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Deutsche Boerse forecasts increases in revenue and EBITDA through 2026
German exchange operator Deutsche Boerse (DB1Gn.DE) expects revenues to grow by around 10% each year on average through 2026, the company said on Tuesday as part of its strategy update. Key Points
ReutersZebra Technologies beats quarterly profit expectations, sees soft demand
Barcode scanner maker Zebra Technologies Corp (ZBRA.O) beat third-quarter profit and revenue estimates on Tuesday but forecast a bigger-than-expected drop in the fourth-quarter net sales due to slowing tech spending in a tough economy. Key Points
ReutersImprovement in JLR’s profitability to bring down Tata Motors’ debt by 60%: Nomura
Nomura expects JLRs margins to improve to 14.1% in FY24 from the estimated 10.3% in FY23. Thus, its consolidated net debt is expected to fall to Rs 23,000 crore by FY25 Key Points
Economic TimesClorox expects quarterly loss on hit from cyberattack
Clorox (CLX.N) said on Wednesday it expects to post a loss in the first quarter after a cybersecurity attack in August caused product outages, processing delays and wide-scale disruption to the bleach maker's operations. Key Points
ReutersViasat says it will not replace satellite that malfunctioned
Viasat (VSAT.O) said it expects to recover less than 10% of the planned throughput on ViaSat-3 F1, its satellite that malfunctioned during deployment in July, but it was confident it could meet the needs of its customers without replacing it. Key Points
Reuters
Nifty 50 may reach 25,200 level by March 2025; premium valuation justified by cyclical, structural tailwinds, says UBS
Nifty 50 index has risen 3.5% year-to-date (YTD) and hit a new all-time high on March 7 on the back of strong macro, healthy corporate earnings, and steady domestic institutional investor (DII) buying. Key Points
mintVoda Idea's survival critical for Indus Towers, says Bharti Enterprises' Akhil Gupta
Akhil Gupta, vice chairman of Bharti Enterprises, has stated that the survival of Vodafone Idea (Vi) is crucial for the growth of Indus Towers, in which Bharti Airtel holds the largest stake. Gupta believes that Vi's investment in 4G and eventual rollout of 5G will drive Indus' growth. He also expects 5G monetization to come from increased data consumption and fixed wireless services, with potential for accelerated fixed broadband adoption. Gupta emphasized the importance of having three fully functional private operators in the Indian telecom industry. Key Points
Economic TimesICICI Bank Q4 preview: Strong NII, higher margin to drive double-digit PAT growth
While share performance of the lender was muted in 2023, it still managed to give positive returns of 0.4%, against the 2% losses in Nifty 50. In the last 1 year, the stock has given close to 19% returns compared to the 3% returns by Nifty 50. Key Points
Economic TimesQ3 likely to be last weak quarter, expect revenue growth for Indian IT firms from Q4: BNP Paribas
Indian IT companies may see faster revenue growth starting from Q4FY24 due to a better overall economy and large deal wins, according to BNP Paribas. The firm believes Q3FY24 will be the last quarter of weakness before growth picks up. Key Points
mintSony expects profit to slip after record year
Sony expects operating profit in the year to March 31 to fall 3.2% to 1.17 trillion yen. Key Points
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Swiss Re targets higher 2024 net income of $3.6 bln
Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. Key Points
ReutersCardinal lifts FY profit outlook again on strong sales of specialty drugs
Drug distributor Cardinal Health (CAH.N) on Friday raised its full-year earnings forecast for the second time in nearly three months, betting on strong demand for specialty medicines. Key Points
ReutersIf PM Modi is angry about Manipur, he must dismiss the CM: Congress's Kharge
Congress president Mallikarjun Kharge said Prime Minister Narendra Modi could have dismissed Manipur Chief Minister Biren Singh if he was angry about the situation in the northeastern state. On July 19, a video of women being paraded naked by a group of men in Manipur sparked massive outrage with calls for Biren Singh's resignation. Key Points
India TodayNifty headed towards 18,500 in May. Should you buy on dips now?
ICICI Direct expects the ongoing rally in the Indian market, which has managed to hold the March low of 16,800, to move gradually towards 18,300-18500 by May with strong support at 17,200. The buy-on-dips approach with focus on midcaps is recommended for investors. Although the indices are stable, Sensex and Nifty are trading in red on a year-to-date basis, down 0.5% and 1.2%, respectively. Key risks to the expected rally in the coming months are global events leading to volatility. The top picks of the brokerage for May are HDFC Bank, IndusInd Bank, BEL, NHPC, Coal India, ITC and Asian Paints. Key Points
Economic TimesIndia bond yields may rise tracking US peers, RBI pause to support
Underlying sentiment also remains positive, after the Reserve Bank of India surprised the market with a status quo on its policy rate on Thursday. Indian markets were shut on Friday. Key Points
Financialexpress
India likely to keep economic growth momentum in FY25 despite risks
India expects its economy to grow around 7% in the next fiscal year, outpacing the global economy. The growth will be supported by stable domestic demand and private investment. Recent events in the Red Sea crisis may impact global trade and supply chains, affecting trade flows, transportation costs, economic output, and inflation worldwide. Key Points
Economic TimesIrish bank AIB lifts guidance for third time this year
Irish bank AIB Group (AIBG.I) lifted its full-year income guidance for the third time this year on Wednesday after a higher interest rate environment contributed to a "very strong" third quarter that it expects to continue in the final three months. Key Points
ReutersWolfspeed jumps on upbeat quarterly forecast
Chipmaker Wolfspeed (WOLF.N) on Monday forecast a smaller-than-estimated second-quarter loss as it expects a boost to its business from a ramp-up in production at its new New York factory, sending its shares up 8% in extended trading. Key Points
ReutersMoody's affirms RIL's Baa2 ratings; outlook stable
Moody's expects RIL's consolidated EBITDA to grow by around 14% to Rs 1.7 lakh crore (around $21 billion) for the fiscal year ending March 2024, supported by strong growth in its consumer businesses, comprising digital services and retail, as well as its upstream oil and gas segment. Key Points
Economic TimesIT stocks fall over 5%. What triggered this decline?
The Nifty IT index fell by 2.48% as all 10 constituents saw their stock prices drop following US firm EPAM's guidance cut. The firm cut its CY2023E revenue-growth outlook for the second time on the slowdown in discretionary spending by US companies; declines in shares ranged from 1% to more than 5%. EPAM expects a 2% CC revenue decline at the midpoint of the guided band, as total pipeline has fallen. Kotak Institutional Equities expects IT-company Q4 to be weaker than Q1FY24E, with delays in client decision-making and pullbacks in discretionary spending impacting the sector's growth. Key Points
Economic Times
CLSA upgrades TCS, two other IT majors, despite conservative outlook
Shares of TCS and HCLTech have been upgraded to “underperform” from “sell”. For TCS, the price target has been increased to Rs 4,043 from Rs 3,925, and for HCLTech, it has been raised marginally to Rs 1,553 from Rs 1,536. Key Points
Economic Times'Kannadigas are not begging': Nirmala Sitharaman vs Siddaramaiah tussle over state share escalates
Taking to social media platform X, the CM said: "One expects the country’s Finance Minister to speak the truth. Unfortunately, she has been consistently denying the written word". Key Points
Business TodayBristol Myers CEO says India to have largest R&D presence outside US by 2025
By Rishika Sadam and Leroy Leo HYDERABAD (Reuters) -U.S. drugmaker Bristol Myers Squibb aims to expand its research and development presence in India and expects its newly inaugurated Hyderabad Key Points
ThePrintBottom fishing? Morgan Stanley buys 0.8% stake in Paytm via open market for Rs 244 crore
Morgan Stanley Asia Singapore Pte (ODI) acquired 50,00,000 shares of the company at Rs 487.2 each, according to bulk deals data on the National Stock Exchange. The company expects RBIs action to have a worst-case impact of Rs 300-500 crore on its annual EBITDA, going forward. However, it expects to continue on its trajectory to improve its profitability. Key Points
Economic TimesCipla expects record 24 per cent Ebitda margin in FY24
We enter reverse seasonalist in our India business. The fourth quarter has always been the lowest, so that impacts our margins, Umang Vohra MD and Global CEO of Cipla, said in a post-earnings media call. Key Points
Economic Times
India's no longer 'fragile', can weather global market volatility
In the face of global financial market turbulence, India's rupee appears more resilient due to a narrowed current account deficit (CAD) and bolstered forex reserves. Increased exports post-pandemic buffered the CAD, keeping it manageable at 2% in FY23 despite soaring commodity prices. Forex reserves, standing at over $600 billion, fortify the RBI's ability to stabilize the rupee, marking a significant contrast to a decade ago when India was tagged among the 'Fragile Five' economies. Forecasts project a reduced CAD and stable rupee for the upcoming fiscal years. Key Points
Economic TimesNHPC expects Rs 788 crore loss caused by Sikkim floods
New Delhi [India], October 14 (ANI): State-owned hydropower company NHPC on Saturday said it expects about Rs 788 crore loss or damage caused due to the Sikkim floods. Of the expected quantum of losses, material damage is seen at Rs 297 crore and business loss at Rs 491 crore, the company informed stock exchanges. Show […] Key Points
ThePrintHP forecasts 2024 profit in line with estimates, boosts annual dividend
HP Inc (HPQ.N) on Tuesday forecast fiscal 2024 earnings largely in line with estimates and raised its annual dividend, reflecting stabilizing demand in the personal computers market. Key Points
ReutersRobinhood sees $100 million finance costs tied to regulatory issues in third quarter
Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday. Key Points
ReutersCommerzbank forecasts bigger profit returns for investors
Germany's Commerzbank (CBKG.DE) said on Thursday it was revamping its payout policy for investors, aiming for a return of least 70% of profit for 2024. Key Points
Reuters
BJP leader Shahnawaz Hussain suffers cardiac arrest; admitted to Mumbai's Lilavati Hospital
Shahnawaz Hussain was admitted to Mumbai's Lilavati Hospital after a complaint of high blood pressure earlier today. The ECG and 2D Eco reports showed he suffered a minor heart attack. Key Points
Economic TimesIndia expects production-linked payouts to rise to Rs 13,000 crore this year
Under the $24 billion scheme, the federal government pays local manufacturers when targets such as sales are met, aiming to boost investment in manufacturing. Targets differ from sector to sector. Key Points
Economic TimesQorvo forecasts second-quarter revenue above estimates on strength from Apple
Wireless connectivity chip maker Qorvo (QRVO.O) projected second-quarter revenue above market estimates on Wednesday, as it expects more business from its biggest customer, Apple (AAPL.O). Key Points
ReutersEmerson raises fiscal 2023 forecast on demand for industrial automation
U.S. engineering and industrial software firm Emerson (EMR.N) on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market. Key Points
ReutersGovernor holds SEC responsible for West Bengal violence
“Mr SEC, Bengal expects to do your duty. Have you done your duty? Do you know what your duty is? I appointed you as SEC, but you disappointed people. You have failed in your duty and you have failed Bengal. You have no time to listen to the people,” West Bengal governor CV Ananda Bose alleged. Key Points
Economic Times
IndusInd Bank Q4 preview: PAT seen rising 43% YoY on strong NII, profitability
IndusInd Bank is set to post robust results for the quarter ending March, bolstered by healthy loan growth, high interest income, improved margins and increased asset quality. The lender's net profit for the quarter is expected to rise 43.4% YoY to Rs 2,009 crore ($274 million), with net interest income predicted to grow 25% YoY to Rs 4,989 crore. Key Points
Economic TimesExpect action, not assurances on incidents of vandalism at Indian missions: MEA
Addressing the weekly briefing, External Affairs Ministry spokesman Arindam Bagchi said New Delhi also expects the host governments to take measures to prevent recurrence of such incidents. Indian missions in London, British Columbia, and San Francisco were vandalised recently, allegedly by pro-Khalistan activists following the police action against radical preacher Amritpal Singh in Punjab. Key Points
Economic Times‘With Captain Modi…’: EAM Jaishankar's cricket analogy to explain govt's functioning; WATCH
'With Captain (PM) Modi, the net practice starts 6 in the morning and goes on till fairly late... He expects you to take that wicket if he gives you the chance to do it,' the External Affairs Minister said Key Points
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