BSE Midcap index rose 0.6 percent supported by the ICICI Securities, Zee Entertainment, Adani Power
UPL & Oro Agri sign agreement for development of Orange Oil
UPL announced a new collaboration with Oro Agri, a Rovensa company, for the co-distribution and further development of Orange Oil, a biosolution effective against a wide range of pests and diseases.
UPL was quoting at Rs 789.45, up Rs 1.00, or 0.13 percent on the BSE.
Motilal Oswal View on Apollo TyresAmong its tyre peers, Apollo Tyres offers the best blend of earnings growth and cheap valuations. The stock trades at 15.4x/10.9x FY23E/FY24E consolidated EPS. Maintain BUY with a Target Price of Rs 310 (based on ~12x Sep’24E consolidated EPS).
Goldman sees India bonds getting added to JPMorgan index in 2023
The nation’s sovereign bonds may be added to JPMorgan’s GBI-EM Global Diversified bond index with an initial 10% weightage, analysts Danny Suwanapruti and Santanu Sengupta wrote in a note to clients.
Bharti Airtel pays Rs 8312.4 crore for 5G spectrum to DOTBharti Airtel has paid Rs 8312.4 crore to the Department of Telecom (Government of India) towards dues for spectrum acquired in the recently concluded 5G auctions.Airtel has paid 4 years of 2022 spectrum dues upfront. The company believes that this upfront payment coupled with the moratorium on spectrum dues and AGR related payments for four years will free up future cash flows and allow Airtel to dedicate resourcesto single-mindedly concentrate on the 5G roll out.Over last one year, Airtel has also cleared Rs 24,333.7 crores of its deferred spectrum liabilities much ahead of scheduled maturities.
Goldman sees India bonds getting added to JPMorgan index in 2023:
Indian government bonds may be added to a global index next year, triggering passive inflows of about $30 billion that will help the country to finance its current account and fiscal deficits, according to Goldman Sachs Group Inc.
The nation’s sovereign bonds may be added to JPMorgan’s GBI-EM Global Diversified bond index with an initial 10% weightage, analysts Danny Suwanapruti and Santanu Sengupta wrote in a note to clients. India’s $1 trillion sovereign bond market is one of the biggest among emerging markets not to be part of any global index.
#OnCNBCTV18 | Raj Kumar of LIC adds, the Regulator has not taken a final decision on disclosure of commission up front pic.twitter.com/rhWA2qz5Qz— CNBC-TV18 (@CNBCTV18Live) August 17, 2022
Market update at 11 AM: Sensex is up 332.21 points or 0.56% at 60174.42, and the Nifty added 98.40 points or 0.55% at 17923.70.
Rupee, bond prices head north after crude oil skids to 6-month low
Brent crude futures fell $2.76, or 2.9%, to settle at $92.34 a barrel. The contract hit a session low of $91.71 per barrel, the lowest since February 18
Motilal Oswal View on Maruti Suzuki
Strong demand and favorable product lifecycle for Maruti Suzuki India augurs well for market share and margin. We expect a recovery in both market share and margin in 2HFY23, led by an improvement in supplies and mix, a favorable product lifecycle, RM and forex benefits, and operating leverage.
The stock trades at 39x/23.5x FY23E/FY24E consolidated EPS. We maintain our Buy rating with a Target Price of Rs 11,300 (27x Sep’24E consolidated EPS).
Maruti Suzuki India was quoting at Rs 8,984.05, down Rs 15.40, or 0.17 percent.
Nifty Information Technology index added 1 percent led by the L&T Technology Services, Coforge, L&T Infotech
Amul pays homage to Rakesh Jhunjhunwala in its latest topical: ‘Apne bal se bulland bana’
Rakesh Jhunjhunwala, 62, died on August 14 after suffering from a cardiac arrest. The ace investor’s tragic demise came around a week after his latest venture – low cost-carrier Akasha Air – commenced…