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As the world's two largest developing countries, China and India have pledged to boost their economies and improve their people's livelihoods, for which they need a stable and peaceful environment both at home and abroad. But a conflict would derail their attempts and create loopholes which the US could exploit. So India should not fall into the US' trap. … [Read more...] about India should deal with border row rationally

Angel Broking has given a buy rating to IDFC First Bank with a target price of Rs 32. The share price moved up by 2.80 per cent from its previous close of Rs 26.75. The stock’s last traded price is Rs 27.50. The brokerage believes efforts to build a liability franchise, fresh capital infusion and provision taken on wholesale book will help the bank to tide over the difficult times. The IDFC First Bank is trading at 0.9 times FY22ABV, a significant discount to historical average valuations. Investment Rationale The ability to raise sufficient liquidity at low cost would be the key criteria for banks to navigate the current situation, as asset side inflow would be limited. The brokerage believes IDFC Fist Bank, post management change has clearly outperformed in building liability franchise and retail lending. Since new management took charge, every quarter, the liability franchise has been strengthened, says the brokerage. CASA ratio improved from 10.4 per cent in Q3FY19 to … [Read more...] about Buy IDFC First Bank, target price Rs 32: Angel Broking

HDFC Securities has given an add rating to Oil And Natural Gas Corporation with a target price of Rs 86. The share price moved up by 0.85 per cent from its previous close of Rs 82.40. The last traded stock price is Rs 83.10. Revenue was in-line while EBITDA was 9 per cent below the brokerage estimate owing to opex being 1.3 times higher than anticipation. Considering the effects of Covid-19 on business conditions, ONGC assessed future realisations for oil and gas. As a result, it recorded an impairment loss of Rs 49 billion, the extent by which carrying amount of assets exceeds their value-in-use. Investment Rationale The brokerage expects crude oil production volumes to remain subdued at 21.4mmt in FY21 and a recovery to 22.8mmt in FY22. Natural gas volumes should dip from 19.4bcm in FY20 to 18.9bcm in FY21 and recover to 20.2bcm in FY22. The brokerage expects oil prices to remain muted at $36/41 vs. $59 in FY20, given weak global macros, despite a production cut from OPEC and … [Read more...] about Add ONGC, target price Rs 86: HDFC Securities

Shares of Reliance Industries (RIL) scaled a fresh record high in Monday’s early trade after the company’s telecom arm Reliance Jio opened JioMeet app for the general public, which can support up to 100 users in a session. The scrip advanced nearly 1 per cent to hit its all-time high of Rs 1,805. On the other hand, the benchmark BSE Sensex traded 0.89 per cent up at 36,343. The application has now been made available for public after an increase in usage of web conferencing apps like Zoom, Microsoft Teams, Cisco Webex, Google Meet, among others, in the wake of coronavirus outbreak. “As a host of the call/meeting, you can invite up to 100 participants including yourself,” JioMeet website said. While prevalent web conferencing apps have been charging fees for getting a large number of users in a session, Jio is neither charging any fee nor has put any time limit on the sessions at present, according to PTI. According to the company sources, the app was … [Read more...] about RIL hits record high on launching conferencing app JioMeet

There are not many takers for realty stocks in the current market given the uncertainties surrounding the sector. But Embassy Office Parks REITs – India’s first such investment product – has found a string of admirers. Thanks to a steady flow of money since its inception 15 months back, Embassy Office Parks REIT has delivered 14 per cent return against 20 per cent negative returns generated by BSE Realty Index over the same period. On a year-to-date basis, Embassy Office Parks REIT is down 20 per cent, while BSE Realty Index is lower by 29 per cent. Sunteck Realty is the biggest loser, down 55 per cent. None of the index constituents is in the green on a year-to-date basis. The REIT has a portfolio size of 33 million square feet with occupancy rate of 92.8 per cent, according to property consultant Anarock. It has seven properties spread across Bangalore, Mumbai, Delhi-NCR and Pune. More such REITs are in the pipeline. “We are witnessing consolidation of … [Read more...] about India’s maiden REIT races ahead of realty stocks in a subdued market