Citi upgrades RIL to ‘Buy’, sees 18.5% upside
The firm raised its target price on the stock to ₹1,530, indicating an upside potential of 18.5% from Monday’s closing price of ₹1,290.95. The stock gained 2% on Monday while the benchmark Nifty rose 1.32%.
Delayed government payments hit cos’ operating cash flows in H1
Discretionary, materials and industrials sectors were hit the hardest, facing weaker cash flows alongside rising capex. The slowdown in OCF is largely attributed to delayed government payments, according to analysts.
Indices continue climb on ballot of sentiment
Five of 11 Adani stocks closed down on Monday, with Adani Green Energy, cited in the US Department of Justice indictment, falling 9.2%, hitting its 52-week intraday low. The stock has declined 31.4% since the Adani corruption indictment became public last week.
‘Buy the Dip’ in large-cap stocks, FII flows unlikely to return soon
Bharti Airtel, Maruti Suzuki India, Avenue Supermart (Dmart), Reliance Industries, Axis Bank, IndusInd Bank, Larsen & Toubro, TCS, NTPC and Power Grid Corp are among the large-cap stocks in its buy list.
Vedanta seeks up to $1.2 billion via bonds to refinance debt
The bonds are raised through its issuing entity Vedanta Resources Finance II PLC. The bonds are fixed-rate senior unsecured guaranteed notes issued under 144A/Regulation S. The company gave initial price guidance of 10.375%, but was able to close the 3.5-year bond at 10.25% and 7-year bond at 11.25%.