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U.K. Finance Minister Rachel Reeves is set to deliver the Labour government's first budget in nearly 15 years, addressing a £100 billion spending gap amid rising government borrowing costs and declining business confidence. The budget will propose changes to debt rules to free up investment funds, while tax increases for higher earners and potential adjustments to inheritance and capital gains taxes are under consideration. Analysts warn that balancing fiscal responsibility with growth initiatives will be a challenging task for Reeves.
Afcons Infrastructure, part of the Shapoorji Pallonji group, has raised Rs 1,621.5 crore from 80 institutional investors through its anchor book ahead of its IPO, set to launch on October 25. The Rs 5,430-crore share sale includes a fresh issuance of Rs 1,250 crore and an offer-for-sale of Rs 4,180 crore by promoter Goswami Infratech, with shares priced between Rs 440-463. Notable global investors such as Blackrock, Goldman Sachs, and the Monetary Authority of Singapore participated in the anchor investment.
Coforge's stock has surged approximately 22% this year, outperforming the Nifty's 12% return, following strong Q2 results for the quarter ending September 30, 2024. Analysts have responded positively, with Nomura maintaining a 'buy' rating and setting a target price of Rs 8,480, while HSBC raised its target to Rs 8,200, citing robust revenue and margin outlooks. The company's solid order book and headcount growth bolster confidence in its future performance.
Hyundai Motor India Ltd. has received a wave of buy ratings from analysts following a lackluster trading debut. The company now boasts six positive recommendations from firms including Nomura and Macquarie, while only one sell-equivalent rating has been issued by Emkay Global.
Komainu, the cryptocurrency custodian backed by Nomura Holdings Inc., is acquiring Singaporean rival Propine Holdings Pte Ltd. This marks Komainu's first acquisition, pending approval from the Monetary Authority of Singapore, with plans for more acquisitions in the future, according to co-CEO Paul Frost-Smith. The financial details of the deal have not been disclosed.
Morepen Labs plans to spin off its medical devices business into a separate unlisted subsidiary within 12-24 months to enhance investor value, with expectations of 25-28% growth. The company aims to expand glucometer production from 2.5 million to 5 million units annually by FY26, targeting regulated markets like the US by FY27. Backward integration efforts are underway, focusing on manufacturing components in India and increasing strip production to 700 million by FY26.
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uk government prepares for first budget amid economic uncertainty and tax speculation
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07:10 28.10.2024
Afcons Infrastructure raises 1621 crore ahead of IPO launch on October 25
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18:35 24.10.2024
Coforge shares surge as analysts raise price targets after strong Q2 results
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08:46 23.10.2024
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morepen labs plans to spin off medical devices business for growth potential
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09:00 07.10.2024
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