GAGA Share Market News

[hfe_template id='11223'] [ad_1] Shares of state-run Power Finance Corporation (PFC) fell over 3% to Rs 423 on the BSE in Wednesday’s trade after the company disclosed an outstanding exposure to controversy-hit Gensol Engineering. In a statement released on Tuesday evening, PFC revealed that out of the Rs 352 crore it had disbursed to Gensol Engineering in 2023 for leasing electric vehicles, Rs 307 crore remains unpaid. The company is actively pursuing options to address the situation, including filing a complaint with the Economic Offences Wing of the police over the alleged falsification of documents. In January 2023, PFC sanctioned Rs 633 crore to Gensol Engineering for the procurement of 6,000 electric vehicles, including Rs 587 crore for the purchase of 5,000 electric four-wheelers for BluSmart Mobility's ride-hailing service and Rs 46 crore for 1,000 electric three-wheelers for cargo operations. However, the three-wheeler loan was not utilised by Gensol, PFC me...

[hfe_template id='11223'] [ad_1] As history is known to rhyme, if not repeat, stock market investors are eyeing a well-established pattern: a pre-earnings rally, a correction during the results period, and a subsequent rebound. Historical data suggests that Nifty has seen an upswing in the three to four weeks before Q4 earnings 70% of the time with a clear 3%+ upside occurring in 30% of cases. However, the first 30 days of the earnings season have historically delivered flat returns with a negative bias. But what happens next? The data shows that in the past decade, Nifty has delivered an average return of 5.7% in the three months following Q4 results, with an 8%+ gain in half of the cases. The next 6 months are even brighter with an average 8.75% return. In the last 10 years, March month has been largely positive for the markets, apart from exceptions seen in 2015, when global concerns like China's Yuan devaluation and Brexit uncertainty led to volatility, and in 20...

[hfe_template id='11223'] [ad_1] ET Intelligence Group: The shares of City Union Bank have fallen by 11% over the past month, underperforming the 1% drop in the BSE Bankex, following higher provisioning, margin pressure and declining deposits from the current account and savings account (CASA) route, which raised the cost of funds. However, the country's oldest private sector bank has shown a gradual uptick in loan book and improvement in asset quality, prompting analysts to raise the target price by over 9%. The Kumbakonam-based bank offers loans to the MSME (micro, small and medium enterprises), retail, wholesale and agriculture segments. The bank's advances grew by 15% to ₹50,409 crore while deposits rose by 11% to ₹58,271 crore year-on-year at the end of December 2024. MSME and agriculture loans accounted for more than 42% and 18% of the total loan book, respectively. The bank's activities are concentrated in Tamil Nadu, which has 65% or 533 of the total ...

[hfe_template id='11223'] [ad_1] Making news yet again, Gensol Engineering’s promoters announced on Friday that they have sold 2.37% of the total equity in the company, amounting to 9 lakh shares, to ‘unlock liquidity and reinvest in the business.’ This move comes after the stock plunged 70% over the last eight trading sessions. In a separate filing, the board also disclosed plans to consider a stock split and explore fundraising options, including equity issuance, foreign currency convertible bonds, and other financial instruments, during its upcoming board meeting on March 13. “The promoters have sold approximately 2.37% of total equity shares of the company, amounting to 9,00,000 shares, to unlock liquidity that will be reinvested into the business through equity infusion. This step is part of a strategy aimed at reinforcing the company’s balance sheet and supporting stability,” Gensol Engineering stated in its filing. Further underscoring their commitment, the promot...

[hfe_template id='11223'] [ad_1] Mumbai: Most ratings firms continued to see an improvement in the credit ratio, or the proportion of upgrades to downgrades, indicating an improvement in Indian firms' credit quality. But they warn of some concerns like rise in unsecured lending and household debt, and stress in export oriented sectors. Also, several global risk factors are at play, resulting in potential credit risk transmission for the commodity producers in India. Geopolitical developments also add to the uncertainty. For Crisil, overall, there were 506 upgrades and 184 downgrades. The credit ratio increased to 2.75 times in the first half of this fiscal from 1.79 times in the second half of last fiscal. This highlights the sustained strengthening of India Inc's credit quality. "Rating upgrades continued to surpass downgrades, reflecting resilient domestic growth, supported by the government's continued policy support towards infrastructure build, rev...

[hfe_template id='11223'] [ad_1] Shares of the metal major Vedanta on Thursday rose 2% on the BSE, reaching an intraday high of Rs 469.40, following an announcement that the company received a long-term rating upgrade from ICRA on the expectation of improvement in the company's credit metrics. The rating for its 'Longterm/S term –Unallocated limits' instrument was upgraded to [ICRA]AA from [ICRA]AA-/[ICRA]A1+ rating watch with developing implications. The Longterm–Fund based –Term loan instrument was upgraded to [ICRA]AA from [ICRA]AA- and continues on rating watch with developing implications. As for Commercial Paper the rating was upgraded to ICRA]A1+ rating watch with developing implications. Recently, the mining major carried out a successful fund-raising worth $1 billion via a qualified institutional placement (QIP) in July 2024 and an additional $400 million was generated from the offer for sale (OFS) of Hindustan Zinc Limited (HZL) in August 2024. ...