Wed, Apr 24, 2024 11:24 AM
FIIs bought 9,62,291 shares & Ashish Kacholia bought 25,000 shares
A Flip by Avya Verma
Motilal Oswal's research report on MRFMRF’s 4QFY24 result was weak as higher RM costs and operating expenses led to lower adjusted EBITDA margin of 16.2% (-100bp QoQ vs. est. 17%). A provision of INR463.6m, which was made in FY23, was recognized in 4Q along with the additional provision of INR981.4m for FY24 to cover EPR costs.
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India’s unexpected move to buy back bonds signals the central bank is getting proactive in easing liquidity and may switch to a neutral interest-rate stance in its June policy, according to Citigroup Inc. The Reserve Bank of India on Friday said it would buy back 400 billion rupees ($4.8 billion) of bonds — all maturing in the current fiscal year ending March — on May 9.
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Stocks of REC, PFC recovered at mid-day on May 6, after brokerage firm CLSA said that the impact of RBI's proposal on provisions would have minimal impact on the company's profit and loss. REC stock opened at Rs 530 on the NSE, before falling by around 10 percent to Rs 502 during early trade on May 6. The stock has since seen some recovery.
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