JPMorgan initiated coverage on Cholamandalam Investment with an underweight rating and a target price of Rs 600. The stock closed at Rs 786 on 29 August. The global investment bank expects earnings to disappoint over FY23/24. There is competition from banks that can drive margin compression, said the note. It believes that markets have ascribed a significant valuation premium to the stock.
Higher capital gains tax: Who benefits the most?
Excluding tax havens such as Hong Kong, Singapore and the UAE, India’s capital gains tax remains one of the lowest globally, especially as the amount