Biocon Biologics plans to raise ₹4,500 crore with HSBC and MUFG's aid for a $175 million Aflibercept option. Previous funding by Kotak and Edelweiss and Crisil predicts ₹4,800 crore debt by FY26. Tackling $1.2 billion debt, Biocon's net profit at 7% due to high-interest costs. Revenue at 57% in FY24. Ownership stands at 70%, market improved post-Viatris transition.
Senior portfolio manager Steve Eisman foresees prolonged strength in US megacap tech stocks driven by AI accessibility. Eisman recommends owning large-cap tech stocks like Apple, Nvidia, Microsoft, and Oracle. Despite concerns about Nvidia's valuation, Eisman remains optimistic about its future earnings growth. He also predicts a Trump victory in November.
RKN Enterprises, owned by Rishad Naoroji, divested significant stakes in Godrej Properties and Godrej Agrovet, totaling ₹1,654 crore, with notable purchases by Freyan Crishna Bieri and other prominent individuals.
The Association of Mutual Funds in India has proposed tax changes for debt-oriented mutual funds and fund of funds in the Union Budget. They recommend a 10% tax rate without indexation, introduction of a debt-linked savings scheme, and a revision of the definition of equity-oriented funds.
Raymond shares surged 5% to ₹2,001 on the NSE following the lifestyle business demerger. Shareholders will get four Raymond Lifestyle shares for every five held. Raymond Realty, newly demerged, adds to Raymond’s three listed entities. InCred Equities expects Raymond Lifestyle listing by August-September. The combined value of three businesses is ₹3,755 per share, per Motilal Oswal.
Sebi committee discusses but ultimately rejects proposal to reclassify promoters in listed companies, maintaining the 10% threshold rule. Companies seek changes to allow for reclassification of non-involved family members. Experts highlight concerns over potential misuse and urge case-by-case evaluations.
President Biden's campaign tests Kamala Harris against Trump as pressure mounts for Biden to step aside. A high-stakes news conference looms. Prominent Democrats call for Biden to drop out. Supporters debate Harris as a stronger contender. Biden's aides questioned about Harris' ability to win. Biden remains defiant amid dropping support. Inner circle shrinks, leaving Biden cocooned. Uncertainty looms over Biden's political future.
Happy Friday! Goldman Sachs is likely to increase its stake in SaaS startup MoEngage. This and more in today’s ETtech Morning Dispatch.
The Reserve Bank of India on Thursday evening approved Jio Financial's conversion from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a filing.
Thursday's markets ended flat after recovery. Gift Nifty points to positive start; support at 24150, according to Nagaraj Shetti from HDFC Securities. India VIX dropped 3.03%. FPIs net sold Rs 1,137 crore, while DIIs bought Rs 1,676 crore. Mixed global markets. Brent crude at $85.77. Forex updates: euro $1.0869, yen 158.73. Stocks in F&O ban include India Cements.
Domestic markets closed steady with focus on TCS, HCL Tech, Anand Rathi Wealth, and others for their first quarter results. Companies like RIL's Ethane Crystal LLC and Prestige Estates face challenges. GTPL Hathway shows growth in revenue. Oriental Rail Infra secures a significant order from Indian Railways. Adani Wilmar expands stake in OCIPL.
Asian equities fell amid US inflation signs. Yen fluctuated due to Bank of Japan actions. Japanese shares, Kospi dropped, while Australian shares rose. Nasdaq 100 fell 2.2%. S&P 500 and small-caps gained. Rate cut optimism drove riskier investments. West Texas Intermediate rose; gold steady. July rate cut a longshot. AI boosts megacap tech. Treasury yields down.
Goldman Sachs targets $35-50 million in MoEngage via secondary transaction. MoEngage, valued at $700 million in 2022 led by Goldman and B Capital, has clients including Flipkart. IFC invested in Innovaccer; Whatfix by Warburg Pincus; Icertis, SoftBank. Atlan received funds from GIC, Meritech. Noteworthy: Eight Roads Ventures, SaaS valuation multiples, Bessemer Venture Partners.
TCS's June quarter net profit decreased 3.16% to Rs 12,040 crore due to wage hikes for its 600,000-plus workforce; net profit increased 8.7% YoY. Revenue rose 5.4% to Rs 62,613 crore. BSNL deal drove 61.8% India growth. The deal pipeline is $8.3 billion, AI projects at $1.5 billion. Operating margin is 24.7%. Interim dividend Rs 10 per share.
In its report submitted with the Ministry of Corporate Affairs (MCA), the committee has suggested raising the turnover limit to Rs 75 crore in any of the past three years to maintain and audit cost records.
Sales of electric cars in June plunged 13.5% from the year earlier, having suffered a marginal drop in May, triggering fears that the Indian market may be following global trends. After last year's euphoria, domestic sales slumped to 20% growth in the January-June period to 46,845 units. That's down from a 135% surge in the same period last year, prompting Tata Motors and others to recalibrate expectations.
After surging over 60% in a year, the cement stock broke out of a classic Flag pattern this week, propelling it to a new record high of Rs 2,836 on July 11, 2024. This breakout, recognized as a bullish continuation pattern in technical analysis, indicates the potential for further upward momentum.
Barcelona reportedly rejected a world-record €250 million deal by PSG for Lamine Yamal, the young Spanish sensation whose phenomenal performance in the Euro Cup was pivotal in Spain reaching the finals of the championship.
US voters have traditionally supported only white male candidates to the top office. Barack Obama’s election victory in 2008 was seen as an exception and this is what may prevent Kamala Harris from winning the presidential election if she is given a nomination by her party. Presently, it is unlikely that Biden may step down, even as his health concerns continue to dominate the public discourse.
Microsoft's new AI tool, VALL-E 2, excels at mimicking human speech using advanced techniques. Despite its capabilities, it remains a research project due to potential misuse risks.
