Today’s Tech Check- “Craftsman Automation Q1 Analysis, Tax Devolution, FPIs Swing Back, Profits Surge by 29.7%, ICICI Securities Gives a Buy Signal”
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1. “Craftsman Automation Q1 Analysis: Steady Growth Amid Consolidation — Insights by ICICI Securities”
- Craftsman Automation Q1 Results:
- EBITDA declined by 5% QoQ to Rs 2 billion, below estimates
- Aluminum segment margin fell due to rising commodity prices
- Power transmission segment margin impacted by seasonality and refurbishment activities
- ICICI Securities:
- Downgrading Craftsman Automation to Hold due to stock price run-up and weak performance in power transmission segment
- Revised target price set at Rs 5,012.
#Craftsman Automation Ltd#Research Reports#bqblue#stock
2. “FM Exclusive: Why Southern States Must Recognize the Impact of Cheap Labour and Capital Movement on Tax Devolution”
- Southern Indian states should acknowledge the role of free labor and capital mobility in their development when requesting tax devolution.
- Finance Minister Nirmala Sitharaman emphasized this, citing Tamil Nadu, Kerala, Telangana, Karnataka, and Andhra Pradesh as beneficiaries.
- Some southern states have expressed concerns over a possible decline in revenue share due to the better management of population growth relative to northern and eastern states.
- Sitharaman stressed the need for states to attract talent and investments through policies.
- The Finance Commission, set to make recommendations in October 2023, will consider developmental and human indicators in its assessment.
- Tamil Nadu, Kerala, Telangana, Karnataka, and Andhra Pradesh are Southern Indian states.
#Nation#Finance Minister Nirmala Sitharaman#Budget#Budget 2024#bqmetered#citi#TAX
3. “FPIs Swing Back: Net Buyers After 3 Days of Sell-off!”
- Foreign investors turned net buyers, buying stocks worth Rs 2,546.4 crore on Friday.
- This reversal comes after three days of selling and a cumulative outflow of Rs 10,711.7 crore since budget day.
- Domestic institutional investors extended their buying spree, investing Rs 2,774.31 crore, marking their fourth consecutive day of being net buyers.
- In 2024, foreign institutions have been net buyers of Indian equities totaling Rs 36,889 crore (as of the previous trading day).
#Business#Market#budget#bqfree#crore#stock#Markets
4. “Cholamandalam Investment and Finance Q1 Update: Profits Surge by 29.7%, Hitting Rs 942 Crore!”
- Cholamandalam Investment and Finance reported a 29.7% YoY increase in Q1 profit to Rs 942 crore.
- Total income grew 40.9% to Rs 5,828 crore.
- Disbursements rose 22% to Rs 24,332 crore.
- Assets under management climbed to Rs 1,68,832 crore.
- Capital adequacy ratio exceeded regulatory requirements at 18.03%.
#bqfree#crore#Business#Quarterly Earnings
5. “Why You Should Invest in Transport Corporation Of India: ICICI Securities Gives a Buy Signal”
- Key Facts:
- Transport Corporation of India (TCI) refining freight mix to favor higher-margin less-than-truck-load business
- Capex in sea freight segment expected to boost overall margins
- Improved performance of joint ventures anticipated to drive earnings growth
- Personality:
- ICICI Securities initiates coverage on TCI with a Buy rating and target price of Rs 1,200
#Research Reports#bqblue#business
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