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India growth a catalyst, local arms trump MNCs

Updated at : 2023-07-07 06:20:02

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Growth visibility has done enough to burnish the allure of these stocks with investors - both at home and overseas. It is no wonder, therefore, that the India-listed stocks of these MNCs trade at premium valuations relative to their parent entities beset with inevitable growth challenges that mature markets present.

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This March, RIL had said it plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL).

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The Gujarat-based company that recycles waste tyres, plans to raise funds by offering 76 lakh equity shares with a face value of Rs 10 each through the book-building route. It plans to utilise the proceeds from the IPO to set up a 100 MT waste tyre recycling facility in Maharashtra and for other general corporate purposes

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According to data available with the exchanges, Smallcap Fund Inc has offloaded 23.92 lakh shares or 1% stake in the company. New Fund World has also offloaded 1.45% stake in Piramal in the transaction, which was executed at Rs 941 apiece. Tata MF, Societe Generale, Morgan Stanley, Goldman Sachs, Citigroup, BoFA Securities are buyers

With the entry of Bajaj and Hero in the premium space, analysts see stiff competition, loss of market share, and growth concerns for Eicher.

The Securities and Exchange Board of India (SEBI) has proposed mandating Foreign Portfolio Investors (FPIs) to undertake at least 10% of their total trades in corporate bonds on the Request For Quote (RFQ) platform of stock exchanges. The proposal is aimed at increasing liquidity and transparency while encouraging investments by FPIs

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"The company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited," it said without giving timelines for the same.

This is mainly referred to by active equity mutual fund managers.

CEAT stock was in a consolidation zone for almost 5 weeks, but it managed to move out of the Symmetric Triangle pattern on Thursday at Rs 2,088. The breakout has activated a target of Rs 2,588 based on the pattern.

​​“Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” the company said in a release.

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