Mafia Trends becomes 394th company to get listed on BSE SME Platform
Mafia Trends Limited became the 394th company to get listed on the BSE SME Platform on October 06th, 2022.
Mafia Trends Limited came out with an initial public offering of 12,84,000 equity shares of Rs 10 each for cash at a price of Rs 28 per equity share, aggregating to Rs 3.60 crore.
The company has successfully completed its public issue on September 27, 2022.
Nifty PSU Bank index rose 1 percent led by the Indian Bank, Canara Bank, Bank of India
Sharekhan view on APL Apollo Tubes
We maintain our FY23-24 earnings estimate and have introduced our FY25 earnings estimate in this report. Company’s presence in a niche business, first mover advantage (introduction of innovative, first-of-its-kind products) in structural steel tubes space and potential improvement in earnings quality (better margins/RoE profile) post the likely merger of Tricoat could help reduce valuation gap with other listed building material companies (APL trades at 28.7x FY2024E EPS as compared to valuation of 69x for players like Astral Limited).
We expect company to sustain a high earnings growth momentum (expect EBITDA/PAT CAGR of 31%/33% over FY22-25E) supported by robust double-digit volume growth and margin expansion. Hence, we maintain a Buy rating on stock with a revised Price Target of Rs 1,275 (increase in PT reflects rollover of PE multiple to October 2024 EPS).
APL Apollo Tubes has touched 52-week high of Rs 1,177 and was quoting at Rs 1,159.55, up Rs 62.50, or 5.70 percent on the BSE.
Atul Auto to consider fund raising on October 8Atul Auto board of directors will meet on October 8 to consider the proposal for raising of funds via rights issue, or preferential issue including a qualified institutions placement.
Nifty FMCG in red, down 0.3 percent. Godrej Consumer, HUL top losers
RBL Bank Large Trade | 14.15 lakh shares (0.24 percent equity) worth Rs 17.34 crore change hands at average Rs 122.6 per share
Bharat Forge up 9 percent as September Class 8 orders at highest everPreliminary North America Class 8 net orders in September were 53,700 units, while NA Classes 5-7 net orders were 26,600 units
Godrej Consumer declines 5 percent as company expects volume drop and decline in EBITDAAfter Marico, FMCG firm Godrej Consumer Products came out with a disappointing quarterly update which dragged the stock down by 5 percent on October 6. The company expects mid-single-digit volume drop, with a low single-digit 3-year volume CAGR, as the FMCG industry continued to remain soft during the quarter.
Markets at 11 AMSensex is up 441.36 points or 0.76 percent at 58,506.83. Nifty is up 132.60 points or 0.77 percent at 17,406.90. About 2335 shares have advanced, 720 shares declined, and 111 shares are unchanged.
Jefferries expects Nifty to retest 15,500 mark
Jefferries expects FMCG, power utilities and pharma to be good defensives amid such volatile markets while NBFC, realty, metals and industrials could be more vulnerable.
JUST IN | India September Services PMI at 54.3 versus 57.2 and Composite PMI at 55.1 versus 58.2 MoM