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Hot Stocks: Brokerage view on General Insurance, Info Edge, BHEL, Dabur, and Vodafone

May 29, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

JPMorgan has upgraded General Insurance Corporation to buy with a target price of Rs 230, stating that it foresees an improvement in the trend of combined ratio for next year. Goldman Sachs has maintained its sell rating on both Info Edge and BHEL, with a target price of Rs 3340 and Rs 34 respectively. However, it has kept its buy rating intact on Dabur India with a target price of Rs 600. CLSA has maintained its sell rating on Vodafone Idea with a target price of Rs 5.

Global brokerage firm JPMorgan upgraded General Insurance Corporation, and Goldman Sachs maintained its sell rating on Info Edge and BHEL .

Goldman Sachs has a buy rating on Dabur India , and CLSA maintained its sell rating on Vodafone Idea.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

JPMorgan on General Insurance Corporation: Upgrade to buy | Target Rs 230
JPMorgan upgraded General Insurance Corporation to buy with a target price of Rs 230. The global brokerage foresees the trend to continue improving the combined ratio next year as well.

“Hardening process and confidence in the projection of underwriting results, stabilizing further. Reinsurance stocks tend to move in-line with the pricing cycle,” it said.

The brokerage hikes FY 24-26 EPS by 57%, to reflect a 7% lower combined ratio at 105% given a more stable underwriting outlook.

Goldman Sachs on InfoEdge: Sell| Target Rs 3340

Goldman Sachs maintained its sell rating on InfoEdge with a target price of Rs 3340. “The billing growth was led by strong traction in non-IT hiring and real estate segments,” it said.

“For real estate and matrimony, we expect a high competitive intensity to prevail. Growth to continue decelerating, and valuations remain rich,” it added.

Goldman Sachs on BHEL: Sell | Target Rs 34
Goldman Sachs maintained its sell rating on BHEL with a target price of Rs 34. “The March quarter results were a mixed bag, and the revenues were below estimates but margins surprised positively,” it said.

“Gradual diversification away from its key segment remains, making BHEL vulnerable to weak profitability,” it added. The global investment bank believes that the path towards profitability could be still some time away.

Goldman Sachs on Dabur India: Buy| Target Rs 600
Goldman Sachs maintained its buy rating on Dabur India with a target price of Rs 600. According to the brokerage, weak H2FY23 was driven by a confluence of one-off factors, expect a recovery in FY24.

“The healthcare focus is back to power brands. Oral care market share has headroom despite the natural tailwind slowing down,” it said.

“The hair oils segment is starting to see recovery as rural demand improves. Working on margin enhancement projects over the medium term,” it said.

CLSA on Vodafone Idea: Sell | Target Rs 5

CLSA maintained its sell rating on Vodafone Idea with a target price of Rs 5. “Revenue and EBITDA were below estimates, it said.

“ARPU increased but continued subscriber loss. The planned fundraising by the company should improve the stock’s risk-to-reward ratio,” it added.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)

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Florida Mayor Under Fire Over Confederate Memorial Day

April 6, 2019 by www.newsweek.com Leave a Comment

A Florida mayor is under scrutiny after signing a proclamation to make April 26 “Confederate Memorial Day” in order to “honor the memories of those who sacrificed their lives in the War Between States.”

Ocala, Florida, Mayor Kent Guinn signed the resolution — which was not required to go through a vote — on Tuesday. In an interview with The Washington Post, Guinn said that the proclamation is “simply a memorial for Confederate soldiers who were veterans.”

But historian Kevin Levin, who specializes in the American civil war, blasted the move as “pure cowardice” in a tweet on Wednesday.

“This is pure cowardice. Ocala, Florida Mayor Kent Guinn signs a proclamation for Confederate Memorial Day, but no effort is made to say what the war was about or what it resolved. What “tragic events” between 1861 and 1865? Was the emancipation of 4 million people “tragic”?” Levin wrote.

Levin’s tweet included a photograph of Guinn’s proclamation. The document states that the holiday will prompt people to “attempt to gain a better understanding of the conflicting ideals and passions that pitted brother against brother and tore a nation apart.”

Just after Guinn signed the order, the Ocala City Council President Mary Sue Rich immediately dissented. According to the Post , at the end of the meeting Rich said that the move “turns my stomach” and that this proclamation makes Guinn unfit to run for re-election.

“I don’t think you deserve to be the mayor of Ocala. I hope somebody runs against you,” she said. Rich later told reporters that while this topic is part of our nation’s history, that’s “where it should stay — in the history books and in the museums.”

“I don’t think we need to have a special day, in 2019, declaring ‘Confederate Day’ in the city of Ocala,” she added about her city of around 60,000 people, located approximately 80 miles north of Orlando.

During the meeting in which Guinn signed the declaration, Rich also alluded to alleged rumors that the mayor was involved in the Ku Klux Klan. The mayor then held a press conference on Wednesday to deny these allegations.

“I am not — repeat, not — in the KKK,” he said. “I never have been. I never will be, and I despise and hate everything that organization stands for.”

Guinn also listed other cities and mayors that have implemented similar holidays over the past few years, including Ocala’s former mayor Gerald Ergle, with “not one word of a problem.”

DGCA approves night landing facility at Karnataka’s Kalaburagi Airport

May 29, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The Kalaburagi Airport was inaugurated on November 22, 2019, by the then Chief Minister of Karnataka B S Yediyurappa. It has a runway of 09-27 (3175m x 45m) and an apron suitable to park 03 aircraft (1 A-320, 02 ATR 72/Q-400.), the statement added.

Directorate-General of Civil Aviation ( DGCA ) has approved the night landing facility at Kalaburagi Airport in Karnataka on May 17, 2023, an official statement said on Monday.

The Kalaburagi Airport was inaugurated on November 22, 2019, by the then Chief Minister of Karnataka B S Yediyurappa . It has a runway of 09-27 (3175m x 45m) and an apron suitable to park 03 aircraft (1 A-320, 02 ATR 72/Q-400.), the statement added.

According to the statement, there has been a demand for providing night landing facilities to the airport for a long time. With the approval by DGCA for the night landing facility the Aerodrome License for the airport has been amended from VFR (Visual flight rules) to IFR (Instrumental flight rules) for All Weather Operations .

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Monday, 29 May, 2023

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For New India, a House of New Resolve & Aspirations

Prime Minister Narendra Modi inaugurated the new Parliament building on Sunday and said India is leaving behind the “mentality of slavery.” He also called for making India a developed nation by the 100th anniversary of its Independence.

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US-based multinationals, British companies and leading French industrial groups that have closely held subsidiaries in India will face so-called angel tax scrutiny if they bring in fresh equity capital.

Four Vistadome coaches for Kalka-Shimla heritage track rolled out

May 29, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The Rail Coach Factory (RCF) here on Monday rolled out four advanced Vistadome narrow gauge coaches having glass roofs and large windows for the Kalka-Shimla heritage track. Addressing the media here, RCF General Manager Ashesh Agrawal said these coaches – an AC executive car (12 seats), an AC chair car (24 seats), a non-AC chair car (30 seats) and a power-cum-luggage and guard car – would have a trial run on the Kalka-Shimla route before being put into service.

The Rail Coach Factory (RCF) here on Monday rolled out four advanced Vistadome narrow gauge coaches having glass roofs and large windows for the Kalka-Shimla heritage track. Addressing the media here, RCF General Manager Ashesh Agrawal said these coaches – an AC executive car (12 seats), an AC chair car (24 seats), a non-AC chair car (30 seats) and a power-cum-luggage and guard car – would have a trial run on the Kalka-Shimla route before being put into service.

They have been handed over to the Kalka railways for the trial runs, he said.

After clearance from the Commissioner of Railway Safety, the coaches will be put into service. The date of their flagging off will be decided by the Railway Board , he said.

Agrawal further said the Railway Board has asked the RCF to manufacture 30 Vistadome coaches for the Kalka-Shimla line and has given its nod for manufacturing these coaches for the Kangra Valley line.

The British laid the first rail link to connect Shimla in 1903. In 2009, the Kalka-Shimla rail track was declared a World Heritage site by UNESCO .

There are 103 tunnels on the rail line, 800 bridges, 919 curves and 18 railway stations.

Agrawal said the Vistadome coaches resemble those of the world-famous Bernina Express of Switzerland which runs on a mountainous rail track.

The coaches will have panoramic windows, a lightweight shell with an upgraded bogie and an improved braking system. They are also equipped with modern safety features like CCTVs and fire alarms, he added.

The coaches will have aesthetic plush interiors, windowpanes with anti-UV coating, power windows in the upper class, powered doors, heating-cooling package, linear concealed fans, linear LED lights, modular seating, restaurant seating with luxury seats for executive class and mini pantry, among other things.

Each Vistadome coach will cost approximately Rs 1.3 crore, Agrawal said.

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Monday, 29 May, 2023

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For New India, a House of New Resolve & Aspirations

Prime Minister Narendra Modi inaugurated the new Parliament building on Sunday and said India is leaving behind the “mentality of slavery.” He also called for making India a developed nation by the 100th anniversary of its Independence.

Baring EQT Set to Buy Credila for up to $1.5 Billion

Baring Private Equity Asia (BPEA) EQT is set to acquire Credila Financial Services, the educational loan arm of Housing Development Finance Corp (HDFC), for $1.3-1.5 billion (₹10,000 crore-12,000 crore), trumping private equity rivals Carlyle, TA Associates, Blackstone and CVC Capital, among others, said people in the know.

Angel Tax on MNCs may Bedevil FDI

US-based multinationals, British companies and leading French industrial groups that have closely held subsidiaries in India will face so-called angel tax scrutiny if they bring in fresh equity capital.

ICICI Lombard shares jump 14% after ICICI Bank board okays raising stake to 4%

May 29, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

ICICI Lombard General Insurance shares surged by 14% in early trading on Monday following ICICI Bank’s announcement that it will acquire an additional 4% stake in the insurance firm. ICICI Bank intends to purchase a minimum of 2.5% of the stake before 9th September 2024. ICICI Lombard’s shares hit a 52-week low in March but have since rebounded, gaining over 13% in the last month, although the stock has underperformed the Nifty50. ICICI Lombard currently has a market capitalisation in excess of 60,568 crore RS.

ICICI Lombard General Insurance shares shot up over 14% in Monday’s early trade after ICICI Bank said it would acquire an additional 4% shares in the general insurance company in multiple tranches.

ICICI Bank will acquire at least 2.5% stake out of the above 4% before September 9, 2024, the company said in its filing to the stock exchanges.

Today’s gains follow the uptick in stock prices over the previous two trading sessions.

Shares of ICICI Lombard General Insurance reversed their losses after hitting a 52-week low of Rs 1,049 on the NSE in March. The stock has been a laggard this year and has underperformed Nifty50. The 1-year returns have been negative 4% versus 12% upside seen in the benchmark 50-stock index.

However, in the last one month, it has gained by more than 13%. The stock has been relatively volatile and trades with a beta of 1.1, according to Trendlyne.

The largecap stock with a market capitalisation of over Rs 60,568 crore was trading with significant volumes as more than 18 lakh shares were on the block.

It was also the top gainer in the Nifty Financial Services index. The index was trading at 19,580.65, up by 210.15 points or 1.08% from Friday’s closing level.

The banking and financial services stocks were largely trading in the green on Monday. Nifty Bank was up 0.81% and hit an all-time high of 44,458.95.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!

Monday, 29 May, 2023

Experience Your Economic Times Newspaper, The Digital Way!

Read Complete Print Edition »

Front Page
Pure Politics
Brands & Companies
ET Markets
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For New India, a House of New Resolve & Aspirations

Prime Minister Narendra Modi inaugurated the new Parliament building on Sunday and said India is leaving behind the “mentality of slavery.” He also called for making India a developed nation by the 100th anniversary of its Independence.

Baring EQT Set to Buy Credila for up to $1.5 Billion

Baring Private Equity Asia (BPEA) EQT is set to acquire Credila Financial Services, the educational loan arm of Housing Development Finance Corp (HDFC), for $1.3-1.5 billion (₹10,000 crore-12,000 crore), trumping private equity rivals Carlyle, TA Associates, Blackstone and CVC Capital, among others, said people in the know.

Angel Tax on MNCs may Bedevil FDI

US-based multinationals, British companies and leading French industrial groups that have closely held subsidiaries in India will face so-called angel tax scrutiny if they bring in fresh equity capital.

Hot Stocks: Brokerage view on General Insurance, Info Edge, BHEL, Dabur, and Vodafone

Read More News on

Florida Mayor Under Fire Over Confederate Memorial Day

DGCA approves night landing facility at Karnataka’s Kalaburagi Airport

The Kalaburagi Airport was inaugurated on November 22, 2019, by the then Chief Minister of Karnataka B S Yediyurappa. It has a runway of 09-27 (3175m x 45m) and an apron suitable to park 03 aircraft (1 A-320, 02 ATR 72/Q-400.), the statement added.

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