 GDP numbers at 8.4%, persistence performance of large Indian corporates being major factors for turning the tide green for the Indian equity market,” Manoj Purohit, Partner and leader – FS Tax, Tax and Regulatory Services, BDO India, said.

On the regulatory front, announcements such as removal of UAE from the grey list, SEBI’s consultation paper for easing disclosures norms for regulated FPIs have been the major catalysts to put India on the forefront for potential long term investments for the foreign fraternity, he added.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, attributed this renewed interest in Indian equities to three reasons — resilience of Indian markets, steady drop in the US bond yields (the 10-year yield has declined from above 4.3% to 4.08% now) and strong GDP growth. These positive developments and the sustained flow of funds into the market — both directly and through institutions — can keep the market resilient.

“However, high valuations are a matter of concern. Valuations in the mid and small cap segments are excessive and unjustifiable. Correction in this segment is only a matter of time,” Vijayakumar said. Apart from equities, FPIs have injected ₹1,025 crore in the debt market during the period under review. This came in the backdrop of Bloomberg announcing India’s bonds inclusion in its Emerging Market (EM) Local Currency Government Index and related indices from January 31 next year.

Moreover, FPIs have been injecting money in the debt markets for the past few months driven by upcoming inclusion of Indian government bonds in the JP Morgan Index. They infused ₹22,419 crore in February, ₹19,836 crore in January, and ₹18,302 crore in December.

JP Morgan Chase & Co. in September last year announced that it will add Indian government bonds to its benchmark emerging market index from June 2024. This landmark inclusion is anticipated to benefit India by attracting around $20-40 billion in the subsequent 18 to 24 months. This inflow is expected to make Indian bonds more accessible to foreign investors and potentially strengthen the rupee, thereby bolstering the economy.

Overall, the total outflow for this year so far stood at over ₹18,000 crore in equities and an inflow of ₹43,280 crore in debt market.

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

JPMorgan sees “froth” in US stocks, while Goldman says rally justified

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

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Are US stocks forming a bubble? It depends on who you ask.

To JPMorgan Chase & Co.’s chief market strategist Marko Kolanovic, the dramatic rally in US equities and Bitcoin’s quick surge above the $60,000 mark signal yes. He sees those advances as indicative of accumulating froth in the market — conditions that typically precede a bubble when asset prices rise at an unsustainable pace.

He joins in a chorus of rapidly piling up warnings from Wall Street that are hearkening back to the dot-com boom of the late-1990s, or the post-pandemic mania of 2021, when stock prices quickly ballooned and then burst.

Meanwhile, David Kostin at Goldman Sachs Group Inc. is among those who thinks the risk-on mood is warranted, arguing Big Tech’s lofty valuations are supported by fundamentals.

As the S&P 500 Index keeps hitting new highs — driven chiefly by big gains in American technology giants — it’s drawn the ire of critics who think the bullish run can’t last, and excitement from optimists who think there’s room for more gains.

Kolanovic is a key figure in the former group. The market is pushing ahead “with volatility low and froth building,” he wrote Monday in a note to clients.

“Equities have moved up this year, even as bond yields rose and rate cut expectations unwound,” he said. “Investors may be assuming that the increase in yields is reflective of economic acceleration, but earnings projections for 2024 are coming down and the market appears too complacent on the cycle.”

In contrast, Goldman’s Kostin said this time is different from other periods in history when stock prices have moved abruptly, typically beyond their value. Unlike prior such instances, the breadth of “extreme valuations” is far more contained this time, with the number of stocks trading at those multiples down sharply from the peak in 2021.

Moreover, in contrast to the “growth at any cost” mentality in 2021, “investors are mostly paying high valuations for the largest growth stocks in the index,” he wrote in a note Friday. “We believe the valuation of the Magnificent 7 is currently supported by their fundamentals.”

The group, particularly Nvidia Corp., Meta Platforms Inc. and Microsoft Corp., have raced ahead this year and pulled major stock indexes along with them. The S&P 500 has logged 15 closing records in 2024, posting four-straight months of gains.

So far, financial results are justifying the moves. Earnings per share for the cohort rose a combined 59% in the fourth quarter from a year earlier, compared with expectations of 47%, data compiled by Bloomberg Intelligence show.

But to Kolanovic, the environment is a head-scratcher, reflecting investor complacency and an underappreciation of risk.

The continued climb in stocks “may keep monetary policy higher for longer, as premature rate cutting risks further inflating asset prices or causing another leg up in inflation,” he said.

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

JPMorgan maintains ‘overweight’ position on BPCL and IOCL-Here’s why

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

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State-owned oil marketing companies (OMCs) are in focus after a recent note from JPMorgan. The global investment major has raised target prices for three major players: Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), and Hindustan Petroleum Corporation Ltd (HPCL).

In its analysis, JPMorgan highlights the impact of fluctuating crude oil prices on the performance of these companies. In January, there was a noticeable increase in crude oil prices, followed by a further rise of approximately $5.50 per barrel in February. This upward trend initially boosted stock prices.

They say crude is still at December quarter averages. In addition, the fear is that diesel or petrol prices will be reduced, although that hasn’t happened yet, which is protecting their marketing margins. JPMorgan also added that the consensus EPS estimates for FY24 are still very low. Hence, there is a possibility of an upside.

As a result, JPMorgan suggests that unless there are significant changes in crude oil prices or retail fuel pricing strategies, the outlook for OMCs may remain stable. They anticipate a continued upward bias in stock prices for these companies.

JPMorgan has adjusted its target multiples for enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) from five to six times for all three stocks. Additionally, they maintain a preference for BPCL, followed by HPCL, and have accordingly revised their target prices: BPCL to ₹720, HPCL to ₹520, and IOCL to ₹205.

JPMorgan continues to recommend an ‘overweight’ position on BPCL and IOCL within investment portfolios, reflecting their positive outlook on these companies’ future performance.

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