MARKETS
KPIT Tech down over 5%; JP Morgan initiates coverage with 44% downside
The brokerage see two major reasons for de-rating — growth is expected to fall below 20 percent beyond FY24 and Tata Technologies IPO will reduce the scarcity premium associated with KPIT
MARKETS
Cigniti Tech gains over 5% after Srinivas Kandula takes over as executive director
Cigniti Technologies' stock gained over 5% on news of former Capgemini India CEO, Srinivas Kandula's appointment as an executive director. Kandula's diverse experience is expected to help the company become a billion-dollar quality-first software and digital engineering services company, says company Chairman and MD, CV Subramanyam.
MARKETS
Tejas Networks gains 6% on Rs 696-crore supply order from BSNL
Share price of Tejas Network gained 6 percent on Monday after the company received its largest ever order worth Rs 696 crore from BSNL.
BUSINESS
MC Long View | Is Zomato’s path to profitability coming at the cost of growth?
Zomato’s recent quarterly financial performance seems to be in sync with its focus on profitability, but growth seems to be taking a hit
MARKETS
What do brokerages say on the Indian IT sector after Accenture’s better-than-expected results?
Accenture’s reduced revenue and growth guidance and global macroeconomic turmoil prompt analysts to maintain a cautious stance on the Indian IT Sector.
MARKETS
Vedanta shares tank 6% on reports of possible stake sale by Anil Agarwal
The Anil Agarwal-led commodities company has denied reports that the company was looking to sell less than a 5 percent stake to reduce the significant debt load. Any talk of stake sale in Vedanta is untrue and baseless, the company has said
BUSINESS
Nazara Tech up 3% on Pro Football Network acquisition
The gaming and sports media platform announced that its subsidiary Absolute Sports (Sportskeeda) signed an agreement to acquire a 73.27 percent stake in Pro Football Network LLC (PFN), a source of coverage and analysis of the US National Football League (NFL) and college football, for Rs 16 crore.
MARKETS
IT services face risk due to banking challenges, says Bernstein research
Macro headwinds combined with liquidity issues of banks is likely to further soften the tech spending environment, says brokerage firm, Bernstein research and has reduced FY24 growth forecasts for its coverage companies by 3-4 percent and earnings estimates by 3-9 percent.
MARKETS
VST Tillers trades 18% up on crossing 500,000 power tillers production milestone
The share price of Tractor manufacturing company, VST Tillers Tractors Limited was trading 18 percent higher on Wednesday after the company crossed a production milestone of 500,000 power tillers from its manufacturing plant at Benguluru.
MARKETS
Annual bookings at Ashiana Housing surpass Rs 1,100 cr, shares soar 14%
Ashiana Housing's share price rose by 14 percent on Wednesday after exceeding its annual booking value guidance of Rs 1,100 crore and achieving a total booking value of Rs 1,279 crore. The company has also received 351 EOIs for phase 2 of 'Ashiana Amarah'.
BUSINESS
Know your stock | KPIT Technologies up 13% in last week and over 45% in 1 year. What’s behind the rally?
KPIT Technologies, an automobile technology company, witnessed a jump of 13 percent in the last week following the inking of a partnership with Honda. Overall, the stock has gained 785 percent after its demerger and listing in 2019 and 45 percent in the last 1 year on the back of the company’s strong deal pipeline, financial performance and strategic initiatives.
MARKETS
Nazara tech swings from 3-day losing streak; ICICI starts coverage with 44% upside
The brokerage initiated coverage on Nazara Tech at a target price of Rs 700, implying a 44 percent upside potential driven by strong growth in eSports segment and gradual improvement in Gamified early learning segment.
MARKETS
RIL snaps 8-day losing streak; CLSA sees 34% upside
Brokerage firm CLSA expects multiple positive triggers for Reliance in H2FY24 including ramp-up of FMCG business, launch of Airfiber to catapult wireless broadband penetration, a new affordable 5G smartphone and IPO of Jio and/or retail.
BUSINESS
Morgan Stanley remains bullish on PB Fintech, sees 18% upside
Increasing contribution of renewal income to adjusted EBITDA and increasing profitability of new business owing to productivity improvement are some of the key drivers the company believes will help it in achieving its Rs 1,000 crore FY27 profitability guidance.
BUSINESS
Nykaa gains 3 percent after large block deal
According to Bloomberg, around 6.57 million shares worth Rs 93.2 crore at Rs 141.90 changed hands in bulk trades on March 17. Details of the buyers and sellers are, however, not known
BUSINESS
Macro uncertainties cast shadow on IT services, mixed views on preferred stocks
Analysts remain cautious on the IT services sector amid growing macro volatility and demand uncertainties. Morgan Stanley has a ‘buy’ rating on Infosys, Tech Mahindra, Persistent Systems and Coforge. Jefferies believes Infosys, TCS, and HCL are better placed
BUSINESS
Why TCS named 57-year-old Krithivasan as CEO designate, when age is not on his side: Kotak Institutional Equities
Krithivasan’s long tenure with the company and vast experience in the industry, makes experts positive on the smooth leadership transition ahead.
BUSINESS
TCS announces leadership change; how did the street react?
The sudden change in leadership of TCS took the street by surprise after CEO & MD Rajesh Gopinathan announced his resignation on Thursday and the company appointed K Krithivasan as CEO Designate who will take over the role from September 2023. Analysts however expect a smooth transition going forward barring some near term volatility.
BUSINESS
How TCS grew under Rajesh Gopinathan’s leadership
Under Gopinathan’s leadership, the company’s market capitalisation has increased 153 percent. Revenue and EBITDA have risen over 63 percent in the last six years.
BUSINESS
ICICI Prudential jumps 9 percent on appointment of Anup Bagchi as CEO
ICICI Prudential Life Insurance’s share were trading 9 percent higher on Thursday after Anup Bagchi‘s appointment as MD & CEO.
BUSINESS
Future Retail up nearly 4% after Kishore Biyani withdraws resignation
The withdrawal came after the debt-ridden company, which is currently undergoing insolvency proceedings, said that “the resolution professional objected to the contents of (Biyani’s resignation) letter” and requested him to recall the letter.
BUSINESS
Nomura reiterates buy on Nykaa; sees 56% upside
Foreign brokerage firm Nomura reiterated its buy rating on Nykaa with a target price of Rs 214, implying a 56 percent upside and believes revenue will grow at a CAGR of 27% over FY23-28F.
BUSINESS
KPIT Tech gains 7 percent on alliance with Honda
Share price of KPIT Tech was up 7 percent on Wednesday after the company announced new partnership with Honda to accelerate Honda’s software-defined mobility journey.
BUSINESS
This small-cap stock gains 11%; hits 52-week high on supply order from Middle East
Manufacturing and forging company, Balu Forge Industries gained 6 percent on Wednesday after bagging a supply order for powertrain sub-assemblies to a tractor manufacturer in Middle East.
