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India’s macro stability outlook improving – Morgan Stanley

India’s worst period of macro instability is possibly over, and both consumer inflation and trade deficit are expected to moderate albeit gradually, Morgan Stanley said.

“Global commodity prices were largely steady last month, with the exception of oil prices which continued to decline,” Upasana Chachra, chief India economist at Morgan Stanley, said in the note on Wednesday.

“We believe the worst of macro instability is behind us now, though moderation in inflation and narrowing of India’s trade deficit will be gradual.”

India’s Maruti Suzuki aims to win over SUV buyers with new hatchback

Maruti Suzuki is betting that a bigger and more fuel-efficient version of its small hatchback, Alto, can bring back buyers to a segment that long-dominated Indian roads but has recently lost its popularity to sports-utility vehicles (SUVs).

Hatchbacks are the backbone of personal transport in India making up 38% of total car sales but SUVs, with their sporty body styles and in-car connectivity features, took the lead last fiscal year with around a 40% share.

India’s biggest carmaker hopes to arrest this trend by targeting young buyers in large cities with its new Alto which is bigger than its predecessor, has a larger, one-litre engine and more features, said Shashank Srivastava, senior executive officer, marketing and sales. (Reuters)

DreamFolks Services’ IPO to kick off on Aug 24

The initial share-sale of airport service aggregator platform DreamFolks Services Ltd will open for public subscription on August 24.

The three-day public issue would conclude on August 26 and the bidding for anchor investors would open on August 23, according to the red herring prospectus (RHP).

The initial public offer (IPO) is entirely an offer for sale of up to 1.72 crore equity shares by promoters Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav. The public issue will constitute 33% of the post offer paid-up equity share capital of the company.

Gold prices may rise closer to ₹60,000 next year, says mining veteran

Gold could rally above $2,000 an ounce next year as inflation remains elevated, underpinning support for the metal often viewed as a traditional hedge against price pressures, an industry veteran said.

Given the latest Federal Reserve minutes signal hikes could be deferred or smaller, that indicates “the market is going to have to get used to inflation numbers being much higher for longer,” Jake Klein, executive chairman at Australia’s Evolution Mining Ltd., told Bloomberg TV. “That’s good for gold.”

Minutes from the Fed’s last meeting in July released on Wednesday showed that officials saw the need to eventually dial back the pace of rate increases. The participants also warned against over-tightening that could hurt the economy, while flagging the risk of inflation pressures becoming entrenched.

 Adani group says yet to sign agreements on green energy projects in Sri Lanka

Adani Green Energy on Thursday said it has received provisional approval for some green energy projects in Sri Lanka but it is yet to sign any definitive agreement.

“We wish to submit that the company, in its normal course, keeps on exploring various business opportunities. Please note that at this point in time, the Company has received the provisional approval only, whereas it is yet to sign any definitive agreement which would require any disclosure,” the Adani group company told stock exchanges in reply to a query about a news item on the investment.

The Adani group company said it will make appropriate disclosures as and when there is a disclosable event.

Tata Motors bags 921 electric buses contract from BMTC under the CESL tender

Tata Motors on 18 August announced that it has won an order of 921 electric buses from Bengaluru Metropolitan Transport Corporation (BMTC).

Under the larger tender by Convergence Energy Services Limited (CESL), Tata Motors will supply, operate and maintain 12-metre electric buses for a period 12 years, a company statement said.

One share now ₹50,000. Multibagger stock hits new milestone!!!

Shares of Page Industries rallied to hit the ₹50,000 apiece mark for the first time as the stock surged to life time level of ₹50,338 per share on the BSE in Friday’s early deals after the apparel manufacturer reported a multi-fold jump in the first quarter net profit. 

Page Industries Ltd on Thursday reported a multi-fold increase in its net profit to ₹207 crore for the first quarter ended June 2022 as compared to ₹10.9 crore during the April-June period a year ago. Its revenue from operations during the quarter under review was ₹1,341 crore, up over two-fold compared to a lower base of the pandemic-impacted Q1 FY22.

“From a medium-to-long term perspective, we believe Page does have (operating) margin expansion potential with Page’s EBITDA margins having remained in the narrow range of 18-21% for the last 10+ years. We believe Page has front-ended investments in new avenues,” said brokerage firm ICICI Securities while maintaining Add rating on Page Industries shares with a target price of ₹52,000.

Page Industries Q1FY23 topline was a healthy beat to street estimates, as per Axis Securities as revenue was led by strong volume growth. The company’s gross margins were below expectations on account of higher inflation in cotton and packing materials. 

“PAGE saw increased momentum in sales across all its product categories driven by portfolio enhancement and distribution expansion. Total MBO coverage is now at 113,715 and the EBO network stands at 1,144 in Q1FY22. All channels and supply chains are back to normal and expect a continued robust demand outlook in FY23,” said Axis Securities with Hold rating on the stock and target price of ₹51,900.

Page Industries is involved in manufacturing and retailing innerwear, and has the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International for the Indian market. The multibagger stock has rallied more than 18110% in 15 years since its listing in March 2007 when it was trading around ₹270 per share level.

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