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Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="ashok-leyland" source="Orion">Ashok Leyland</keyword> on Thursday said its profit after tax nearly tripled to Rs 561 crore in September quarter 2023-24. In the year-ago period, the PAT was Rs 199.31 crore. Revenues during the quarter under review rose to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23, the company said in a statement. It said EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter was Rs 1,080 crore as against Rs 537 crore in the corresponding quarter of FY23. Net debt stood at Rs 1,139 crore at the end of the second quarter, it said. The domestic medium and heavy commercial vehicles (MHCV) sales stood at 29,947 units, up 18% from the second quarter of the previous fiscal, which is in line with industry growth. Light commercial vehicle (LCV) volume was at 16,998 units compared to 17,040 LCVs sold in the same period last year, Ashok Leyland said. Export volumes for the quarter (MHCV &amp; LCV) were 4% higher at 2,901 units from the year-ago period despite multiple socio-political challenges across the globe. The company said while its overall MHCV MS is moving in the right direction, it significantly increased its bus market share, making it the top bus manufacturer in the country. "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry," Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, said. This is the third consecutive quarter of double-digit EBITDA, he said, adding that there is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimisation and deployment of digital as an enabler for growth and productivity. There is an enhanced thrust to grow all non-MHCV businesses as well and "we expect to see the benefits of all of this in the coming quarters," he added. Further, the company said that its all other businesses posted good growth in the current quarter and added that it expanded its MHCV range by launching new products in tipper, tractor and MAV categories. The focus on expansion of the distribution network continued with further addition of 47 touch points in the quarter, especially in the northern and eastern parts of the country, it said. "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well," <keyword id="454707" type="General" weightage="50" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman of Ashok Leyland, said. While International business globally is challenged owing to the conflicts across the globe, "we are intensifying our expansion strategy in our focus markets of the Middle East, Africa and Asia," he said. The company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions, Hinduja added.

Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

<ul><li>The benchmark index Sensex was trading 0.32% higher at 38,493.24</li><li>The NSE Nifty was up 0.41% at 11,354.40. </li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Domestic equity benchmark Sensex jumped over 100 points in early trade on Thursday led by gains in index majors TCS, Infosys and HUL amid firm cues from global peers and sustained foreign fund inflow. The benchmark index Sensex was trading 0.32% higher at 38,493.24; while NSE Nifty was up 0.41% at 11,354.40. These are the top stocks that are buzzing the D-street today: IndiGo’s parent Interglobe Aviation shares rallied nearly 8% during the morning tarde <keyword id="678811" type="COMPANY" weightage="20" keywordseo="Westbridge-Capital">Westbridge Capital</keyword>, a private equity firm bought 1.41% stake in India's largest domestic airline IndiGo for ₹559 crore through an open market transaction. Strides Pharma trading nearly 1% higher Strides Pharma promoters announced the acquisition of the 3.7% stake owned by Sequent Scientific. The acquisition of stake will be at ₹475 per share, and the transaction is expected to be completed in the next coming months. Ashok Leyland nose dived over 2% Hinduja Group flagship firm Ashok Leyland shares were trading nearly 2% lower after the company reported a consolidated net loss of ₹388.82 crore for the first quarter ended June 30. The company’s revenue from operations in April-June 2020 significantly declined to ₹1,486.04 crore as compared with ₹6,588.23 crore in the year-ago period. <keyword id="80296" type="COMPANY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> trading more than a percent lower Eicher Motors is slated to report its first quarterly earnings today. The share price was trading 1.07% lower during the morning trade as analysts expect the street is expecting a 63% revenue dip and over 90% fall in its profit in the first-quarter earnings. <keyword id="2797147" type="PERSON" weightage="20" keywordseo="Aurobindo-Pharma-shares">Aurobindo Pharma shares</keyword> decline 2.95% Despite posting a 22.8% rise in its net profit for the quarter ended on June 30, the shares of drugmaker Aurobindo Pharma declined nearly 3% in the early hours of trading. TCS, HCL Wipro and other tech shares rally during the morning trade IT stocks rallied after the Donald Trump administration announced certain exemptions in the H-1B and L-1 travel ban for those continuing employment with the same employer. All three major Tech companies’ shares were trading above 2% higher than the previous close. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-britannia-hero-motocorp-ashok-leyland-mm-financial-indiabulls-housing-and-more/articleshow/77516263.cms" data-type="tilCustomLink">Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&amp;M Financial, Indiabulls Housing and more</a> <a href="https://www.businessinsider.in/tech/news/it-only-takes-50-tweets-to-find-a-troll-on-twitter/articleshow/77512151.cms" data-type="tilCustomLink">It only takes 50 tweets to find a troll on Twitter</a>

Top stock movers on Dalal Street today — TCS, HCL, Wipro, Ashok Leyland, IndiGo and more

<ul><li>The SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50.</li><li>Here's a list of stocks to watch out for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global market, Indian stock-market indices are likely to open higher on Thursday. At 8:05 am, the SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50. On Wednesday, the <keyword id="70622" type="ORGANIZATION" weightage="20" keywordseo="Dow-Jones-Industrial-Average">Dow Jones Industrial Average</keyword> gained 1.05%, to 27,976.84 points. These are the stocks to watch out for during the trading session on August 13: Tata Power The board of Tata Power has approved the merger of its wholly-owned subsidiary Coastal Gujarat Power Ltd, into the parent company to provide financial relief as it continues to face losses. Gujarat Power operates the ultra mega power plant at Mundra. Besides that, the company on Wednesday posted a consolidated net profit of ₹268 crore, up 10% compared to the same quarter last year. The shares of Tata Power ended nearly 3% higher yesterday. <keyword id="146218" type="COMPANY" weightage="20" keywordseo="Britannia-Industries">Britannia Industries</keyword> According to a stock-exchange filing Britannia Industries has allotted ‘commercial papers’ for an aggregate amount of ₹300 crores on August 12, with tenure of 12 months. Commercial paper is an unsecured debt instrument issued typically for the financing of a firm’s short-term liabilities. The shares of Britannia Industries ended over 2% lower yesterday. <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> Hero MotoCorp is slated to report its first quarterly earnings, today. According analysts, the company is expected to see a 66% revenue dip, and over 88% fall in its profit. The shares of Hero MotoCorp ended over 2% higher yesterday. Ashok Leyland <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> flagship firm Ashok Leyland reported a consolidated net loss of ₹388.82 crore for the first quarter ended June 30. The company’s revenue from operations in April-June 2020 significantly declined to ₹1,486.04 crore as compared with ₹6,588.23 crore in the year-ago period. The shares of Ashok Leyland ended nearly 4% higher yesterday. Aurobindo Pharma Drugmaker Aurobindo Pharma’s net profit was up 22.81% to ₹780.68 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in the US market. The shares of Aurobindo Pharma ended nearly 1% lower yesterday. <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance (IBH). The company has appointed former RBI deputy governor SS Mundra as its non-executive chairman with immediate effect. The shares of Indiabulls Housing Finance ended over 2% higher yesterday. Mahindra &amp; Mahindra Financial Services Mahindra &amp; Mahindra Financial Services has raised ₹3,088.82 crore through a rights issue which was oversubscribed approximately 1.3 times. The rights issue of the deposit-taking non-banking finance company closed on Tuesday. The shares of Mahindra &amp; Mahindra Financial Services ended nearly 1% higher yesterday. Eicher Motors, GAIL India, Grasim Industries, Aditya Birla Fashion These companies are slated to report their first quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/india/news/interglobe-aviation-indigo-shares-gained-over-9-after-the-company-decides-to-lease-back-12-of-its-aircrafts/articleshow/77500385.cms" data-type="tilCustomLink"> IndiGo shares rally over 9% after the company decides to lease back 12 of its aircrafts</a> <a href="https://www.businessinsider.in/tech/news/it-only-takes-50-tweets-to-find-a-troll-on-twitter/articleshow/77512151.cms" data-type="tilCustomLink">It only takes 50 tweets to find a troll on Twitter</a>

Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&M Financial, Indiabulls Housing and more

<ul><li>At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on positive note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. The US stocks also ended higher on Monday, fueled by a rebound in big tech names. The Dow Jones Industrial Average closed 1.18% higher, and the S&amp;P 500 rose 1.27%. Here’s a list of stocks to watch for in trade on September 15: Future Retail Future Retail reported a net loss of ₹242.2 crore for the quarter ended June 30. The company’s overall revenue was down 88.6% to ₹ 163.2 crore compared to the same period last year. The shares of Future Retail closed 5% lower yesterday. ICICI Bank ICICI Bank said the RBI had exempted it from provisions of the Banking Regulation Act 1949 relating to its investments in its insurance companies. A government notification exempts ICICI Bank from cutting stake to 30% in ICICI Lombard General Insurance and ICICI Prudential Life Insurance, for a period of three years. The shares of ICICI Bank closed 2% lower on Monday. Central Bank of India The Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10% from 7.15%, a release said. The shares of the Central Bank of India closed flat on Monday. PVR Limited PVR Limited reported a net loss of ₹225.6 crore for the quarter ended June 30. The company’s overall revenue was down 98.6% to ₹12.7 crore compared to the same period last year. The shares of PVR Limited closed 5% higher yesterday. Indiabulls Housing Finance Indiabulls Housing Finance raised about ₹1,205 crore over the last few days through its qualified institutional placement (QIP) and partial stake sale in UK-based OakNorth Bank Ltd. The non-banking finance company (NBFC) has raised ₹682.87 crore through the QIP and ₹522 crore from the partial stake sale. The shares of Indiabulls Housing Finance closed 5% higher on Monday. Raymond Limited Apparel maker Raymond reported a net loss of ₹247.6 crore compared to last year loss of ₹12.2 crore. The company’s consolidated revenue declined by 88.6% to ₹163.2 crore. The shares of Raymond Limited closed 3% higher on Monday. SAIL: Steel Authority of India Steel Authority of India reported a net loss of ₹1,226.5 crore for the quarter ended June 30. The company’s overall revenue was down 38.8% to ₹ 9,067.5 crore compared to the same period last year. The shares of SAIL closed 2% higher yesterday. Ashok Leyland Hinduja Group-owned Ashok Leyland launched a new light commercial vehicle (LCV) yesterday. Chairman Dheeraj Hinduja said the new LCV comes with the right and left-hand drive options, enabling the company to look at international markets. The shares of Ashok Leyland closed 10% higher yesterday. Allcargo Logistics, SpiceJet, Future Enterprises, and Zee Media Corporation These companies are slated to report their quarterly earnings to the stock exchanges today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-airlines-share-price-spikes-4-ahead-of-earnings-tomorrow/articleshow/78107627.cms" data-type="tilCustomLink">SpiceJet shares spike ahead of earnings— losses are certain, but cargo operations may hold some respite</a> <a href="https://www.businessinsider.in/tech/news/oracle-wins-bid-to-become-tiktoks-trusted-technology-provider-in-us/articleshow/78110292.cms" data-type="tilCustomLink">Oracle wins bid to become TikTok's 'trusted technology provider' in US</a>

Top stocks to watch— Future Retail, PVR, Central Bank, ICICI Bank, SpiceJet, Indiabulls Housing Finance, Ashok Leyland and more

<ul><li>The SGX Nifty was trading 0.24% lower at 7:32 am, indicating a subdued start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Despite positive cues from the western markets, the Indian equities may open on a cautious note on Friday. The SGX Nifty was trading 0.24% lower at 7:32 am, indicating a subdued start for Nifty50. The US stock markets soared on Thursday, led by a rally in tech and healthcare stocks, as the <a href="https://www.businessinsider.in/stock-market/news/dow-climbs-370-points-as-likely-divided-government-extends-healthcare-and-tech-rallies/articleshow/79065261.cms">dwindling prospects of a Democratic sweep</a> lifted sectors prone to regulation. The Dow Jones Industrial Average closed 542 points higher, and the S&amp;P 500 gained 1.9%. These are the stocks to watch out for during the trading session on November 6: Reliance Industries Limited (RIL) Mukesh Ambani-owned Reliance Industries (RIL) garnered over ₹9,555 crore from <a href="https://www.businessinsider.in/business/news/mukesh-ambani-cashes-in-yet-another-cheque-from-pif-saudi-arabia-sovereign-fund-to-invest-1-3-billion-in-reliance-retail/articleshow/79061345.cms">Saudi Arabia Public Investment Fund</a> for a 2.04% stake in Reliance Retail Ventures. The shares of RIL ended 2.28% higher on Thursday. <keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> Adani Power posted a good quarter. Its consolidated net profit surged manifold to ₹2,228.05 crore in the quarter ended September 30, mainly on account of improved income. The company had clocked a net profit of Rs 3.88 crore in the year-ago period. The shares of Adani Power ended 0.41% higher on Thursday. <keyword id="2834858" type="COMPANY" weightage="20" keywordseo="Minda-Corp">Minda Corp</keyword> Minda Corp will allot 1.19 crore shares on a preferential basis to PHI Capital Trust. The shares will be allotted at a price of ₹70 a piece, aggregating up to ₹83 crore. The shares of Minda Corp ended 6% higher on Thursday. <keyword id="105311" type="COMPANY" weightage="20" keywordseo="INOX-Leisure">Inox Leisure</keyword> The board of cinema hall giant Inox Leisure approved raising up to ₹250 crore via equity or other securities. The shares of Inox Leisure ended 4.5% higher on Thursday. Dalmia Bharat Cement maker Dalmia Bharat reported an over six-fold increase in its consolidated net profit at ₹232 crore for the second quarter ended September 2020, helped by higher sales volume. Its revenue from operations was up 7.78% at ₹2,410 crore during the quarter under review. The shares of Dalmia Bharat ended 6% higher on Thursday. <keyword id="82073" type="COMPANY" weightage="20" keywordseo="Berger-Paints">Berger Paints</keyword> Berger Paints India reported an increase of 13.55% in its consolidated net profit to ₹221.05 crore for the second quarter ended September 2020. Its revenue from operations was up 9% at ₹1,742.55 crore during the quarter under review. The shares of Berger Paints ended 2% higher on Thursday. Birla Corporation Birla Corporation reported an increase of 87% in its profit at ₹166.62 crore in the second quarter ended September 30. The company said that good performance had been due to cost rationalisation and recovery in demand in key markets. The shares of Birla Corporation ended 0.73% higher on Thursday. <keyword id="6357073" type="UNKNOWN" weightage="20" keywordseo="ITC">ITC</keyword>, <keyword id="6357157" type="UNKNOWN" weightage="20" keywordseo="cipla">Cipla</keyword>, Ashok Leyland, BHEL, Tata Consumer and Aditya Birla Fashion ITC, Cipla, Ashok Leyland, BHEL, Tata Consumer and Aditya Birla Fashion are slated to report their quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/heres-when-you-can-expect-more-data-from-each-state-in-the-next-few-hours/articleshow/79065787.cms" data-type="tilCustomLink">Here's when you can expect more data from each state in the next few hours</a> <a href="https://www.businessinsider.in/india/news/china-bans-entry-of-foreign-nationals-from-india-citing-spike-in-covid-19-cases/articleshow/79062691.cms" data-type="tilCustomLink">China bans entry of foreign nationals from India citing spike in COVID-19 cases</a>

Top stocks to watch — RIL, ITC, Cipla, Adani Power, Inox Leisure, Berger Paints, Minda Corp, and others

<keyword id="6385716" type="UNKNOWN" weightage="20" keywordseo="aircraft">Aircraft</keyword> leasing <keyword id="10850470" type="UNKNOWN" weightage="20" keywordseo="firm-boc-aviation">firm BOC Aviation</keyword> on Monday said it has signed a purchase-and-leaseback agreement with budget carrier IndiGo parent <keyword id="2351966" type="COMPANY" weightage="20" keywordseo="InterGlobe-Aviation">InterGlobe Aviation</keyword> for eight new <keyword id="6356166" type="COMPANY" weightage="20" keywordseo="airbus">Airbus</keyword> A320 neo planes. The aircraft, to be powered by CFM Leap <keyword id="240487" type="DOMAIN" weightage="20" keywordseo="engines">engines</keyword>, are scheduled to be delivered in the second half of 2021, a release said. "We are delighted to partner once again with IndiGo as we continue to support our airline customers to finance their aircraft. "This incremental capital expenditure also reflects our disciplined investment strategy throughout the cycle, focused on building a portfolio of latest technology aircraft deliveries," <keyword id="145397" type="COMPANY" weightage="20" keywordseo="BOC-Aviation">BOC Aviation</keyword> Managing Director and Chief Executive Officer Robert Martin said. According to the Q3 FY21 earnings presentation, IndiGo had 287 aircraft in its fleet at the end of December 31, 2020. Of these, 272 were on operating lease, while the remaining 15 were owned/finance lease. "We are pleased to further strengthen our existing relationship with BOC Aviation. The addition of these eight A320 neo aircraft demonstrates our confidence in the future growth of the aviation market in India," said Riyaz Peermohamed, Chief Aircraft Acquisition and Financing Officer, IndiGo. With a fleet of 284 aircraft at present, the airline is operating over 1,100 daily flights, connecting to 60 domestic and six international destinations. Hong Kong Stock Exchange-listed and <keyword id="6356662" type="LOCATION" weightage="20" keywordseo="singapore">Singapore</keyword> headquartered BOC Aviation has a fleet of 553 aircraft owned, managed and on order. Its owned and managed fleet was leased to 87 airlines worldwide in 39 countries and regions as of December 31 last year, as per the release. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-february-auto-sales-from-maruti-suzuki-bajaj-auto-hero-motocorp-tvs-ashok-leyland-mahindra-and-others/articleshow/81270921.cms?upcache=2">Tata Motors reports highest passenger vehicle sales in 9 years — Maruti, Ashok Leyland, outperform street expectations</a> <a href="https://www.businessinsider.in/science/space/news/europe-space-agency-hiring-astronauts-it-is-looking-for-women-and-people-with-physical-disabilities/articleshow/81271858.cms">Europe’s space agency is recruiting astronauts after over a decade — and its looking for women and people with physical disabilities</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

IndiGo, BOC Aviation signs purchase-leaseback agreements for eight A320neo planes

<ul><li><keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> has launched its ₹824 crore initial public offer (IPO) today, and it will be open for subscription till March 17.</li><li>The price band is fixed at ₹1,488-1,490, and each lot consists of 10 equity shares.</li><li>While some investment experts are bullish on the stock and suggest subscribing, others have pointed out certain risk factors.</li><li>This includes the risk posed by electric vehicles and supply chain shocks, among others.</li></ul>It’s raining initial public offers (IPO) this month, and the latest to join the list is the ₹824-crore <keyword id="10449692" type="UNKNOWN" weightage="20" keywordseo="Craftsman-Automation-IPO">Craftsman Automation IPO</keyword>. The Coimbatore-based company has kicked off its IPO today, March 15, with a price band of ₹1,488-1,490, netting you 10 shares per lot. The total IPO size is worth ₹824 crore, but Craftsman Automation has already secured ₹247 crore from anchor investors. 50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors. <cmsannotation type="cmsannotation" annotationid="Understanding the business of Craftsman Automation" comment="subhead" text="Understanding the business of Craftsman Automation">Understanding the business of Craftsman Automation</cmsannotation> Craftsman Automation was founded in 1986 in Coimbatore. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering. Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment. Coming to the automotive-aluminum vertical, Craftsman has an array of processes in the high pressure, low pressure and gravity die casting for manufacturing auto components for passenger vehicles. In the industrial and engineering vertical, Craftsman builds aluminum products for power transmission, high-end precision products like gear boxes, marine engines and more. <cmsannotation type="cmsannotation" annotationid="Here are some of the clients of Craftsman Automation" comment="subhead" text="Here are some of the clients of Craftsman Automation">Here are some of the clients of Craftsman Automation</cmsannotation> Craftsman Automation has an impressive list of clients that includes companies like Daimler India, Tata Motors, Ashok Leyland, Mahindra &amp; Mahindra, Escorts, John Deere, JCB India, TVS Motors, Royal Enfield among others. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Marwadi Financial Services </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Craftsman Automation – strengths and risk factors" comment="subhead" text="Craftsman Automation – strengths and risk factors">Craftsman Automation – strengths and risk factors</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Diversified engineering company" comment="subhead" text="Diversified engineering company">Diversified engineering company</cmsannotation> Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others. “Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10. <cmsannotation type="cmsannotation" annotationid="Strong in-house processes and designing capabilities" comment="subhead" text="Strong in-house processes and designing capabilities">Strong in-house processes and designing capabilities</cmsannotation> The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors. <cmsannotation type="cmsannotation" annotationid="Impressive domestic and global clientele" comment="subhead" text="Impressive domestic and global clientele">Impressive domestic and global clientele</cmsannotation> Craftsman has a range of marquee clientele, both domestic as well as global. Some of the big domestic names include Tata Motors, Mahindra &amp; Mahindra, Ashok Leyland, TVS Motors, Royal Enfield and others. Global names in the list include the likes of John Deere, India subsidiaries of Daimler, JCB among others. <cmsannotation type="cmsannotation" annotationid="Improving margins despite challenging business environment" comment="subhead" text="Improving margins despite challenging business environment">Improving margins despite challenging business environment</cmsannotation> Despite a challenging business environment and falling revenues, Craftsman has been able to improve its earnings. While its revenues fell by nearly 18% from March 2019 to March 2020, its earnings before interest, tax, depreciation and amortisation (EBITDA) improved from 25.12% to 27.24%. EBITDA is a measure of the company’s financial performance. <cmsannotation type="cmsannotation" annotationid="Powertrain and allied components prone to electric vehicles risk" comment="subhead" text="Powertrain and allied components prone to electric vehicles risk">Powertrain and allied components prone to electric vehicles risk</cmsannotation> While Craftsman’s prowess in the powertrain segment adds heft to the company’s profile, powertrain components would be obsolete when the present internal combustion engine (ICE) based vehicles are replaced by electric vehicles (EVs). <cmsannotation type="cmsannotation" annotationid="Low aftermarket presence ties company’s fortunes to OEMs" comment="subhead" text="Low aftermarket presence ties company’s fortunes to OEMs">Low aftermarket presence ties company’s fortunes to OEMs</cmsannotation> Craftsman caters to original equipment manufacturers (OEMs) across its three business verticals. Some of these OEMs operate in industries like automotive, steel, cement among others, which are cyclical in nature. As such, the demand tapers off in some seasons, and since Craftsman directly serves OEMs, its fortunes are tied to those of the OEMs. <cmsannotation type="cmsannotation" annotationid="Limited long-term contracts, prone to supply chain risk" comment="subhead" text="Limited long-term contracts, prone to supply chain risk">Limited long-term contracts, prone to supply chain risk</cmsannotation> According to the ICICI Direct report dated March 12, Craftsman does not have any exclusive supply arrangements and purchases material on a spot order basis. This exposes the company to supply chain risks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-path-to-5-trillion-plus-the-markets-20-most-shorted-spacs-right-now/articleshow/81501083.cms">Bitcoin's path to $5 trillion, plus the market's 20 most-shorted SPACs right now</a> <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both</a>

The ₹824-crore Craftsman Automation IPO opens today – should you subscribe?

The Indian commercial vehicle (CV) industry is set to log growth for the next couple of years with <keyword id="15410618" type="General" weightage="20" keywordseo="economy-reviving" source="Orion">economy reviving</keyword> and Covid-19 <keyword id="15410619" type="General" weightage="20" keywordseo="pandemic-fading-away" source="Orion">pandemic fading away</keyword>, said experts. The <keyword id="11045519" type="General" weightage="20" keywordseo="CV-sector" source="Orion">CV sector</keyword> will register mid-to-high teens over the next couple of years, said Fitch Ratings in a report. The sector recovered 26 per cent in the fiscal 2021-22 after being hit by Covid-19. During the current fiscal, the CV majors are logging good growth driven mostly by goods carriers while sales of buses is also picking up. According to Emkay Global Financial Services, the CV sector maintains its uptrend, supported by improved freight availability. On a year-on-year (YoY) basis, domestic volumes grew by 39 per cent for Mahindra and Mahindra, 38 per cent for Ashok Leyland, 14 per cent for VE Commercial Vehicles Ltd and 0.3 per cent for Tata Motors. A recovery in medium and heavy commercial vehicle (MHCV) from multi-year lows, along with sustained growth in light commercial vehicle (LCV) categories, will help overall segment volume reach close to one million units by FY24 - the level of the last cyclical peak recorded in FY19, Fitch Ratings said. Growth in the passenger CV category, which experienced a sharper pandemic impact due to travel restrictions and the suspension of school and office commutes, will also aid growth. However, their share will be below 15 per cent of the overall CV volume, Fitch Ratings added. A rapid recovery in India's economic activity after the pandemic shock and the government's planned increase in infrastructure spending will help sustain an improvement in fleet utilisation rates, supporting freight economics for operators. This should aid the revival of the replacement cycle, notwithstanding pressure from high inflation and a rise in borrowing rates since the start of the Russia-Ukraine war. According to Fitch Ratings, high fuel rates will also spur replacement of older CVs with new, more energy-efficient vehicles, including those with compressed natural gas drivetrains in the smaller categories. Improving earnings visibility for fleet operators, along with manageable asset quality and funding access for lenders, should underpin credit availability, Fitch Ratings said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/diaspora-group-launches-online-petition-urging-blinken-to-reduce-visa-wait-time/articleshow/95243720.cms" style="">Diaspora group launches online petition urging Blinken to reduce visa wait time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hiring-slowed-down-in-the-it-sector-this-festive-season-report/articleshow/95233811.cms" style="">Hiring slowed down in the IT sector this festive season: Report</a>

Indian commercial vehicle sector will log volume growth say experts

<ul><li>Benchmark stock indices have broken below the 200-day moving average.</li><li>This is a key level watched by traders and a breach may lead to faster fall in the market.</li><li>Sensex and Nifty have lost over 5.7% since this month as foreign investors pulled out money after the tax on super rich imposed in the latest budget.</li></ul>Indian markets are firmly in a bear grip closing the day at a five-month low. Benchmark indices, Sensex and Nifty, have lost 5.7% since the start of the month and today (July 30), they broke below the average closing price over the last 200 days. This is a key level watched by traders and when it is breached, it indicates a sharper fall ahead. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 "The trajectory of the index shall remain downwards with an initial target of 11,100 and below that, a bigger target in the zone of 10,850–10,740 levels can't be ruled out going forward," Mazhar Mohammad, Chief Strategist – Technical Research &amp; Trading Advisory, Chartviewindia.in <a href="https://www.moneycontrol.com/news/business/markets/technical-view-nifty-breaks-200-dma-to-form-big-bearish-candle-next-downside-target-seen-at-11100-4261341.html" data-type="tilCustomLink" target="_blank">told Moneycontrol</a>. The Sensex ended the day down 289.13 points at 37,397.24, while Nifty was down 103.80 points at 11,085.40. All sectoral indices other than IT ended in the red. <table style="width: 96pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:48pt">Index</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 48pt;">July 30</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">PSU Bank</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-4.90%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Auto</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Pharma</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.20%</td> </tr></tbody></table> Over <a href="https://www.moneycontrol.com/news/business/markets/d-street-buzz-over-500-stocks-hit-52-week-low-on-bse-including-rbl-bank-hero-moto-vix-jumps-4266201.html" data-type="tilCustomLink" target="_blank">500 stocks hit their lowest level in a year</a> today, including some marquee names like Coffee Day Enterprises, Vodafone Idea, RBL Bank, Ashok Leyland, Bharat Forge, Godrej Consumer, Tata Steel, Tata Motors, Maruti Suzuki, and TVS Motor among others. 
 
 
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 Mukesh Ambani-owned Reliance Industries, one of the top three stocks in India, has been a drag on the market. The stock has lost over 8% in the last six days wiping out billions in investor wealth. 
 
 
 
 
 
 
 
 
 
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 A bunch of factors have pushed investors in India to pull out money. But none more than the recent budget, which imposed a tax on super rich, which automatically brought in nearly 40% of all foreign portfolio investors in India under a higher tax bracket. This has led to a sharp reaction from the foreign investors who have pulled out $2.5 billion from India in 3 weeks, according to <a href="https://www.indiainfoline.com/article/general-blog/forget-the-monsoons-there-is-fpi-drought-in-july-119073000341_1.html" data-type="tilCustomLink" target="_blank">an India Infoline (IIFL) report</a>. The tax on share buybacks did not go well with foreign investors and neither did the proposal to increase the free float-- shares publicly held for trading-- to 35% from the existing 25%. All of these proposals threatened to eat into the profits that foreign investors could have made. 
 
 
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 A combination of erractic and uncertain monsoon, a fall in consumption, and a slowdown in corporate earnings have further eroded investor confidence. Global factors like the trade war between the US and China, the tensions in the middle east affecting oil prices as well as the fear of the monetary policy moves from the US Fed have also contributed to the fall in India. SEE ALSO: <a href="https://www.businessinsider.in/top-20-mutual-funds-in-india-latest-data/articleshow/70256239.cms" data-type="tilCustomLink" target="_blank">The top 20 mutual funds in India and their performance over the last one year</a> <a href="https://www.businessinsider.in/share-price-of-maruti-tata-motors-and-mahindra-fall-as-government-pushes-for-electric-cars/articleshow/70430370.cms" data-type="tilCustomLink" target="_blank">India's push for electric vehicles is haemorrhaging car makers</a> <a href="https://www.businessinsider.in/hdfc-bank-reliance-industries-tcs-infosys-indusind-bank/articleshow/70329099.cms" data-type="tilCustomLink" target="_blank">Six Indian blue-chip companies have declared earnings so far - most of them lack the 'markets mojo'</a>

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