The combined average daily turnover in the F&O segment across both exchanges has dropped by 16% month-on-month, reaching a seven-month low of Rs 334.69 lakh crore. This decline is particularly notable in index futures, which saw their steepest drop since July, while stock futures and options recorded their largest one-year decline, and index options experienced their sharpest fall since July.
VA Tech WABAG, a leading water solutions provider, is well-positioned in the infrastructure sector as a "net cash" company, celebrating its centenary in 2024. CMD Rajiv Mittal emphasizes the company's strong internal accruals, ensuring sufficient funding for complex municipal and industrial projects amidst a global push for ultra-pure water treatment.
Lumax Auto Technologies has acquired a 60% stake in Greenfuel Energy Solutions for Rs 153 crore, marking its entry into the green and alternate fuels market. The acquisition, executed through Lumax Resources, was financed through debt and internal accruals. Greenfuel specializes in high-pressure fuel delivery systems for CNG and hydrogen vehicles, serving major OEMs like Maruti Suzuki and Tata Motors, and will continue to operate under MD and CEO Akshay Kashyap.
India Inc's earnings season has revealed a disappointing performance, leading brokerages to predict limited market upside over the next year. Citi forecasts the Nifty 50 at 25,000 by 2025, while Emkay Global has revised its target down from 26,000. Even Goldman Sachs' optimistic estimate sees only a modest rise to 27,000 by December 2025.
The EU is adopting a cautious wait-and-see strategy in response to the Trump presidency, aiming to avoid a trade war. Leaders are addressing economic challenges in Budapest, while Ukrainian President Zelenskyy dismisses Trump's rapid peace proposal for Ukraine. French President Macron emphasizes the need for Europe to strengthen its position in a competitive global landscape.
Morgan Stanley has downgraded Prestige Estates to 'underweight' from 'overweight', citing disappointing pre-sales growth, achieving only 29% of its FY25 target in the first half of the fiscal year. The brokerage has reduced its price target by 15% to Rs 1,510, indicating an 11.5% potential downside. It also noted high capital expenditure in the company's IP business and weaker pre-sales momentum compared to peers.
Analysts are optimistic about a potential recovery for Reliance Industries, which has struggled recently. In contrast, Adani stocks remain under scrutiny, with the flagship company hitting a one-year low. As winter approaches in Mumbai, traders are cautious amid a flat trading mood in Asia.
Recovery rates for Indian lenders under the Insolvency and Bankruptcy Code (IBC) have continued to decline in Q2, presenting a challenging dilemma. Banks face the tough choice of pursuing the IBC, risking minimal returns, or forgoing it entirely, which could mean losing any chance of recovering funds from defaulted borrowers.
Microfinance firms are currently grappling with overleveraged borrowers, a situation they initially encouraged. While the current scenario is not as severe as the 2010 Andhra Pradesh crisis, it raises concerns about the sustainability of lending practices and the well-being of borrowers.
Shares of Kotak Mahindra Bank are gaining attention following the Competition Commission of India's approval for its acquisition of Standard Chartered's unsecured personal loans portfolio in India for Rs 4,100 crore. This strategic move aims to enhance Kotak's presence in the retail credit market and focus on affluent salaried customers. The acquisition marks a significant transaction under the leadership of Ashok Vaswani.
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