Category: 阿拉爱上海

ONGC, Nestle among top stocks to buy, charts show strength; check Nifty’s support, resistance levels

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By Shrikant Chouhan

Indian stock market closed at the lowest point of the day on Tuesday. The market is not stabilizing at any specific level, which is an indication of some more uncertainties in the near term. The Nifty/Sensex closed below the level of 14500/48300 that would keep open the possibilities of hitting 14400/14370 (48000/47900) levels, however, it is crucial for the market to close above the levels of 14450/48100 to maintain the upward bias. On the higher side, 14600/48500 and 14750/48900 would be the main obstacles. Today, although there was some profit-taking seen in the PSU stocks on Tuesday, we feel they can easily attract follow up buying in the next couple of sessions.

On the monthly chart, it is observed that post its drop from the highs of 180 the stock went into a correction phase, however, the stock reversed after forming the strong base at its demand zone and started trading in an upward channel. Additionally current range breakout with incremental volume activity on the daily chart indicates the stock has good potential for further upside.

Canara Bank BUY, CMP: Rs 141.35, TARGET: Rs 150, SL: Rs 136

For the last two months, the stock has been in a downward channel after hitting the double top chart pattern at around 172, and thereafter it found support at its previous lows and reversed sharply by forming a hammer candlestick pattern. Moreover the recent formation of the Cup and Handle chart pattern on the daily time frame with rising volumes indicates bullish movement in the near term is very likely to persist.

Nestle India BUY, CMP: Rs 16,546.6, TARGET: Rs 17,400, SL: Rs 16,200

For the last few days the stock was trading in a lower top and lower bottom series chart formation and eventually the downward move took a pause at the rising trend line and it seems that the bulls got into action, further the technical oscillator stochastic indicates trend reversal as it is signaling the oversold condition of the counter.

Cummins IndiaBUY, CMP: Rs 845.3, TARGET: Rs 890, SL: Rs 825

Strong reversal formation is evident from the multiple support area of 820, inverted hammer candlestick formation followed by star pattern on the weekly scale hints at bullish momentum in the counter incoming horizon.

(Shrikant Chouhan is Executive Vice President (Equity Technical Research), Kotak Securities. Views expressed are the author’s own.)

Torrent Pharmaceuticals Rating: Buy | Deal could be marginally value accretive

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Torrent Pharma LAST week announced that it has entered into a definitive agreement with shareholders of Curatio to acquire a 100% stake in the company for an EV of Rs 18.85 bn. Curatio, primarily a cosmetic derma company established in 2005, achieved turnover of Rs 2.24 bn in FY22. The acquisition valuation of 8.4x EV/sales and 30.5x EV/Ebitda (FY22) is higher than for most recent acquisitions in the domestic pharma market (typically 3-4x EV/sales). The company expects to extract sales and cost synergies from the acquisition like it did in earlier deals with Unichem and Elder pharma.

Curatio recorded revenue CAGR of 16.9% over FY16-22, with consistent improvement in Ebitda margin. Management commentary suggests that it expects healthy double-digit revenue growth to sustain in the near term and Ebitda margin to reach the ~40% level in the medium term. Strategically, the acquisition expands TRP’s presence in derma (particularly cosmo derma segment) and provides a platform to build an OTC business over time.

The acquisition will be EPS dilutive by 5-10% over the next three years, as per our estimates. On valuation upside we are neutral here. Given high valuation paid, it is difficult to expect significant value accretion from the deal at this stage, particularly on TRP’s high market cap compared to when it did its earlier acquisitions. The deal could still be marginally value-accretive. We don’t expect any material value destruction as the branded business presents scope for steady growth with price increases and the acquisition is debt funded without causing any balance sheet stress.

Our current estimate for TRP don’t factor in contribution from the Curatio acquisition.

The acquisition may be completed in a month. We have a Buy rating on the stock with a target price of Rs 1,782 based on 17.5x one-year-forward Ebitda (Sep-24 Ebitda). At the current price the stock is trading at 19.1x and 15.8x FY23F/24F Ebitda and 35.3x/ 29.1x/24.4x FY23F/24F/ 25F EPS of Rs 43.4/Rs 52.7/Rs 62.3.

Curatio: Player in cosmetic derma segmentCuratio was established in 2005 by executives of American Remedies, which was merged with Dr Reddy’s in 2001. Curatio primarily focuses on derma segment, particularly in cosmo derma segments. The company clocked revenues of Rs 2.24 bn in FY22. Derma and cosmetic derma in particular contributed 95% and 80% of the sales, respectively. The cosmetic derma market is at Rs 36 bn (MAT Aug 2022) and recorded a CAGR of 16% over the past 10 years, according to the company. This compares to an IPM CAGR of 10% over the period.

Pediatric products (products for babies and children) accounted for ~60% of the sales in FY22. The other key segments are Acne/Face care and Hair/Scalp care, which accounted for ~20% and ~12% of FY22 sales, respectively. The company has a portfolio of ~50 brands, with the top five and ten brands accounting for ~Rs 60% and ~75% of sales, respectively.

Acquisition valuationTorrent will acquire Curatio for Rs 18.85 bn, thus valuing the company at 8.4x EV/sales and 30.5x EV/Ebitda on FY22 sales and Ebitda of Rs 2.24 bn and Rs 600mn, respectively.

Dhouhani Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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Dhouhani MP Assembly Election 2023 Details: The election for Dhouhani Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Dhouhani Constituency Assembly Election 2023 that you should know.

Dhouhani Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Dhouhani Assembly Constituency Election 2023 as announced by the Election Commission of India.

Dhouhani Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Dhouhani Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Dhouhani Constituency Assembly Election 2023 is Important

Dhouhani is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Dhouhani Lok Sabha/Parliamentary constituency. Dhouhani falls in the Dhouhani district of Madhya Pradesh and is categorised as an urban seat.

Dhouhani Constituency MP Election Result: What happened in 2018

Kunwar Singh Tekam of the Bharatiya Janata Party was the winning candidate from the Dhouhani constituency in the MP Assembly elections 2018, securing 57995 votes while 54202 votes were polled in favour of Kamlesh Singh of the Indian National Congress. The margin of victory was 3793 votes.

2018 Dhouhani Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesKunwar Singh TekamBharatiya Janata Party57995

Candidate List Party Name Votes Gained (Vote %) Kunwar Singh Tekam Bharatiya Janata Party 57995 (35.85%) Kamlesh Singh Indian National Congress 54202 (33.5%) Rupnarayan Singh Poya Gondvana Gantantra Party 19457 (12.03%) Awadh Pratap Singh Bahujan Samaj Party 9062 (5.6%) None Of The Above None Of The Above 2810 (1.74%) Rajendra Kol Independent 2485 (1.54%) Mahipal Singh Independent 2440 (1.51%) Comread Balraj Singh Communist Party Of India (marxist) 2224 (1.37%) Revti Singh “maravi” Independent 1974 (1.22%) Dharvend Baiga Shiv Sena 1871 (1.16%) Girdhari Baiga Aam Aadmi Party 1747 (1.08%) Kamalsay Panika Bhartiya Shakti Chetna Party 1589 (0.98%) Anurag Singh Peoples Party Of India (democratic) 1116 (0.69%) Deepak Kumar Panika (bhaiyaji) Independent 1003 (0.62%) Dr Ajay Pratap Mauriya Sanjay Sapaks Party 918 (0.57%) Gulbasiya Devi W/o Late Rangdev Singh Independent 893 (0.55%)

Dhouhani Constituency MP Election Result: What happened in 2013

Kunwar Singh Tekam of the Bharatiya Janata Party was the winning candidate from the Dhouhani constituency in the MP Assembly elections 2013, securing 60130 votes while 41129 votes were polled in favour of Tilakraj Singh Uike of the Indian National Congress. The margin of victory was 19001 votes.

2013 Dhouhani Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesKunwar Singh TekamBharatiya Janata Party60130

Candidate List Party Name Votes Gained (Vote %) Kunwar Singh Tekam Bharatiya Janata Party 60130 (42.45%) Tilakraj Singh Uike Indian National Congress 41129 (29.04%) Dr Raj Bahadur Singh Markam Bahujan Samaj Party 16220 (11.45%) Rudra Pratap Singh Markam Gondvana Gantantra Party 8127 (5.74%) None Of The Above None Of The Above 3929 (2.77%) Shripal Singh Independent 2358 (1.66%) Comred Balraj Singh Communist Party Of India (marxist) 2232 (1.58%) Dr Ajay Pratap Mauria Sanjay Independent 1844 (1.3%) Heeralal Singh Gond Bhartiya Shakti Chetna Party 1265 (0.89%) Heera Singh Poya National People’s Party 1053 (0.74%) Puspraj Singh Shyam Independent 959 (0.68%) Brij Lal Baiga Lok Jan Shakti Party 879 (0.62%) Revti Singh Akhil Bhartiya Gondwana Party 770 (0.54%) Manohar Singh 756 (0.53%)

Gold Price Today, 21 Sep 2022: Gold rate flat on muted global cues, investors await US Fed meet decision

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Wednesday, as prices remained steady in global markets. On Multi Commodity Exchange, gold October futures were ruling at Rs 49,216 per 10 gram, up Rs 41. Silver December futures were trading at Rs 56,684 per kg, up Rs 341 or 0.6 per cent. Globally, yellow metal lingered near recent lows as investors prepared for the likelihood of another super-sized interest rate hike from the U.S. Federal Reserve in its effort to tame soaring inflation, according to Reuters. Spot gold was flat at $1,663.73 per ounce. Bullion hovered close to $1,653.10, its lowest level in more than two years marked last week. U.S. gold futures edged 0.1% higher at $1,686.70.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold and Silver might see some volatile action late in the day prior to the FOMC statement post 11:30 IST. We have seen historically volatility but the market has already discounted 75bps rate hikes in Sept and Nov. In the unlikely event that the Federal Reserve raises its benchmark interest rate by 1%, it would most certainly pressure gold to lower pricing. 2 Yr US Treasury yield hit nearly 4% which is keeping gold prices under check. Any relief rally is only expected tomorrow as historically this year after every rate hike, we have seen gold climbing. Despite US Treasury yield and dollar moving higher, we have not seen the same selling pressure in gold on the downside indicating that sellers have exhausted and are waiting for fresh triggers. Any breakthrough below $1650 will give bears fresh ammunition for taking gold lower till $1620 but breach above $1700 will take gold till $1725-30. Avoid carrying any overnight position and gold is expected to trade steady in the first half in range of 48900-49250.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1664 per ounce in the morning trade. MCX Gold October futures opened marginal down near Rs. 49178 per 10 gram following global cues. Gold prices kept range bound trading as market is awaiting the US FED decision over interest rate. A rate hike of 75 bps is already discounted in the market while a larger rate hike will be a surprise. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1640 and resistance at $1680 per ounce. MCX Gold October support lies at Rs. 48800 and resistance at Rs. 49700 per 10 gram.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices inched lower as the dollar and Treasury yields firmed, and investors remained cautious ahead of a widely expected large interest rate hike by the U.S. Federal Reserve this week. Last week U.S. inflation data was reported better than expected, which raised the probability of even a 100bps rate hike, increasing the pressure on metal prices. There is 80% probability of a 75bps rate hike according to CME fed watch tool, which the market seems to have discounted for in the prices. Dollar and Yields have been witnessing significant gains since amidst this rate hike expectation, as the dollar continues to hover around its two decade high, while U.S. 10Y yields are steady near ~3.4% levels. Apart from the Fed, this week other central banks like BOE are also expected to keep tightening monetary policy in the face of surging inflation. Indicative of sentiment, holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have dropped to their lowest since March 2020. Apart from the interest rate, focus will also be on the comments from Governor Powell and inflation & growth forecasts. Broader trend on COMEX could be in the range of $1635-1690 and on domestic front prices could hover in the range of Rs 48,850-49,500.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

AIA Engineering Rating: ADD; Stable performance set to continue

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AIA Engineering (AIAE) is on track to deliver ~30,000te incremental volumes (in line with management guidance) each year in FY23 and FY24, led by steady demand, likely gradual easing of logistics issues and capacity expansion. Company has recently entered into a non-exclusive agreement with SAL Steel Ltd for supply of key raw material ferro-chrome for three years. The deal is likely to result in increased supply of ferro-chrome from the domestic market (currently ~15% of the requirement is imported). As per our channel checks, volumes from Canada and South Africa are also likely to show improvement in FY23. Company is endeavouring to increase its market share on the back of its capability to offer customised solutions, improved product basket and easing of logistics issues. With the recent decline in commodity prices, we expect blended realisations to moderate though Ebitda margin is likely to remain intact. Strong business moat, credible management and robust balance sheet give us comfort on AIAE. Maintain ADD with the TP unchanged at Rs 2,720.

Also read: JSW Paints says reviewing CCI order in complaint against Asian Paints

In FY22, outward freight expenses grew 84% to Rs 4.2bn. Its proportion in export revenues rose to 15.2% vs 10.2% in FY21.

Maintain ADD: The strong upswing in commodity cycle since the onset of pandemic is expected to drive capex from major mining players. AIAE is therefore beefing up its capacity to meet the anticipated increase in grinding media demand. Given easing global supply-chains, we expect new markets in Australia, Africa and the Americas to start contributing to volume growth.

As per the FY22 annual report, grinding media consumption in the mining segment is estimated at 2.5mtpa with less than 20% of it converted to high chrome. Thus, the company has strong headroom for growth by tapping the unaddressed market even if capacity expansion in the mining sector is delayed.

Also read: Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

Outlook and valuation

The mining sector is expected to undergo capacity expansion given the recent strong upswing in the commodity cycle . For its non-mining segment, AIAE witnessed a demand rebound during H2FY22 led by strong revival in construction and real estate activity.

US Stocks: Futures fall as Apple drops production increase, falling yields limit losses

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U.S. stock index futures fell on Wednesday led by Apple after it dropped plans to boost production of its new iPhones, but a pullback in benchmark Treasury yields from multi-year highs limited the decline.

Shares of the world’s most valuable public company fell 3.7% in premarket trading after Bloomberg reported Apple had told suppliers to curtail efforts to increase assembly of its iPhone 14 product family by as many as 6 million units in the second half of this year.

The report on Apple’s production cut added fuel to investors worried about the U.S. Federal Reserve’s push to aggressively increase borrowing costs to tame stubbornly high inflation even at the risk of slowing down economic growth.

Other megacap growth names such as Amazon.com Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc also fell between 0.6% and 2.1%.

Also Read: US Stock Market: Are Fed’s projections more aggressive than what investors expected?

Chipmakers Advanced Micro Devices, Qualcomm Inc Nvidia Corp and Micron Tech were down between 1.5% and 2.8%.

Still, a bit of relief for equity markets came from a Bank of England decision to buy as many long-dated government bonds as needed between now and Oct. 14.

The yield on the U.S. 10-year Treasury bill came off 12-year highs to hit the day’s low of 3.886%, while Germany’s 10-year government bond yield, the benchmark for the euro zone, fell after touching a 11-year high.

“Yields now are approaching the Fed’s desired target level of 4 and 4.5%. So once that happens, we should see yields beginning to level off and that should boost equity prices,” said Peter Cardillo, chief market economist, Spartan Capital Securities LLC.

“The market is very, very sold.”

At 7:30 a.m. ET, Dow e-minis were down 85 points, or 0.29%, S&P 500 e-minis were down 18.75 points, or 0.51%, and Nasdaq 100 e-minis were down 113.75 points, or 1%.

In the previous session, Wall Street’s main indexes sank deeper into a bear market, with the S&P 500 recording its lowest close in almost two years on rate hike worries.

Bucking the overall slide, Biogen surged 45.9% after its Alzheimer’s drug, developed with Japanese partner Eisai, succeeded in slowing cognitive decline.

Shares of Eli Lilly & Co, which is also developing an Alzheimer’s drug, rose 7.7%.

ACC, Adani Power, Ambuja Cements, Tata Steel, Paytm, Tata Power, HDFC Life, Indus Towers stocks in focus

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Bulls may attempt a comeback on Dalal Street as BSE Sensex, NSE Nifty 50 are expected to open in the green, according to early trends on the SGX Nifty. Nifty futures were up 26 pts or 0.15% on the Singapore exchange hinting a positive start for broader benchmark index in India. “Markets have shown tremendous strength so far amid the global turmoil however the lingering fear of aggressive rate hikes by the US Fed has capped the upside and also trigger intermediate declines. The prevailing market structure combined with cues from the US markets is pointing towards further fall,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 19 September, Monday

Adani Power: The Adani Group company company has announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company’s shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January last year. The company has not received in principle approval of the exchanges, and hence it is withdrawing offer for delisting on account of delay and commercial viability.

ACC, Ambuja Cements: The Adani Group through its SPV Endeavour Trade and Investment has completed the acquisition of Ambuja Cements and ACC. With this, it has become the second largest cement player in India. Soon after Adani’s takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs. The board of Ambuja Cements approved an infusion of Rs 20,000 crore into Ambuja by way of preferential allotment of warrants. On Friday, Gautam Adani was appointed as the chairman of Ambuja Cements while his elder son Karan was named as a director of both the cement firms and as chairman of ACC.

Indus Towers: Bimal Dayal has tendered his resignation as Managing Director (MD) and CEO of the company and as a Director from the Board. Till the time the vacancy is filled, Tejinder Kalra, the Chief Operating Officer (COO) and Vikas Poddar, the Chief Financial Officer (CFO) will be jointly responsible for the functioning of the company under the guidance of the board and the Chairman.

Tata Power: Resurgent Power Ventures Pte Ltd completed acquisition of South East UP Power Transmission Company (SEUPPTCL). Resurgent Power Ventures is a joint venture based out of Singapore, wherein 26% shareholding is held by Tata Power through its wholly owned Singapore based subsidiary. In another news, Tata Power Discoms announced to invest Rs 5,000 crore in Odisha to ensure reliable and quality electricity supply to industries. “We are fully committed to realise the Odisha government’s vision of Make in Odisha through reliable and quality power supply to industries. Tata Power Discoms serve 9 million customers across the state,” said Tata Power’s T&D, President, Sanjay Banga.

JSW Ports: JSW Ports, a wholly-owned subsidiary of Sajjan Jindal-led JSW Infrastructure, has retired high-cost rupee debt of Rs 862 crore to a consortium of banks. “This was done largely from our internal accruals, as our ports business has been doing very well for the last two-three years, and supported by our recent bond issue. Thereby, we have reduced borrowing costs substantially,” Lalit Singhvi, chief financial officer at JSW Infrastructure said.

Paytm: Digital payments and financial services company Paytm’s total merchant base has gone up by 8 million in a span of 14 months — from 22 million in June 2021 to almost 30 million by the end of August 2022 — according to Anuj Mittal, vice president – investor relations. The government’s push for increasing adoption of digital payments has also translated into a five-fold jump in Paytm’s offline payments system, he said. The company’s subscription-based payment devices to merchants across the country have increased from 0.9 million to 4.5 million since June 2021.

Also Read: MCX crude oil September futures support at 6500; US FOMC meet to guide crude oil movement

HDFC Life: The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC Life Insurance, a stock exchange filing by HDFC Life said. The NCLT has sanctioned the Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, it said. The merger is subject to final approval from the Insurance Regulatory and Development Authority of India. HDFC Life had last year announced 100% acquisition of Exide Life and the subsequent merger. It completed the acquisition in January through issuance of 8.70 crore shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.

Steel stocks: Tata Steel, JSW Steel and ArcelorMittal Nippon Steel (AM/NS India) were among around 75 firms that have shown interest in the Rs 6,322 crore production-linked incentive (PLI) scheme for speciality steel. “The response has been very good. Both large integrated players like Tata Steel, JSW Steel, JSPL and SAIL and a clutch of secondary players have evinced interests. The total number of applications would be around 75, reported FE citing a steel ministry source.

Garoth Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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Garoth MP Assembly Election 2023 Details: The election for Garoth Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Garoth Constituency Assembly Election 2023 that you should know.

Garoth Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Garoth Assembly Constituency Election 2023 as announced by the Election Commission of India.

Garoth Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Garoth Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Garoth Constituency Assembly Election 2023 is Important

Garoth is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Garoth Lok Sabha/Parliamentary constituency. Garoth falls in the Garoth district of Madhya Pradesh and is categorised as an urban seat.

Garoth Constituency MP Election Result: What happened in 2018

Devilal Dhakad (advocate) of the Bharatiya Janata Party was the winning candidate from the Garoth constituency in the MP Assembly elections 2018, securing 75946 votes while 73838 votes were polled in favour of Subhash Kumar Sojatia of the Indian National Congress. The margin of victory was 2108 votes.

2018 Garoth Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesDevilal Dhakad (advocate)Bharatiya Janata Party75946

Candidate List Party Name Votes Gained (Vote %) Devilal Dhakad (advocate) Bharatiya Janata Party 75946 (41.93%) Subhash Kumar Sojatia Indian National Congress 73838 (40.76%) Tufansingh Sisodiya Barkhedi Mitthu Independent 18148 (10.02%) None Of The Above None Of The Above 2474 (1.37%) Jagdish Rangotha Bahujan Samaj Party 1696 (0.94%) Ramkaran Ralotiya Bahujan Sangharshh Dal 1673 (0.92%) Saeed Ahamad Independent 1497 (0.83%) Amrlalpnnalalmina Independent 1427 (0.79%) Banshilal Gwala Independent 1330 (0.73%) Army Man Rajesh Vishwakarma Shiv Sena 1302 (0.72%) Fulchand Independent 791 (0.44%) Jagdish Independent 718 (0.4%) Ahasas Hussain Independent 307 (0.17%)

Garoth Constituency MP Election Result: What happened in 2013

Rajesh Yadav Dharmveer Singh of the Bharatiya Janata Party was the winning candidate from the Garoth constituency in the MP Assembly elections 2013, securing 88525 votes while 62770 votes were polled in favour of Subhash Kumar Sojatia of the Indian National Congress. The margin of victory was 25755 votes.

2013 Garoth Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesRajesh Yadav Dharmveer SinghBharatiya Janata Party88525

Candidate List Party Name Votes Gained (Vote %) Rajesh Yadav Dharmveer Singh Bharatiya Janata Party 88525 (54.37%) Subhash Kumar Sojatia Indian National Congress 62770 (38.55%) None Of The Above None Of The Above 3331 (2.05%) Vijay Patidar Bahujan Samaj Party 1758 (1.08%) Indaralal Gujar Samajwadi Party 1257 (0.77%) Shambhulal Megawal S D Bahujan Sangharshh Dal 1185 (0.73%) Devilal Mangilal Independent 1100 (0.68%) Shafi Ulla Fakir Mohmmad Independent 748 (0.46%) Sandeep Rajguru Shivsena 747 (0.46%) Vidhutlata Balaram Dhanotiya Nationalist Congress Party 726 (0.45%) Foolchand Rampratap Independent 685 (0.42%)

Garoth Constituency MP Election Result: What happened in 2008

Subhash Kumar Sojatia of the INC was the winning candidate from the Garoth constituency in the MP Assembly elections 2008, securing 68396 votes while 50624 votes were polled in favour of Rajesh Yadav Dharm Veer Singh of the BJP. The margin of victory was 17772 votes.

2008 Garoth Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesSubhash Kumar SojatiaINC68396

Candidate List Party Name Votes Gained (Vote %) Subhash Kumar Sojatia INC 68396 (52.04%) Rajesh Yadav Dharm Veer Singh BJP 50624 (38.52%) Saeed Ahamad IND 2447 (1.86%) Sardar Singh Parihar BJSH 2246 (1.71%) Narayan Singh Karan Singh Sisodia LJP 2234 (1.7%) Guddu Vijay Patidar BSP 1942 (1.48%) Narsing Rathor Banjari Kakhera SHS 1404 (1.07%) Mahesh IND 1380 (1.05%) Rajesh Bandav IND 758 (0.58%)

Maruti Suzuki Rating: Neutral

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Targeted at mid-size SUV segment, top four variants are priced Rs 1.5mn & Rs1.9mn

Aggressively pricedThe top-end (Neodrive) petrol variant of the Hyryder is priced at par with Hyundai’s Creta top-end petrol variant. The top-end hybrid Hyryder is priced at a `100k/ `200k premium to Creta diesel/ petrol top-end variants, and compared with the Honda City Hybrid, it is priced ~`90k lower. In comparison with its principal competitor Creta, the Hyryder has more fuel-efficient Hybrid options, brake assist, 360-degree parking assist camera, Arkamys surround sound system, but misses out on features such as a Bose sound system, bigger touch screen of 10.25” (vs 9” in the Hyryder), power-adjustable driver seat, electric parking brake and options for diesel and DCT variants with a much higher power/torque. Overall, the Hyryder hybrid looks aggressively priced and should result in market share gains but at narrow margins, we think.

Our viewPricing of the Hyryder hybrid is attractive and should lead to better than expected adoption. Pricing, compared with other SUV models, is competitive and profitability will be less. As hybrids have lesser boot space compared with ICE SUVs, the hybrid models will be more suitable for long-distance usage without much luggage – e.g. intra city or low occupancy. The very aggressive pricing for Hybrids suggests that Toyota wants a high Hybrid adoption. We maintain our view that the Hyryder model has potential for high volumes (~10-15k units per month, we estimate). With such aggressive pricing, we maintain our estimate that Toyota may be able to sell upto 40% of the volumes for this model. We currently factor in ~8k units per month for MSIL’s version of this model. We expect MM’s recently unveiled XUV400 (link ) to be priced close to the hybrid variants of the Hyryder, mainly due to the tax advantage enjoyed by EVs. We believe EVs like the XUV400 will be a more preferred option for customers who have access to a charging network.

Targeted at mid-size SUV segment, top four variants are priced Rs 1.5mn & Rs 1.9mn

Toyota announced prices for the top four variants of its upcoming Urban Cruiser Hyryder recently – the strong-hybrid variants and the top-spec mild-hybrid AT variant. The top four variants are priced between `1.5mn and `1.9mn (exshowroom).The pricing announcement comes almost two months after the car was unveiled. Bookings for the model are already underway with reports suggesting bookings to be at the 60k units mark, similar to the last reported 50k unit bookings number by Maruti Suzuki (MSIL IN, Neutral) for its Grand Vitara.The Hyryder targets the mid-size SUV segment, which has models like the Hyundai Creta, Kia Seltos, Skoda Kushaq, XUV 700, etc. This segment sells ~39k units per month and continues to see strong preference from consumers. The SUV has been jointly developed by Toyota and Suzuki (7269 JP, Neutral), with production for the vehicle commencing in Aug-22 at Toyota’s plants.

Also read: Wall Street hits more than two-week high on energy, tech gains

Aggressively priced

The top-end (Neodrive) petrol variant of the Hyryder is priced at par with Hyundai’s Creta top-end petrol variant. The top-end hybrid Hyryder is priced at a `100k/ `200k premium to Creta diesel/ petrol top-end variants, and compared with the Honda City Hybrid, it is priced ~`90k lower. In comparison with its principal competitor Creta, the Hyryder has more fuel-efficient Hybrid options, brake assist, 360-degree parking assist camera, Arkamys surround sound system, but misses out on features such as a Bose sound system, bigger touch screen of 10.25” (vs 9” in the Hyryder), power-adjustable driver seat, electric parking brake and options for diesel and DCT variants with a much higher power/torque. Overall, the Hyryder hybrid looks aggressively priced and should result in market share gains but at narrow margins, we think.

Also read: Wall Street hits more than two-week high on energy, tech gains

Our view

Pricing of the Hyryder hybrid is attractive and should lead to better-than-expected adoption. Pricing, compared with other SUV models, is competitive and profitability will be less. As hybrids have lesser boot space compared with ICE SUVs, the hybrid models will be more suitable for long-distance usage without much luggage – e.g. intra city or low occupancy. The very aggressive pricing for Hybrids suggests that Toyota wants a high Hybrid adoption. We maintain our view that the Hyryder model has potential for high volumes (~10-15k units per month, we estimate). With such aggressive pricing, we maintain our estimate that Toyota may be able to sell upto 40% of the volumes for this model. We currently factor in ~8k units per month for MSIL’s version of this model. We expect MM’s recently unveiled XUV400 (link ) to be priced close to the hybrid variants of the Hyryder, mainly due to the tax advantage enjoyed by EVs. We believe EVs like the XUV400 will be a more preferred option for customers who have access to a charging network.

OVL may hold Russia assets via new arm in GIFT City

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State-run ONGC Videsh Ltd (OVL) may incorporate a subsidiary in the GIFT International Financial Services Centre in Gujarat soon to hold its Russian oil assets.

The move follows the inability of OVL’s Singapore holding arm to receive dividends from the oil assets due to the sanctions on Russia. Including Russia, OVL owns Participating Interests in 32 oil and gas assets in 15 countries.

The outbreak of the Russia-Ukraine war last year created a fresh round of headwinds for OVL, which a section of the government feels has not been able to reap the benefits of its substantial holdings in oil assets overseas.

With Russia nationalising oil output from the Sakhalin-I oil field after the Ukraine war, OVL is just a dividend-receiving shareholder compared to the earlier practice of getting a share in oil output equivalent to its shareholding (equity oil), an official said. Even then, it would receive fresh dividends only after meeting some conditions.

Around $100 million in dividends from the previous year are held up in Russia as Singapore did not permit the remittance of the money to OVL’s Singapore firm, which holds the Russian assets.

OVL set up the Singapore arm due to tax arbitrage as taxes are high in India (15-30% plus cess and surcharge depending on equity holding in overseas company). In Singapore, the tax on dividend income could be zero.

Meanwhile, Reuters reported on Thursday that ONGC hopes to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects held through OVL as sanctions on the nation were eased. The Biden administration on Wednesday eased sanctions on Venezuela’s oil sector after the government and opposition parties reached a deal for the 2024 election, in the most extensive rollback of Trump-era restrictions on Caracas.

With GIFT IFSC, India’s answer to global financial centres such as Singapore, officials said OVL is looking at setting up a company in the IFSC to manage overseas assets, especially Russian assets. GIFT IFC, which is treated as a foreign jurisdiction for taxation purposes, offers a host of direct and indirect tax incentives to companies set up there, an official said.

Sakhalin-I, OVL acquired 20% stake in the project in July 2001. Other partners were operator Exxon Nefteggas Limited (ENL) with 30% stake, SODECO, a consortium of Japanese companies 30% and Subsidiaries of Rosneft, the Russian National Oil Company 20%. Sakhalin-1 started 2022-23 by producing about 2,10,000 BOPD in accordance with the planned production profile. However, following the Russia-Ukraine conflict, Operator ENL started significant production curtailment and declared Force Majeure on April 21, 2022. Production became close to zero in September 2022. Russia issued a Presidential Decree on October 07, 2022 transferring all rights & obligations of Sakhalin-1 Consortium to a newly formed entity; Sakhalin-1 Limited Liability Company (Sakhalin-LLC).