VALUATION
Bain-backed chipmaker Kioxia's market value set at $4.9 billion in IPO
Kioxia, backed by Bain Capital, is set to go public with a market value estimated at around $4.85 billion. The IPO is expected to raise approximately $645.45 million, excluding overallotment. Bain and Toshiba will be selling shares, and Kioxia will issue new shares to raise additional funds. The IPO is scheduled for December 18 on the Tokyo Stock Exchange.
Valuations, not growth, pose the bigger challenge for Indian markets: S Naren
?Earnings certainly was a problem in the September quarter and in the December quarter, things will be slightly better. But the problem is that if you look at more smallcap and midcap, you are giving them 60, 70, 80 PE. Is it justified? No. But the reason they are being given 60, 70, 80 PE is because there is continuous inflow into small and midcap funds and due to that the funds buy at 60, 70, 80 PE and that is the challenge if you ask me, is the problem rather than the economy.
Goldman Sachs sets Nifty target at 27,000 in 2025
??Goldman's 12-month target of 27,000 on the Nifty implies an upside of 15.6% over Thursday's closing price of 23,349.90. The index fell 168.60 points or 0.7%. Goldman said the risk of derating in Indian equities remains even after the recent drop as valuations are still high. The estimated price to earnings ratio for MSCI India is at 23 times, above its 10-year mean and above its 'fair value' estimate of 21 times.
Best value funds to invest in November 2024
?According to mutual fund managers, investors should invest a maximum of 20% in value mutual funds. They also should remember that the market may not always pay a premium for value stocks. If you are new to value investing, you should acquaint yourself with this style of investing and its merits and demerits. A value investor tries to choose stocks that are available at cheaper valuations.
Citi India Strategy: Nifty valuation reasonable post 10% correction; upgrades cement to overweight
Citi's latest India strategy report suggests that the recent market correction presents opportunities for long-term investors. While earnings show sectoral variations, Citi anticipates growth driven by public spending and rural demand. Despite strong domestic investments, continued FII selling remains a concern. Citi upgrades cement to "Overweight" and sets a cautiously optimistic Nifty target of 25,000 by September 2025.
Exclusive: Groww¡¯s valuation cut in domicile shift to India; Razorpay may follow
Groww paid Rs 1,340 crore ($160 million) in taxes to the US government, based on the new fair market value (FMV), which is more than 30% lower than its $3 billion valuation during its last funding in 2021, sources told ET. Razorpay, which was last valued at $7.5 billion, is working with consulting firm Deloitte on the matter.
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Largecaps and select smallcaps to lead market bounce: Nimesh Chandan
So, I would say not all smallcaps or midcaps are expensive. There are pockets now which have become attractive. But overall, if you look at the space, largecaps seem to have better risk reward ratio than the smallcaps and the midcaps
Canva hires ex-Zoom CFO as new finance head as IPO plans loom: report
Steckelberg previously held financial positions at Cisco and was CEO of an online dating company Zoosk before joining Zoom in 2017. She is based in Austin, Texas, while Canva has its headquarters in Sydney, Australia.
Lenskart sets sights on round at $6 billion valuation
Lenskart secured $200 million from Fidelity and Temasek at a $5 billion valuation in its previous secondary fundraise. Even during the funding drought of 2022-23, Lenskart had bagged investment from the likes of KKR and Abu Dhabi Investment Authority (ADIA), with a slew of big-ticket deals.
Should you buy the Swiggy stock because it¡¯s cheaper than Zomato on a relative valuation basis? Learn how to make that decision
Valuation is a combination of numbers and narratives. But there is only one way to value ¨C and multiple ways to evaluate. Join ETMarket¡¯s four-day Value and Valuation workshop for a dive into value investing principles and its application in the real world.
Stock price bottoms look elusive even with decline in risk appetite
Benchmark indices - Sensex and Nifty - are almost 10% down from their peaks made on September 27, led by a sell-off by foreign investors sparked by a rebound in Chinese equities and disappointing earnings in the September quarter. The Midcap 150 index declined 10.9%, SmallCap 250 index dropped 9.1% and the Microcap 250 fell 8.3% in this period.
FPIs pull out Rs 22,400 crore so far in November, selling pressure continues
FPIs have continued their bearish stance on Indian markets in November, pulling out Rs 22,420 crore. While they sold Rs 32,351 crore in the secondary market, they invested Rs 9,931 crore in the primary market. FPIs have also turned cautious on Indian debt markets, with outflows reaching Rs 4,717 crore.
Wall St Week Ahead-Nvidia results in focus as stock market's election boost stalls
Nvidia's upcoming earnings report is poised to significantly influence the U.S. stock market, as investors seek direction following the recent election rally. The company's dominant position in AI and strong projected growth are expected to impact tech stocks and overall market sentiment.
Prosus gains $2 billion on Swiggy investment with IPO valuation
Prosus NV, Tencent's top investor, has made over $2 billion from its investment in Swiggy, highlighting the value of its portfolio beyond Tencent. Prosus and Naspers Ltd. invested $1.3 billion for a 31% stake in Swiggy, which is aiming for an IPO valuation of up to $11.3 billion in India.
LG walking Hyundai path, hires another banker for $1.5 billion IPO
LG Electronics is planning to list its Indian unit on the stock market. The South Korean company has hired Axis Capital to help with the IPO. LG is aiming to raise up to $1.5 billion. The IPO could happen as early as next year. India is becoming a popular place for companies to raise money.
Mcap of 6 of top-10 most-valued firms erode Rs 1.55 lakh cr; Reliance biggest laggard
While Reliance Industries, Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered erosion in their market valuation, Tata Consultancy Services (TCS), HDFC Bank, Infosys, and the State Bank of India were the gainers.
Sagility India IPO subscribed 3.2 times on Day 2. Check GMP and other details
Sagility India's IPO is 3.2 times subscribed on Day 2, with strong retail participation. The ?2,106 crore issue is an offer-for-sale with no fresh issuance. Analysts express mixed views on valuation and market conditions.
Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers
The combined market value of six leading firms increased by Rs 1,07,366.05 crore last week. State Bank of India and ICICI Bank saw the highest gains. However, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and Infosys faced a decline in their market valuation. Reliance Industries remained the most valuable company in India.
FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations
Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed.
FPIs record unprecedented Rs 1.13 lakh crore sell-off in October, remain buyers in cash market
The duality in the behavior of FPIs is explained by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stating that the primary market issues are mostly at fair valuations whereas the benchmark indices are trading at elevated valuations.
Valuations, weak demand slow auto bull run
Since April 2020, the Nifty Auto Index has surged 430% as against the 201% up move in the Nifty. Among auto shares, Maruti Suzuki gained 186%, Tata Motors soared 1,250%, Mahindra & Mahindra jumped 892%, Bajaj Auto rose 390% and Hero Motocorp advanced 212%.
Godavari Biorefineries IPO subscribed 78% on Day 3 so far, GMP drops to 4%. Check details
The IPO comprises a fresh issue of Rs 325 crore and an OFS of up to 6.53 million shares by existing shareholders and promoters. Mandala Capital AG will fully exit by selling 4,926,983 shares in the OFS. Unlisted shares trade GMP of Rs 15, reflecting a 4% premium over the upper price band.
FII selling creates long-term opportunities in Indian largecaps
Market valuations in India remain elevated but not in bubble territory, with a recent correction driven by Foreign Institutional Investor (FII) selling. The 'Sell India, Buy China' strategy is seen as a short-term move due to China's structural issues, presenting opportunities for long-term investors in Indian largecaps.
Red October: FPI stock selloff at Rs 81,000 crore, highest in a month
The selloff in October is in contrast to their activity in the rest of 2024. So far this month, foreigners have sold stocks worth ?6,100 crore daily on average. They were buyers to the tune of ?500 crore daily on average between January and September.
This ratio help in better long-term investing: 4 large-caps and 1 small-cap stock with the right PEG ratio
How do you value a stock? Which has a high valuation, and which is cheap? It all depends on the ratio you use to ascertain value. And relying entirely on the price to earnings (PE) ratio may lead to wrong investment decisions. Consider this example: Twelve years back, the stock of one MNC FMCG company was quoting at a PE multiple of 44 at a time the Nifty¡¯s PE was at 25. Since then, the market capitalization of the stock has grown 10 times and its PE ratio today stands at 68. So, if you had made a decision to buy or sell the stock based on its PE number, you would have lost a great opportunity to create wealth. So, look beyond the PE ratio.
Wipro shares jump 4% on Q2 beat, bonus issue. Should you buy, sell or hold?
Wipro Share Price: Shares of Wipro surged up to 4% after posting a 21.3% YoY jump in net profit for Q2 and announcing a 1:1 bonus issue. Despite achieving improved margins, analysts have mixed outlooks with Nomura forecasting EBIT margin growth and others noting weak revenue indicators for the upcoming quarters.
Nestle India needs to up its game to justify premium valuations
The profitability also suffered on account of inflationary prices of coffee and cocoa. The operating profit margin corrected by 100 bps to 23.4%. Raw material cost stood at 43.6% of revenues-same as the year ago elevated level of 43.7%.
Ambit initiates 'Sell' rating on Bajaj Housing Finance for overvaluation and competitive pressures; expects 39% downside
Ambit has initiated a 'Sell' rating on Bajaj Housing Finance, targeting Rs 85, citing valuation concerns amid competition in the mature home loans sector, despite recent growth in AUM and loans.
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