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Wednesday, October 26th, 2016 6:44 PM
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Axis Bad Slip on Bad Loans may Derail Some Targets

Neal Bhai Reports — Axis Bad Slip on Bad Loans may Derail Some Targets — In late April 2016, while both Axis Bank and ICICI Bank announced a watchlist of accounts from where they expected incremental bad loans to accumulate from, what differentiated the Axis Bank disclosure was a clear guidance that 60% of this list was likely to slip into the non-performing (NPA) category . Indeed, this guidance and its implication on the credit cost -provisions for bad assets as a proportion to total loans -led Axis Bank to outdo its private sector counterpart by 10% till early September. Read More »

10 Midcaps for Samvat 2073

Neal Bhai Reports — 10 Midcaps for Samvat 2073 — Investors flocked to mid-cap stocks in search of the next big story during Samvat 2072, and that trend is likely to continue in Samvat 2073 as well, say experts.Investors, who have a time horizon of one to three years, should look to accumulate quality stocks on decline this Samvat because some stocks are trading at slightly expensive valuations. Going by the buzz on Dalal Street, ETMarkets.com collated a list of 10 stocks that could turn multibaggers in the new Samvat: Read More »

Top Gold Buyer Sees Demand Tumbling Amid ‘Black Money’ Crackdown

Gold Silver Reports — Top Gold Buyer Sees Demand Tumbling Amid ‘Black Money’ Crackdown — In the world’s largest gold-consuming country after China, demand has just fallen off a cliff. Saurabh Gadgil, a sixth-generation jeweler, says it’s the worst year since he took charge of the family business in 1999. The 39-year-old chairman of PN Gadgil Jewellers, which has stores in India, Dubai and the U.S., has offered discounts and freebies to lure customers. “There’s not much you can do as the whole industry is suffering,” he said by phone from the Indian city of Pune. Read More »

PNB Housing Fin IPO’s Anchor Book Subscribed 30 Times

Neal Bhai Reports — PNB Housing Fin IPO’s Anchor Book Subscribed 30 Times — The anchor book for the second largest public issue of shares this year by home financier PNB Housing Finance was subscribed thirty times on the opening day of the issue, people briefed on the matter said. The offering by the part-state owned and part-privately-owned issuer was fully subscribed at the top end of the price band of ` . 750-775 per share, according to these people.
Demand was seen from a combination of investors including domestic banks, mutual funds, long only funds and even private equity investors. PNB Housing Finance is raising. 3,000 crore through a primary issue of shares, making it the second largest initial public offering this year after ICICI Prudential Life Insurance raised about `. 6,000 crore through its public issue in September. Read More »

Maruti Now Most Expensive Stock Among Global Car Cos

Neal Bhai Reports — Maruti Now Most Expensive Stock Among Global Car Cos — Thanks to the 50% gain in the past six months, the stock of Maruti Suzuki India boasts of the highest price multiple among conventional car makers in the world. It has a one-year forward price-earnings (PE) multiple of 22.8.

The larger car makers by revenue such as Daimler, Volkswagen, BMW, Honda Motor and General Motors have forward PEs between 5.5 and 10.ETIG has considered the universe of global car makers with more than $5 billion of market capitalisation and net profit in the last fiscal. Read More »

Mistry Ouster Likely to Hit Tata Stocks

Neal Bhai Reports — Mistry Ouster Likely to Hit Tata Stocks —Shares of Tata group companies could decline on Tuesday as Cyrus Mistry’s removal as the conglomerate’s chairman will stoke uncertainty about the prospects of restructuring with the group. The Tata group, under Mistry, was trying to cut down debt by looking to sell unviable assets. Fund managers, who spoke to ET on the matter on condition of anonymity, said Mistry’s abrupt exit creates an impression that the group’s insiders were unhappy with such measures, which were given thumbs up by the market. “The group has almost doubled its market capitalisation under Mistry’s tenure. All the companies are leveraged and this will create huge doubt in the minds of analysts and bankers. All stocks will be marked down,“ said the chief executive of a large domestic mutual fund. Read More »

Sebi may Reconsider Stand on Self Trade

Gold Silver Reports — Sebi may Reconsider Stand on Self Trade — Securities and Exchange Board of India is likely to review its decision of penalising brokers for `self trades’. Sebi has called for a meeting of stock brokers and legal heads of stock exchanges on October 26 to discuss the matter.

Orders that match with each other with no resultant change in ownership are called self trades. Such trades have been reported in large numbers in the currency derivative segment. Read More »

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