Moneycontrol Selects: Top stories this afternoon

Here's a roundup of our top stories from the day:

Growth on menu, ITC set to expand cloud kitchen business Cigarettes-to-hotel conglomerate ITC, which posted better-than-expected numbers for the June quarter and is demerging the hotel business, is all set to expand its cloud-kitchen operations to strengthen growth in the consumer business. Here are more updates.

Why veteran investor Bharat Shah isn’t investing in new-tech Lack of promoter ‘skin in the game’ in new age companies does not inspire confidence to invest in new age companies, said veteran investor and executive director of ASK Investment Managers, Bharat Shah in an exclusive interview with Moneycontrol. Besides, he said, the lack of ‘real’ profit, and management solidity has deterred him from investing in this space. Read more.

Motilal Oswal raises Nifty50 EPS outlook by 2.5% on robust corporate earnings Motilal Oswal has raised its FY24 projection for earnings from Nifty 50 stocks by 2.5 percent to Rs 988 on the back of robust corporate results that appear potent enough to support India's bullish economic outlook. Learn more.

MC selects

10-year bond yield hits 7.25% as 7.44% inflation blocks way to cut policy rates India’s 10-year sovereign bond yields jumped in early trade on August 17 after a sharp spike in retail inflation raised the chances that policymakers may find it difficult to cut interest rates anytime soon. Here are some additional updates.

Godrej Consumer posts serious slump in Raymond portfolio sales, post integration In a turn of things that has confounded analysts, Godrej Consumer Products posted sales equalling one-third of previous year’s sales for the June quarter in the consumer care portfolio it acquired from Raymonds. Even worse, the sales number was equal to the losses incurred by the business. The Park Avenue and Kamasutra brands posted net sales of Rs 48 crore in the April-to-June quarter, which was almost equal to the losses incurred by the business. The sales figures before integration were significantly higher than the number posted in the third quarter. Read more.

Adani Power gains 3%, recover previous day’s loss after GQG revealed as buyer of 8.1% stake Adani Power share price gained over 3 percent in the morning trade on August 17, recovering the previous day’s loss, after it became known that GQG Partners was the buyer of 8.1 percent equity stake in the company. Adani Power stock rose to as high as Rs 288.3 in the morning, against the previous close of Rs 279.9. Here are some more updates.

Bullish on India | Why India will be the AI talent hub of the world If there is one trend that has kept the technology world buzzing since the beginning of 2023, it is artificial intelligence (AI), ChatGPT and companies rushing to find their way in. The difference between the rising demand and existing supply of talent left a gaping hole in skilled resources globally to build these technologies. Read more.