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Mahindra & Mahindra gains for fifth straight session, hits new high
Posted on 9th July 2018
Shares of Mahindra & Mahindra (M&M) were quoting higher for the fifth straight trading days, hitting new high of Rs 940, up 2% on the BSE, after the government last week increased the minimum support price (MSP) of kharif crops for 2018-19.

In past six trading sessions, M&M has rallied 6% as compared to 1.5% rise in the S&P BSE Sensex. In past four months, it surged 29% against 7.5% rise in the benchmark index.

According to M&M, the Government’s plan to double farmer income by 2022 is expected to open many new opportunities for Mahindra’s Farm Equipment Sector.

With the Government’s strong focus on improving farm productivity and the adoption of better agricultural practices, the sector is poised for sustained growth. With a normal monsoon forecast by major global weather forecasting agencies, the Farm Equipment Sector is ideally positioned for the near and mid-term, the company said in FY18 annual report.

The Indian auto industry is expected to continue with its growth momentum of F18 when all segments, Passenger Vehicles (PV), Commercial Vehicles (CV), Three Wheelers (3W) and Two Wheelers (2W) reported their highest-ever sales. Excluding 2-Wheelers, the industry grew at 11.9% over the previous year, registering double-digit growth for the first time in seven years, it added.

Analysts at Prabhudas Lilladher maintain ‘BUY’ rating on M&M with a price target of Rs 1,041 as the brokerage remain confident of the company’s domestic tractor business.

“The company’s strategy for its global business ramp up further boosts our confidence as the company is focusing on products & segments which are similar to its domestic tractor portfolio. However, we continue to have concerns over M&M’s domestic UV business, although the 3 upcoming launches in this space can boost volumes ahead,” the brokerage firm said in analyst meets update.

Related Companies: Mahindra India   

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IOC signs $1.5 bn deal to buy US crude oil
Posted on 19th February 2019
In the first-ever deal by an Indian company, Indian Oil Corp (IOC) Monday said it has signed an annual deal worth USD 1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1.

This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.


SBI waives outstanding loans for 23 CRPF martyrs
Posted on 19th February 2019
The country’s largest lender State Bank of India has initiated slew of measures, including waving off outstanding loans of 23 CRPF soldiers martyred in a terrorist attack in Pulwama district of Jammu and Kashmir.

Last week, 40 CRPF personnel were killed and five injured in one of the deadliest terror strikes in J&K.


Sensex rebounds over 100 pts; Nifty nears 10,700
Posted on 19th February 2019
The BSE benchmark Sensex recovered over 100 points on Tuesday, led by strong buying by domestic institutional investors amid positive global cues.

The 30-share index was trading 124.21 points, or 0.35%, at 35,622.65. Similarly, the 50-share NSE Nifty rose 38.90 points, or 0.37 per cent, to 10,679.85.


Identity crisis! Data companies fuelling Aadhaar private debate, suspects Trai chief
Posted on 19th February 2019
Internet companies that have built their businesses using public data are likely to have created the privacy threat debate around the country’s unique digital ID Aadhaar, Trai chairman RS Sharma said on Monday.

“My suspicion, I will have to prove that, but based on circumstantial evidence, we think that many of data companies are behind the issue. They want to create their own identity system,” Sharma said at ‘International Colloquium on Ethics and Governance of Autonomous AI Systems’.


ArcelorMittal offers Rs 4,800 crore for Essar’s Mahan power project in MP
Posted on 19th February 2019
ArcelorMittal has offered lenders Rs 4,800 crore for Essar’s 2×600 MW Mahan thermal power project in Madhya Pradesh, surpassing the Essar promoters’ one-time settlement offer of Rs 3,500 crore, a senior PFC official told FE.

Rajeev Sharma, chairman and managing director of PFC, which is one of the consortium lenders to Essar Power’s MP project, told FE, “We are in process of evaluating the offer.


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