INDUS
BoB loan book grows 8% in Q1; IndusInd's net advances up 16%
The bank's CASA ratio fell to 36.7% at the end of June 2024 from 39.9% a year ago, disclosures made by the bank showed. Retail deposits and deposits from small business customers amounted to ₹1.74 lakh crore as of June 2024, up from ₹1.69 lakh crore in March 2024, the bank said.
Sell Indus Towers, target price Rs 270: ICICI Securities
Indus Towers Ltd. key Products/Revenue Segments include Income from Infrastructure Activity for the year ending 31-Mar-2023.
Kotak Bank, Axis Bank among top 10 Nifty stocks trading at discount of over 15%
Fundamentally, India is witnessing its own mini-Goldilocks moment with excellent macros, robust corporate earnings (with Nifty ending FY24 with 25% earnings growth and FY25/26 earnings likely to post 14-15% CAGR), focus on manufacturing, capex and infrastructure creation, and valuations. Nifty, after consolidating in May 2024, touched a fresh high of 24,174 before ending with over 6% MoM gains at 24,011 in June 2024. Notably, the index was extremely volatile and swung around 2,893 points before closing 1,480 points higher. In such a market, domestic brokerage firm Motilal Oswal has analyzed that nearly half of the Nifty constituents are still trading at a discount to their historical average. Below is a list of top 10 Nifty50 stocks, as analyzed by Motilal Oswal, which are trading at a discount to their 10 year average:
Rahul Shah on 2 stocks that can be continuous compounder for next 2-3 years
They are still invested and their thought is that India will continue to do well and so they think that I think the banking which has been in terms of valuation cheaper than vis-a-vis a lot of other sectors and sector has been underperformer except for PSU banks.
Earn up to 8.25% FD rate: This private bank revises interest rates on fixed deposits
IndusInd Bank has revised the interest rates on fixed deposits (FDs) under Rs 3 crore. According to the bank's official website, the new rates are effective from July 3, 2024.
F&O Ban List: India Cements and Indus Towers under trade ban on Wednesday
Stocks India Cements and Indus Towers under F&O ban. India Cements OI at 115.7%, down 1.9%, while Indus Towers at 80.2%, down 5.4%. Both trading above SMAs and facing ban reversal if OI drops. Market sees minor decline on Tuesday across sectors like banks and auto.
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Vodafone UK may offer Rs 2,000 crore equity topup to Vi
Vi may also make more substantial payments to Indus towards cutting its dues after the telco raises debt of ₹23,000-25,000 crore through term loans as planned, analysts added. After the recent sale of its 18% stake in Indus, UK's Vodafone holds 3.1% of the tower company and is said to be in talks with Bharti Airtel to sell these shares, people familiar said.
Law firm IndusLaw’s partner Padmaja Kaul to join JSA with three-member team
Padmaja Kaul, a partner specializing in litigation and dispute resolution at IndusLaw, is poised to transition to J Sagar Associates (JSA) along with her team of three lawyers. This move marks the second significant transfer to JSA from a full-service law firm. Last month, Iqbal Khan and Ambarish, former partners at Shardul Amarchand Mangaldas & Co (SAM & Co), also joined JSA, bringing with them a team of approximately 18 members.
Market Trading Guide: ACC, IndusInd Bank among 5 stock recommendations for Tuesday
Benchmark Sensex rose 443 points to close at a new record high of 79,476.19, while Nifty rose by 131.35 points to settle at a fresh lifetime high of 24,141.95 on Monday on buying in banking and IT shares in line with gains in Asian and European markets. As many as 20 Sensex shares closed higher while 10 stocks declined. Sector-wise, there was a mixed trend with IT, financials, and metals showing decent gains, while energy and realty dipped about half a percent. "The consistent buying interest on dips suggests bullish control, likely continuing the current tone. The renewed strength in midcap and smallcap segments adds further positivity. Traders should focus on selecting sectors/themes with rotational participation and consider adding positions during pauses or dips," said Ajit Mishra – SVP, Research, Religare Broking. Here are 5 stock recommendations for Tuesday:
Promoter selling can cross Rs 1 lakh crore mark as retail investors buy using MFs
With retail investors continuing to be on a buying spree using the mutual fund route, the trend of stake sale by promoters in NSE500 companies looks on track to cross the Rs 1 lakh crore mark.
Tariff hikes could help telcos see through 5G, infra spends...
Recent tariff hikes by telcos aim to boost ARPU, improve financial performance, and support tower installations for 5G rollouts. The industry seeks increased cash flows through regular tariff revisions to justify investments in new technologies like 5G.
Extent and frequency of tariff revisions crucial for financial health of telcos
Following the increase in tariffs, the stock of Reliance Industries rose by 2.3% on Friday to close at Rs 3,131.9. On the other hand, stocks of Bharti Airtel and VIL were under pressure, falling by 1.8% to Rs 1,445.4 and by 3.4% to Rs 17.9 in that order amid profit booking after a recent surge in their prices.
Share market update: Most active stocks on D-Street today in terms of volume
The NSE Nifty index was trading 87.71 points up at 24132.2
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 118.5 points up at 24163.0
F&O Ban: India Cements, Indus Towers among 5 stocks under trade ban on Thursday
The Future & Options contracts of any stock enter a ban period when its open interest (OI) exceeds 95% of the market-wide position limits (MWPL). The ban is lifted only when the open interest falls below 80% of MWPL
F&O Ban: PNB, Indus Towers among 4 stocks under trade ban on Wednesday
The F&O contracts of any stock enter the ban period when the OI on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%
Pakistan delegation in India to discuss Indus Water Treaty
Security increased outside hotel where Pakistan delegation staying in Jammu for 1960 Indus Water Treaty visit. Treaty signed by Nehru and Ayub Khan with World Bank as signatory, mandates annual meetings alternately in India and Pakistan.
Block deals worth over Rs 40,543 crore this week. Indus Towers, HAL, Suzlon Energy among stocks with major action
Despite the Nifty index closing the shortened trading week with a slight increase of 0.4%, significant activity was observed in block deals. Over three dozen companies across various market caps saw block deals worth a total of ₹40,543 crore, involving both buying and selling.
SBI Life, Indus Towers among 5 stocks with short covering
Short covering refers to the buying of shares in order to close an existing short position or a position that has been sold. Short covering signals a shift in view on security from extreme bearishness to bullishness. In Friday's trading session, five stocks saw top short covering. Here's the list:
Indian rupee hits new lifetime low against US dollar. Are record block deals the culprit?
The Indian rupee fell to a lifetime low of 83.62 against the US dollar on Thursday. Record block deals worth Rs 23,000 crore on Wednesday, which included Vodafone Plc's stake sale in Indus Towers, is said to be among the triggers behind the INR slide. The local currency had closed at 83.4550 in the previous session.
Indus Towers releases pledge to enable UK’s Vodafone to sell 18% stake in tower company
While Indus Towers has released a pledge on a significant portion of Vodafone's stake, enabling an 18% sale, it retains a secondary pledge on the remaining 3.06%. This move stems from a security agreement established during the merger of Bharti Infratel and Indus Towers, wherein Vodafone's stake served as collateral for a $1.4 billion loan taken in 2019 to finance participation in Vodafone Idea's rights issue.
UK’s Vodafone Group sells 18% in Indus for Rs 15,300 crore
The stake sale proceeds will be used to clear bulk of the UK company’s existing lender dues relating to $1.8 billion of borrowings secured against its Indian assets.
Vodafone sells 18% stake in Indus Towers for Rs 15,300 crore to repay debt
Vodafone PLC said it has sold 484.7 million shares in Indus Towers and raised Rs 15,300 crore (€1.7 billion) in gross proceeds which will be used to repay debt. Shares of Indus Towers fell 6% to Rs 320.60, while Vodafone Idea stock were trading 2% higher at Rs 17.25.
Bharti Airtel buys extra 1% in Indus, boosts stake in towerco to Rs 48.95%
Bharti Airtel acquires 1% stake in Indus Towers, increasing ownership to 48.95%. Airtel aims to strengthen Indus amidst Vodafone Idea's financial challenges.
Bharti Airtel hikes stake by 1% in Indus Towers as Vodafone offloads stake
On Wednesday, telecom operator Bharti Airtel increased its stake in Indus Towers by 1% through purchases in large block deals from the open market. This move comes as Vodafone PLC sold off 19% of its equity in Indus Towers in significant transactions.
Indus Towers block deal size increased to 17.98% from 9.94%
The term sheet issued on Tuesday stated that Vodafone PLC would sell a 9.94% stake in the tower company. The shares are expected to be sold in the price range of Rs 310 to 341, representing a discount of 9.9% to 0.8% from Tuesday’s closing price. At the upper end of this range, the deal is expected to raise Rs 16,528 crore, or $1.8 billion.
Stocks in news: Paytm, Indus Towers, Vedanta, Cipla, Gland Pharma
Domestic markets start positively with Paytm, Indus Towers, Vedanta, Cipla, Gland Pharma in focus. ZEE appoints acting CFO. Tata Technologies partners with Microsoft. Wabco to sell ZF equity. Craftsman Automation launches QIP. Fosun Pharma reduces stake. Vedanta monetises steel business. Goldman Sachs sells One 97 shares; Vodafone sells Indus Towers shares; Generative AI hackathon.
Vodafone's stake sale in Indus Towers via block deal to likely see passive inflows of $110 million
In a note released on Tuesday, the brokerage predicted MSCI inflows of approximately $70 million, affecting 16 million shares in a single day. Additionally, FTSE inflows are expected to be around $36 million, impacting 8.6 million shares over half a day.
Vodafone Idea's Indus stake sale could speed up repayments to towerco, which may issue dividend: JP Morgan
Vodafone Group's potential stake sale in Indus Towers may generate $2.3 billion in cashflows, prompting accelerated repayment to vendors and a special dividend to shareholders. The sale could clear past dues and benefit Vodafone Plc's lenders. An equity infusion might lead to a special dividend in FY25 for Indus Towers.
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