After initially cheering the deal, the stock market gave its thumbs-down to Mankind acquiring BSV at the premium valuations of eight times its FY24 revenues and 23 times its estimated ebitda of FY25. The Mankind stock opened 4.5% higher on Friday but closed 3.6% lower. Worries over funding of expensive deal and taking of debt for a debt-free company dragged down the positive sentiment.
Bain, CVC Capital also in fray; 51% stake in play in 2nd largest Housing Finance company as current promoters Kedaara & Partners Group seek to exit 8 year old investment.
InsuranceDekho, a Gurugram-based insurance marketplace, has secured the composite insurance broking licence from IRDAI. Its customers can now avail the reinsurance service from the company. With this, the company takes on rival Policybazaar, which had received the permit in February this year. InsuranceDekho processed around Rs 3,300 crore in premium for insurance companies in the last financial year.
The massive jump in retail participation in futures and options trading, crypto trading and sports betting has increased the tax filing challenges for chartered accountants and lawyers. People who are helping consumers file their taxes told ET that many of them have undertaken 25,000 FnO transactions, more than 1 lakh crypto trades and actively bet on sports.
Manish Prasad, president and managing director of SAP Indian Subcontinent, told ET that India is a key growth market for the company. SAP, which is Europe's biggest tech company by market capitalisation, is seeing cloud revenues in the India market rising at over 50% a year as mid-market firms up adoption.
AI firm C5i has acquired Analytic Edge, a marketing analytics company, its second acquisition in 12 months. While the companies did not disclose the size of the deal, sources told ET Analytic Edge was valued at $30-40 million after the transaction. US-based C5i is aiming for a turnover of Rs 1,000 crore in the coming fiscal year, its chairman said.
FirstCry, a baby and mother care product retailer, will list likely at a $3-3.5 billion valuation, sources in the know told ET. FirstCry's IPO will be the second major new-age company to debut on Dalal Street this year, after Ola Electric. The company's offer size remains the same as mentioned in its draft papers.
India's unlisted bonds market has grown over the last five years, with issuances reaching ₹1.04 lakh crore between January and July 24, 2024, compared with ₹1.87 lakh crore for the entire year 2023, ₹1 lakh crore in 2022, and ₹64,000 crore in 2021, according to Prime Database.
The one-month implied volatility being priced by the foreign exchange options market has been below 2% for six months now, much lower than 3.5% a year ago, he said. On Friday, the rupee ended trade at an all-time low of 83.73/$1, having depreciated around 0.1% versus the US currency for the week, LSEG data showed. The weakness in the rupee has been driven by sharp volatility in the Chinese yuan, as well as foreign outflows from stock markets, which turned choppy after the government raised capital gains taxes on equities in the budget for FY25.
A look at some of the stock recommendations by analysts of late. These stocks are expected to return between 12% and 25% as per analysts’ price targets.
On the weekly chart, the index has formed a bullish candle with a lower shadow, indicating buying at lower supports. Nifty has experienced volatility previously and has found support from its 20-day moving average.
Apart from the seasonal impact, heightened due to general elections and heat waves across the country that affected business activities, most private lenders saw a higher formation of fresh bad loans emanating from retail, especially personal loans and credit cards. Agriculture loans also contributed to some stress, according to post-results commentary by several banks.
In a week that also brings a Federal Reserve interest-rate decision, investors will focus primarily on results from Microsoft on Tuesday, followed by Meta Platforms, Apple and Amazon over the next two days.
Blood of Zeus will conclude with its third season on Netflix in 2025. The creators confirmed this at Comic-Con. The final season will continue the story of Heron, Seraphim, and the gods facing new adversaries.