Shares of Axis Bank rose on November 25 as analysts appeared impressed by the lender’s long-term vision at the annual analyst day meeting on November 24.“A convincing analyst meet that Axis Bank could compete on its strengths,” said brokerage firm Kotak Institutional Equities in a note.
Brokerage firm ICICI Securities said that the management of the lender demonstrated its ability to translate ‘intent’ to ‘action’ towards delivering guided outcomes and initiatives undertaken over the last few years to strengthen its capacity to deliver more efficient and sustainable outcomes. Analysts said that a key takeaway from the management meeting was the lender’s assertion on focusing less on growth and more on customer satisfaction to ensure stickiness. “The premise that a better customer experience would build more stickiness, better revenue at lower risk with more data to monitor would perhaps differentiate the bank in this cycle through better risk-adjusted returns,” Kotak Equities said. Axis Bank has been able to achieve the targets it had set for itself in 2019 under the new leadership of Amitabh Chaudhary. The lender’s return on equity profile as well as net interest margins is now in line with peers such as ICICI Bank and HDFC Bank after lagging for years. Axis Bank had set a target of achieving a return on equity of 18 percent in 2019 and ended the September quarter of 2022–23 with an RoE of 18.9 percent. Further, its RoE has sustained above the 15 percent mark for the past few quarters and the lender’s Chief Executive Officer Amitabh Chaudhary expects it to sustain above those levels going ahead. However, a key concern around the lender in market circles has been the sustainability of the recent upswing in performance. Kotak Equities said that the pay-off from Axis Bank’s customer-obsessed strategy will be slow but long-lasting and therefore the lender could be a strong player in the new credit cycle in the Indian economy. “Management articulated strategy across business segments to provide confidence that growth will see a further uptick,” ICICI Securities said. Currently, 47 out of the 50 brokerage houses that have coverage on the stock have given it a ‘buy’ rating indicating the level of optimism on the Street. The lender is currently trading 19 percent below the consensus price target for its stock at Rs 1,059. At 11:20 am, shares of Axis Bank were up 0.9 percent at Rs 886.8 on the National Stock Exchange. Bank Nifty Price, Nifty Stocks, Nifty Option, Bank Nifty Option Price, Option Stock, Equity Sensex
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Shares of new-age technology companies listed in India jumped in line with their peers in the US as traders bet that the end is in sight for interest rate hikes by the US Federal Reserve following better-than-expected inflation print for October.
The US inflation rate slowed down to 7.7 percent in October as against an expectation of 7.9 percent in another sign that multi-decade-high inflation in the US shows signs of tapering off. Core CPI inflation in the US for October, too, came in at 6.3 percent as against an estimate of 6.5 percent. Traders are now expecting the US Fed to bring down the quantum of its interest rate hikes in the next monetary policy meeting while betting that the central bank will pause the rate increases by March 2023. US stocks, particularly those of technology companies, soared on the back of the October inflation print on hopes that the US Federal Reserve may soon pause on interest rate hikes and may start pulling rates lower in the second half of 2023 because of a likely recession. The NASDAQ Technology Index soared over 6 percent on November 10 following the inflation data. Back home, investors bought into shares of Zomato, Paytm, PB Fintech, Paytm, and Nykaa in the hope that future fall in interest rates will spur an upswing in their valuations. Interest rates in the economy have an inverse relationship with the valuations of technology stocks. Higher interest rates mean a lower present value of future cash flows of a technology company and vice versa. Bank Nifty Option Calls, Future & Option, Bank Nifty, Bank Nifty Options, Call Option, Equity Benchmark, Bank Nifty Option, Share Market Today, Share Market Today, Share Market Today, Wind power operation and maintenance service provider Inox Green Energy Services is going to launch its initial public offering on November 11. The offer will close on November 15 and the anchor book will open for a day on November 10. The price band for the offer will be announced by the company in the early part of next week.
The Rs 740 crore issue that comprises a fresh issue and an offer for sale of Rs 370 crore each. Proceeds from the fresh issue will be utilised by the company for repaying debts and general corporate purposes. The company has reserved 75 percent of the offer for qualified institutional buyers, 15 percent for high net worth individuals, and the rest 10 percent for retail investors. Inox Green Energy Services is a subsidiary of Inox Wind (the manufacturer of wind turbine generators) and part of the Inox GFL group of companies. Inox Wind currently holds 93.84 percent stake in Inox Green Energy Services. Having an exclusivity agreement with Inox Wind, the company provides exclusive operation and maintenance services for all wind turbine generators (WTGs) sold by Inox Wind. As of June 2022, Inox Wind had entered into binding contracts for the supply of two megawatt (MW) capacity WTGs with an aggregate capacity of 964 MW. Inox Green Energy Services’ operation and maintenance services as of June 2022 consisted of 2,792 MW wind farm capacity and 1,396 WTGs. Of the 2,792 MW capacity, 1,964 MW was attributable to its contracts for comprehensive operation and maintenance services and 828 MW was attributable to its common infrastructure operation and maintenance contracts. Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities, and Systematix Corporate Services are the merchant bankers for the offer. The registrar to the offer is Link Intime India. This would be the 30th public issue getting launched in the year 2022. So far, we have seen seven public issues opening in November itself including Fusion Micro Finance, Global Health, Bikaji Foods International, Five Star Business Finance, and Archean Chemical Industries. Best Share To Buy Today, Trading India, Stock Market Today, Share Market Today, Share Market, equity trading, future option, stock trading, share trading, stock trade in india The Indian market closed in the green after a volatile session on November 4, supported by metal and PSU banking names. The Sensex ended 113.95 points, or 0.19 percent, higher at 60,950.36, and the Nifty was up 64.50 points, or 0.36 percent, at 18,117.20. The market opened flat following mixed global cues and soon slipped into negative territory but buying in metal and PSU banks helped the indices close higher.
“The Bank of England in its policy announcement mirrored the Fed’s view, dashing hopes for a near-term policy softening. Though a late rebound was seen in the domestic market, it was largely in the red zone as the pharma and IT sell-off continued due to concerns about the impending recession,” said Vinod Nair, Head of Research at Geojit Financial Services. The dollar and the US treasury yield surged following the hawkish remarks from global central banks, even as foreign institutional investors (FIIs) continued their domestic support, he added. Adani Enterprises, Hindalco Industries, Bajaj Finserv, Adani Ports and JSW Steel were among the top Nifty gainers. Hero MotoCorp, Dr Reddy’s Laboratories, BPCL, Cipla and HDFC Life were among the biggest losers. Among sectors, the Nifty Metal index rose 4 percent and the PSU bank index gained 1 percent. The Pharma index closed a percent lower from the previous day. The BSE midcap index ended on a flat note, while the smallcap index was up 0.4 percent. On the BSE, the metal index added nearly 3 percent and capital goods and oil & gas indices up 0.5 percent each. Selling was seen in the FMCG, healthcare and information technology stocks. Stock Exchange, Indian Share Market, Indian Stock Market Today, Shares To Buy Today,Indian Stock Market, Best Stock To Buy Today, Market News, Stock Market News Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), said on October 28 that it has acquired an additional stake in skyTran Inc, the company announced. The stake acquired for $15 million (Rs 123.4 crore) takes Reliance Strategic Business Ventures’ total shareholding to 62.83 percent on a fully diluted basis.
skyTran, incorporated under the laws of Delaware, US, in 2011 “developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transport systems aimed at solving the problem of traffic congestion globally”. In February 2021, the Reliance unit increased its stake in skyTran to 54.46 percent from 26.3 percent with an investment of $26.76 million. On October 10, Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh detailed the growth plans of the group, which started off as a trader in 1988 and expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution, and FMCG and more recently into data centers, airports, petrochemicals, cement, and media, at an investor meet organized by Ventura Securities Ltd in New Delhi. The group plans to invest USD 50–70 billion in green hydrogen business and another USD 23 billion in green energy over the next 5–10 years, he said. It will invest USD 7 billion in electricity transmission, USD 12 billion in transport utility, and USD 5 billion in the road sector. Its foray into data center business with cloud services would entail an investment of USD 6.5 billion in partnership with Edge ConneX and another USD 9–10 billion is planned for airports, where it is already the largest private operator. Its foray into the cement sector with the acquisition of ACC and Ambuja cement entailed USD 10 billion investment. Stocks Nse Indian Stocks Bse Stocks India Stock market Today Stock Price Nse Stock Market Stock Market TodayStock Market TodayStock Market TodayStock Market TodayStock Market Today Bharat Electronics | CMP: Rs 107.90 | The company reported a decent set of earnings for the quarter ended September FY23. Standalone revenue from operations grew by 7.8 percent year-on-year to Rs 3,946 crore, led by healthy order book execution. The Navratna defence PSU company said its order book position as on October 1, 2022 stood at Rs 52,795 crore. “Order book at 3.1 times its TTM (trailing twelve month) revenue provides a healthy revenue visibility” said Reliance Securities. The stock ended 2.71 percent higher.
PNB Housing Finance | CMP: Rs 453.55 | The share price of PNB Housing Finance surged after the company reported an 11.7 percent YoY rise in its Q2 net profit at Rs 266.6 crore versus Rs 235.2 crore. Net interest Income was up by 36.2 percent at Rs 633.7 crore versus Rs 465.1 crore, YoY. The stock gained 5.18 percent in trade. Crompton Greaves Consumer Electricals | CMP: Rs 367.20 | The company on October 26 reported a 17.69 percent decline in its consolidated net profit to Rs 130.71 crore in Q2FY23, mainly due to weak consumer demand. The company posted a net profit of Rs 158.81 crore in the July-September quarter a year ago. “We had a difficult quarter owing to an unfavourable base period and high retail inflation creating weak consumer demand,” the company said in its earnings statement. The stock declined 2.83 percent on October 27. Century Textiles | CMP: Rs 872.10 | The stock gained 7 percent after the company reported a strong set of Q2FY23 numbers. It reported a 59.38 percent YoY rise in consolidated net profit at Rs 69.97 crore for the September quarter. Total income from operations rose to Rs 1,242.11 crore from Rs 1,034.27 crore in the corresponding period of the previous year. Stocks India Share Market Bse Stocks To Buy Today India Open Demat Account Bse Stock Market Nse Equity US stocks closed sharply higher on Tuesday as soft economic data hinted that the Fed’s aggressive policy is taking effect, while falling benchmark Treasury yields boosted the rally’s momentum. All three major US stock indexes advanced for the third straight session, with market-leading megacaps providing the most upside muscle. The S&P 500 has reclaimed about 8 percent from the trough of its October 12 close.
“There’s increasing discussion about a light at the end of the tunnel for Fed rate hikes,” said Bill Merz, head of capital market research at U.S. Bank Wealth Management in Minneapolis. Merz also cautioned that it wouldn’t be known for some time whether decades-high inflation was “decisively headed toward the Fed’s target.” “We’re seeing a bit of a reprieve in the dollar and long-term bond yields have come down a little bit,” Merz added. “Those factors are combining to provide room for a bit of a rally.” After the bell, Microsoft and Alphabet delivered weaker-than-expected quarterly results, sending their shares down about 7 percent. That helped push S&P 500 mini futures down almost 1 percent, suggesting traders expect the stock market to open deep in negative territory on Wednesday. Share Market Today Stock Market Today Share Trading Equity Market Share Market Price Bse Stock Exchange RIL | CMP: Rs 2441.80 | The share price of oil-to-telecom major Reliance Industries dropped 1.5 percent. On October 21, the company reported a marginal drop in consolidated net profit at Rs 13,656 crore for the quarter ended September 30, 2022 as against Rs 13,680 crore in the year-ago quarter. HSBC has a “hold” call on the stock, with the target cut to Rs 2,500. “We cut refining margin assumptions, resulting in FY23–25 estimate declining 3–7 percent,” the brokerage noted. (Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
The market failed to capitalise on the strong start to Samvat 2079, the Hindu calendar year, on Diwali day to end lower on October 25, snapping a seven-session winning streak. At close, the Sensex was down 287.70 points, or 0.48 percent, at 59,543.96, and the Nifty was down 74.50 points, or 0.42 percent, at 17,656.30. After a positive start, the market erased the gains and turned negative, as an extended last-hour selling dragged the indices near the day’s low. The domestic market pared its early gains with FMCG and private banks pressuring the benchmark. Market attention has shifted to central bank policy announcements since the European Central Bank is expected to hike interest rates at its upcoming policy meeting,” said Vinod Nair, Head of Research at Geojit Financial Services Equity Trading Top Stocks Nse Equity Stock Best Us Stocks To Buy Now Best Share To Buy Today In India Shares Today ICICI Bank, the country’s second-largest private sector lender, on October 22 registered a massive 37 percent year-on-year growth in standalone profit and a 26.5 percent rise in net interest income, with a significant fall in bad loan provisions.
The standalone profit jumped to Rs 7,557.84 crore for the quarter, rising from Rs 5,511 crore in the same period last year, the bank said in its BSE filing. The bank further said its net interest income during the quarter increased to Rs 14,787 crore, compared to Rs 11,690 crore in the corresponding period last fiscal, with net interest margin expanding around 30 bps on a sequential as well as an on-year basis. Overall loan portfolio grew by 23 percent year-on-year, with domestic loan portfolio growth at 24 percent,” ICICI Bank said, adding total period-end deposits grew by 12 percent year-on-year to Rs 10.9 lakh crore in September FY23, with average current account and savings account (CASA) ratio of 45 percent in the same period. Stock Market Today Share Market Today Bank Nifty Option Indian Stock Market Trading India Share Market Shares To Buy Today Private sector lender Kotak Mahindra Bank on October 22 reported a 27 percent growth in standalone profit after tax (PAT) as well as net interest income (NII) for the quarter that ended September 30, 2022.
The standalone profit increased to Rs 2,581 crore during the quarter, up from Rs 2,032 crore in the corresponding period of the last fiscal, the Mumbai-headquartered bank said in its BSE filing. Net interest income, the difference between interest earned and interest expended, climbed to Rs 5,099 crore from Rs 4,021 crore in the year-ago period, with the net interest margin expanding 72 basis points (bps) year on year (YoY) to 5.17 percent for Q2FY23. Kotak Mahindra said it recorded a 25 percent YoY growth in customer asssets, which includes advances and credit substitutes, at Rs 3.21 lakh crore as of September 2022, with advances also growing over 25 percent to Rs 2.94 lakh crore in the same period. Deposits rose by 11.5 percent to Rs 3.25 lakh crore YoY. Stock Market Today Share Market Today Bank Nifty Option Indian Stock Market Trading India Share Market Shares To Buy Today |
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