GAIL infuses Rs 2,100 cr in JBF Petrochemicals
Fri, Jun 2, 2023 4:35 PM

GAIL infuses Rs 2,100 cr in JBF Petrochemicals

GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has "infused Rs 2,101 crore (equity - Rs 625 crore and debt - Rs 1,476 crore)" in the committed bankruptcy resolution plan.

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ONGC to maintain financial flexibility as earnings steady: S&P
Fri, Jun 2, 2023 4:28 PM

ONGC to maintain financial flexibility as earnings steady: S&P

ONGC's operating cash flows will rise over next 12-24 months due to higher production volumes, stable earnings from domestic gas production, and the removal of a windfall tax on crude oil, S&P Global Ratings said on Friday. At the same time, production at the Sakhalin-1 project of ONGC Videsh should also recover to fiscal 2022 levels, after a period of disruptions because of geopolitical issues.

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Gateway Distriparks gain 6% on Sharekhan's 'buy' call
Fri, Jun 2, 2023 4:23 PM

Gateway Distriparks gain 6% on Sharekhan's 'buy' call

Gateway Distriparks share price rose 6 percent intraday on June 2 after the broking firm Sharekhan revised the price target to Rs 80 and upgraded the rating to "buy". Gateway Distriparks has shown resilient performance in the wake of EXIM imbalance and sustained pressure in CFS business led by increased fixed costs, Sharekhan said.

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Recession may not have a negative impact on value stocks, says GMO Partner
Fri, Jun 2, 2023 4:20 PM

Recession may not have a negative impact on value stocks, says GMO Partner

Value stocks are highly vulnerable during economic downturns and investors looking to buy them, in the current market conditions, may have concerns about the potential impact of a recession. However, empirical evidence shows that value stocks tend to outperform in recessions, said Ben Inker, economist and equity strategist at global investment firm GMO.

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Benchmark indices close marginally higher today; Nifty  around 18,500
Fri, Jun 2, 2023 4:11 PM

Benchmark indices close marginally higher today; Nifty around 18,500

📈 Domestic benchmark indices closed on a flat note on 📢 At 3:30 PM, the Sensex gained 118.57 points or 0.19% at 62,547.11, and the Nifty was higher by 46.35 points or 0.25% at 18,534.10. 📊Among sectors, realty, auto, metal added a percent each, while selling was seen in the IT and oil & gas names.

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Kotak Mahindra Bank bets big on digital channels to woo corporate clients
Fri, Jun 2, 2023 4:05 PM

Kotak Mahindra Bank bets big on digital channels to woo corporate clients

Kotak Mahindra Bank plans to ramp up its digital channels to acquire business customers, aiming to expand its corporate client base three times, a top executive said. The lender now has 40,000 customers on Fynn, its digital service for corporate and business clients, said Shekhar Bhandari, President of Global Transaction Banking.

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Global inflows help Indian stocks become EM Asia’s top gainers
Fri, Jun 2, 2023 4:02 PM

Global inflows help Indian stocks become EM Asia’s top gainers

Foreign inflows into Indian stocks accelerated to a nine-month high in May as investors sought to capitalize on one of the fastest growth rates among major economies. Overseas investors purchased a net $5 billion of the nation’s shares last month, the most since August. Global funds snapped up the stocks for 24 consecutive days through May 31, the longest streak since August 2016.

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E2W sales cross 1 lakh mark in May as subsidy cut sparks buying rush
Fri, Jun 2, 2023 4:00 PM

E2W sales cross 1 lakh mark in May as subsidy cut sparks buying rush

The domestic E2W industry saw monthly sales cross the one lakh mark in for the first time in May as the announcement of a subsidy cut on such vehicle purchases sparked a last-minute buying rush. Retail monthly sales of electric two-wheelers scaled a new high of 104,845 units in May 2023, which is about 57% higher than the 66,727 units registered in April 2023.

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India mulls green Ammonia tender to curb fertilizer emissions
Fri, Jun 2, 2023 3:54 PM

India mulls green Ammonia tender to curb fertilizer emissions

India is studying plans to issue a tender for about half a million tons of green ammonia to spur emissions reduction in hard-to-decarbonize sectors like fertilizer production. Successful bidders would be offered incentives to help drive down costs of clean ammonia, which is produced using emissions-free green hydrogen and can be an alternative to natural gas for fertilizer firms.

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M&M Financial Services gains on strong disbursement growth, collections
Fri, Jun 2, 2023 3:52 PM

M&M Financial Services gains on strong disbursement growth, collections

Shares of M&M Financial Services rose 2% on June 2 after the non-banking financier reported a 39% YoY growth in overall disbursement along with strong collection efficiency. At 2.31 pm, the stock was at trading Rs 298.15 on the BSE, up 1.4% from the previous close. The stock has gained 18 percent in the past three months and over 200% in the past three years.

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Fearing SEBI action, finfluencers now ‘renting’ analyst licences for a fee
Fri, Jun 2, 2023 3:47 PM

Fearing SEBI action, finfluencers now ‘renting’ analyst licences for a fee

With the Chairperson of the SEBI saying that there is “something cooking” to stop unregistered investment advisors, the said advisors already seem to have found a way around. Finfluencers are now ‘renting out’ research analysts’ (RA’s) licences for a fee. The ‘rent’ is around 20% of the fee they earn by providing stock tips and trading calls.

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Financials, power sector valuations comfortable, says S Naren of ICICI AMC
Fri, Jun 2, 2023 3:30 PM

Financials, power sector valuations comfortable, says S Naren of ICICI AMC

ICICI Prudential Asset Management Company’s CIO S Naren has said valuations can exceed the historical range even as he acknowledged the country's robust macroeconomic indicators and structural potential. Asked about sectors that offer comfortable valuations, Naren picked financials and power. He, however, advised caution while investing in financials, saying it is a leveraged sector.

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Scope of rationalising Rs 6,000-Rs 7,000 crore of total dues: CREDAI
Fri, Jun 2, 2023 3:22 PM

Scope of rationalising Rs 6,000-Rs 7,000 crore of total dues: CREDAI

Many stuck real estate projects can be completed if the government rationalises the penal interests on developers’ pending dues, says the Chairman of the Confederation of Real Estate Developers Association of India-National (CREDAI-National). Manoj Gaur says there is a scope of reducing Rs 6,000 crore to Rs 7,000 crore of total dues and the developers will be able to pay the remaining amount.

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HDFC Securities estimates a 27% upside in a realty stock! 🤑
Fri, Jun 2, 2023 3:15 PM

HDFC Securities estimates a 27% upside in a realty stock! 🤑

A realty stock has the potential to soar 37.67% higher, says HDFC Securities. Stay ahead of the curve by subscribing to FlipItPro, where you can get instant access to top-notch trading advice from over 60+ SEBI-verified brokers on WhatsApp. Upgrade to Pro status today!

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European shares lifted by US debt deal optimism
Fri, Jun 2, 2023 3:00 PM

European shares lifted by US debt deal optimism

European shares rose on Friday, with real estate and mining stocks in the lead as investors took comfort from the passing of the U.S. debt ceiling bill and hints that the Federal Reserve could pause its interest rate hiking cycle later this month. The pan-European STOXX 600 index was up 0.7%, with economically sensitive sectors such as miners, retailers and oil & gas rising the most.

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