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Equirus Securities on Sterlite
We pointed out earlier that China has been the main driver of growth over the last decade and that its three major operators have deployed OFCs of about 1 billion fkm to increase the penetration of 4G and FTTH. With the penetration of 4G and FTTH widely achieved in China, these operators began to prepare to launch the 5G network.
Although the launch of 5G could continue to boost demand in the medium term, telecom operators could try to manage their investment at a gradual pace. Meanwhile, with the commissioning of about 2,750 tons of preform capacity by the end of CY18, the FOS achievements could have peaked, in our opinion. We adjust our FY19 / FY20 EPS estimates by + 1% / – 4% to account for margin pressure during fiscal year 20 and target price of Rs 380 in June1919 (from target price) of Rs. 410 of TTM P / E of 30x.Maintain LONG.
Vedanta declines from LSE, Agarwal's family trust makes a buyout offer
Billionaire Anil Agarwal-led Vedanta Resources plc will be delisted from the London Stock Exchange after the developer group has made a cash offer to buy back about 33 percent of the public stake in the company.
The family trust of Anil Agarwal has agreed to buy the rest of Vedanta as part of a deal that values the mining conglomerate at 2.3 billion pounds ($ 3.03 billion). READ MORE
Market verification
Sense BSE Senbad
35,226.72
-0.56%
Nifty 50
10633.80
-0.75%
S & P BSE 200
4,579.33
-0.63%
Nifty 500
9086.55
-0.83%
S & P BSE Mid-Cap
15,307.12
-0.93%
S & P BSE Small Cap
15890.51
-0.88%
MF sector: Excessive regulation reduces yields, under risk regulation
In India, the MF concept was introduced with the promulgation of the Unit Trust of India Act (UTI) in 1963. Subsequently, in 1987, public financial institutions, banks, Life Insurance Corporation and General Insurance Corporation were authorized to issue MFs. In 1993, the private sector was allowed to join the industry. Kothari Pioneer was the first to launch an FM system. READ MORE
25 years of private sector MF: Many foreign actors bite the dust in India
At the time when the private sector mutual fund industry is celebrating 25 years, it is surprising that there are few foreign players who made the cut. The first private sector player – Kothari Pioneer – was sold to Franklin Templeton in the early years. READ MORE
Bajaj Auto on the fast track as sales jumped 65% to 4.04,429 units in June
Bajaj Auto announced Monday a 65% jump in total sales to 4.04.429 units in June. The company had sold 2.44,878 units in the same month a year ago.
Motorcycle sales also increased 65 percent to 3.37,752 units from 2,046,667 last June, Bajaj Auto said in a BSE case. READ MORE
Share price (Source: NSE)
Benchmarks are trading less well in world markets, even though the rupee has recovered and oil prices have fallen after Trump tweeted that Saudi Arabia agreed to lift the oil production up to 2,000,000 barrels. The metals index is trading at more than 2%, weighed down by the fall in shares of Jindal Steel & Power and National Aluminum Company
WORLD MARKETS
A further decline in Chinese equities and a series of 39; disastrous surveys in the Asian markets lower on Monday, while the euro and the Mexican peso have both been shaken by political developments at home. The widest index in the Asia Pacific MSCI region outside Japan fell 0.6%, up 2% last week. The Japanese Nikkei lost 2.2% to its lowest level in 11 weeks, and a survey of manufacturers revealed that sentiment had clouded the threat of trade war.
Brent crude was down 61 cents to $ 78.62 a barrel, while US crude dropped 62 cents to $ 73.53. The decline was modest as US crude rebounded by more than 8% last week, while Brent gained more than 5%.
On the macroeconomic front, manufacturing conditions improved in June, supported by the strongest production gains and new orders in 2018 up to now. Reflecting higher production requirements, companies were encouraged to engage in purchasing activities and increase their workforce. On the price front, input cost inflation has been strongest since July 2014, while production costs have risen at a faster pace. Business confidence has fallen back to its lowest level since last October.
The Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from 51.2 in May to 53.1 in June. This corresponded to the fastest improvement in the health of India's manufacturing economy in 2018 up to now
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