Business News

Subscribe to Business News feed Business News
The Economic Times: Breaking news, views, reviews, cricket from across India
Updated: 1 hour 3 min ago

Kotak Equities downgrades multibagger HDFC AMC, upgrades Aditya Birla Sun Life to Add

March 27, 2024 - 3:09pm
Shares of multibagger HDFC Asset Management Company (AMC) have been downgraded by Kotak Institutional Equities despite growth tailwinds remaining the strongest.The company's outperformance over its peers is fully priced in at the current valuations, Kotak said in a note as it slashed the stock's fair value to Rs 3,750, a 1.5% climbdown from Tuesday's closing price of Rs 3,811.Kotak, on the other hand, upgraded Aditya Birla Sun Life AMC to 'Add' from an earlier 'Reduce' rating while retaining its 'Add' stance on Nippon Life India Asset Management and 'Reduce' on UTI AMC.AMC stocks are currently trading at a 55-60% premium to broader markets, this brokerage said.HDFC AMC: Reduce | Target: Rs 3,750 | Downside: 1.5%HDFC AMC’s well-balanced fund mix will continue to drive strong flows and market life share gains, Kotak said. HDFC AMC shares have delivered 126% returns over the past 12 months. Aditya Birla SL AMC: Add | Target: Rs 500 | Upside: 10%AB AMC trades at attractive valuations but needs some visibility of turnaround in performance and flows in flagship categories, Kotak said. The target has been retained at Rs 500 which is a 10% upside from the recommended level. Its returns over the past 12 months stand at 45%. Also Read: Angel One shares jump over 6% on QIP launchNippon Life: Add | Target: Rs 510 | Upside: 14%The target price has been reduced from Rs 550 to Rs 510. The stock has delivered returns of Rs 134% in the past 12 months. Nippon is expected to take some hits due to exposure to small & midcap (SMID) stocks comprising 35% of equity AUM. However, this impact is likely to get offset by other categories seeing stronger flows. UTI AMC: Reduce | Target: Rs 880 | Target: 5%The target price has been reduced from Rs 900 to Rs 880 now. This share has returned 27% returns in the past 12 months. UTI AMC has the weakest fund performance across four AMCs, resulting in outflows for the past 4-5 quarters, Kotak noted.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

Maruti Suzuki breaches Rs 4 lakh crore m-cap mark as stock races to fresh 52-week high

March 27, 2024 - 2:09pm
Shares of Maruti Suzuki India (MSIL) jumped 4% on Wednesday to hit a fresh 52-week high of Rs 12,722.70 on the NSE. The company also entered the coveted club of stocks with a market capitalisation of Rs 4 lakh crore. Currently, there are 13 other stocks with a market capitalisation of Rs 4 lakh crore or more, namely Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India (SBI), Infosys, Life Insurance Corporation of India (LIC), ITC, Hindustan Unilever (HUL), Larsen & Toubro (L&T), Bajaj Finance and HCL Technologies.Also Read: Shriram Finance to replace UPL from Nifty tomorrow, likely to see $260 million inflowsThe largest passenger car maker has seen its stock zoom by over 50% in the past 12 months. In 2024, it has risen 23%. Though Maruti's 1-year returns are lower than Nifty Auto (up 77%), it has outperformed the index on a year-to-date basis. Nifty Auto's returns this year are just over 14%. The gains could be attributed to weakness in the Japanese yen which hit a 34-year low against the dollar on Wednesday. This comes just over a week after the Bank of Japan announced a much-anticipated interest rate hike in a shift away from years of ultra-loose monetary policy.The unit weakened to 151.97 per dollar, its softest since 1990. The drop comes after a top bank official suggested it would continue to pursue an accommodative policy for the time being and has raised speculation that authorities will intervene in markets to prop up the currency. Weaker yen benefits Maruti as its cost for imported goods and services gets lower. Maruti Suzuki India had reported a strong set of numbers in the December quarter. Its consolidated net profit jumped by over 33% for the said quarter at Rs 3,206.8 crore versus Rs 2,406.1 crore reported in the year-ago period. Revenue for the quarter came in at Rs 33,512.8 crore vs Rs 29,251.1 crore a year ago, registering a 14.5% YoY growth.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

Nooresh Merani's 2 stock picks for today

March 27, 2024 - 1:50pm
Categories: Business News

ED summons Mahua Moitra on March 28

March 27, 2024 - 1:45pm
The Enforcement Directorate has issued fresh summons to TMC leader Mahua Moitra and Dubai-based businessman Darshan Hiranandani for questioning in a Foreign Exchange Management Act (FEMA) contravention case on March 28, official sources said on Wednesday.The 49-year-old Trinamool Congress leader was called for questioning twice earlier by the central agency but she did not depose citing official work and sought deferment of the notice.Moitra and Hiranandani have been asked to appear for questioning at the ED office here on Thursday, the sources said.Hiranandani was also summoned by the agency in a separate FEMA case against his Mumbai-based realty group. Earlier, his father Niranjan Hiranandani had deposed before the ED in Mumbai.In the current case, the sources said, an advocate allegedly linked to Moitra was examined by the ED on Wednesday at its office here.Moitra, who was expelled from the Lok Sabha in December for "unethical conduct", has been renominated by her party from West Bengal's Krishnanagar seat in the upcoming Lok Sabha polls.The Central Bureau of Investigation (CBI) had raided her premises in connection with the cash-for-query case on Saturday, days after anti-corruption ombudsman Lokpal directed the federal agency to investigate the allegations levelled against her by BJP MP Nishikant Dubey.Dubey, a Lok Sabha member, has alleged that Moitra asked questions in the House in exchange for cash and gifts from Hiranandani to mount an attack on industrialist Gautam Adani and Prime Minister Narendra Modi, among others.Transactions linked to a non-resident external (NRE) account are under the ED's scanner, apart from a few other foreign remittances and fund transfers, the sources said.Moitra has denied any wrongdoing and claims that she is being targeted as she raised questions about deals of the Adani Group.
Categories: Business News

Dilip Ghosh apologises for comments on Mamata

March 27, 2024 - 1:03pm
Categories: Business News

Bengal BJP's ambitions hinge on Left-Cong, CAA

March 27, 2024 - 12:49pm
Categories: Business News

Intense Israeli bombardment hits southern Gaza

March 27, 2024 - 12:40pm
Categories: Business News

Pages

  Udhyog Mitra, Bihar   Trade Mark Registration   Bihar : Facts & Views   Trade Fair  


  Invest Bihar