Stock market recommendations: Motilal Oswal Financial Services recommends DLF and HDFC AMC as top stock picks for the week. DLF boasts a strong portfolio with significant pre-sales growth projected, while HDFC AMC shows potential due to its high-margin equity segment and extensive distribution network.
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NBCC Ltd, a state-owned construction firm, aims to increase its order book to Rs 1 lakh crore by March 2024 from the current Rs 84,400 crore. The company's portfolio includes PMC, EPC, and real estate projects, with a significant portion coming from redevelopment initiatives.
Sebi exempts the Indian government from making an open offer to Vodafone Idea shareholders, as the government plans to acquire over 34% stake by converting spectrum dues into equity. This move, aimed at protecting public interest, will help VIL maintain its customer base and enhance telecom penetration in India without changing company control.
India's economy is set to slow to a four-year low of 6.4% in 2024-25, due to a decline in manufacturing and weak investment. The farm sector's strong growth and increased rural consumption offer some relief, while a rate cut by the RBI is anticipated to spur demand.
Optimistic expectations from the upcoming Budget have boosted the sensex by 741 points to 77,501 points, adding about 2,100 points in the last four sessions. Investor sentiment was also lifted by the economic survey, which projected growth of 6.3-6.8% for FY26 and positive comments on increased government capex.
Catch, an Australian e-commerce platform acquired by Wesfarmers in 2019, will close down, leading to about 200 job losses due to tough competition from Amazon and Temu. The logistics centres will be transferred to Kmart to enhance its customer service and delivery efficiency.
Indian stock markets are predicted to remain in a corrective to consolidation phase for the next few months due to rising US interest rates, fiscal deficits, inflation, and deglobalisation trends. Market volatility is also impacted by Japan's monetary policy changes and ongoing foreign institutional investor outflows.
Fraudsters are purchasing electric vehicles through financing, then replacing the new battery with a used one and selling the new battery. They subsequently default on the loan, returning a significantly devalued vehicle. To combat this, the Finance Industry Development Council has requested that the government include battery numbers on vehicle registration certificates.
India's forex reserves surged $15.27 billion to reach $653.97 billion, the sharpest weekly gain in over three years, as of 7 March. This rebound comes after months of volatility and an 11-month low, highlighting the RBI's active management to stabilize the Rupee.
A parliamentary committee will review the new Income Tax bill introduced by Finance Minister Nirmala Sitharaman. This bill aims to simplify the existing tax code by reducing the number of sections and word count significantly, and removing obsolete provisions, while establishing clear administrative frameworks and roles.
Finance Minister Nirmala Sitharaman explained that the recent selling of Indian equities by foreign institutional investors is due to profit booking as the Indian economy provides good returns. Finance Secretary Tuhin Kanta Pandey added that during global uncertainties, FIIs tend to return to their home countries, predominantly the US.