Mumbai: Sona Comstar, leading Indian auto component maker owned by PE fund Blackstone Group Inc, is set to raise about Rs6000 crore ($825 mn) through an initial public offer (IPO). A DRHP (draft red herring prospectus) will be filed with regulators this week, possibly as early as Tuesday, said multiple people aware of the development. … Read more
Credit Suisse has turned neutral on the IT sector, and reduced recommendation on the healthcare sector to underweight. The relative price-to-earnings in the IT sector is now the highest since 2013 and gains will be growth-dependent from here, said Credit Suisse. The financial services company has reiterated strong overweight on banks. “Post a 37% bounce, … Read more
Most brokerages have raised target prices on Axis Bank by 5-20% after the lender’s September quarter results exceeded Street estimates. The private lender reported a profit of Rs 1,682.7 crore for the quarter against loss of Rs 112.1 crore in the same period a year ago. Brokerages said the asset quality is better than what … Read more
Mumbai: Telecom major Vodafone Idea is likely to narrow its losses in the September quarter from the record loss it reported in the year ago period. Revenues may, however, not see material upside as the company has been losing subscribers rapidly. Even though it has lost the subscriber base, it may still see some improvement … Read more
At beleaguered European banks, coronavirus is fast-tracking plans for fundamental restructuring after years of poor performance. Many of the region’s most prominent lenders are tearing up old business models, cutting business lines or doubling down on domestic markets as they try to find a formula that works for them. HSBC Holdings PLC is… Source link
Mumbai: Credit Suisse has sounded caution on reliability of reported profitability numbers by lenders due to high concentration of interest accrued component in bank’s net interest income. The report also said that reported share of moratorium loans dropped across private banks to 10-25% as of June 2020 versus 30-70% in April 2020. “The interest accrued … Read more
Mumbai: Telecom major Bharti Airtel may report its losses narrowed in the quarter ended June from a year ago, despite the challenges posed by the Covid-19 pandemic. The telecom sector was an outlier as most sectors remained non-operational for most of the June quarter due to pandemic-induced lockdown. Even as the lockdown increased data consumption, … Read more