Market News
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Fashion to Furnace: Some luxury gold watches fail the test of time
Luxury watches like Omega Constellation are being melted for gold. High gold prices make metal value exceed resale worth. This impacts used models from Omega and TAG Heuer. Dealers are scrapping watches as demand for investment gold rises. Some owners find this practice tragic. High-end brands like Rolex and Patek Philippe are less affected due to strong demand and waitlists.
Stable crude, strong metal demand and El Nino plays drive opportunities: Motilal Oswal's Khemka
Siddhartha Khemka, Head of Research-Wealth Management at Motilal Oswal Financial Services, says easing geopolitical tensions could keep crude oil prices stable, supporting oil marketing companies. He remains positive on GNG Electronics due to strong growth prospects in refurbished electronics and prefers Hindalco among aluminium stocks, citing a multi-year demand cycle. Khemka also sees long-term value in Manappuram Finance and believes Voltas and Varun Beverages could benefit from a potential El Niño-led heatwave.
Restaurants flag sign-up, pricing control snags at Swiggy's value bet Toing
Swiggy’s push to scale budget food app Toing is facing resistance from some restaurant partners, who allege they were listed without consent and had menu prices altered without approval. This shows growing tensions over pricing, control and margins in the tightly contested food delivery space.
Blinkit, Zepto, Instamart: Who leads India's quick commerce race?
India's quick commerce race is intensifying, with Blinkit, Zepto and Swiggy Instamart competing for dominance. Blinkit leads in orders, revenue, dark store count and is the only player with positive EBITDA. Zepto stands out for the highest orders per store and rapid expansion, while Instamart boasts the highest average order value. With Zepto's IPO expected to strengthen its cash position and rivals chasing profitability, the battle for market leadership is far from over.
Sohum Asset CIO stays positive on telecom, renewables and data centres
Sanjay Parekh of Sohum Asset Managers sees potential in CarTrade Tech, large private banks and select infrastructure plays. While he remains constructive on India's manufacturing story, he believes valuations in the EMS sector are demanding and warrant caution. He also sees value-unlocking potential from Vedanta's demerger.
Wipro buyback is live! Experts reveal the catch behind the 37% premium - Everything shareholders need to know
Wipro's ₹15,000 crore share buyback, priced at ₹250 per share, offers 37% premium over market value. The buyback, open until June 17, allows eligible shareholders to tender shares, with specific entitlement ratios for retail and general investors.
Lenskart Block Deal: ADIA Arm Plans To Sell Nearly Rs 2,000-Crore Stake
At the designated floor price, the total secondary transaction value is estimated at approximately Rs 1,944 crore.
ICICI Prudential Mutual Fund raises stake in Travel Food Services, shares rise
ICICI Prudential Mutual Fund has announced the acquisition of an additional stake in Travel Food Services, increasing its total shareholding in the company to above 5%.
Meesho share price jumps 5% after Jefferies initiates coverage with buy rating; target price at ₹225 a share
Meesho share price rose nearly 5% after Jefferies initiated coverage with a 'Buy' rating and a target price of ₹225, suggesting a 34% upside. The brokerage cites Meesho's value-commerce platform and strong growth potential through increased order volumes and a loyal customer base.
Meesho: Why Jefferies believes the stock could rally 34% from current levels
Jefferies sees significant growth for Meesho. The brokerage initiated coverage with a 'Buy' rating and a target price of Rs 225. This suggests a potential 34% rally for the stock. Meesho is well-positioned to benefit from India's expanding value-commerce market. The company targets price-conscious consumers, particularly in smaller cities. Jefferies expects strong growth in net merchandise value and revenue.
Quality Power gains after inking pact to acquire insulator maker, WSIL
Quality Power Electrical Equipments advanced 1.74% to Rs 1160.65 after the company announced the execution of a term sheet to acquire a 100% stake in Winwin Speciality Insulators (WSIL) for an enterprise value of Rs 315 crore.
Meesho shares worth over ₹51,000 crore free up for trade; Jefferies sees 34% upside
Based on Tuesday's closing price, the value of the Meesho's shares that will free up for trade today is worth nearly ₹51,800 crore. Currently, Meesho commands a market cap of ₹76,630 crore.