US Stock Reports, Quotes and News
Christopher Wood of Jefferies warns of a potential market correction triggered by national elections and changes in capital gains tax. BJP\’s expected return to power in the upcoming elections may impact market stability.
360 One Prime on Friday opened its second tranche of fund raising of Rs 500 crore through the issue of non-convertible debentures (NCD) which might effectively yield 9.2% to 9.86% p.a. The issue will be closed on June 6.
IT stocks closed lower amid concerns over tighter-for-longer US monetary policy. Sensex settled at 75,410.39 while broader NSE Nifty ended at 22,957. HDFC Bank, Bharti Airtel, L&T, Axis Bank, NTPC, and UltraTech Cement saw gains, while Tech Mahindra, Asian Paints, TCS, M&M, and Titan closed with losses.
Yashwant Deshmukh, Founder-Director of CVoter International, analyzes the turnout figures and discusses BJP\’s performance in the upcoming elections. He says there are no red flags for the market from the voter turnout in the later phases of the election. Deshmukh further points out that Opposition\’s problem is not the regional parties. They have been giving a very good contest to the BJP ; the problem is the performance of the Congress.
Arun Chulani, Co-Founder of First Water Capital, discusses the fund\’s impressive performance, achieving over 90% growth in the last year and 40% CAGR in 3 years. The fund has consistently ranked no.1 on BarclayHedge\’s Top 10 equity funds. he says: \”Our performance is a reflection of our core philosophy, which starts with value, concentration, and betting on a country with long-term tailwinds—that of India.\”
Mark Mobius discusses the potential of largecaps in India, particularly in the infrastructure and power sectors. He highlights NHPC\’s entry into hydropower and emphasizes global growth opportunities, while addressing the valuations of public sector entities. Mobius suggests one should keep some cash on the side in the event of a correction where you can buy at much lower prices.
Feroze Azeez, Deputy CEO of Anand Rathi Wealth Limited, provides insights on market triggers, FII positioning, earnings growth, valuations, investor sentiment, and recommended sectors for investment, including financial services, rail and highways, and renewable energy. Azeez also points out that earnings have doubled in the five-year fiscal, which is a great five-year earning cycle.
Ajay Srivastava, CEO of Dimensions Corporate, highlights the need for a GST rate rejig to boost the consumer side of the market. He emphasizes the importance of stimulating consumption to enhance the overall market performance. Srivastava also says that this is a market which favours momentum investing more than value investing and that is the key takeaway as the market hits new highs.
S&P Dow Jones Indices on Friday announced that with effect from June 24, Wipro will be removed from the 30-share index and Adani Ports will take its place. BSE has also made some tweaks in the constitution of Sensex 50, Bankex, BSE 100 and Sensex Next 50 in the semi-annual rejig of indices.
Suzlon Energy shares dropped 5% to Rs 45.84 on BSE after Q4 profit declined 20% to Rs 254.12 crore. Revenue rises 29% YoY to Rs 2,179.20 crore.
The move is meant to help investors have an easier understanding of key features of an offer. The AVs, initially in bilingual formats, will be placed in the public domain for all main board public issues. This framework will be applicable to all DRHP filed with Sebi on or after July 1 on a voluntary basis and from October 1 onwards on a mandatory basis.
Capital markets regulator Sebi on Thursday proposed providing relaxation on the framework pertaining to valuation of investment portfolio of alternative investment fund (AIF).