BSE Auto index gained 2 percent supported by the TVS Motor, Ashok Leyland, Hero MotoCorp
Subscribe to Electronics Mart India: Ajcon Global
At the upper end of the price band of Rs 59, the Company’s IPO is valued at P/E of 21.85x at post IPO FY22 EPS which we believe is reasonable and decent considering strong fundamentals of the Company.
The Company’s past financial performance has been good as compared to industry peers. We recommend “SUBSCRIBE” to the issue due to the following factors.
Britannia Industries arm acquires 51% stake in Kenya-based Kenafric Biscuits
Britannia Industries through its subsidiary Britannia and Associates (Dubai) has acquired control of Kenafric Biscuits, Kenya by subscribing to 51% stake in the said company, for Rs 9.2 crore. The subsidiary also acquired 100% stake in Catalyst Britania Brands for Rs 1.42 crore.
Britannia Industries was quoting at Rs 3,819.40, up Rs 51.45, or 1.37 percent on the BSE.
Electronics Mart India IPO
Market at 3 PMBenchmark indices were trading at day’s high level with Nifty around 17250.The Sensex was up 1,252.07 points or 2.20% at 58040.88, and the Nifty was up 378.50 points or 2.24% at 17265.80. About 2456 shares have advanced, 722 shares declined, and 115 shares are unchanged.
Rama Steel Tubes Q2FY23 sales performance
Rama Steel Tubes registered sales volume of 48,774.67 Ton in Q2FY23. This is the highest quarterly sales volume reported by the company.
The sales volume for H1FY23 was 78,608.63 Ton compared to 46,698.18 Ton last year.
In H2FY23, the sales volume would get further boost from commissioning and ramp-up of New capacity expansion at Khopoli Plant, Maharashtra.
Rama Steel Tubes was quoting at Rs 109.80, up Rs 5.20, or 4.97 percent.
Fitch Affirms Bank of Baroda at ‘BBB-‘; Outlook Stable
Fitch Ratings has affirmed India-based Bank of Baroda’s (BOB) and wholly owned subsidiary Bank of Baroda (New Zealand) Limited’s (BOB NZ) Long-Term Issuer Default Ratings (IDRs) at ‘BBB-‘. The Outlook is Stable.
The agency has also affirmed BOB’s Viability Rating (VR) at ‘bb-‘.
At the same time, also affirmed BOB’s Government Support Rating (GSR) of ‘bbb-‘ and BOB NZ’s Shareholder Support Rating (SSR) of ‘bbb-‘.
Bank Of Baroda was quoting at Rs 132.95, up Rs 4.95, or 3.87 percent on the BSE.
BuzzingSouth Indian Bank announced its provisional numbers for September FY23 quarter, saying gross advances grew by 17% YoY to Rs 67,981 crore and deposit rose 2% YoY to Rs 88,503 crore.
BSE Realty index added 2 percent led by the Indiabulls Real Estate, Macrotech Developers, Godrej Properties
Vishnu Chemicals to consider sub-division of shares on October 31
Vishnu Chemicals’ board of directors on October 31 will consider the sub-division of shares. The board will also consider financial results of the company for the second quarter and half year ended September 2022.
Vishnu Chemicals was quoting at Rs 1,946.90, up Rs 78.55, or 4.20 percent.