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Benchmark indices continued their uptrend and scaled fresh peaks on Thursday. The 30-share Sensex jumped 538 points to hit its lifetime peak of 77,145 and the Nifty rallied 75 points to settle at a new closing high of 23,398.Stocks that were in focus include names like Sobha, which rose 4.97%, L&T Finance, which gained 2.98%, and Marico, whose shares declined 2.94% on Thursday.Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.SobhaWith the RSI (14) on the monthly time frame around 85, the stock is showing slightly overbought conditions. On the daily time frame, the stock is continuously witnessing selling pressure at higher levels, facing wick rejections one after the other. It is suggested to focus on booking profits here and re-entering at lower levels around 1800 for the stock.L&T FinanceAround 8.82 crore shares of L&T Finance Limited changed hands in a block deal on June 13. Technically, the stock touched its resistance mark of 179.00 on the daily time frame charts and is facing some selling pressure at higher levels.With immediate support near the 168-170 zone, it is expected that the stock will witness some profit booking and head towards this support zone. An immediate resistance is placed near the 180 level in the current situation.MaricoThe stock is trading around its trendline support mark of 597 on its daily time frame charts. With immediate resistance near the 650-655 zone and the stock making higher highs and higher lows, it is expected that the stock should hold well above the 585.00 mark.Traders are advised to maintain a strict stop loss at 585 for potential targets of 650 and 655.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Adil Rashid took 4-11 as England boosted its chances of reaching the Super Eight stage of the Twenty20 World Cup by bowling out Oman for 47 on Thursday en route to an eight-wicket win in a pivotal match for the defending champion. Phil Salt then launched the first two balls of the England innings for sixes before being bowled third ball in a dramatic start as England chased the fastest-possible win. It reached 50-2 from only 3.1 overs, led by captain Jos Buttler's 24 from eight balls. It was not only the magnitude of the win but the speed with which it was achieved that helped improve England's outlook at the tournament. It moved up to third in Group B with three points, behind already qualified Australia (six points) and Scotland (five points). Most importantly, England's net run-rate that was minus 1.800 before the match is now plus 3.08, ahead of Scotland's plus 2.164. England took a point from its first match against Scotland and was beaten by 36 runs by Australia. That made it imperative that it not only won Thursday's match but won it emphatically to improve its run-rate and prospects. Buttler won the toss and chose to bowl, theorizing that England would be in a better position to manage the run rate equation if it was chasing. The plan worked when England bowled out Oman for 47 in 13.2 overs on a glassy surface at the Sir Vivian Richards Stadium which supported both Rashid's leg spinners and the England fast bowlers Jofra Archer and Mark Wood. "We played exceptionally well," Rashid said. "At the top Woody and Jofra set the tone and I thought we bowled exceptionally well as a team to bowl them out for 47. "It's always nice to bowl the first ball and to see it spinning. When you get a wicket first ball as well it sets the tone a bit more." England needed quick wickets Thursday and Archer delivered, capturing his first wicket with the second ball of the second over of the match. He had Pratik Athavale caught at cover by Salt from a full, fast delivery that Athavale mis-timed. Archer then dismissed captain Aqib Ilyas in the fourth over when Oman was 16-2. Ilyas cut the ball to Will Jacks at backward point who held the catch just above grass-top height. The England quicks operated well in tandem at the top of the innings and Wood added the wickets of Zeeshan Maqsood (1), caught and bowled, and Kashyap Prajapati (9) to leave Oman 25-4 at the end of the six-over power play. Prajapati was out to the last over of the power play and Khalid Kail (1) was stumped by Buttler from the bowling of Rashid to the first ball afterward. Rashid also dismissed Mehran Khan (0), Fayyaz Butt (2) and Kaleemullah (5). His googly was particularly troublesome for the Oman batters. Archer returned to dismiss Shoaib Khan (11) and finished with 3-12 and Wood removed Ayaan Khan (1) and also took 3-12. Salt clubbed the first two balls of the England innings over the long boundaries for sixes, then was bowled by the third ball from Bilal Khan (1-36) as he teed off again. Jacks came in and defended the fourth ball in a rare moment of calm. Buttler carried his bat to get England home with 101 balls to spare, hitting a six and four fours. Jonny Bairstow hit two fours from the two balls he faced, including the winning runs from the first ball of the fourth over. England will now play Namibia on Sunday. Its qualification for the Super Eight stage is still dependent on the outcome of the other group match Sunday between Australia and Scotland. If Scotland wins, it will qualify. England likely would advance if Australia wins with a superior net run-rate. "I thought the tone was set really well by the bowlers who managed to pick up those early wickets and restrict them and knock them off," Buttler said. "Job done today and we've got another big game in two days time." Buttler said he told the England batters "just to be ultra-positive. We'd spoken in the lead-up to this about how we have to win games and if we get the chance we have to try to take advantage with the net run-rate and we managed to do that today." Earlier, Bangladesh edged closer to confirming its second-round qualification by beating the Netherlands by 25 runs. Bangladesh WinsWrist spinner Rishad Hossain spun Bangladesh to victory picking 3-33 in four overs, after star all-rounder Shakib al Hasan had scored 64 not out off 46 balls. Bangladesh had put up 159-5 after it was put into bat, while the Netherlands was restricted to 134-8 in response in their Group D game. With one game remaining, Bangladesh needs just two points to advance. It faces Nepal on Monday. The Netherlands also needs a win against Sri Lanka on the same day, but will also depend on Bangladesh's result for its chances of qualifying. Group leader South Africa has already confirmed its top spot from the group with three straight wins. Put into bat, Bangladesh opener Tanzid Hassan led the way with 35 off 26 balls. It was pegged back by off-spinner Aryan Dutt picking two early wickets. Shakib and Hassan then added 48 off 32 balls to steady the ship. Paul van Meekeren provided the breakthrough by removing Hassan, but Shakib carried the innings through with 50 off 38 balls. He hit nine fours. Afghanistan plays Papua New Guinea in Trinidad.

ET Intelligence Group: In a rare move by a listed company, Vodafone Idea's board in its meeting on Thursday approved the preferential allotment of equity shares at an issue price of ₹14.80 amounting to ₹2,458 crore to two of its key vendors - European equipment suppliers Nokia and Ericsson - in a bid to repay their dues. Nokia will be issued 102.7 crore equity shares worth ₹1,520 crore and representing 1.48% of the post-issue capital of Vi. Ericsson will be issued 63.3 crore equity shares worth ₹938 crore, representing 0.91% of post-issue shareholding of the company. The share price of Vi closed 2.25% lower at ₹16.07 on Thursday. Stock market gains made by Vi's vendor ATC Telecom - the Indian arm of American Tower Corp - seem to have prompted more vendors to opt for such an arrangement of clearing their dues. This March, ATC Telecom had opted to convert convertible debentures into equity shares worth ₹1,440 crore. It offloaded these shares at a total value of ₹1,840 crore in April.Shares of Vi have more than doubled in the past year, potentially giving confidence to the management and vendors to ink more debt repayment pacts.Vi's move to dilute equity to clear vendor dues has been typically used by startups and cash-strapped companies. In India, it has been adopted by unlisted companies and startups. For instance, in 2016, Air India had proposed a plan to convert ₹10,000 crore worth of debt into equity through its sustainable structuring of stressed assets or S4A scheme. Food delivery company Zomato had introduced a programme where it gave equity to select restaurant partners in lieu of outstanding bills.110981953"The usual method of raising equity would be either a rights issue, a follow-on public offer, a preferential issue or a QIP, but vendors being issued equity is very unusual," said Ketan Dalal, managing director, Katalyst Advisors. "It would most likely be 1-2 large vendors who have a long-term relationship with the company, whose fortunes are intertwined with the company and who believe in the long-term sustainability of the company".However, there are several issues involved in such an arrangement. "It would lead to dilution of the promoter holding and involve the vendor taking equity risk. It also indicates a cash flow strain by the issuing company. Depending on the quantum of shares issued, it would likely result in redrawing the relationship between the major shareholders, as also vis-a-vis the incoming shareholder. Additionally, the relationship of the supplier now having transformed into a shareholder would put the related party transactions under greater scrutiny," Dalal said.Arriving at a fair valuation could also become a contentious issue in such arrangements as issuing new shares would dilute the ownership of existing shareholders. In the case of Vi, post the equity issuance to Nokia and Ericsson promoters will hold 37.3% stake and the Government of India 23.2%. The company rolled out a follow-on public offer of ₹18,000 crore in April. Additionally, an entity from the Aditya Birla Group-one of its two promoters, made an equity infusion of ₹20.7 billion on preferential basis in May. These funds are to be used for capex and to grow the subscriber base. It becomes important for the company to clear pending vendor dues to be able to place fresh orders.For the March quarter, the company posted a revenue of ₹10,606 crore and an Ebitda margin of 41%. Interest outgo was ₹6,247 crore and net loss at ₹7,674 crore. As of March-end, the company's total debt owed to banks and financial institutions stood at ₹4,040 crore and optionally convertible debentures at ₹160 crore.The company is expected to incur a capex of ₹50,000-55,000 crore over the next three years for expanding 4G coverage, launching 5G services and growing the enterprise business.Motilal Oswal Financial Services said in a recent report that the telco still has debt of ₹2.1 lakh crore with an annual instalment of ₹43,000 crore from FY26 onward.

Mumbai: Walmart global chief financial officer John David Rainey said Flipkart's profitability path will influence the timing of its initial public offering (IPO) and the current valuation does not fully reflect the opportunity."We want to continue to move on this path to profitability with each of these entities (Flipkart and PhonePe). I think for investors, you want to be able to know when you do an IPO, where the economics are going and that you are getting to a point of profitability. And so, I think the timing of that will really influence the timing of the IPO," Rainey said during the annual Evercore ISI Consumer and Retail Conference when asked on the timing of the Flipkart IPO and its goal.Walmart had taken over PhonePe as part of its 2018 acquisition of ecommerce firm Flipkart. UPI, introduced in 2016, has been a game-changer in the payments ecosystem in India, easing payments and transfers, and playing a key role in digital adoption in the country. And Walmart's fintech firm, which controls half the payment market in India, was hived off from Flipkart nearly two years ago. The retailer said financial services, in terms of percentage growth, has the greatest opportunity over the next five years but relative to the size of its overall retail business, it might be harder to see that in the results. 110981846"The value of those is not properly reflected in our overall valuation today. I could not be more excited about the PhonePe business. In fact, in my 25-year career, there have been few companies that I have found to be so strong, so compelling in terms of what they're doing and their capabilities. I can say some of the same things about Flipkart. And so that's the monetisation opportunity that we think gets the value more properly reflected," he added.Walmart said it is doing roughly $1.5 trillion of payment volume through PhonePe and its retention and transactions per active user are high compared to the overall market. In FY23, PhonePe posted a 77% growth at ₹2,914 crore while Flipkart's revenue grew 9% to ₹56,013 crore on a net loss of ₹4,834 crore. Walmart has been weighing on Flipkart's IPO for more than two years now but have not put a time frame on their monetisation yet."The other aspect about what makes PhonePe so compelling is they are not just processing payments. They are actually providing services to customers that give them ecommerce shopping opportunities, give them the opportunity to buy insurance and many other verticals. And given the engagement of their user base, they are seeing really great traction in this. And so, PhonePe is just a real coveted asset that we are glad to have as part of our portfolio. And over the next couple of years, both Flipkart and PhonePe, you will hear more about as they move towards probably a monetisation of that with an IPO," said Rainey.A report by Bernstein Research said India's ecommerce market could double in size to about $133 billion by 2025.

NEW DELHI: Rajeev Kale of Thomas Cook (India) was recently asked by a client to create an experience for its top-performing channel partners. The brief was that it had to be something that hadn't been done before. So he went ahead and booked an entire village in Austria - the picturesque Ybbs an der Donau, located along the Danube.Offsites may never be the same again. Corporates across sectors such as banking, auto and insurance have loosened their purse strings for top performers, partners and distributors this season and are rewarding them with unique travel experiences, luxury watches and bags as well as catch-ups with Bollywood celebrities and other rewards. Travel, including trips with families, figures high on the rewards and incentives list."The demand for premium experiences for performers extends across manufacturing, banking and insurance, paint and the auto segments," said Kale, president and country head for holidays, MICE and visa, Thomas Cook (India). "The programmes that we have pulled off include a cricket tournament at Auckland's Eden Park with professional commentators and celebrity New Zealand cricketers, and live barbecue counters at the stadium curated by 48 chefs flown in from India."MakeMyTrip has observed a "significant" increase in corporate spending on premium experiences, said Raj Rishi Singh, chief marketing officer and chief business officer, corporate, at the company.Luxury Goods as Gifts"Companies are aiming to create distinctive moments for their teams and partners ranging from Bollywood-inspired adventures to gala events with celebrities," he said. "The sectors leading this trend include banking and insurance, FMCG, paints and chemicals, auto and pharmaceutical companies."Luxepolis, an online marketplace for certified pre-owned and discounted luxury goods, said corporates have been seeking products such as Tumi bags and gift vouchers redeemable for other brands."They are also looking at pre-owned luxury watches as a gift. The intrinsic value of a Rolex is not lost on people even if it is pre-owned," said Luxepolis founder Vijay KG. "We see corporate requests for products and vouchers coming in from the infrastructure, retail and real estate space."Rewards for top performers are shifting away from money toward recognising the ecosystem that supported the performance in a holistic way, said Krishna Malladi, partner at Deloitte.Non-monetary recognition"Appreciation for families' support, holiday trips, and non-monetary recognition through gifts that also drive greater brand affiliation are some of the means through which organisations are rewarding performers beyond bonuses," he said.Tata Motors celebrated "excellence" by rewarding top performers with Indian Premier League (IPL) tickets this season, a spokesperson said.International Tractors Ltd is sponsoring family trips for top performers, said HR head Amit Sharma.With more millennials and Gen Z employees at companies, there has been a shift away from gifting products toward experiences, said Amit Damani, cofounder of StayVista."More companies are reaching out to us for end-to-end holiday experiences for their top performers and families," he said.Monish Shah, founder and CEO of DreamSetGo, said some of the recent experiences arranged for corporates include a recent event with cricket legends Sourav Ganguly and Waqar Younis after the "high-energy" India versus Pakistan T20 World Cup match.Club membershipCompanies are offering onsite travel trips with immediate family members, said Krishna Gautam, business head, direct hire, IT, Xpheno. "This would include 10 days to two weeks of all-costs-covered trips to countries such as Singapore and Dubai as rewards for top performers," he said.At Bajaj Electricals, employees are recognised as top achievers by being inducted into the Sarvottam Club, said chief human resources officer Suman Kumar Ghosh. "Membership in this club brings with it a range of benefits, most notably an all-expenses-paid, luxury international trip to a prime destination," he said. "This year, we are once again planning a trip to an exotic destination, where they will enjoy local sightseeing and unique cultural experiences."

The Advertising Standards Council of India (ASCI) has advised advertisers and broadcasters to avoid releasing new advertisements between June 18 and July 9 until there is clarity from the Supreme Court on the self-declaration certificate (SDC) mandate for new ads.The ministry of information and broadcasting (MIB), following a top court directive, has told advertisers to submit SDC before publishing, airing or displaying any new ad with effect from June 18. All existing advertisements can continue to run as SDC is mandatory only for new ads.ASCI in a note to its members said there is a lot of ambiguity in implementing the SDC mandate and that further clarity on this issue may emerge only after July 9 when the matter will come up before the Supreme Court.Many industry bodies, including Indian Society of Advertisers (ISA) and Internet and Mobile Association of India (IAMAI), are contemplating getting themselves impleaded in the case between Indian Medical Association and the Union of India.Also Read: Beware! Misleading ad-game tricking Indians rather than offering ‘Umeedo Wali Dhoop’?ISA, Indian Broadcasting and Digital Foundation (IBDF), and Indian Newspaper Society (INS) had requested the MIB keep the implementation of the SDC mandate on hold to give industry enough time to meet the new regulatory norms.In its letter to the ministry, INS submitted that the existing regulatory mechanisms, which are working smoothly, should be strengthened. It said the SDC mechanism should be limited to medical ads since the SC matter pertains to misleading medical ads. Advertisers will have to generate SDC through the Broadcast Seva portal for TV and radio ads and through the Press Council of India (PCI) portal for print and digital ads.ISA, while asking the MIB to postpone the SDC implementation, said in its submission that there are issues of asset confidentiality since anyone will have access to ad materials that are uploaded on the Broadcast Seva and PCI websites.It also stated that both websites hang a lot, which might lead to a delay in generating the SDC.However, the MIB made it clear during a stakeholders' meeting on June 11 that the SDC mandate for all new ads on TV, digital, print, and radio will come into effect on June 18 since it's a Supreme Court directive.ASCI has advised its members to plan their ad campaigns keeping in mind the timelines that may be required to comply with the self-declaration process.In its May 7 order, the apex court directed that no TV, print, digital, or radio ad can be published or aired without the SDC to ensure that ads don't contain any misleading claims and follow the rules and regulations. ASCI has also asked its members to bring to its notice any kind of practical difficulties that they face in implementing the SDC mandate so that it can collate and share the same with the MIB."Screenshots of any glitches you may face will help us escalate these issues to MIB for speedy resolution," it further noted.