Today's Tech Check- "Craftsman Automation Q1 Analysis, Tax Devolution, FPIs Swing Back, Profits Surge by 29.7%, ICICI Securities Gives a Buy Signal"
26th June, 2024
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1. “Craftsman Automation Q1 Analysis: Steady Growth Amid Consolidation - Insights by ICICI Securities”
Craftsman Automation Q1 Results:
EBITDA declined by 5% QoQ to Rs 2 billion, below estimates
Aluminum segment margin fell due to rising commodity prices
Power transmission segment margin impacted by seasonality and refurbishment activities
ICICI Securities:
Downgrading Craftsman Automation to Hold due to stock price run-up and weak performance in power transmission segment
Revised target price set at Rs 5,012
#Craftsman Automation Ltd#Research Reports#bqblue#stock
2. “FM Exclusive: Why Southern States Must Recognize the Impact of Cheap Labour and Capital Movement on Tax Devolution”
Southern Indian states should acknowledge the role of free labor and capital mobility in their development when requesting tax devolution.
Finance Minister Nirmala Sitharaman emphasized this, citing Tamil Nadu, Kerala, Telangana, Karnataka, and Andhra Pradesh as beneficiaries.
Some southern states have expressed concerns over a possible decline in revenue share due to the better management of population growth relative to northern and eastern states.
Sitharaman stressed the need for states to attract talent and investments through policies.
The Finance Commission, set to make recommendations in October 2023, will consider developmental and human indicators in its assessment.
Tamil Nadu, Kerala, Telangana, Karnataka, and Andhra Pradesh are Southern Indian states.
#Nation#Finance Minister Nirmala Sitharaman#Budget#Budget 2024#bqmetered#citi#TAX
3. “FPIs Swing Back: Net Buyers After 3 Days of Sell-off!”
Foreign investors turned net buyers, buying stocks worth Rs 2,546.4 crore on Friday.
This reversal comes after three days of selling and a cumulative outflow of Rs 10,711.7 crore since budget day.
Domestic institutional investors extended their buying spree, investing Rs 2,774.31 crore, marking their fourth consecutive day of being net buyers.
In 2024, foreign institutions have been net buyers of Indian equities totaling Rs 36,889 crore (as of the previous trading day).
#Business#Market#budget#bqfree#crore#stock#Markets
4. “Cholamandalam Investment and Finance Q1 Update: Profits Surge by 29.7%, Hitting Rs 942 Crore!”
Cholamandalam Investment and Finance reported a 29.7% YoY increase in Q1 profit to Rs 942 crore.
Total income grew 40.9% to Rs 5,828 crore.
Disbursements rose 22% to Rs 24,332 crore.
Assets under management climbed to Rs 1,68,832 crore.
Capital adequacy ratio exceeded regulatory requirements at 18.03%.
#bqfree#crore#Business#Quarterly Earnings
5. “Why You Should Invest in Transport Corporation Of India: ICICI Securities Gives a Buy Signal”
Key Facts:
Transport Corporation of India (TCI) refining freight mix to favor higher-margin less-than-truck-load business
Capex in sea freight segment expected to boost overall margins
Improved performance of joint ventures anticipated to drive earnings growth
Personality:
ICICI Securities initiates coverage on TCI with a Buy rating and target price of Rs 1,200
#Research Reports#bqblue#business
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