GAGA Share Market News

[hfe_template id='11223'] [ad_1] Shares of Suzlon Energy dipped 2% today on BSE to the day's low of Rs 45 after the company reported a decline of 21% year-on-year (YoY) in Q4 net profit to Rs 254 crore. However, brokerages see an upside to Rs 54 for the stock. The consolidated net profit in the 2023-24 fiscal year also declined to Rs 660 crore from Rs 2,887 crore a year earlier while total income rose to Rs 2,207.43 crore in the quarter from Rs 1,699.96 crore in the same period a year ago. Despite a decline in net profit for the fourth quarter, brokerages are bullish on the stock as they predict a 20% upside potential for the stock. Here's what analysts have to say: ICICI Securities It has been a real turnaround year for Suzlon Energy (Suzlon), with net debt free, strong execution growth of 10% to 710 MW and order inflow of 3.1GW in FY24. Suzlon has reported a strong order inflow of 3.1GW in FY24 and 402MW in FY25-YTD, robust order backlog of 3.3GW as of date (5x...

[hfe_template id='11223'] [ad_1] After listing at a small premium of 3.35% on BSE in Thursday's trade at Rs 281 over its issue price of Rs 272, shares of Go Digit General Insurance rallied another 9% to the day's high of Rs 305.85. Despite a positive debut, this performance fell short of pre-listing expectations and the grey market premium (GMP) which suggested a potential gain of around 10% as the company's shares traded at a premium of Rs 25 in the unlisted market. “Go Digit's position as the fastest-growing private non-life insurer by GWP in India positions it for continued success in the dynamic insurance market. The company's advanced technology platform and focus on innovation bode well for its future,” said Shivani Nyati, Head of Wealth at Swastika Investmart. Go Digit's moderate listing necessitates a balanced approach from investors. While the company possesses strong long-term potential, careful consideration of the valuation and competi...

[hfe_template id='11223'] [ad_1] Shares of PSU stock Bharat Heavy Electricals (BHEL) fell up to 8% on BSE on Wednesday to Rs 295 after the company reported an over 25% year-on-year (YoY) decline in its consolidated net profit to Rs 489.62 crore in the March quarter. Kotak Equities sees a downside to Rs 75 for the stock while other brokerages are still optimistic about the future. “BHEL’s results were weak on execution and working capital, making it a net debt company. With ordering at 3X of revenues and potentially peaked out, the focus would shift to the pace of execution and margin improvement. We see impediments to both on account of high dependence of vendors beyond BTG work. Execution is also key to working capital reduction given revised terms linked more to milestones,” said a report by Kotak Institutional Equities. The brokerage maintained a ‘sell’ call on the stock while revising the target to Rs 75. Also read: Paytm Q4 Results: Loss widens to Rs 550 crore; reve...

[hfe_template id='11223'] [ad_1] Mumbai: Sixteen domestic mutual funds, which held shares of ICICI Securities, voted in favour of parent ICICI Bank's proposal to delist the broking arm, according to data compiled by primeinfobase.com. Seven fund houses opposed the plan in the voting process held on March 27, the data showed. The terms of the proposal were controversial with a section of the shareholders opposing it. However, a majority of ICICI Securities' public shareholders favoured the delisting in the voting process. Mutual funds, including Kotak, Mahindra Manulife, Samco, Quantum, ITI, LIC and Baroda BNP, voted against the resolution. Asset management companies which voted in favour, were UTI, Axis, Aditya Birla, HDFC, ICICI Prudential, Nippon, Mirae Asset, DSP, SBI, Sundaram, Bandhan, and NJ, among others. The reason cited by Kotak Mutual Fund for being against the proposal was that parent ICICI Bank did not give ICICI Securities' minority shareholders ...

[hfe_template id='11223'] [ad_1] Equity markets rallied last week mainly due to relief from the middle-east tensions coupled with a correction in oil prices. In today's trade shares of ICICI Securities, ICICI Bank, YES Bank, Ultratech Cement, HCL Tech will be in focus due to various earnings and news developments. ICICI Securities Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses. YES Bank Yes Bank reported a standalone net profit of Rs 452 crore for the quarter ended March 2024, which jumped 123% year-on-year. Read more: Here's the trade setup for today's session ICICI Bank ICICI Bank reported a standalone net profit of Rs 10,707 crore for the quarter ended March 2024, which was up by 17.38% year-on-year. UltraTech Cement, Trent, UCO Bank Shares of UltraTech...

[hfe_template id='11223'] [ad_1] Mumbai: Minority shareholders of ICICI Securities (I-Sec) led by Bengaluru-based investment manager Manu Rishi Gupta have filed a class action suit with the Delhi bench of the National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm. The private lender's scheme of arrangement to delist ICICI Securities received approval from the subsidiary's public shareholders in a voting process last month. Gupta has confirmed filing the suit under Section 245 of the Companies Act, stating that more than 100 investors have already consented to take legal action to halt the delisting process. He mentioned that more investors are joining each day to support the legal battle. "Our primary contention is to question the process followed for delisting, mismanagement during the voting process, the oppression of minority shareholders through the valuations at which the swap ratio was decided, and moreover, how ICI...

[hfe_template id='11223'] [ad_1] Mumbai: A group of investors led by Bengaluru-based investment manager Manu Rishi Gupta is planning to approach the National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses. The private lender's scheme of arrangement to delist ICICI Securities received approval from the subsidiary's public shareholders in a voting process last month. Some individual investors of ICICI Securities have formed a 'joint action group' with a plan to object to this scheme of arrangement in the NCLT. According to a person familiar with the development, over 200 retail shareholders of the brokerage have already joined this group and have begun raising funds through crowdfunding. These shareholders have been asked to give a Power of Attorney, nominating Gupta as their representative to execute the legal proceedings. The group has yet to appoint lawyers to file the lawsuit. Quantum Mutual Fu...