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Katya Naidu
Election euphoria to guide Dalal Street ahead of soft Q2 earnings
India Inc might see a softer earnings season ahead in the second quarter, with vagaries like uneven monsoon, rising inflation and rallying crude. The stock markets, however, are chugging ahead on long-term triggers like 2024 general elections. Nomura has recently upgraded India to overweight on account of its structural story. It’s seen as a major beneficiary of the “China+1” theme, possessing a large, liquid equity market.
JioAirFiber could unlock a $7-10 billion revenue opportunity: Jefferies
JioAirFiber could unlock a US$7-10 billion revenue opportunity as it could spur broadband adoption among 85 million Pay-TV homes that do not have internet access today, according to a report by foreign brokerage Jefferies. The Fixed Wireless Access (FWA) offering, JioAirFiber, was launched last week in eight key cities in India.
Nifty, Sensex trade flat after early gains
The Sensex and the Nifty climbed in early trade on Thursday but later gave up all the early gains to trade lower amid muted global trends and continuous foreign fund outflows. Larsen & Toubro, JSW Steel, Axis Bank are the top gainers. Tech Mahindra, Asian Paints, Hindustan Unilever are the laggards.
Nifty, Sensex trade flat after early gains
The Sensex and the Nifty climbed in early trade on Thursday but later gave up all the early gains to trade lower amid muted global trends and continuous foreign fund outflows. Larsen & Toubro, JSW Steel, Axis Bank are the top gainers. Tech Mahindra, Asian Paints, Hindustan Unilever are the laggards.
Huileng Tan
A 'litmus test' for a looming recession could come next quarter, says an economist who's been predicting a downturn for 18 months
David Rosenberg told CNBC a recession typically starts about two years after the start of a rate hike cycle, so there's still time for a downturn to hit.
Katya Naidu
Real estate company Signature Global’s stock settles with 18% listing gains
Signature Global’s stock debuted on the bourses at a 15% premium, ahead of grey market’s expectations. The stock listed at ₹444 as compared to its IPO price of ₹385 per equity share. The market cap of the company is at ₹6,856 crore, according to Bombay Stock Exchange. It plans to use its net proceeds to pay loans and to infuse money into its subsidiaries.
BI India Bureau
Sai Silks Kalamandir’s stock gains after debut, ends with 10% listing gains
Sai Silks Kalamandir’s stock debuted on the bourses at a 3.5% premium, in line with grey market expectations. The stock listed at ₹230 as compared to its IPO price of ₹222 per equity share. The market cap of the company was at ₹3,528 crore, according to Bombay Stock Exchange on listing.
Matthew Fox
US stocks trade mixed as Treasury yields hit fresh 16-year highs
The three macro drivers that have driven stock prices lower in September include higher oil prices, higher interest rates, and a higher US dollar.
Matthew Fox
The stock market outlook 'rhymes with 2008' as headwinds continue to pile up, JPMorgan's quant guru says
"The current change in interest rates is about 5 times larger than the 2002-2008 increase," JPMorgan's Marko Kolanovic warned.
Jennifer Sor
Tesla's stock price target gets cut by Deutsche Bank as the EV maker faces 'considerable downside risk' to 2024 earnings
The bank trimmed its 2024 production outlook for Tesla to 2.1 million units next year, down from the consensus expectation of 2.3 million units.
Phil Rosen
Global fossil fuel demand has to crater 25% by 2030 if the world is going to meet its climate goals, IEA says
By 2050, the energy group said, fossil fuel demand would have to tumble by 80% to achieve the latest net-zero goals.
Phil Rosen
US oil prices surge to their highest level in 2023
Production cuts from OPEC+ this summer have weakened global crude supply and sparked more than a 30% rally since June.
Joseph Wilkins
Jeff Bezos' net worth slumped by $5 billion in a single day after the FTC sued Amazon
Amazon shares fell 4% on Tuesday, slashing $55 billion from the e-commerce titan's market value, and $5.2 billion from Jeff Bezos' personal fortune.
Filip De Mott
Russia's use of the Chinese yuan surges as the Kremlin looks to bypass sanctions
The yuan's share of Russian import invoicing has jumped to 20% since the Ukraine war from 3% before, a study found.
Jennifer Sor
The housing market has hit 'rock bottom' and the sales slump will last a long time, Redfin CEO says
The housing sales slowdown will last awhile, as no one is selling their home unless they absolutely have to, according to Redfin's CEO.
Matthew Fox
The stock market sell-off is orderly, suggesting there's no looming financial crisis. Here's exactly when to buy the dip in stocks.
"Today's selloff seems to have been caused by a confluence of factors. That's actually good news, in that there is no obvious crisis in the offing."
Matthew Fox
US stocks attempt to rebound after interest rate-driven sell-off
Fed President Neel Kashkari said the Fed would lose its credibility if it settled with 3% inflation rather than getting it back down to 2%.
Theron Mohamed
American Express' CEO ran his bold pandemic plan by Warren Buffett. The investor supported it - and urged him to take care of Amex's brand and customers
Amex CEO Steve Squeri wanted to avoid layoffs, strike deals, and roll out new cardholder rewards at the height of the pandemic. Warren Buffett agreed.
Joseph Wilkins
Elon Musk says the UAW's strike demands will drive America's big 3 automakers 'bankrupt'
Workers at Ford, General Motors, and Chrysler owner Stellantis began the first simultaneous walkout on September 15 in a row over wages and working hours.
Joseph Wilkins
Oil could be headed as high as $150 unless the US boosts its output, says major exploration firm
US crude prices are around the $90 mark, and some market commentators have already flagged oil as a major concern for the economy.
Katya Naidu
Manufacturing value: The stocks that gave 100x returns in last 20 years
In this post we look at the manufacturing stocks are filling investor coffers with 100x returns...
BI India Bureau
Nifty, Sensex fall in morning trade on foreign fund outflows, crude spike
Benchmark equity indices, the Nifty and the Sensex, declined in early trade on Wednesday amid weak trends in the US markets and continuous foreign fund outflows. Global oil benchmark Brent crude climbed 0.99% to USD 94.89 a barrel. Bajaj Finance, Tech Mahindra, Tata Steel were among the major laggards.
Katya Naidu
JSW Infrastructure’s IPO subscribed 2.13x on day 2
Less than half of JSW Infrastructure’s ₹2,800 crore initial public offer (IPO) was subscribed by the end of the first day of the offer. As much as 43% of the issue was subscribed by the end of Monday. While the retail portion was fully subscribed, 60% of the non-institutional investor portion was subscribed. Only 3% of the qualified institutional buyer (QIB) portion was subscribed as of the end of Monday.
BI India Bureau
August has been a watershed month for mutual funds with cumulative inflows crossing ₹20,000 cr
August has been a watershed month for the mutual fund industry with total assets of the industry touching ₹47 lakh crore. Of this, ₹24 lakh crore is in equity, hybrid and solution oriented schemes. Pharma and infra funds were among the top performing category, while IT funds recovered and made a strong comeback. Smallcap funds stole the show with monthly inflows of ₹4,265 crore against ₹4,171 crore in July.
Malini Bhupta
Return ratios now even more starkly in favour of ICICI Bank compared to HDFC Bank
Shares of HDFC Bank have corrected from ₹1,661 on September 15 to ₹1,537 per share after the bank broke some bad news to analysts last week. ICICI Bank’s RoA profile is at 2.2%, which is much superior to HDFC Bank’s. Nomura has said that the sharp uptick in NPAs in HDFC Ltd’s corporate loan book is a negative surprise.
