Auto Sector

Through a partnership agreement inked in August 2022, JSW Steel and New Zealand-based NSH established NSL Green Recycling together.

The business declared that, within the deadlines specified, it would appeal the stated ruling to the GST Appellate Tribunal.

Backed by strong order wins over the past six quarters, NCC has seen its order book (OB) expanding to ~Rs646bn as on date (4.5x on trailing 12m revenue).

Spot gold was largely constant at $1,924.54 per ounce, while U.S. gold futures were down 0.1% at $1,944.30.

U.S. West Texas Intermediate oil futures maintained their gains for a second straight session, rising 50 cents or 0.6% to trade at $90.53 per barrel.

f BAF were to raise Rs100bn, valuation at CMP would moderate by 10% to 5.0x (FY25) and leverage by 16% to 4.3x. BAF’s high profitability (~5% ROAs) will enable delivering sector-leading ROEs of ~23%, even at lower leverage.

The dollar gained ground in the global currency market as the still-hawkish Federal Reserve shocked the market by indicating that U.S. rates would need to remain higher for longer than anticipated.

The price band for this offering, which commenced on September 15, was set at Rs 135-142 per share.

With such a comparison of fundamentals between markets, analysts of IIFL Capital Services prefer Alkem with its US withdrawal to IPCA with new US foray.

Rate outlook less ambivalent, more confined