News

Exclusive-Ambani`s Reliance Jio IPO set for 2025, retail debut much later, sources say  Indian billionaire Mukesh Ambani targets a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over $100 billion, and plans to launch his retail unit's IPO much later, two people familiar with the matter told Reuters. Reliance Industries' boss Ambani hasn't updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would "move towards" a listing within five years. In recent years, Ambani, Asia's richest man, r...
Exclusive-Ambani`s Reliance Jio IPO set for 2025, retail debut much later, sources say
Exclusive-Ambani`s Reliance Jio IPO set for 2025, retail debut much later, sources say
Source: Reuters
2024-11-04 03:09:31 pm
India`s HDB Financial, a unit of HDFC Bank, files for $1.5 billion IPO India's HDB Financial Services, the non-banking lending unit of HDFC Bank, has filed for an initial public offering of up to 125 billion rupees ($1.49 billion), in line with its parent's announcement earlier this month. HDFC Bank, which holds a 94.6% stake in the lender, will sell shares worth up to 100 billion rupees, while HDB Financial will issue fresh shares worth up to 25 billion rupees, according to draft papers filed late on Wednesday. HDB Financial said it would use its ...
India`s HDB Financial, a unit of HDFC Bank, files for $1.5 billion IPO
India`s HDB Financial, a unit of HDFC Bank, files for $1.5 billion IPO
Source: Reuters
2024-10-31 09:13:08 am
Bitcoin at 3-month high as Trump odds drive currencies Cryptocurrency bitcoin hit a three-month high in early Asia trading on Monday and the dollar looked set to extend its gains in markets counting down to the U.S. presidential election in two weeks. Election polls show rising odds of former President Donald Trump winning the Nov. 5 election and are boosting the dollar, since his proposed tariff and tax policies are seen as likely to keep U.S. interest rates high and undermine currencies of trading partners. Currency moves in major markets...
Bitcoin at 3-month high as Trump odds drive currencies
Bitcoin at 3-month high as Trump odds drive currencies
Source: Reuters
2024-10-21 08:44:37 am
RBI`s forex reserves set to cross $700 bn sooner than expected in FY25 Despite global economic headwinds and deepening geopolitical uncertainties, the forex reserves are at record all-time high levels and are set to cross $700 billion in FY25 sooner than expected.  According to a latest note by global investment firm Jefferies, RBI's forex reserve is estimated to go up by a massive $53 billion to reach $700 billion in the current fiscal (FY25E). The rupee is now the most stable currency among major economies, it added. However, the way forex reser...
RBI`s forex reserves set to cross $700 bn sooner than expected in FY25
RBI`s forex reserves set to cross $700 bn sooner than expected in FY25
Source: IANS
2024-09-15 12:49:03 pm
Indian stock market more resilient, has monumental pipeline of investments: Jefferies The Indian benchmark indices remain more resilient amid the US economic slowdown, according to Jefferies, as the Dow Jones Industrial Average has posted its worst day in nearly two years.  The risk of a US economic downturn has now risen materially, according to Christopher Wood, global head of equity strategy at Jefferies. On the other hand, the Indian stock market is “much more resilient in the face of a US downturn and related Wall Street sell-off than the likes of Japan&rdqu...
Indian stock market more resilient, has monumental pipeline of investments: Jefferies
Indian stock market more resilient, has monumental pipeline of investments: Jefferies
Source: IANS
2024-08-06 11:53:12 am
Indian brokerages fall as markets regulator proposes curbs on options Shares of Indian brokerages fell on Wednesday, a day after the markets regulator proposed several measures to curb trading in options. The Securities and Exchange Board of India (SEBI) on Tuesday evening proposed raising the minimum trading amount for index options by over three times, reducing the number of contracts expiring each week and hiking margins. Shares of Angel One, 5Paisa Capital, SMC Global Securities, Motilal Oswal, Geojit Financial, Dolat Algotech and IIFL Securities fell...
Indian brokerages fall as markets regulator proposes curbs on options
Indian brokerages fall as markets regulator proposes curbs on options
Source: Reuters
2024-07-31 12:01:40 pm
Adani Green stock can rally 75 pc, Khavda RE plant a game changer: Jefferies Riding on strong industry tailwinds and power demand growth, Adani Green Energy’s stock can grow an impressive 75 per cent in a bull-case scenario given the capacity expansion target, according to Jefferies.  The global brokerage firm has set a target price of Rs 2,130 apiece, implying a potential upside of 17 per cent from the previous close. In the morning trade on Monday, the share of Adani Green went up 1.5 per cent to 1,830 apiece. However, Jefferies has put a more op...
Adani Green stock can rally 75 pc, Khavda RE plant a game changer: Jefferies
Adani Green stock can rally 75 pc, Khavda RE plant a game changer: Jefferies
Source: IANS
2024-07-29 12:23:13 pm
Likely winners and losers from India's upcoming national budget India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities. After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas. While that could benefit consumer goods makers, real e...
Likely winners and losers from India's upcoming national budget
Likely winners and losers from India's upcoming national budget
Source: Reuters
2024-07-22 09:32:42 am
Exclusive-Hyundai India IPO banks set for country's 2nd biggest payday with $40 million fee, sources say Banks advising South Korean automaker Hyundai on its India IPO are set to make as much as $40 million in fees, three sources said, a windfall in a market where banks typically struggle to make money given cost-conscious clients and fewer big deals. That would be the second-highest fee pot ever for investment banks working on an initial public offering (IPO) in India and it comes amid a sharp surge in equity deals in the country, making it a bright spot in an otherwise dull Asia. Hyundai...
Exclusive-Hyundai India IPO banks set for country's 2nd biggest payday with $40 million fee, sources say
Exclusive-Hyundai India IPO banks set for country's 2nd biggest payday with $40 million fee, sources say
Source: Reuters
2024-06-26 03:35:57 pm
Adani Group eyes $100 bn capex in next decade with focus on energy transition, digital infra: Jefferies The Adani Group is eyeing $100 billion of capex over the next decade with major outlays on energy transition projects and digital infrastructure for the next leg of growth, a Jefferies report said on Friday.  At an investors’ meet, the Adani Group management outlined a strong FY24 operating performance -- a 27 per cent CAGR for five years -- and an improved leverage profile across businesses. The Adani Portfolio achieved $10 billion EBITDA (including operating income) in FY24...
Adani Group eyes $100 bn capex in next decade with focus on energy transition, digital infra: Jefferies
Adani Group eyes $100 bn capex in next decade with focus on energy transition, digital infra: Jefferies
Source: IANS
2024-06-22 08:56:18 am
Adani Group back on expansion spree after robust growth, eyes $90 billion capex: Jefferies The Adani Group saw an impressive 40 per cent EBITDA growth (year-on-year) in the financial year 2023-2024 (FY24), after its market capitalisation was hit by a short-seller report in late FY23, a Jefferies report has shown.  During FY24, the Adani Group’s EBITDA grew to Rs 660 billion, with more than doubling of Adani Power's EBITDA on capacity addition, higher volumes, merchant contribution and lower imported coal prices. According to Jefferies, the Adani Group is back o...
Adani Group back on expansion spree after robust growth, eyes $90 billion capex: Jefferies
Adani Group back on expansion spree after robust growth, eyes $90 billion capex: Jefferies
Source: IANS
2024-05-31 02:08:58 pm
India`s Mahindra & Mahindra jumps most in over three years on strong growth outlook Shares of Indian automaker Mahindra & Mahindra rose as much as 8% to a record high on Friday, its biggest intraday jump in over three years, on a strong growth outlook after its fourth-quarter results beat expectations. Mahindra's shares were trading 6.3% higher at 2,520 rupees, after seeing its biggest intraday percentage jump since April 2021. On Thursday, Mahindra reported fourth-quarter results that surpassed analysts' expectations on steady sales of its sports utility v...
India`s Mahindra & Mahindra jumps most in over three years on strong growth outlook
India`s Mahindra & Mahindra jumps most in over three years on strong growth outlook
Source: Reuters
2024-05-17 03:47:50 pm
Shapoorji Pallonji-backed Afcons Infrastructure files for $840 million India IPO India's Afcons Infrastructure, a unit of the Shapoorji Pallonji conglomerate, has filed for an initial public offering worth up to 70 billion rupees ($840 million), draft papers filed with the market regulator showed on Friday. The IPO will consist of a fresh issue of shares worth up to 12.50 billion rupees and a sale of shares by Shapoorji Pallonji unit Goswami Infratech of up to 57.5 billion rupees. The share float comes as India's blue-chip Nifty 50 index has repeatedly hit r...
Shapoorji Pallonji-backed Afcons Infrastructure files for $840 million India IPO
Shapoorji Pallonji-backed Afcons Infrastructure files for $840 million India IPO
Source: Reuters
2024-03-30 09:48:01 am
India`s rising capex cycle is now broad-based The revival of capex cycle in India is now broad-based with all its engines - namely, government, private corporate and housing - fired up, as per global brokerage Jefferies. India's 8.4 per cent GDP growth in 3QFY24 shows the strong domestic economy driven by growth in manufacturing and construction sectors. The Indian housing cycle is now in full bloom with double digit pricing and volume increases, the brokerage said. “Government spending has done the heavy lifting over ...
India`s rising capex cycle is now broad-based
India`s rising capex cycle is now broad-based
Source: IANS
2024-03-18 05:18:51 pm
India`s Paytm jumps 5% as digital payments app survives banking unit shutdown Shares of India's Paytm rose a stock exchange-allowed maximum of 5% on Friday, a day after it got a third-party application provider license that will allow it to offer digital payments after its banking unit ceases operations. The license, granted by the country's payments authority, came as Paytm Payments Bank will cease to operate on March 15, following regulatory action due to non-compliance with certain norms. Paytm's shares were up 5% at 370.70 rupees early in the sess...
India`s Paytm jumps 5% as digital payments app survives banking unit shutdown
India`s Paytm jumps 5% as digital payments app survives banking unit shutdown
Source: Reuters
2024-03-15 12:00:02 pm
Analysis-Beer time Investors tempted by brewers as spirits sales falter Investors are warming to beer stocks as a relatively cheap way to benefit from growth in alcohol brands, particularly in emerging markets, as easing cost pressures help brewers close the gap on the spirits giants that have outshone them for years. While spirits companies enjoyed record growth during a post-pandemic boom in expensive liquors, brewers like Anheuser-Busch InBev and Heineken have struggled with huge spikes in costs of everything from energy to barely. This slashed margins a...
Analysis-Beer time Investors tempted by brewers as spirits sales falter
Analysis-Beer time Investors tempted by brewers as spirits sales falter
Source: Reuters
2024-02-23 12:31:15 pm
Number of stocks with over $1 bn M-cap nearly doubled to 500 since 2019 The market depth in India has increased considerably over the last few years with the number of stocks with more than $1 billion market cap nearly doubling to 500. While the largest cap stocks (more than $50 billion) are still few, most of the largest caps are also privately owned and well run, foreign brokerage Jefferies said. The number of stocks with more than $1 billion market cap has nearly doubled to 500 since 2019. "The Indian equity markets are the only ones across the m...
Number of stocks with over $1 bn M-cap nearly doubled to 500 since 2019
Number of stocks with over $1 bn M-cap nearly doubled to 500 since 2019
Source: IANS
2024-02-23 09:48:50 am
India`s Grasim launches paints business, targets 100 billion rupees in gross revenue in 3 years Grasim Industries launched its paints business under the 'Birla Opus' brand on Thursday, and said it expects the unit to generate 100 billion rupees ($1.21 billion) in gross revenue in three years. The Aditya Birla Group company had raised money twice in calendar 2023 to fund the paints venture. The forecast implies it expects to recoup its investment in the form of revenue by 2027. The paints business, which adds to Grasim's flagship businesses of textiles and chemicals, co...
India`s Grasim launches paints business, targets 100 billion rupees in gross revenue in 3 years
India`s Grasim launches paints business, targets 100 billion rupees in gross revenue in 3 years
Source: Reuters
2024-02-22 05:14:32 pm
Hyundai India proposed IPO could open floodgates for many more MNCs to list in India  Hyundai India, which was established nearly three decades ago, recently announced its listing plans in India. Foreign brokerage, Jefferies said this announcement could open floodgates for many more multinational companies that are operating in India with a significant market share but are still unlisted in the Indian markets. Some of the global MNCs listed in India have enjoyed market cap growth much faster than their Global Listed companies driven by higher sustainable multiples ...
Hyundai India proposed IPO could open floodgates for many more MNCs to list in India
Hyundai India proposed IPO could open floodgates for many more MNCs to list in India
Source: IANS
2024-02-22 02:17:35 pm
India`s market capitalisation will likely touch $10 trillion by 2030  India’s market cap is currently the 5th largest globally (US $4.5 trillion) but its weight in global indices is still low at 1.6% (10th rank), foreign brokerage, Jefferies said in a report. This should change as market free float rises and some weight anomalies get sorted out. Assuming market returns in line with the last 15-20 year history and new listings, India will become nearly a $10 trillion market by 2030 -- impossible for large global investors to ignore, the report sai...
India`s market capitalisation will likely touch $10 trillion by 2030
India`s market capitalisation will likely touch $10 trillion by 2030
Source: IANS
2024-02-22 01:59:30 pm
Sensex down more than 300 points BSE Sensex is down more than 300 points in morning trade on Thursday. Sensex was trading at 72,236.94 points, down 386.15 points. Bharti Airtel, Titan are among the top Sensex laggards down 2 per cent. Deepak Jasani, Head of Retail Research at HDFC Securities said global brokerage Jefferies said India will be the third largest economy by 2027 thanks to a consistent GDP growth rate, supportive geopolitics, surging market cap, continued reforms, and strong corporate culture. The Union ...
Sensex down more than 300 points
Sensex down more than 300 points
Source: IANS
2024-02-22 12:08:34 pm
PSU stocks outperformed Nifty over past 12 months  The PSU (Public Sector Undertakings) index outperformed the Nifty over the past 12 months, after a decade of underperformance prior to 2020, foreign brokerage Jefferies said in a report. The recent outperformance has been helped by EPS upgrades and RoE improvement. The index still trades at 40 per cent discount to Nifty, which offers 15 per cent rerating potential. Change of stance from the government towards 'value maximisation' for PSUs could take it above average. The P...
PSU stocks outperformed Nifty over past 12 months
PSU stocks outperformed Nifty over past 12 months
Source: IANS
2024-02-15 09:17:19 am
India`s Adani Group stocks rise after Moody`s upgrades to  Shares of India's Adani Green Energy rose over 2% on Wednesday, bucking the weakness in broader markets and leading gains among the listed Adani Group stocks after rating agency Moody's upgraded four group companies to "stable". Moody's upgraded two unlisted units of Adani Energy Solutions as well as Adani Green and Adani Green Energy Restricted Group, an unlisted ring-fenced group of solar assets to "stable" from "negative" on Tuesday. Th...
India`s Adani Group stocks rise after Moody`s upgrades to
India`s Adani Group stocks rise after Moody`s upgrades to "stable"
Source: Reuters
2024-02-14 01:55:30 pm
EaseMyTrip plans to build 5-star hotel in Ayodhya, triggers surge in share price Travel agency EaseMyTrip has announced plans of building a luxury five-star hotel in Ayodhya near the Sri Ram Mandir which led to a surge in the company’s share price on Monday. The company’s board of directors has approved the Rs 100 crore proposal to invest in Jeewani Hospitality Private Limited for implementing the hotel project that is expected to be located about 1 km from the Sri Ram Mandir. The company shares rose 5.6 per cent to Rs 53.7 a piece in morning trade on th...
EaseMyTrip plans to build 5-star hotel in Ayodhya, triggers surge in share price
EaseMyTrip plans to build 5-star hotel in Ayodhya, triggers surge in share price
Source: IANS
2024-02-12 01:50:54 pm
Paytm stock nosedives after RBI raps payments bank, loses total $2.1 billion Shares of Indian digital payments firm Paytm tumbled to near record lows on Friday after a central bank clampdown on its payments bank continued to weigh on investor sentiment despite the company's attempts to assuage fears of a hit to its business. Paytm shares were at 487.2 rupees, their lowest in more than a year and 48.85 rupees away from the previous record low of 438.35 rupees. The price was the bottom of the exchange-imposed daily trading limit for the second day in a row, leadi...
Paytm stock nosedives after RBI raps payments bank, loses total $2.1 billion
Paytm stock nosedives after RBI raps payments bank, loses total $2.1 billion
Source: Reuters
2024-02-02 10:50:56 am
Buy CMS Info Systems Ltd For Target Rs. 470 - Jefferies 3QFY24: Steady Growth at Tad Lower Margins For 3QFY24, CMS Info reported profit of Rs871mn, up 15% YoY, with adjusted profit growth (ex-Esop cost) at a healthy 22%. Revenue growth of 19% was led by managed services, whereas growth in cash management business has moderated from 16% YoY last year to 11% now. This has diluted core margins a bit. We trim estimates & see 16% Cagr in profit over FY24-26. Buy stays as we see steady growth and cashflows over next 2-3yrs; ramp-up of RMS segment...
Buy CMS Info Systems Ltd For Target Rs. 470 - Jefferies
Buy CMS Info Systems Ltd For Target Rs. 470 - Jefferies
Source: PR Agency
2024-01-31 02:17:21 pm
Higher capital gains tax possible post-2024 elections: Jefferies Though an immediate tax hike is not expected, considering elections, some post-election measures such as higher capital gains tax are possible during the year, global broking firm Jefferies said in a report. Disinvestment may also get ramped up post-elections, partly as the government capitalizes on the sharp run in PSU stocks in sectors such as railways, defence etc, the report said. Some other measures to watch out for are a potential hike in the FPI limit in banks/insurance companies...
Higher capital gains tax possible post-2024 elections: Jefferies
Higher capital gains tax possible post-2024 elections: Jefferies
Source: IANS
2024-01-22 09:24:10 am
RIL trades cheap relative to Nifty: Jefferies RIL trades cheap relative to Nifty. We forecast 12 per cent Ebitda growth in FY25E with Jio contributing lion's share on the back of a tariff hike. Maintain Buy with Rs 3,140 PT, foreign brokerage, Jefferies said in a report. Sharp decline in capex indicates peak capex is behind and FCF is improving. We have left earnings broadly unchanged. Project 12 per cent Ebitda growth in FY25E, the report said. 3Q capex at Rs 301 billion fell 22 per cent q/q as Jio's capex declined on comp...
RIL trades cheap relative to Nifty: Jefferies
RIL trades cheap relative to Nifty: Jefferies
Source: IANS
2024-01-20 01:48:59 pm
India's ICICI Prudential slumps as new business margins slide Shares of India's ICICI Prudential Life Insurance fell 10% on Thursday after weak demand led to a sharp contraction in new business margins. Shares of the company fell to an eight-month low, marking the biggest slide since Feb. 1, when India announced a plan to tax the total returns of policies with returns exceeding 500,000 rupees at maturity. The life insurer, which reported third-quarter results on Wednesday, said its expected profit margin from new policies declined to 26.7% for...
India's ICICI Prudential slumps as new business margins slide
India's ICICI Prudential slumps as new business margins slide
Source: Reuters
2024-01-18 09:45:39 am
India`s HDFC Bank slides on margin concerns Shares of India's HDFC Bank stock fell as much as 7% on Wednesday, marking their worst intraday fall since May 2020, after the country's biggest private lender reported weak margins for a second consecutive quarter. While HDFC Bank's standalone net profit for the third fiscal quarter beat analysts estimates, its core net interest margin (NIM) on total assets fell to 3.4% from 3.65% in the previous quarter. Those margins were above 4% for the bank before it merged with parent...
India`s HDFC Bank slides on margin concerns
India`s HDFC Bank slides on margin concerns
Source: Reuters
2024-01-17 09:36:28 am
India`s Jio Financial Services slides on weaker earnings, profit booking Shares of India's Jio Financial Services (JFS) dropped more than 5% on Tuesday, a day after the company said its third-quarter profit more than halved sequentially, while some investors booked gains following a recent rally. JFS' shares were down 5.3% in afternoon trade on Tuesday, on track for their worst one-day decline since their trading debut in August last year. The stock had climbed 10.7% in the previous three sessions. "The drop is mainly attributed to the perceptio...
India`s Jio Financial Services slides on weaker earnings, profit booking
India`s Jio Financial Services slides on weaker earnings, profit booking
Source: Reuters
2024-01-16 09:47:57 am
All kinds of preparations on for Swiggy`s IPO: Co-founder Online food delivery platform Swiggy's co-founder and CEO Sriharsha Majety has said that all preparations are underway for its mega Initial Public Offering (IPO), via which it is likely to raise $1 billion later this year. "We've been preparing for our IPO. We've added independent directors to the board and there are all kinds of preparations that are on," Majety told Moneycontrol. For its IPO process, the company is likely to have picked seven investment banks, in...
All kinds of preparations on for Swiggy`s IPO: Co-founder
All kinds of preparations on for Swiggy`s IPO: Co-founder
Source: IANS
2024-01-16 09:40:03 am
India`s multi-year capex cycle has started unfolding India's capex upcycle is visible across the two largest segments viz. housing and corporate capex now, which contribute 75 per cent to total capex, foreign brokerage Jefferies said in a report. This is over and above the strong trend seen in government's capex over the last five years. The housing upcycle is in the third year of upcycle and should still have 5+ years to go. For the corporate segment, overall capacity utilisation is near 12-year high with examples being cement an...
India`s multi-year capex cycle has started unfolding
India`s multi-year capex cycle has started unfolding
Source: IANS
2024-01-03 09:40:44 am
Sharp outperformance of small and midcaps in 2023 makes valuations a challenge The sharp outperformance of small and midcaps in 2023 has led to valuations becoming a challenge now, foreign brokerage Jefferies said in a report. At 27x 1-year fwd PE, the Nifty Midcap100 index trades at 35 per cent premium to its average valuations, vs a less than 20 per cent premium for the Nifty 50. "This makes the SMIDs susceptible to a sharp sell-off. We believe that the Budget/approaching elections may disappoint on govternment capex, creating a possible trigger for sell-of...
Sharp outperformance of small and midcaps in 2023 makes valuations a challenge
Sharp outperformance of small and midcaps in 2023 makes valuations a challenge
Source: IANS
2024-01-03 09:29:37 am
Jefferies sees rising investment banking fee prospects in India after bumper 2023  Jefferies Financial Group expects investment banking fees in India to rise in the next couple of years as the number of deals grows, its country head said, bolstering the prospects for the U.S. bank in a country where its market share surged in 2023. Global investment banks are increasingly targeting India to generate revenues in Asia as dealmaking activities in China, which has long been an engine of growth for them, slow sharply due to an economic downturn and regulatory uncertaint...
Jefferies sees rising investment banking fee prospects in India after bumper 2023
Jefferies sees rising investment banking fee prospects in India after bumper 2023
Source: Reuters
2023-12-21 01:33:06 pm
Real estate shares at near 15-year high multiples  The realty index is up 89 per cent since Mar23 bottom, following strong sales and RBI rate hike pause. Sector valuations (PBx) are now near the 2021 peak multiples, reducing rerating headroom, foreign brokerage, Jefferies said in a report. Enthusiastic customer response means upgrades are still possible to pre-sales estimates in 2H; though at near 15-year high multiples, room for error for property stocks is limited, the report said. Sector valuations shot upto 2021 peak levels follo...
Real estate shares at near 15-year high multiples
Real estate shares at near 15-year high multiples
Source: IANS
2023-11-28 10:17:45 am
Banks adopt divergent strategies to boost deposits than just rate: Jefferies Branch expansion, micro-market focus, corporate salary accounts, home markets, focusing on non-resident Indians (NRIs) and business owners, and push for sweep accounts are some of the strategies adopted by banks to boost their deposit base as the gap between credit growth and deposit growth is expanding, Jefferies said in a research report.Analysing the balance sheets of various banks for FY23, Jefferies said that banks are following divergent strategies to lift their deposit growth and not j...
Banks adopt divergent strategies to boost deposits than just rate: Jefferies
Banks adopt divergent strategies to boost deposits than just rate: Jefferies
Source: IANS
2023-10-24 04:53:33 pm