S&P Global Ratings has revised its 2024 global bond issuance forecast to $9 trillion, reflecting a 17% increase driven by sustained momentum from the third quarter. However, the pace is expected to moderate to a 4% rise in 2025 due to a high base of comparison and slowing economic growth.
Hindustan Unilever reported a 3.9% year-on-year decline in Q2 profit to ₹2,612 crore, attributed to weak operating margins and a volume growth of 3%. In contrast, Sona BLW Precision Forgings saw a 15.7% increase in profit to ₹144 crore, despite weakened operating margins. Thyrocare Technologies experienced a significant 29% profit surge to ₹26.4 crore, with an EBITDA margin expansion of 200 basis points.
Chinese coal importers are planning to cut shipments due to ongoing financial losses from thermal coal imports. Discussions are underway with overseas miners to secure fewer long-term contracts starting in 2025, as buyers have faced losses from major suppliers including Indonesia, Russia, Australia, and Colombia.
Sebi chairperson Madhabi Puri Buch is scheduled to appear before the Public Accounts Committee (PAC) of Parliament today. This meeting comes in the wake of allegations from a Bharatiya Janata Party member, claiming that the committee's chairman, Congress MP KC Venugopal, is acting with political bias.
Korean cuisine is rapidly gaining popularity in India, with food imports from South Korea, particularly noodles and pasta, experiencing significant growth. In FY24, imports reached $12 million, a substantial increase from $1.5 million in FY20. By the first five months of FY25, pasta imports alone hit $7.4 million, marking a dramatic rise in South Korea's share of India's pasta market from 0.8% a decade ago to 37% in FY24.
Private wealth assets under management in Hong Kong are projected to nearly double to $2.3 trillion by 2030, surpassing Switzerland as the leading cross-border wealth center. This growth is driven by increasing demand from Chinese investors for higher-yielding offshore investments, expected to rise 16% annually due to favorable interest rates in Hong Kong and the US compared to mainland China.
Hyundai has made its debut on Dalal Street with India's largest IPO, experiencing a decline in share prices immediately after the record launch on October 22. However, the shares rebounded strongly the following day, showcasing resilience in the market.
Indian stocks are facing significant pressure as foreign investors withdraw over $8 billion, marking the largest selloff since early 2020. This comes after an 11-month rally, driven by high valuations and slowing profit growth, prompting Goldman Sachs to downgrade the market outlook. Local funds are stepping in to support equities amid this turmoil.
ICICI Prudential Life Insurance Co reported stronger-than-expected premium income growth, driven by a healthy retail segment, although margins were impacted by elevated commission costs and higher ULIP sales. The company is adapting to new regulatory norms and aims for absolute VNB growth. Currently trading at 2.2/2.0/1.7x P/EV of its FY25/26/27E embedded value, a Buy rating is maintained with a target price of Rs 893, valuing the company at 2.3x its FY26E embedded value.
This document is intended solely for Relevant Persons regarding investment activities related to the Company's securities, which are not available to the general public. It emphasizes the risks associated with investments and clarifies that no public offering will occur in jurisdictions requiring registration, including the U.S., Canada, Australia, and Japan. Forward-looking statements are subject to uncertainties, and the Company disclaims any obligation to update these statements.
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