Phoenix Mills Ltd. India’s largest mall developer is the only stock with a 100 percent ‘Buy’ ratings for three years among Indian companies tracked by at least 10 analysts. The company remained analysts’ most-preferred bet for the third straight year now. The bulk of the portfolio for the developer comprises rent-yielding commercial properties with a stable occupancy. That’s expected to aid its growth. During that period, the company had a sell rating only for three months (August 12, 2016, to November 14, 2016). But since then, all analysts suggest a ‘Buy’. Shares of the company that operates India’s second-biggest shopping mall, Phoenix Market City in Mumbai, surged more than 100 percent in the last three years compared to a 49 percent gain in the Nifty Realty Index. The stock, according to t

On Thursday, Adani Enterprises obtained the green signal to start construction of a controversial coal mine in outback Australia after a state government approved a final permit on groundwater management. The Carmichael mine has been a lightning rod for climate change concerns in Australia and was seen as a factor in the surprise return to power of the conservative Liberal/National coalition in a national election in May. First acquired by Adani in 2010, the project is slated to produce 8-10 million tonnes of thermal coal a year and cost up to $1.5 billion, but has been mired in court battles and opposition from green groups. "We're ready to start work on the Carmichael Project and deliver the jobs these regions so badly need," Chief Executive Lucas Dow said in a statement. Read EquityPandit’s Techni

Tata Consultancy Services Ltd. will apply Reserve Bank of India’s centralized information and management system for uninterrupted data collection and validations at a cost of Rs 310.52 crore. The project has to be completed within a year of the commencement of the RBI contract. TCS pipped other IT majors like IBM India, Infosys Ltd., L&T Infotech Ltd. to get the RBI contract. RBI had invited of expression of interest in July 2018 for identification of solution provider for implementation of CIMS by overhauling the data warehouse of the central bank. The CIMS will comprise of data warehouse and data lake, which would include seamless data collection from regulated entities by creating system-to-system interface, system-driven data validation and data review, flexible and scalable data repository and pr

Jet Airways shares tanked over 12 percent in early trade on Thursday after stock exchanges decided to impose restrictions on trading in the airline shares from June 28 as part of preventive surveillance measures to curb excessive volatility. The scrip was trading 12.60 percent down at Rs 97.70 on NSE at around 9.34 am (IST), while it was trading 12.73 percent lower at Rs 96.35 on BSE at around the same time. NSE in a circular said that shares of the company would be shifted from “Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 percent upfront margin and 5 percent price band”. There are restrictions in trading of shares that are under Trade for Trade Segment. The decision has been taken jointly by the exchanges and would be effe

In Thursday’s trade shares of YES Bank took a beating after foreign brokerage UBS cut its target on the stock to Rs 90 from Rs 170 earlier, a drop of 47 percent. The brokerage has maintained its sell rating on the stock as it feels that the expectations of a sharp turnaround are less likely to fructify. The scrip fell 8.76 percent to hit a low of Rs 122.80 on BSE. Even at this price, the UBS target suggests a potential 27 percent downside. UBS is expecting credit cost for the lender to rise to 250 basis points (bps) in FY20 from 200 bps. It cut earning estimates for FY20/21 by 79 percent and 53 percent respectively.   The private lender is facing investor wrath over the actual amount of its stressed assets and is in talks with private equity investors to raise equity funds. Read EquityPandit’s Nif

In a notice to stock exchanges on Tuesday, Dewan Housing Finance Ltd. said, it paid Rs 962 crore in overdue interest payments on its non-convertible debentures. Earlier when the housing firm delayed payments, it said that it would make payments within the seven-day ‘cure period’. However, it resulted in downgrading the company to ‘Default’ grade by various rating agencies. This was due to the anticipation of further payment delays. The main reason for the delayed payments has come out to be continuing of liquidity crunch. DHFL, in its statement, added that it remains dedicated to meeting debt servicing duties “through further asset monetization plans as well as onboarding of a strategic partner for its business.” Last Friday, the company repaid around Rs 276.05 crore towards these NCDs. And on

In May auto sales reinforce the gloom surrounding auto firms. Data released by the Society for Indian Automobile Manufacturers Ltd on Tuesday showed a drop in domestic wholesales numbers across segments. This reinforces a weak demand sentiment in the market, even as it implies high inventory and weaker retail sales. It looks like passenger vehicles (PV) and medium and heavy commercial vehicles (M&HCVs) were the worst hit. Sales in May contracted sharply by 20.6% and 19.7% from the year-ago period in these two segments, higher than 17.1% and 13.6% seen in the month of April. That’s not all. Over the past week, seven out of the top ten PV firms have announced production cuts for the month of June. If some have called it a routine maintenance shutdown, others have stated their intent to align production wit

The consumer goods empire co-founded by Baba Ramdev had tapped into a wave of Hindu nationalism after the election of Prime Minister Narendra Modi. Customers were snapping up Patanjali Ayurved's affordable, Indian-made products such as coconut oil and ayurvedic remedies, in a mounting threat to foreign companies that had bet big on India. "Turnover figures will force multinational companies to go for kapalbhati," saffron-robed Ramdev declared in 2017, in reference to a yoga breathing exercise, vowing sales would more than double to 200 billion rupees ($2.84 billion) in the year to March 2018. But instead, Patanjali's sales plunged 10% to 81 billion rupees, according to its annual financial report. Read EquityPandit’s Technical Analysis of Indian Stock Market And in the last fiscal year, it likely dete