Latest Stock Market News

The Dow Jones Industrial Average fell 27.69 points, or 0.08 per cent, at the open to 36,404.53.

The NBFC, backed by TPG Capital, Sequoia, Matrix Partners, Norwest Venture, KKR, and TVS Capital, is looking at a valuation of more than $ 3 billion, said one of the people quoted above.

While Torrent Power is looking to raise about Rs 800 crore, Avaada Energy may sell local bonds up to Rs 1,400 crore.

M&M said that it expects to report 15-20 per cent annualised growth in sales over the next three years driven by its tractor and automotive business. Further, it expects the tractor business to grow 10 times over the next five years.

The Rs 180-crore planned dividend payout is Rs 6 per unit this quarter, with 35 per cent of the distributions tax free for unitholders. This takes total distribution to Rs 12 per unit since listing. It has a strong balance sheet with only 18.7 per cent loan-to-value ratio.

Analysts said, Nifty50 has sustained above short-term breakout points and critical moving averages, thus, their positive stance on Nifty50 stays intact.

“As volumes improve on the auto side, M&M can easily surpass the current margins and come close to about 13.5 to 14% margins over the next one year.”

“Our expansion is not only limited to the brands that we currently operate. While KFC and Pizza Hut are exceedingly strong brands and there is a multiyear opportunity in terms of expansion on these brands, we are building ourselves up to be a platform player.”

“In the next 12 months, FMCG won’t be a great story till the election cycle starts and money goes back to the rural economy or the government goes for some very steep price cuts in oil products.”

“The positive earnings momentum continued in Q2FY22 and the overall earnings trajectory, too, has continued strong. We don’t foresee significant changes in the earnings expectations for FY22/23 post the quarterly numbers with the possibility of only minor upgrades," it said.