FBI Reports 53 Percent Increase in Crypto Investment Scams and Issues Warning

The US Federal Bureau of Investigation (FBI) noted a notable increase in scams involving cryptocurrency investments in 2023. The FBI asserted in its most recent "Internet Crime Report 2023" that scams involving cryptocurrency investments increased by 53% in 2018. Investment scams involve con artists guiding prospective victims toward cryptocurrency investments and convincing them to purchase fictitious tokens, which ultimately returns all of the money to the con artists. The promises of large returns on investment used to lure victims of these scams. Scammers typically use social networking sites like Facebook, Twitter, and LinkedIn to look for possible victims. According to the FBI report, investment frauds involving cryptocurrency increased by 53 percent, from $2.57 billion (about Rs. 21,260 crore) in 2022 to $3.94 billion (about Rs. 32592 crore) in 2023. The majority of these scam victims were in the 30-to 49-year-old age range. On the other hand, elderly people were more likely to fall for tech support scams. Comparing figures from 2022, the FBI said it received 8,80,400 financial scam complaints last year with the amount of loss coming close to $12.5 billion (roughly Rs. 103428 crore). This marks a 10 percent and 22 percent rise in number of complaints and amount stolen compared to 2022.According to FBI data, in 2023, similar financial crimes were reported in 6,601 and 3,405 complaints from Canada and India, respectively, following the US. Cybercriminals appear to be stepping up their attempts to con members of the cryptocurrency community as the market gets closer to its previous all-time high capitalization of $3 trillion (about Rs. 2,48,20,350 crore). The FBI has issued a warning regarding the increasing number of these incidents from the previous year, but Scam Sniffer, a market research platform, has highlighted the scam situation for the cryptocurrency industry through 2024. According to its data, in February of this year, roughly 57,000 victims fell victim to crypto phishing scams that cost them about $47 million, or roughly Rs. 388 crore.

ICICI Prudential Mutual Fund launches ‘Sapno ki Kishte’ campaign for Womens Day

"The commercial draws attention to the financial difficulties that women encounter and stresses the significance of using SIP to secure one's future. In honor of International Women's Day, ICICI Prudential Mutual Fund is launching Sapno ki Kishte, a new campaign that follows a mother and her son on their journey. The ad portrays the woman's unwavering will to fulfill her son's ambition of getting a car despite her daily obstacles with a moving story. The ad emphasizes the significance of women being financially literate and safeguarding their futures by using the Systematic Investment Plan (SIP) path.  The campaign highlights women's tenacity and daily sacrifices while highlighting their critical role in influencing their families' goals and objectives. Viewers see a woman's everlasting fortitude and perseverance as the story progresses. Abhijit Shah, ICICI Prudential AMC's head of marketing for digital and client experience, emphasized the significance of the campaign in honoring and appreciating the accomplishments made by women. He said, ""We at ICICI Prudential Mutual Fund think that everyone should be able to reach their financial objectives, no matter what their situation. We hope to celebrate women's unwavering spirit and the way Mutual Funds provides a means for them to safeguard their families' futures through this campaign. The ad emphasizes the advantages of using mutual funds as an investment vehicle to achieve long-term objectives and provide financial security. ICICI Prudential Mutual Fund is still dedicated to helping people achieve financial independence. The company's many digital outlets, including Facebook, Instagram, and YouTube, will be used to reach a large audience for the campaign. The campaign highlights women's tenacity and daily sacrifices while highlighting their critical role in influencing their families' goals and objectives. Viewers see a woman's everlasting fortitude and perseverance as the story progresses. The ad emphasizes the advantages of using mutual funds as an investment vehicle to achieve long-term objectives and provide financial security. In order to support people on their path to financial independence, ICICI Prudential Mutual Fund continues to provide a broad choice of investment solutions that are geared towards meeting various needs."

India roils market with new crackdowns on booming IPO financing, gold

It’s been another heart-stopping week for financial firms caught up in India’s widening crackdown on the sector.Regulators are imposing new restrictions that may curb lending and put a damper on the booming market for initial public offerings, in order to keep risks in check. Shadow banks have become the latest target, after the Reserve Bank of India this week limited lending by firms including JM Financial Products Ltd. The measures come after the banking regulator barred an affiliate of fintech giant Paytm from accepting fresh deposits, while the capital markets watchdog urged mutual fund sellers to safeguard investors against excessive froth in small-cap stocks. More such moves may be on the cards as the RBI completes inspections of some major non-banks engaged in equity markets financing, according to people familiar with the regulator’s thinking. The central bank had set up a separate team of professionals for bank supervision, which has become more detailed and comprehensive, said the people, who asked not to be identified discussing private matters. “We expect more such steps in other parts of the credit funnel,” said Pranav Bhavsar of India Independent Insight, who publishes on Smartkarma. He said the recent crackdown and hit to some shadow bank stocks “is here to stay and possibly intensify.”More such moves may be on the cards as the RBI completes inspections of some major non-banks engaged in equity markets financing, according to people familiar with the regulator’s thinking. The central bank had set up a separate team of professionals for bank supervision, which has become more detailed and comprehensive, said the people, who asked not to be identified discussing private matters. “We expect more such steps in other parts of the credit funnel,” said Pranav Bhavsar of India Independent Insight, who publishes on Smartkarma. He said the recent crackdown and hit to some shadow bank stocks “is here to stay and possibly intensify.”In January, the Securities and Exchange Board of India Chairwoman Madhabi Puri Buch spoke about her concerns. “We are unhappy about some of the malpractices that we see,” she said, referring to mule accounts and inflation of IPO application numbers. “We now have the data and we will act.” Banks, shadow lenders and fintech players are all feeling the heat. JM Financial’s shares tumbled as much as 20% on Wednesday — the limit imposed by the exchange — and the biggest intraday slide in four years, dragging down other financial stocks. Shares in IIFL Finance Ltd., another shadow lender facing RBI scrutiny, plunged by the 20% limit in each of the last two sessions. Both stocks have since recovered some losses. Paytm is still down more than 40% since its banking affiliate was barred from adding deposits after people familiar with the matter said it failed to properly vet hundreds of thousands of clients.“More instances of such actions could create an overhang” on shadow bank stocks, Morgan Stanley analysts wrote in a report.  

Tech Giants Drag Down US Stocks After Torrid Rally: Markets Wrap

(Bloomberg) -- Stocks came under pressure as a trio of tech heavyweights slid, with traders wading through mixed economic data in the run-up to Jerome Powell’s testimony to Congress.Equities lost traction after a rally that has spurred concern about sky-high valuations — especially in megacaps, leaving the group vulnerable to big moves in the face of bad news. Apple Inc.’s iPhone woes in China deepened, while Advanced Micro Devices Inc. hit a US roadblock in selling an artificial-intelligence chip to the Asian nation. And Tesla Inc. extended its rout as China shipments slumped.Bullish positioning in US technology stocks is at the highest in three years — raising the risk of a pullback, according to Citigroup Inc.’s Chris Montagu. Long positioning in Nasdaq 100 futures is “extremely extended," he said. “Trees don’t grow to the sky," said Kenny Polcari at SlateStone Wealth. “What is starting to concern some investors is whether or not some of these tech companies that have gotten stretched can in fact live up to the ‘lofty valuations’ that investors have placed on them." Wall Street also weighed data showing the US service sector cooled — even as orders and business activity picked up. Caution prevailed, with Powell heading to Capitol Hill for his semiannual testimony before Congress, where the Federal Reserve chief is expected to reiterate the lack of urgency to cut rates. The S&P 500 fell below 5,100, while the Nasdaq 100 dropped almost 2%. All megacaps fell, with Tesla extending a two-day slide to 11% and Apple dropping to the lowest since October. Treasury 10-year yields slid six basis points to 4.15%. In the latest sign of market exuberance, Bitcoin hit a record before erasing gains. Gold also reached an all-time high. Never miss an episode. Follow the Big Take podcast on iHeart, Apple Podcasts, Spotify or wherever you listen. Read the transcript.The “Magnificent Seven" — comprising Apple, Microsoft Corp., Nvidia Inc., Amazon.com Inc., Meta Platforms Inc., Alphabet Inc. and Tesla — have powered the S&P 500 to all-time peaks this year, partly fueled by the AI frenzy. The rally has left strategists scrambling to lift their 2024 targets — while raising questions on whether tech is seeing a boom or a bubble.To JPMorgan Chase & Co.’s Marko Kolanovic, the dramatic rally in US equities and Bitcoin signals accumulating froth — conditions that typically precede a bubble when asset prices rise at an unsustainable pace. Meanwhile, David Kostin at Goldman Sachs Group Inc. is among those who argue big tech’s lofty valuations are supported by fundamentals.The so-called Magnificent Seven saw its average earnings per share rise 55% in the fourth quarter compared to a year ago, according to data compiled by Bloomberg. Most of that group helped drive the Nasdaq 100 to its fourth consecutive monthly gain. “The AI craze is a modern gold rush, and the tech ‘picks and shovels companies’ are seeing earnings explode as companies buy chips and cloud space to fuel the boom," said Tom Essaye, founder of The Sevens Report. “But if AI doesn’t result in increased profitability for the rest of the S&P 500 over the coming years, then demand for AI chips will evaporate as will AI-related cloud demand." With generative AI set to be the growth theme of the decade, UBS’s Chief Investment Office continues to believe that US tech stocks should make up a substantial portion of investors’ equity allocations. However, the firm says investors with excessive exposure should consider broadening tech exposure to capture the next growth opportunities.  

Bonus shares, stock split: Capri Global Capital shares to trade ex-split and ex-bonus in stock market today

Varun Beverages Ltd, PepsiCo's largest franchise bottler, on Monday reported a consolidated net profit of ₹132 crore for the fourth quarter ended December 2023, up 77% year-on-year, helped by growth in revenue and improved profit margins. The Board of Directors of the company has declared a stock split and a bonus issue for the eligible shareholders. The company has declared a stock split in the ratio of 1: 2 that means from one ₹2 per equity share into two equity shares of ₹1 each, and a bonus issue in the ratio of 1:1.The record date to ascertain the eligibility of shareholders for the stock split and the bonus issue has been fixed on March 05. In a stock exchange filing, Capri Global Capital Limited said: “The Board of directors at its meeting held on January 27 has approved sub-division of one equity share of the face value of Rs. 2 each fully paid-up into two equity shares of the face value of Re. 1 each fully paid-up." “Company board also approved 1:1 bonus issue i.e one new fully paid-up bonus equity share of face value of Re.1 each for every one fully paid-up equity share of face value of Re.1," the filing said. Shares of Capri Global Capital Limited will trade ex-split and ex-bonus on Tuesday.The company board also approved issuance of non-convertible debentures (NCDs) through public issue/private placement for an amount up to ₹500 crore in tranches, said the filing.For the Q3 FY24, the company had reported net profit of ₹68 crore, up 81.7 per cent Y-o-Y from the net profit of ₹37.4 crore in Q3 FY23. Its asset under management (AUM) rose 54.4 per cent to ₹13,362.1 crore in Q3 FY24 from ₹8,654.5 crore in Q3 FY23.Capri Global Capital Limited is a diversified NBFC with a presence across diverse and high growth segments such as MSME, affordable housing, construction finance segments, and car loan distribution.  

Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 4

The Indian stock market indices, Sensex and Nifty 50, are expected to open flat amid positive global cues.The trends on Gift Nifty indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 22,510 level. The domestic equity indices hit record highs on March 2 and ended the day marginally higher.The Sensex gained 60.80 points, or 0.08%, to close at 73,806.15, while the Nifty 50 settled 39.65 points, or 0.18%, higher at 22,378.40. “The Nifty is resuming its bullish momentum after a period of two months of consolidation. 22,500 is an immediate target level, while 22,750 is the next target level. Banknifty is gaining momentum and is likely to outperform from here. 47,500 is an immediate hurdle; above this, we can expect a move towards 48,000 / 48,800 levels," said  Santosh Meena, Head of Research, Swastika Investmart Ltd.The Nifty 50 index surpassed the 22,400 mark for the first time on March 2. The index, however, closed marginally higher at 22,378. “The Nifty began on a positive note but struggled to withstand the selling pressure at higher levels, ultimately closing at the day's lowest point. Although the overall sentiment remains positive, the index must surpass the 22,400 mark to trigger a new rally. A decisive breakthrough above 22,400 could propel the index towards 22,600," said Rupak De, Senior Technical Analyst, LKP Securities.On the downside, support is situated at 22,250 - 22,200, he added. “Bank Nifty remained range-bound throughout the day with low participation. Nevertheless, the overall sentiment remains positive as long as it stays above 42,000. A decisive breakthrough above 47,500 could potentially propel the index towards 48,200," De said.According to him, support is identified at 47,000 on the downside.The Bank Nifty rose 11 points to close at 47,298 on Saturday.  

Stocks to Watch: Reliance Industries, JSW Steel, Zee, Trent, Vodafone Idea

The consolidation of Walt Disney's and Reliance's media assets in India, valued at $8.5 billion, could trigger rigorous antitrust examination due to their combined market influence. Legal experts are raising red flags about the merged entity's robust cricket broadcasting rights portfolio and its potential effects on advertisers. The merger would position Disney-Reliance as India's top television entity with 120 channels, significantly ahead of its nearest competitor, Zee, which has 50 channels. Analysts predict that the majority stakeholder, Mukesh Ambani's Reliance, will command a 35% share of India's television viewership. India's anti-trust watchdog is expected to scrutinize the overall television landscape closely, with particular attention to cricket rights, as they assess the market share and power of the newly formed entity. The Sajjan Jindal-led steelmaker announced on Friday that it intends to invest €143 million (approximately ₹1,282 crore) to aid the revival of its steel mill in Piombino, Italy. The company announced in a press release that its subsidiary, JSW Steel Italy SRL, has signed a Memorandum of Understanding (MoU) with Italian authorities for the site’s relaunch, adding that the investment will be utilized to double its current rail production capacity from 300,000 tonnes to 600,000 tonnes per annum. Sajjan Jindal, chairman of JSW Group, said, “The €143 million investment will modernize the rail mill at Piombino."Culver Max, the Indian arm of Sony Group, has contested the validity of Zee Entertainment's appeal for merger enforcement at the National Company Law Tribunal (NCLT) in Mumbai. The NCLT is set to consider Sony's appeal and other related applications in the Sony-Zee merger case on March 12, reported CNBC-TV18. Following Sony's appeal, the Mumbai division of the NCLT has served a notice to Zee, requesting a reply. This event coincides with reports that the Sony Group has officially retracted its documents submitted to the NCLT for the proposed business merger with Zee Entertainment Enterprises Ltd (ZEEL).The telecom company’s plan to secure an additional ₹25,000 crore through debt financing is not likely to induce financial strain, as the company has significantly reduced its bank exposure by nearly ₹35,000 crore over the past two-and-a-half years and enhanced its operational performance, senior company sources said. The comany is relying on this funding to address its 4G coverage shortfalls and curb customer attrition. Vi’s current bank debt has fallen below ₹4,500 crore, which is believed to have prompted lenders to contemplate providing new loans to the telecom company.Tata group company Trent's fashion-focussed department store Westside has plans to inaugurate 20 to 30 new stores in the upcoming fiscal year and enhance its e-commerce operations over the next year, according to a senior executive at the retailer. “Our store expansion continues at the same pace. We plan to open an equal number of stores next year as we did this year. We aim to expand our footprint in northern and northeastern India," said Shailina Parti, the Chief Operating Officer at Westside, Trent Ltd. By the end of the December quarter of FY24, the retailer had increased its reach to 227 stores across 89 cities.  

EV charger stock Servotech Power Systems near life-time high after receiving IOC order. Details here

 EV charging solution company Servotech Power Systems Ltd has been hitting headlines for receiving orders from oil PSUs these days. After receiving around ₹102 crore order from Hindustan Petroleum Ltd (HPCL), the energy company has today declared that it has received another order worth ₹111 crore from the Indian Oil Corporation (IOC) Limited.  As the EV charger company shared this news in an exchange filing today, the shares of Servotech Power Systems Ltd attracted buying attention from investors. Servotech Power Systems shares ascended to an intraday high of ₹103 apiece on NSE, logging a nearly 3.50 percent rise in Friday's session. While ascending to this intraday high, the energy stock came close to its existing life-time high of ₹108.70 per share. Informing Indian stock market exchanges about the ₹111 crore IOC order, Servotech Power Systems Ltd said, "With reference to the captioned subject, we are enclosing herewith a Press Release with respect to “Company has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs." In a press release attached to the exchange filing Servotech Power Systems Ltd said, “Servotech Power Systems Ltd has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs. The total order is valued at 111 crores and involves two charger variants of 60 kW and 120 kW. The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations.""Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. This move is seen as an important step as it will promote decarbonized mobility and cater to the evolving needs of the EV charging infrastructure," the EV charger company added. Shares of Servotech Power Systems Ltd had witnessed strong buying around a week ago when it declared an HPCL order worth ₹102 crore. The energy company had informed Indian exchanges about bagging a significant order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. Before HPCL, Servotech Power System Ltd had received 1800 DC EV chargers' orders from BPCL. The total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4700 units.  

Potential for any re-rating delayed for Paytm, says UBS; still sees 25% upside in the stock – heres why

Shares of One 97 Communications (Paytm) have witnessed an almost 50 percent drop just in February as investor sentiment turned negative amid the RBI and Paytm Payments Bank Ltd (PPBL) saga.In a recent note, brokerage house UBS said it believes that any potential for a re-rating of Paytm based on profitability improvement has been delayed. It has retained a 'neutral' call on the stock and reduced its target price to ₹510 (from ₹650 earlier). The new target indicates an over 25 percent potential upside. "Paytm's share price has derated significantly post RBI regulatory action and the stock is trading at 1.5x EV to one-year forward consensus sales, nearly an 80 percent discount to its Indian internet peers. Our ₹510 price target implies a 2.4x EV to FY25E sales, which is still a 70 percent discount to Indian internet peers. We believe this is justified as Paytm's growth profile is now much weaker at an 8 percent expected revenue CAGR over FY24-26E, versus Indian peers at a much higher 27 percent. Additionally, Paytm's re-rating potential based on its profitability improvement is now also pushed out and the company's margin profile is much weaker than peers. Furthermore, the loss of investor confidence based on the regulatory action is unlikely to change in a hurry. We believe only sustained execution in the coming quarters can re-build investor confidence which would drive a re-rating," explained the brokerage. The RBI on January 31 directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, citing large-scale non-compliance with regulations and supervisory concerns. In the latest update, the Reserve Bank of India clarified that non-Paytm Payments Bank Limited (PPBL) linked merchants (85 percent of the total) can continue to function as normal and gave a 15-day extension till 15th March for most PPBL-linked activities. RBI also informed that @paytm UPI handles can be migrated to banks after approval from NPCI. This implies key linkages between Paytm and PPBL will be transferred to other banks via Paytm and also clears the way for Paytm to function as third-party app provider (TPAP), similar to its competitors PhonePe and Google Pay, once NPCI provides approval for the same. Following RBI's latest update, the anticipated negative impacts on Paytm have been alleviated to a considerable extent. Paytm is poised to retain a significant portion of its customer and merchant base pending certain approvals from the National Payments Corporation of India (NPCI). However, UBS anticipates a churn of 15-20 percent in merchants, customers, and devices in Q4 compared to Q3 levels, accompanied by a steep decline of around 60 percent quarter-on-quarter in loan origination. Additionally, it foresees a challenging FY25 with a projected 2 percent revenue decline, attributed to the loss in the wallet business and gradual normalisation in payments and loan origination activities. To regain lost customers, Paytm is expected to escalate its marketing expenditure, leading to heightened EBITDA losses in FY25, consequently prompting adjustments in its EPS estimates.  

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Stock market selloff: Nifty forms Bearish Engulfing; 21,850 next?

Nifty on Wednesday could not sustain early gains and saw heavy selling, as it closed below the psychological mark of 22,000 for the time since February 15. The index formed a Bearish Engulfing pattern on the daily chart, which has a negative connotation.  The silver lining was the index somehow managed to settle above its 21-day EMA on a closing basis. If the index stays below 22,000 level, chances are it may revisit 19,850-800 level, analysts said.“The index dropped below the 22,000 mark, indicating a growing weakness. Nevertheless, it managed to close just above the 21EMA on the daily timeframe. Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities. For the day, the 50-pack index closed at 21,951.15, down 247.20 points or 1.11 per cent. A sustained Nifty trade above 21,950 might spur a recovery in the index towards 22,100, De added. With the Bearish Engulfing candle, Nifty has given up all the gains of the previous week, said Chandan Taparia of Motilal Oswal Securities. This analyst believes that were the index say below 22000, weakness could be seen towards 21,850, followed by 21,700 levels. Resistances are seen at 22,150 and 22,222 levels, he said.atin Gedia – Technical Research Analyst at Sharekhan said that the index has reached its 20-day moving average of 21,944. He said the broad range of 21,800-22,300 still has not been breached. "The daily as well as hourly momentum indicators have a negative crossover, which  is a sell signal. But prices are still in a range and, hence, a decisive breach below 21,875 i.e. the previous swing low is required to validate the change of trend. The Index is around the crucial support zone 21,900, which is likely to act as a make-or-break level from short term perspective," Gedia said.  

Axis Bank is Religares pick of the month for March, 10% upside seen at TP of ₹1,185; should you buy?

Domestic brokerage firm Religare Broking has picked Axis Bank as its stock pick of the month for March 2024 with a potential upside seen around 10 per cent. Shares of Axis Bank were on an uptrend and gained around three per cent today as Nifty 50 hit a fresh lifetime high of 22,353.30 on strong macroeconomic indicators.On Friday, March 1, shares of Axis Bank opened at ₹1,074.05 and gained 2.5 per cent to hit an intra day high of ₹1,101.60 against its 52-week high of ₹1,151.50 apiece on the BSE. Shares of Axis Bank settled 2.20 per cent higher at ₹1,099.35 apiece on the BSE. At a current market price (CMP) of ₹1,085, Religare sees a potential upside of 10 per cent on Axis Bank stock at a target price of ₹1,185 from an initiation range of ₹1,080-1,085 and a stop loss of ₹1,030. Religare Broking highlights that in its report that Axis Bank has remained one among the top performer among the private banking majors and we expect the outperformance to continue. ‘’The stock has been in a primary uptrend from last more than eight months, forming series of Higher Highs and lows with gradual rise in volumes. It has formed an elevated base around the 20 weekly EMA which also coincides with rising support trend line,'' said Religare Broking. Following the price action and uptick in volumes indicates the stock to resume its prevailing trend and inch higher to surpass its previous swing high, according to the brokerage. The stock gained marginally (around three per cent) in the previous series with reduction of eight per cent open interest (OI). 98 per cent of the open positions rolled which is same with respect to previously. ‘’OI of 82k contracts as against 89k previously. Decent cash based buying also seen in last three days of February series. With fresh cash accumulation and shorts being trapped, it may witness good short covering,'' said Religare Broking. The bank's net interest income (NII) in the third quarter at ₹12,532, crore, which rose by nine per cent - almost in line with the market estimate of ₹12,555 crore. NII is the difference between interest earned by a bank through loans and interest it pays to depositors. Meanwhile, the net interest margin (NIM) stood at 4.01 percent for the quarter ended on December 31, 2023. Net Interest Margin refers to the difference between the interest income earned and the interest disbursed by a bank in relation to its interest-generating assets such as cash.    

Potential for any re-rating delayed for Paytm, says UBS; still sees 25% upside in the stock – heres why

Shares of One 97 Communications (Paytm) have witnessed an almost 50 percent drop just in February as investor sentiment turned negative amid the RBI and Paytm Payments Bank Ltd (PPBL) saga.In a recent note, brokerage house UBS said it believes that any potential for a re-rating of Paytm based on profitability improvement has been delayed. It has retained a 'neutral' call on the stock and reduced its target price to ₹510 (from ₹650 earlier). The new target indicates an over 25 percent potential upside. "Paytm's share price has derated significantly post RBI regulatory action and the stock is trading at 1.5x EV to one-year forward consensus sales, nearly an 80 percent discount to its Indian internet peers. Our ₹510 price target implies a 2.4x EV to FY25E sales, which is still a 70 percent discount to Indian internet peers. We believe this is justified as Paytm's growth profile is now much weaker at an 8 percent expected revenue CAGR over FY24-26E, versus Indian peers at a much higher 27 percent. Additionally, Paytm's re-rating potential based on its profitability improvement is now also pushed out and the company's margin profile is much weaker than peers. Furthermore, the loss of investor confidence based on the regulatory action is unlikely to change in a hurry. We believe only sustained execution in the coming quarters can re-build investor confidence which would drive a re-rating," explained the brokerage. The RBI on January 31 directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, citing large-scale non-compliance with regulations and supervisory concerns. In the latest update, the Reserve Bank of India clarified that non-Paytm Payments Bank Limited (PPBL) linked merchants (85 percent of the total) can continue to function as normal and gave a 15-day extension till 15th March for most PPBL-linked activities. RBI also informed that @paytm UPI handles can be migrated to banks after approval from NPCI. This implies key linkages between Paytm and PPBL will be transferred to other banks via Paytm and also clears the way for Paytm to function as third-party app provider (TPAP), similar to its competitors PhonePe and Google Pay, once NPCI provides approval for the same. Following RBI's latest update, the anticipated negative impacts on Paytm have been alleviated to a considerable extent. Paytm is poised to retain a significant portion of its customer and merchant base pending certain approvals from the National Payments Corporation of India (NPCI). However, UBS anticipates a churn of 15-20 percent in merchants, customers, and devices in Q4 compared to Q3 levels, accompanied by a steep decline of around 60 percent quarter-on-quarter in loan origination. Additionally, it foresees a challenging FY25 with a projected 2 percent revenue decline, attributed to the loss in the wallet business and gradual normalisation in payments and loan origination activities. To regain lost customers, Paytm is expected to escalate its marketing expenditure, leading to heightened EBITDA losses in FY25, consequently prompting adjustments in its EPS estimates.    

Stock market selloff: Nifty forms Bearish Engulfing; 21,850 next?

Nifty on Wednesday could not sustain early gains and saw heavy selling, as it closed below the psychological mark of 22,000 for the time since February 15. The index formed a Bearish Engulfing pattern on the daily chart, which has a negative connotation.   The silver lining was the index somehow managed to settle above its 21-day EMA on a closing basis. If the index stays below 22,000 level, chances are it may revisit 19,850-800 level, analysts said.“The index dropped below the 22,000 mark, indicating a growing weakness. Nevertheless, it managed to close just above the 21EMA on the daily timeframe. Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities. For the day, the 50-pack index closed at 21,951.15, down 247.20 points or 1.11 per cent. A sustained Nifty trade above 21,950 might spur a recovery in the index towards 22,100, De added. With the Bearish Engulfing candle, Nifty has given up all the gains of the previous week, said Chandan Taparia of Motilal Oswal Securities. This analyst believes that were the index say below 22000, weakness could be seen towards 21,850, followed by 21,700 levels. Resistances are seen at 22,150 and 22,222 levels, he said.atin Gedia – Technical Research Analyst at Sharekhan said that the index has reached its 20-day moving average of 21,944. He said the broad range of 21,800-22,300 still has not been breached. "The daily as well as hourly momentum indicators have a negative crossover, which  is a sell signal. But prices are still in a range and, hence, a decisive breach below 21,875 i.e. the previous swing low is required to validate the change of trend. The Index is around the crucial support zone 21,900, which is likely to act as a make-or-break level from short term perspective," Gedia said.  

IIT Kanpur’s 1974 batch pledges Rs 10.11 crore

"The Class of 1974 of the Indian Institute of Technology Kanpur (IIT Kanpur) has committed Rs 10.11 crore to fund a range of institute initiatives. The promise is made as part of the batch's Golden Jubilee Reunion, which will take place from February 23 to February 25, 2024, and will bring together over 80 graduates and their families. ""IIT Kanpur takes great pride in its alumni, and time and time again, our alumni have come together for supporting the growth of their alma mater through various means,"" stated Prof. S Ganesh, Director of IIT Kanpur, in response to the Class of 1974's kind pledge. The Class of 1974's commitment to support greatness at the institute by aiding in its development aligns with a shared goal He continued, ""The 'Batch Legacy Fund' will be used to enhance possibilities for both faculty and students. ""We, the proud alumni of the Class of 1974, are honored to unite and contribute to our cherished alma mater, IIT Kanpur,"" he stated, thanking his classmates for this endeavor and his alma mater, batch coordinator Yogesh Khosla. Our combined support is a testament to our great pride in the organization and our common goal of seeing it succeed moving forward. I would want to sincerely thank everyone of my classmates for their kind cooperation in this project. The Class of 1974's 50th reunion was a happy event full with memories, laughter, and introspection that will live on in the archives of IIT Kanpur, an institution thinkinh said.   IIT Kanpur stated that the ""Class of 1974 Batch Legacy Fund"" will undoubtedly advance learning within its community and expressed its sincere gratitude to the Class of 1974 for their outstanding contribution and steadfast dedication. The researchers from the Indian Institute of Technology Madras (IIT Madras) will present their findings to the students during an open house. The purpose of the event is to give students a forum to interact with professionals and well-known businesspeople. March 2 and March 3 of 2024 will be dedicated to the open house. Shaastra will host IITM for Everyone. A statement on the social media account read, ""IIT Madras is open to all for the first time in 15 years."" "

Foreign funds binge on Indian debt; what does it mean for the rupee?

Foreign money is already pouring into Indian debt ahead of their scheduled inclusion into JPMorgan and Bloomberg's global bond indices in August and September, respectively.Foreign portfolio investors (FPIs) net bought a little over $2 billion of Indian debt in February, after having pumped in $2.5 billion last month. January’s purchases were the highest monthly inflows into the debt market in more than six years. In comparison, FPIs have net sold around $3.5 billion worth of equity shares so far in 2024. FPI investments into Indian debt has been steadily rising since October when the proposed inclusion in the JP Morgan global bond index was announced.The strong foreign flows also provide a support to the rupee, because foreign investors need to convert dollars to rupees when investing in Indian bonds. This boosts demand for the rupee, and helped offset some of the pressure caused by FPI selling of equities. So far in 2024, the rupee has risen 0.4 percent. It was also the top three least volatile emerging market currencies in 2023. However, a stronger rupee also has drawbacks too. India’s exports become less competitive compared to producers in countries with weaker currencies. If demand for exports goes down, it means less dollars coming into the country. So far in 2024, the rupee has risen 0.4 percent. It was also the top three least volatile emerging market currencies in 2023. However, a stronger rupee also has drawbacks too. India’s exports become less competitive compared to producers in countries with weaker currencies. If demand for exports goes down, it means less dollars coming into the country. As for the rupee, looking at USD/INR rate, Mishra expects to see low volatility for the next 12 months. "The RBI also has the ammunition to dampen volatility on both sides, however, if we were modelling USD/INR, I would still anticipate mild depreciation. In case, we do start to get a lot of inflows, the RBI will tap into its reserves and keep the rupee down maybe 1-2 percent," Mishra stated in an interaction with Moneycontrol.    

Juniper Hotels likely to see muted debut, grey market premium absent

Juniper Hotels is likely to see a muted debut on February 28 despite positive market conditions. Tepid IPO subscription numbers and the loss-making status of the company, which is owned by the hotel developer Saraf Group and global premier hospitality brand Hyatt Hotels Corporation, may be among the key reasons for the flat listing, analysts said. The Rs 1,800-crore public issue had seen a subscription of 2.08 times during February 21-23, with qualified institutional investors buying 2.96 times the reserved portion, and retail investors picking 1.28 times the allotted quota. The portion set aside for non-institutional investors was subscribed 0.85 times. The IPO was comprised of only a fresh issue portion. An amount of Rs 1,500 crore of the net fresh issue proceeds will be utilised to repay debts and the remaining funds will be used for general corporate purposes. At the upper band of Rs 360, the company is valued at Rs 8,010 crore. "Based on annualised FY24 earnings and fully diluted post-IPO paid-up capital, the company’s operational metrics remain healthy, but interest costs are weighing on profitability bringing the bottom line to net loss," Tapse said. Juniper Hotels, which competes with listed peers like Indian Hotels Company, EIH, Lemon Tree Hotels, and Chalet Hotels, has been a loss-making company, though the losses reduced considerably in the year ended March FY23 at Rs 1.5 crore from a loss of Rs 188 crore in FY22. But revenue from operations more than doubled to Rs 666.85 crore against Rs 308.7 crore during the same period. Further, the losses in the six months ended September FY24 increased to Rs 26.5 crore from Rs 17.5 crore in the same period previous fiscal, though there has been growth in revenue from operations rising to Rs 336.1 crore from Rs 294.3 crore during the same period. As far as the grey market is concerned, its IPO shares are not getting any premium, the market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing. Being in the luxury hotel development and ownership space, Juniper Hotels has a portfolio of seven hotels and serviced apartments with a total of 1,836 rooms, under three distinct segments namely luxury (the Grand Hyatt Mumbai Hotel and Residences and Andaz Delhi), upper upscale (the Hyatt Delhi Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow and Hyatt Raipur; and upscale (Hyatt Place Hampi).    

Dividend Stocks: NMDC, Natco Pharma to trade ex-dividend next week, Bajaj Auto to declare buyback

The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout. It is the day the stock becomes ex-dividend, which means it does not carry the value of its next dividend payment from that day forward. Dividends are payable to all shareholders whose names appear on the company's list by the end of the record date. A bonus issue is a corporate action which is an offer given to the existing shareholders of the company to subscribe for additional shares. Instead of increasing the dividend payout, the companies offer to distribute additional shares to the shareholders. For example, the company may decide to give out one bonus share for every ten shares held. Buy or sell stocks: After showing an excellent upside recovery from the lows on Thursday, the Indian stock market shifted into a range-bound action for the whole session on Friday and closed in the red territory. The Nifty 50 index went off 4 points and closed at the 22,212 level, the BSE Sensex slipped 15 points and ended at the 73,142 mark while the Bank Nifty index lost 108 points and finished at 46,811 level. After opening on a positive note, the Nifty 50 index was not able to sustain the opening gains and slipped into minor weakness amidst a range movement in the early part and later this sideways movement continued for the whole session. A new all-time high was formed at 22,297 levels and the 50 stock index closed near the lows. Sumeet Bagadia, Executive Director at Choice Broking believes that the Nifty 50 index went past the crucial 22,000 level decisively in the week gone by. The Choice Broking expert went on to add that overall Indian stock market sentiment is positive. Bagadia advised a 'buy on dips' strategy till the 50-stock index is above the 21,800 mark.  

Suhana Khan purchases land in Alibag for Rs 9.50 crore

Actor Suhana Khan, daughter of Bollywood star Shah Rukh Khan, has bought 78,361 square feet of agricultural land in Alibag, Raigad district, for Rs 9.50 crore, according to documents shared by IndexTap.com.Khan has paid a stamp duty of Rs 57 lakh for the transaction registered on February 13, 2024. The registration fee was Rs 30,000, according to the documents. Suhana was seen as an actor for the first time in Zoya Akhtar’s The Archies. The land parcel is located at Thal village in Alibag in Raigad district, the documents said.Earlier, in June 2023, Khan had bought agricultural land spread across 1.5 acres with three structures on it in Alibag for Rs 12.91 crore.There was no response to an email query sent to Suhana Khan's spokesperson. In the past, Bollywood actress Deepika Padukone and her husband Ranveer Singh had bought a second home in Alibag for Rs 22 crore. Cricket player Virat Kohli and his actress wife Anushka Sharma had purchased an eight-acre land parcel in Alibag for around Rs 20 crore. In the past, notable celebrities and industrialists have purchased land or bungalows in Alibag. These include Navin Agarwal of Vedanta Resources, Gautam Singhania of Raymonds, Prakash Mody of Unichem Labs Ltd, and Salil Parekh of Infosys.