Raymond aims to be net debt-free company in next 3 yearsDiversified group Raymond aims to be a net debt-free company in the next three years and is focused on liquidity management through cost reduction initiatives and working capital optimization, according to the latest annual report of the company, according to PTI.For the financial year ended March 31, 2022, Raymond’s net debt has been reduced to Rs 1,088 crore. It was Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.The net debt-to-equity ratio of the leading Indian branded fabric and fashion retailer has also come down to 0.4 in FY22 from 0.8 in FY20, the report said. Click To Read More
Nomura View On IT companies
Accenture’s Q3 results underscore robust near-term demand. Accenture expects cross-currency to impact FY22 revenue by 450 bps now versus 300 bps earlier.
Nomura expect attrition to remain high over the next few quarters for India IT companies.
Infosys & HCL Technologies are only buys in the sector, reported CNBC-TV18.
Punit Patni, Equity Research Analyst, Swastika Investmart:
The strong results of Accenture Inc. have alleviated the market’s fear of growth slowdown in IT companies. The management commentary has been positive and highlights that the robust demand trajectory is still intact.
This is positive for Indian IT companies as there was an expectation of subdued future growth due to the possibility of a hard landing post the severe rate hikes by central banks globally leading to a deterioration of purchasing power of businesses and curtailment of IT spending.
However, supply-side issue like employee attrition and wage inflation persists. We are positive about IT companies from a longer-term perspective and the current correction provides a good entry point.
Market at 3 PMBenchmark indices were trading higher in the final hour of the trading with Nifty around 15700.At 15:02 IST, the Sensex was up 389.92 points or 0.75% at 52655.64, and the Nifty was up 122.50 points or 0.79% at 15679.20. About 2286 shares have advanced, 832 shares declined, and 107 shares are unchanged.
Pakistan slaps 10% super tax on large scale industries, stocks nosedive
These sectors include cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textile, banking, automobile, and cigarettes.
BSE Oil & Gas index rose 1 percent led by the Indraprastha Gas, Gujarat Gas, ONGC
KRChoksey View on Vinati Organics:
We expect growth momentum in the business prospect of Vinati Organics to continue with a substantial increase in its recent capacity expansion plans in ATBS segment.
Its focus on increasing the Butyl phenol business with entry into new products through its wholly owned subsidiary Veeral Organics Pvt Ltd will further help it penetrate across sectors.
We continue to remain optimistic with our ‘BUY’ recommendation and apply P/E multiple of 43x to its FY24E earnings, with same target price of Rs 2,349 per share as we believe most of the recently announced capacities will start contributing significantly from FY25.
RBI well on track to bringing down inflation: Governor Shaktikanta Das
The Reserve Bank of India (RBI) is “well on track” to bringing down inflation and inflation expectations in the economy against the backdrop of supply side disruptions, the governor said. “Until December, CPI (Consumer Price Index) inflation is expected to remain higher than the upper tolerance level; thereafter it is expected to go below 6 percent as per our current projections,” Shaktikanta Das said in an interview to The Times of India. “There will be inflationary pressures, and only in the fourth quarter, we have projected it to go below 6 percent.”
Tapan Patel, Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading over half a percent up near $104.89 per barrel. Crude oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling US economic activity with supply uncertainty. Official weekly estimates for US oil inventories were scheduled to be released on Thursday but technical problems will delay those figures until next week.
We expect crude oil prices to trade sideways to down with resistance at $108 per barrel with support at $102 per barrel. MCX Crude oil July contract has important support at Rs 8010 and resistance at Rs 8350 per barrel.
#OnCNBCTV18 | Input cost rising is a key concern for building products. Gas procurement has more than doubled in the last 12-15 months, says Abhishek Somany of Somany Ceramics pic.twitter.com/esRCWbn9kt— CNBC-TV18 (@CNBCTV18Live) June 24, 2022
NTPC starts commercial operations of 35 MW out of 92 MW Kayamkulam Floating Solar PV Project, Kerala:
Consequent upon successful commissioning, last part capacity of 35 MW out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala is declared on Commercial Operation w.e.f. of June 24, 2022. With this, standalone installed and commercial capacity of NTPC has become 54749.20 MW, while group installed and commercial capacity of NTPC has become 69114.20 MW, the company said in an exchange filing. The stock was trading at Rs 136.30, down Rs 0.05, or 0.04 percent. It has touched an intraday high of Rs 137.75 and an intraday low of Rs 135.