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Shares of Edelweiss Financial Services fell by 17% on BSE to the day’s low of Rs 64 after the Reserve Bank of India (RBI) directed the company to cease and desist from acquiring financial assets."The action is based on material concerns observed during the course of supervisory examinations, essentially arising out of the conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations. Incorrect valuation of SRs was also observed in both ECL and EARC," the RBI said.The Reserve Bank of India has directed the company to cease and desist from undertaking any structured transactions in respect of its wholesale exposures (other than repayment or closure of accounts) in its normal course of business with immediate effect.Also read: Tata Steel shares fall 3% post Q4 results. Should you buy, sell or hold?“In the last Financial Year, the company passed a Board Resolution to discontinue this business, which was disclosed in its financial statements for the period ending 31 March 2024. The Company, therefore, believes these directions will not materially impact its strategy and its business. Reduction of the wholesale exposure will continue as permitted, in the normal course of business,” said Edelweiss in a filing to the exchanges.The order is directed for 2 Edelweiss companies, i.e., Edelweiss Asset Reconstruction Company and ECL Finance.Edelweiss stated that it will take the necessary actions immediately after reviewing the order and will address the observations mentioned.“We are reviewing the order and will address the observations mentioned in the RBI order. We are dedicated to maintaining transparency and upholding the highest standards of corporate governance and committed to compliance with regulatory requirements,” said Edelweiss in the company filing.After the update, Edelweiss Financial shares dropped below all its significant exponential moving averages, however, retained a neutral level of about 47 on the RSI as per the Trendlyne data.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Brokerages increased target prices up to Rs 180 for the auto components maker Samvardhana Motherson International as the company posted a two-fold jump in its net profit to Rs 1,444 crore for Q4FY24.The company's total revenue from operations also rose to Rs 27,058 crore for the period under review as compared to Rs 22,517 crore in the last quarter of FY23.The shares of Samvardhana Motherson International were trading nearly 1% higher today on BSE at Rs 148 around 10 am.Here is what analysts have to say about the company's performance:JM Financial"Over the medium-to-long term, we expect premiumisation and electrification to drive content per vehicle for SAMIL’s powertrain-agnostic product portfolio. Recent acquisitions have started reflecting favorably on overall performance and the company indicated a strong pipeline going forward," stated a JM Financial report.JM Financial has maintained a 'buy' rating on the stock with a target price of Rs 180.Motilal OswalGiven its well-diversified presence across components, geographies, and customers, Samvardhana Motherson International is emerging as the key beneficiary of the growing popularity of EVs and the rising trend of premiumization across segments. This is evident in a significant ramp-up in its order book, with its booked business scaling up to USD83.9b.Motilal Oswal has retained a 'buy' view on the stock with a target price of Rs 170.Nuvama"We are constructive on SAMIL’s prospects on the back of its strong management capabilities, pending order book and increasing content per vehicle due to premiumisation/ electrification. We are building in a revenue/EBITDA CAGR of 12%/22% over FY24–26E," said Nuvama in its report.Nuvama reiterated a 'buy' rating with a target price of Rs 170 on the stock.Also read: Apollo Hospitals Q4 results today: What to expectNomuraGlobal brokerage firm Nomura stated that strong earnings growth is likely to continue for the company, driven by the integration of acquisitions and cost optimization. Operating leverage and cost pass-through should support margins. In Nomura's opinion, there could be an upside to growth in the non-auto businesses, which account for 70% of the greenfield capex (Rs 1,400 crore), but are not accounted for fully in earnings now.Nomura has a 'buy' view on the stock with a target price of Rs 165.Kotak Institutional EquitiesKIE believes that the company continues to execute well, despite geopolitical tensions and wage pressures and is well-poised to benefit over the mediumterm from an increase in content per vehicle in PV, driven by M&As and premiumization, strong relationship with OEMs, and consolidation of suppliers.Kotak Equities has an 'add' rating on the stock with a target price of Rs 160.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

After four failed attempts, Chennai-based space start-up Agnikul Cosmos on Thursday successfully carried out a su-orbital test-flight of its home-built 3D-printed semi-cryogenic rocket -- Agnibaan -- from its own launch pad at Sriharikota, making it India's second private entity to do so. The private company to achieve the feat was Skyroot Aerospace, which launched the Vikram S in November 2022.The test-flight on Thursday was carried out without any live-streaming and in presence of fewer dignitaries at the Sriharikota launch pad located within ISRO's Satish Dhawan Space Centre."Congratulations @AgnikulCosmos for the successful launch of the Agnibaan SoRTed-01 mission from their launch pad. A major milestone, as the first-ever controlled flight of a semi-cryogenic liquid engine realised through additive manufacturing," the ISRO said in a post on X.— isro (@isro) "Elated at the successful launch of Agnibaan SOrTeD by @AgnikulCosmos ! A historic moment for India's space sector. Powered by the world's first single piece 3D printed semi-cryogenic engine, this achievement showcases the brilliance of our young innovators," Pawan Goenka, Chairman, Indian National Space Promotion and Authorisation Centre (IN-SPACe), said on X.This was the fifth attempt by Agnikul to launch the Agnibaan Sub-Orbital Technology Demonstrator (SOrTeD) since March 22.Read More: Space startup Agnikul Cosmos calls off maiden rocket launch for a fourth time"This is a huge boost and a proud moment for India's thriving private space industry and just a glimpse into what the future holds for us, our hearty congratulations to the entire team behind this and best wishes for their future efforts," Lt Gen A K Bhatt (retd) Director General, Indian Space Association (ISpA) said.About Agnikul's Agnibaan:Agnibaan is a customisable, two-stage launch vehicle that can carry a payload of up to 300 kg into orbit of about 700 km, according to the company.The rocket uses a semi-cryogenic engine with a mix of liquid and gas propellants, a technology that is yet to be demonstrated by the Indian Space Research Organisation (ISRO) in any of its rockets.The SOrTeD mission is a single-stage launch vehicle demonstration that will be powered by a semi-cryogenic engine, the Agnilet, a sub-cooled liquid oxygen-based propulsion system developed indigenously.The start-up has readied the vehicle with the first-ever ethernet-based avionics architecture and fully in-house developed autopilot software from India.Powered by sub-cooled Liquid Oxygen (LOX) and Aviation Turbine Fuel (ATF), the vehicle is equipped with four carbon composite fins to provide passive control.The Agnilet engine is the world's first single-piece 3D-printed semi-cryogenic rocket engine. The mission will last just over two minutes from launch to splashdown. Following lift-off, the vehicle is expected to perform a pitch-over manoeuvre nearly four seconds into flight. This manoeuvre involves the controlled rotation of the vehicle to change its orientation from vertical to a predetermined angle with respect to the ground or its flight path.The vehicle will then go into the wind-biasing manoeuvre at just over 39 seconds, which is introduced in rockets to compensate for the effects of wind on the trajectory of the rocket during ascent.At 1 minute 29 seconds, the launch vehicle is expected to reach apogee, the point it will be farthest from the launch site before it splashes down at just over two minutes into the flight, marking the completion of the mission.Among other feats, India now aims to set up 'Bharatiya Antariksha Station' by 2035, and send the first Indian to the Moon by 2040. (with PTI inputs)