The Reserve Bank of India (RBI) data reveals a significant increase in counterfeit high-value currency notes over the past five years. Fake Rs 500 notes surged by approximately 300%, while the Rs 2000 notes, which were withdrawn in May, also contributed to this alarming trend.
Divi's Laboratories has been named Citi's top pick in the Indian pharma sector, with a price target of Rs 6,850, indicating a potential upside of 15%. The company's shares have surged over 52% year-to-date, bolstered by a favorable US court ruling regarding a generic version of Novartis' heart failure drug, Entresto, which could have impacted Divi's sales. The CDMO contract with Novartis accounts for approximately 8% of Divi's total sales for FY24.
NCC shares rose nearly 3% following the receipt of a Rs 3,389 crore EPC contract for the Daudhan Dam, part of the Ken-Betwa Link Project. The contract, issued by the Ken-Betwa Link Project Authority, requires completion within 72 months and adds to NCC's robust order book of Rs 52,370 crore. With a market capitalization of Rs 19,000 crore, the company's shares have surged 83% over the past year.
KEI Industries has successfully raised Rs 2,000 crore through a qualified institutional placement (QIP) of 52.6 lakh equity shares at Rs 3,800 each, with strong participation from domestic mutual funds. Kotak Mutual Fund emerged as the largest investor, acquiring 27.51% of the shares, while Motilal Oswal and Government Pension Fund Global received 13% and 5.15%, respectively. The funds will enhance the company's financial flexibility, support growth initiatives, and strengthen its balance sheet.
Goldman Sachs has downgraded CreditAccess Grameen Ltd. from 'buy' to 'sell', citing significant concerns over asset quality and a murky earnings outlook. The brokerage has set a new target price of Rs 564, indicating a potential 42% downside from the previous close, as the company faces increasing stress from over-leveraging in the industry.
Raffles Family Office has strengthened its Hong Kong team by welcoming former UBS executives Barry Tse and Cherie Liu. Tse will serve as Managing Director of Relationship Management, while Liu takes on the role of Head of Marketing and Communications, bringing extensive experience from UBS and Credit Suisse. Additionally, the firm has made several key appointments, including Chris Chong as a board advisor and Terence Chow as Chief Operating Officer, reinstating the COO role after a vacancy since 2021.
04:27 29.11.2024
Suraksha Diagnostics is launching an IPO to tap into the growing healthcare demand in Eastern India, particularly in radiology and pathology services. The offering includes an OFS for partial exit of private equity investors, and the company's valuation is positioned at a discount compared to close peers, supported by a strong B2C revenue model that enhances cash conversion.
Nifty's potential to reclaim the 24,000 mark is under scrutiny as Paytm and Zomato join 45 new stocks in the Futures & Options segment starting today. Market participants are keenly watching these developments for insights into future trading dynamics.
Mid-tier IT firms are increasingly pursuing acquisitions to navigate a demand slowdown caused by macroeconomic challenges. Companies like Sonata Software, eClerx, and RateGain are focusing on strategic investments to enhance capabilities and market presence. Sonata anticipates revenue growth in FY25, while Cyient and Newgen Software are leveraging strong vertical performance and opportunities in the Middle East, respectively.
QIP fund raising has surpassed the Rs 1 lakh crore mark for the first time in a calendar year, with expectations that it may exceed IPO collections by the end of 2024. In 2023, 45 companies raised around Rs 52,350 crore through QIPs, a substantial increase from Rs 11,743 crore raised by 14 companies in 2022.
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