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India Cements in talks with BofA, Nomura to raise Rs 500 crore
India Cements had mandated ICICI Bank and EY to arrange for the debt from lenders including private credit funds, as reported earlier and they have been in talks with lenders including private credit funds.
All roads lead to Nvidia as tech sees record inflows, Says BofA
Nvidia Corp became the world's most valuable company, driving record inflows into tech funds. Bank of America Corp strategists noted $8.7 billion inflow in tech funds via EPFR Global data, with strategist Michael Hartnett commenting on the impact of Nvidia's success.
Indian corporates are likely to go slow on overseas dollar loans: BofA
Indian corporates are likely to reduce overseas dollar loans due to expensive current rates. There is a 'huge pent-up demand' for investing in local firms' equity. Borrowing costs in the US have increased sharply, leading to a preference for IPOs and follow-ons in India.
Chakri Lokapriya's top midcap stock picks for near term
I think defence, semiconductor, industrial, infra are easy reforms for the current government in the current shape to continue because even the allies, for instance, Naidu is a very reform-oriented person.
Big tech is driving the S&P rally. The rest have to step up soon
Tech stocks face diverging performances as Nvidia leads the pack, while Apple struggles, causing a profit cool down and an emerging asymmetry among Big Tech stocks, affecting the overall earnings potential in 2024.
Investor flows into corporate bonds on longest streak since 2019, says BofA
Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019.
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M&M shares surge 3% as BofA upgrades it to Buy, sees 22% upside
BofA Securities believes that the company has multiple growth catalysts that will play out over the next 12-18 months. M&M's core business remains steady with market share gains in the SUV segment and a potential turnaround in the tractor biz.
Hero Fin could raise over Rs 5,000 crore in IPO, largest by an NBFC
The share sale could be worth ₹5,300 crore to ₹5,500 crore, making it the largest ever public issue by a non-banking financial company (NBFC). Hero FinCorp's board approved the public issue on Wednesday.
Hot Stocks: Brokerage view on HDFC Bank, Apollo Hospitals & Zomato; BofA upgraded M&M
Brokerage firm Macquarie maintained an underperform rating on Zomato and Apollo Hospitals. BofA Securities recommended a buy on HDFC Bank and upgraded M&M to a buy.
Hindalco shares surge 2% after company arm Novelis files 45 million shares in IPO
Hindalco Share Price: Hindalco's shares surged 2% on the BSE during Wednesday's trading session, reaching a peak of Rs 695 for the day. This rise followed news that its subsidiary, Novelis, had filed to offer 45 million shares in its US initial public offering (IPO), with a price range of $18 to $21 per share.
Vodafone Idea may find it tough to raise tariffs after polls, say analysts
Vodafone Idea faces challenges in increasing ARPU through tariff hikes post-election, as price-sensitive customers resist. 42% of Vi users may downgrade or close secondary SIMs due to upcoming higher tariffs. Vi seeks to upgrade 2G to 4G, double Ebitda by 2025. Vi has been securing funds for 4G expansion and potential 5G rollout.
Hindalco's Novelis files papers for US IPO, targets up to $12.6 billion valuation
Novelis is offering 45 million shares, and aims to raise $945 million in its US public offer, and has fixed the price band at $18-21 per share.
Timken India shares jump 8% after Rs 1,800 crore block deal
On Tuesday, Timken India, a bearings manufacturer, saw a significant surge of 7.5% to reach a high of Rs 4,250 on the BSE, attributed to a substantial block deal valued at approximately Rs 1,800 crore, involving the exchange of 6.65% of equity shares.
Foreign promoters likely to sell 6.6% stake in Timken India
BofA Securities India’ term sheet revealed that the floor price has been fixed at Rs 3,550 apiece — a 10.2% discount to Monday's closing price of Rs 3,956. The sale at the floor price could fetch the parent company around Rs 1,775 crore or $213 million.
Wall St Week Ahead-Inflation data, presidential debate could sink summer rally
The typical summer slowdown in U.S. stock markets may be more pronounced this year due to inflation jitters and an early presidential debate. The rally that pushed the S&P 500 near record highs may face challenges from Federal Reserve decisions and Treasury bond yield movements.
Hot Stocks: Brokerage view on BSE, Indigo, ITC; Goldman downgraded Gujarat Pipavav
Goldman Sachs maintains buy on ITC with a target of Rs 480, downgrades Gujarat Pipavav to neutral, raising target to Rs 220. BofA Securities retains buy on InterGlobe Aviation, target Rs 4900. Investec initiates buy on BSE, target Rs 3400, citing market share gains and attractive valuations.
Hot Stocks: Brokerage view on Biocon, Info Edge, LIC Housing; Jefferies upgrades M&M
JPMorgan retains overweight rating on LIC Housing Finance, Nomura favors buy rating on Info Edge, BofA Securities suggests buying Biocon, and Jefferies upgrades M&M to buy.
Cipla promoters sell 2.53% stake for Rs 2,751 crore
"Post transaction, the entire promoter group, including persons acting in concert, continues to hold 31.67% in the company and remains committed to the future of Cipla," the company said in a statement.
Novelis may go for up to $1.5 billion IPO in June
The wholly-owned subsidiary of Hindalco Industries intends to list its shares on the New York Stock Exchange under the symbol “NVL”.
Investors 'most bullish' since Nov 2021 - BofA survey
The survey of global fund managers with $562 billion in asset under management found 82% expect the first by the rate cut by the Federal Reserve in the second half, while 78% say a recession is unlikely over the next 12 months.
Hot Stocks: Brokerages view on AB Capital, Zomato, UPL and Varun Beverages
BofA Securities upheld a buy rating for Varun Beverages, while Jefferies suggested buying Zomato. AB Capital received an Equal Weight rating from Morgan Stanley, and Motilal Oswal advised a neutral stance on UPL.
Aluminum products maker Novelis makes US IPO filing public
The company is moving ahead with a listing at a time when the U.S. IPO market is on a rebound this year, after a two-year lull, on hopes of a "soft landing" for the economy, where inflation falls without a recession or big job losses.
BofA hikes target prices of Vodafone Idea, 3 other telecom stocks on tariff hike expectations
The brokerage also increased the target price for other key players in the sector with Bharti Airtel’s target at Rs 1,430 and Reliance Industries’ target price at Rs 3,340, foreseeing an upside of 13.5% and 17.4%, respectively.
Telecom shares have many tailwinds, could gain 9-16%: BofA
BofA said it expects a tariff hike of 20-25% as against earlier expectation of 10-15%, which could improve cash flows that will be utilised by telecom companies to grow high-margin fiber broadband and enterprise or data-center offerings.
BofA buys stake in Vijay Kedia-backed TAC Security post stellar IPO debut
BofA Securities has invested in TAC Security, a recent debutant on the NSE SME platform, through its fund – BofA Securities Europe SA.
Infosys shares gain 2.5% on BofA’s rating upgrade
BofA said that regulatory tech spending by banks is expected to go up as they are required to meet Basel III norms. Moreover, SAP upgrade deadline in the US is now becoming more of a priority for enterprises amidst the 2027 support deadline.
BofA resumes coverage on Paytm with 'underperform' rating
The company which operates Paytm is expected to witness a gradual growth in its lending business, the brokerage said in a review note.
Bain Capital likely sells 1.1% stake in Axis Bank via block deal
Bain Capital sold a 1.1% stake in Axis Bank for Rs 3,500 crore in a block deal. BofA Securities issued a term sheet, wherein Integral Investments South Asia IV, BC Asia Investments VII & III were looking to offload shares.
Bain Capital to sell 1.08% stake worth Rs 3,575 crore in Axis Bank
Bain Capital acquired its stake in Axis Bank in November 2017. BofA Securities India is the sole bookrunner. In June, Bain Capital sold a 0.7% stake in Axis Bank at an average price of Rs 968 per share, aggregating Rs 2,178 crore. Prior to this, the private equity firm had sold a 1.2% stake in October 2022.
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