RITES shares settled nearly 13 percent higher on Wednesday after the company secured a project management consultancy order worth Rs 175.41 crore from Babasaheb Bhimrao Ambedkar University.The stock settled at Rs 230.80 apiece on the NSE, up 12.86 per cent. During the session, it climbed as much as…
For years, Shilpa Medicare built its identity as a niche oncology active pharmaceutical ingredient (API) manufacturer, supplying critical cancer drug ingredients to global pharmaceutical companies.Today, however, the Raichur, Karnataka-based drugmaker is in the midst of a far more ambitious transfo…
Gold sank 14% in the second quarter, capping the worst performance since 2013. After setting a record in January, the metal has been hurt by speculation that the Fed may hike rates this year to tackle sticky inflation, despite the declines seen in energy costs following the interim US-Iran peace de…
Multi Commodity Exchange of India (MCX) shares settled more than 4 percent higher on Wednesday after brokerage firm Jefferies initiated coverage on the stock with a "buy" rating and a target price of Rs 3,600, implying an upside of up to 27 percent from Tuesday's closing level.The stock climbed 5.4…
Ashok Leyland shares rose as much as 5 percent in Wednesday's trade after the company reported a 25 percent year-on-year increase in total vehicle sales for June.The stock climbed to an intraday high of Rs 165.75 per share on the NSE, up 5 percent. However, profit booking at higher levels trimmed g…
Indian benchmark indices snapped a two-day losing streak to end with healthy gains on July 1, supported by broad-based buying in auto, FMCG, realty, and financial stocks, while IT shares remained under pressure following weaker-than-expected Q1 guidance from KPIT Technologies.After opening on a pos…
Prabhudas Lilladher's research report on Adani Port and SEZADSEZ has entered into a definitive agreement with Terminal Investment Ltd (TiL), the terminal operating arm of Mediterranean Shipping Company (MSC), to sell 49% stake in Adani Vizhinjam Port Pvt Ltd (AVPPL) at a valuation of US$2.85bn. TiL…
ICICI Securities research report on WeWork India ManagementWe attended WeWork India Management’s (WeWork) maiden Analyst Meet, wherein management highlighted the company’s continued focus on its premium flexspaces offering. WeWork sees AI as an enabler for flexspaces demand, rather than a deterrent…
Advit Jewels shares hit the 5 percent lower circuit on Wednesday as investors booked profits after the stock made a strong debut on the exchanges earlier in the day.The stock listed at Rs 187 on the BSE, a premium of 35.5 percent over its issue price of Rs 138. On the NSE, it debuted at Rs 188.90…
KPIT Technologies’ shares plunged over 15 percent on Wednesday after hitting a series of lower circuits during the session, as investors digested the company's weaker-than-expected outlook. Analysts say the sharp selloff reflects an abrupt pullback in technology spending by key European automotive…
FASTag annual passes now account for 19 percent of all toll pass traffic, up from around 13 percent in December, a six percentage point growth in as many months, Reserve Bank of India (RBI) website data shows.In June, the total trips through toll gates stood at 44.4 crore, of which 8.4 crore were t…
Indian IT services companies are navigating a "perfect storm" of artificial intelligence-led disruption and macroeconomic uncertainty, which is likely to keep near-term growth subdued despite a favourable long-term outlook, according to Nomura.The brokerage said the Nifty IT Index has underperforme…
ICICI Securities research report on Larsen and Toubro Technology ServicesTakeaways of the Engineering Intelligence (EI) showcase: LTTS launched the ‘Ainfonix’ platform, an AI-led offering that converts complex engineering drawings to usable data points and intelligence. Along with this, LTTS showca…
The fast-moving consumer goods index rose 1.85% on July 1 with Nestle India and Hindustan Unilever rising 3% and 2.7%, respectively, while Dabur gained 4%. The FMCG index was the top Nifty gainer on July 1 with HUL, Nestle among top gainers on the equity benchmark.HSBC projected consumer staples fi…
Information technology stocks remained under pressure on July 1, extending their recent losing streak even as the broader market rallied. Investors continue to grapple with a subdued demand outlook, US Fed rate hike fears, cautious enterprise spending and mounting threat from artificial intelligenc…
ICICI Securities research report on Torrent PharmaTorrent Pharma’s (Torrent) dominance in cardio-diabetes therapies, coupled with its varied portfolio and a dedicated field force, has helped the company garner 34–35% volume market share in GLP-1 in India. Growth in the ex-GLP-1 portfolio in its Ind…
MGX has raised $49 billion for one of the biggest ever funds dedicated to artificial intelligence deals, propelling the two-year-old Abu Dhabi firm into the ranks of the most consequential investors in the sector globally.The Emirati firm attracted investments from a group of major institutional an…
Prabhudas Lilladher's research report on Acutaas ChemicalsOver the last 5 years, the company has delivered a strong growth track record, with revenue/EBITDA/PAT CAGR of 32%/43%/46%. We expect the growth trajectory to sustain, with revenue/EBITDA/PAT projected to grow at 25%/24%/24% CAGR over FY26–2…
Geojit Financial Services, Knack Packaging LtdKnack Packaging Ltd., incorporated in 2013, is an integrated packaging solutions provider engaged in the manufacturing of Printed and Laminated Woven Polypropylene (PLWPP) bags, including pinch bottom, gusset, block bottom, and retail variants. Its prod…
Prabhudas Lilladher's research report on Kotak Mahindra BankKMB Kotak Bank (KMB) has acquired Deutsche Bank’s (DBAG) retail banking, private banking and wealth management business in India as a going concern on a slump sale basis. KMB to pay in cash (a) total purchase consideration of INR 2.82bn an…