Norway’s Orkla ASA is contemplating a $400 million IPO for its Indian business, potentially filing in Mumbai next quarter. The company aims for a valuation exceeding $2 billion and is currently working with advisers on the share sale, with a decision expected in 2025. An Orkla spokesman noted that preparations for accessing the Indian capital market are progressing positively.
ICICI Securities has upgraded Bharti Airtel to a BUY rating with a target price of Rs 1875, citing strong fundamentals and a significant EBITDA CAGR of 14.8% over the next two years. Despite a higher EV/EBITDA valuation compared to APAC peers, Bharti's FCF yield of 6.7% remains competitive, indicating potential for further valuation growth.
MTAR Technologies reported a 14% YoY and 48% QoQ revenue growth in Q2FY25, with a robust order book of Rs 940 crore. Despite a contraction in EBITDA margins, the company anticipates a margin improvement to 21% in H2FY25 and has adjusted its FY26 revenue growth guidance to 20%. The stock is currently valued at 42 times its estimated fiscal 2026 earnings, reflecting ongoing concerns despite a more favorable medium-term outlook.
Shares of Sigachi Industries surged 10% following the company's filing for a Certificate of Suitability for Propafenone Hydrochloride, enabling export of the Active Pharmaceutical Ingredient to Europe. The global market for this key cardiac arrhythmia treatment is projected to grow from $1.2 billion to $2.1 billion by 2032, driven by rising cardiovascular disease prevalence and healthcare spending.
Food price inflation in Germany slowed to 1.8% in November, down from 2.3% in October, while the overall inflation rate rose to 2.2%. The decline in energy prices was less significant, with a decrease of 3.7% compared to 5.5% in October.
The Canton of Bern's parliament has approved a motion to explore Bitcoin mining as a means to utilize surplus energy and stabilize the electricity grid, passing with an 85 to 46 vote. The initiative aims to assess unused energy areas and collaborate with Swiss mining companies, despite previous government opposition. Proponents argue that Bitcoin mining can attract investments, create jobs, and support renewable energy development, drawing comparisons to successful models in Texas.
In a notable instance of retail shareholder activism, Zee Entertainment's small investors successfully blocked the reappointment of Punit Goenka as a director during the AGM, with 50.5% voting against him. Despite securing majority support from institutional investors, where 52% favored his appointment, a striking 88% of retail investors opposed it, reflecting dissatisfaction following a failed $10-billion merger with Sony. This marked a significant turnout, with 13% of retail shareholders participating, compared to the usual 3-5%.
UBS has maintained a 'Neutral' rating for Rational AG, setting a target price of 890 euros. Analyst Olivier Calvet noted that it is premature to establish medium-term targets for the new iHexagon appliance, which combines features of a combi-steamer and high-speed oven, despite its advantages over the iCombi.
India is reducing its supply of affordable gas for vehicles amid domestic production shortages, potentially worsening air quality in cities like New Delhi. Retailers are increasingly relying on costly imports and have begun raising prices for compressed natural gas (CNG), which powers various vehicles. As the capital faces severe smog, concerns grow that consumers may reconsider the benefits of CNG due to rising costs and limited options.
UBS has upgraded Gerresheimer to a 'Buy' rating with a target price of 132 euros. Analyst Olivier Calvet noted that data from Novo Nordisk's weight-lowering drug CagriSema could significantly impact Gerresheimer, positioning it favorably compared to competitors like Ypsomed.