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Gujarat Fluorochemicals' EV arm, GFCL EV, has successfully raised Rs 1,000 crore at an equity valuation of approximately Rs 25,000 crore, with backing from prominent investors including the INOXGFL Group. The funds will support capacity expansion and leverage global opportunities in the electric vehicle and energy storage sectors. GFCL EV aims to commence commercial sales by the fourth quarter of this year, positioning itself as a key supplier for major automotive OEMs.
Gold prices rose by 0.18% to Rs 77,909 on October 22, according to MCX data. However, the second quarter of 2024 saw a 6% decline in gold demand, primarily driven by a reduced appetite from the jewellery sector.
Dalmia Bharat's Q2 results showed an 8% year-on-year volume increase, but margins were impacted by a 5-7% decline in cement prices during the monsoon season. Despite muted near-term growth prospects, the company aims for a 75MT capacity by FY28, supported by improved realisations and stable power and fuel prices.
Zomato's stock has surged 135% over the past year, significantly outperforming the Nifty's 28% rise. In Q2FY25, revenues reached Rs 4,800 crore, driven by strong growth in Blinkit, Hyperpure, and Going Out segments, while food delivery remained steady. Brokerages, including HSBC, maintain a 'buy' rating, citing the company's growth potential and recent fundraise as key factors for its competitive edge.
Analysts are optimistic about Zomato, while Morgan Stanley has reduced the target price for M&M Financial Services. HSBC and Jefferies both issued buy calls on ICICI Prudential Life Insurance, with target prices set at ₹850 and ₹860 per share, respectively, citing strong VNB growth and premium performance despite some challenges.
Sonam Kapoor and her husband Anand Ahuja's Bhaane Group have acquired Mumbai's iconic music store, Rhythm House, for Rs 47.84 crore ($5.7 million). The store, which closed in 2018 after its previous owner defaulted on loans, marks the end of an era for music lovers who cherished physical media. The sale was overseen by a resolution professional appointed by the Indian bankruptcy court.
Goldman Sachs has downgraded Indian equities to neutral from overweight, citing a slowdown in economic growth that is negatively affecting corporate earnings. Despite maintaining a positive long-term outlook for India, strategists noted a decline in earnings sentiment and a weak start to the September-quarter results season.
The IMF projects India's real GDP growth at 7% for 2024-25, with a gradual decline to 6.5% by 2029-30. The investment-to-GDP ratio is expected to peak at 33.7% this fiscal year, while exports of goods and services will rise modestly by 3.5% in 2024-25. Inflation is forecasted at 4.2%.
Adani Group has intensified competition in India's cement sector by acquiring a 46.8% stake in Orient Cement through Ambuja Cement, following UltraTech's purchase of India Cements. This marks the fourth major deal in the industry within a year, as both conglomerates have collectively acquired six firms since Adani entered the market in 2022.Hyundai's CEO emphasized the importance of stable policies and infrastructure support for the growth of India's electric vehicle market. The company plans to introduce multiple electric models and enhance its local ecosystem, coinciding with the listing of its Indian unit, which is the largest in the country's stock market history.
RailTel Corporation of India has secured a work order worth approximately ₹36.78 crore from South Eastern Railway for the installation of electronic interlocking systems and signaling arrangements at Bondamunda, with a completion deadline of October 16, 2025. Additionally, the company's board of directors will meet on October 28, 2024, to review unaudited financial results for the quarter and half-year ending September 30, 2024, and to consider declaring an interim dividend for the financial year 2024-25.
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Gujarat Fluorochem's EV arm secures 1000 crore for expansion plans
04:50 23.10.2024
gold prices rise slightly amid declining demand in jewellery sector
04:48 23.10.2024
Dalmia Bharat reports volume growth amid challenging pricing environment in Q2
04:38 23.10.2024
Zomato stock soars on strong Q2 earnings and growth potential
04:34 23.10.2024
analysts optimistic on zomato while m and m financial target cut
04:33 23.10.2024
sonam kapoor acquires iconic mumbai music store rhythm house for 5.7 million
Indian Rupee
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04:32 23.10.2024
Goldman Sachs downgrades Indian stocks amid slowing economic growth
04:29 23.10.2024
IMF projects steady growth for India driven by consumption and investment
04:13 23.10.2024
Adani Group acquires Orient Cement intensifying competition with Ultratech
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04:06 23.10.2024
RailTel Corporation secures 36.8 crore order from South Eastern Railway
04:03 23.10.2024
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