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Indian markets remained bearish for the the second consecutive week ended May 13 as the benchmark share indices lost nearly 4 percent. Persistent worries over rising inflation, possibility of further rate hikes by global central bank, China lockdown and weakening rupee kept the investors on the edge. During the last week, BSE Sensex declined 2,041.96 points (3.72 percent) to close at 52,793.62, while the Nifty50 shed 629.05 points (3.83 percent) to end at 15,782.20 levels. However, in the month of May Sensex and Nifty have lost more than 7 percent each. During the week gone by, all the sectoral indices were in the red with BSE Metal and Power indices falling 13 percent each. BSE Telecom index shed 6.7 percent and Realty index declined 5.8 percent. In broader market, the BSE Mid-cap index lost 5.6 percent, Small-cap index shed 6.5 percent and Large-cap Index declined 4.4 percent. In absence of any major event, market participants will be closely eyeing the performance of … [Read more...] about Dalal Street Week Ahead | LIC listing, earnings among 10 key factors that will keep traders busy

- A + A SYDNEY (May 16): Asian share markets were struggling to sustain even a minor rally on Monday, after shockingly weak data from China underlined the deep damage lockdowns were doing to the world's second-largest economy. China's April retail sales plunged 11.1% on the year, almost twice the drop forecast, while industrial output dropped 2.9% when analysts had looked for a slight increase. The risks had been to the downside, given new bank lending in China hit the lowest in nearly four and half years in April. China's central bank also disappointed those hoping for a rate easing, though Beijing on Sunday did allow a further cut in mortgage loan interest rates for some home buyers. News that Shanghai was relaxing some of its lockdown restrictions offered only cold comfort to investors. Chinese blue chips shed 0.4% in reaction while commodity currencies took a knock led by the Australian dollar, which is often used as a liquid proxy for the yuan. MSCI's … [Read more...] about Asia stocks struggle after dire China data

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Anand Rathi's research report on Firstsource Solutions FSOL was faced with challenges in mortgages (22% of revenue) with 30-40% declines expected ahead. Management expects stabilisation here by H2 FY23. In the other divisions (78% of revenue), … [Read more...] about Buy Firstsource Solutions; target of Rs 145: Anand Rathi

Share to Twitter Share to Linkedin When it comes to being home to a large number of the world’s richest people, it was already a tough year for mainland China on the 2022 Forbes Billionaires List unveiled in early April. Their ranks thinned to 539 members from a record 626 a year earlier amid slowing economic growth and stock price declines in the world’s most populous nation. The loss of wealth among mainland China’s richest has become even worse since the list was published, however. At least another 97 listees among that group of 539 mainlander members are now below the $1 billion threshold, based on preliminary estimates using Tuesday’s global stock prices. The culprits: Covid and rising interest rates. China’s choice of “zero-Covid” policies to combat the pandemic has led to lockdowns and logistics woes affecting millions across the country, most stunningly in Shanghai, a global business hub with a population of 26 million. China’s Covid … [Read more...] about More Than One In Six Mainland Chinese On 2022 Forbes Billionaires List Are Now Below The Cut

Share to Twitter Share to Linkedin UMC, Taiwan’s No. 2 contract chip maker after TSMC, is pairing up with Toyota-backed car-parts supplier Denso to make semiconductors in Japan and meet growing global demand in the automotive sector. United Semiconductor Japan Co. (USJC), UMC’s Japanese subsidiary, announced late last month that it is building a production plant for power chips that control the flow and direction of electric current with Denso, which is part-owned by the world’s largest car maker by sales. “Semiconductors are becoming increasingly important in the automotive industry as mobility technologies evolve, including automated driving and electrification,” Denso president Koji Arima said in the announcement. “Through this collaboration, we contribute to the stable supply of power semiconductors and electrification of automobiles.” “It should be positive news,” says Brady Wang, Taipei-based associate director with market research firm … [Read more...] about Taiwan’s No. 2 Chip Maker Teams Up With Car Parts Giant To Make Semiconductors In Japan

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Motilal Oswal's research report on RBL Bank RBL Bank (RBK) reported an in-line quarter with net earnings up 27% QoQ to INR1.98b (+163% YoY) supported by healthy NII as NIM expanded 70bp QoQ along with controlled provisions. Business trends were modest with the loan book growing 3% QoQ, while the deposit book rose 7% QoQ. C/I ratio remained elevated at 60% on higher business expenses. Fresh slippages dipped 19% QoQ to INR6.2b - largely from the Retail portfolio (Credit Cards/MFI). GNPA/NNPA ratio improved 44bp/51bp QoQ to 4.40%/1.34%, respectively. We cut our FY23E/FY24E earnings by 10%/7% as we conservatively built in higher credit cost and opex, and await clarity on the appointment of the MD and CEO. Outlook We expect RBK to deliver an FY24E RoA/RoE of 1.2%/10.3%, … [Read more...] about Buy RBL Bank; target of Rs 160: Motilal Oswal

Share to Twitter Share to Linkedin The IPO of Campus Activewear, which sells more shoes than the likes of Nike and Adidas in India, propels its founder into the billionaires club. I n a volatile week for its stock market, India has minted a new billionaire. Hari Krishan Agarwal , 66, founder of Delhi-based Campus Activewear , entered the three-comma club after the stellar IPO of his sports shoes company. Shares of Campus Activewear listed at a handsome 23% premium to the IPO price. Agarwal’s 74% stake is now worth around $1 billion. The $9 billion Indian footwear industry has spawned three billionaires in recent years. Delhi-based brothers Mukand Lal Dua and Ramesh Kumar Dua, who run the $350 million (revenue) Relaxo Footwear, which sells everything from casual sandals to formal shoes; and Rafique Malik , who took his $107 million (revenue), Mumbai-based Metro Brands public only last December. (Though Metro listed at a 13% discount). … [Read more...] about Selling Sports Shoes For Under $10 Turned This Shoemaker Into India’s Newest Billionaire

Representative image After closing at an all-time low against the US dollar on Thursday, the rupee recovered some lost ground to trade at 77.31 against the US dollar in morning trade on Friday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the rupee opened at 77.35 against the American dollar, then gained further ground to quote at 77.31, registering a rise of 19 paise from the last close. On Thursday, the rupee plunged 25 paise to close at its lifetime low of 77.50 against the US currency. Forex traders said the Indian Rupee could see range-bound trade against the US dollar as broad dollar strength could offset losses from a rate hike by the Indian central bank next month due to rising domestic inflation. India's headline inflation galloped for a seventh straight month to touch an 8-year high of 7.79 per cent in April on rising food and fuel prices, raising the odds of an interest rate hike by the RBI early next month to … [Read more...] about Indian rupee rebounds from all-time low; rises 19 paise to 77.31/USD

Representative image ICICI Direct's currency report on EURINR Euro depreciated by 1.27% yesterday amid strong dollar and risk aversion in the global markets. Further, euro slipped on concern about lingering stagflation environment of slow growth and high prices. On top of its Russia unveiled a set of sanctions on energy companies operating on the continent threating supply • Euro is expected to trade with negative bias on the back of strong dollar, expectation of disappointing economic data from euro area and gloomy global market sentiments. Market sentiments are hurt on worries over repercussion of ongoing war in Ukraine and strict lock down in China. Further, market fears that major central banks efforts to bring inflation under control will hamper economic growth. Additionally, ECB is likely to raise interest rates gradually not at the same pace as US Fed. EURINR (May) is expected to trade in a range of 80.45-80.90. Intra-day strategy EURINR May futures … [Read more...] about Sell EURINR; target of : 80.45 : ICICI Direct

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Anand Rathi's research report on Suven Pharmaceuticals Suven’s pharma CDMO sales (down 21% q/q to Rs2bn) were less than expected as the contribution from one Covid molecule wasn’t as huge as expected. Specialty CDMO clocked sales of a good Rs1.3bn (up 30% q/q); formulation sales were Rs184m (up 28% q/q). The gross margin was steady at 69-70%. Staff costs and other expenses were higher (more transportation and distribution costs) at respectively 8.6% (avg. 6-6.5%) and 17.4% of sales (vs. avg. 14-15%). This translated to a 43% EBITDA margin. The higher tax rate (43% vs avg. 25-33%) eroded profit, which was Rs917m (42% y/y, adj. for the share of profit from rising pharma). Outlook We slightly trim our earnings estimate, factoring in higher formulations sales (boosted from … [Read more...] about Buy Suven Pharmaceuticals; target of Rs 627: Anand Rathi