Friday 21 July 2023

Infosys Q1 FY24 Results Review: Unveiling Revenue Guidance Cut and Market Impact

 Review of Infosys Q1 Results: Delivering a Solid Blow, India's second-largest IT services company announced its Q1FY24 results, reducing its FY24 revenue guidance in constant currency (CC) from 1.0% - 3.5% compared to the previous quarter's 4% - 7%. The guidance cut was primarily due to lower-than-expected volume and discretionary spending, delayed decision-making, and setbacks in anticipated mega deals.


On Friday, the stock tumbled 9% on the BSE, closing at INR 1,311.60.


Analysts tracking the stock have mixed views, but they express concern over the significant revenue cut in the fiscal year 2014. For instance, Motilal Oswal Securities stated in their income review note, "While the guidance cut is concerning and should have a negative impact on the share price in the short term (partly due to the 11% increase in the past month), we view the miss as an operational issue rather than a structural one as the previous guidance was too optimistic in the current environment."


Brokerages mentioned that despite a reduction of 325 basis points in the guidance, they are comfortable with Infosys' current 1Q-4QE revenue growth run rate estimate, which is similar to their peers at 6% YoY CC, despite FY24E revenue growth being 2% lower.


Brokerages have set a target price of INR 1,600 (10% above yesterday's closing) and issued a "Buy" call on the stock.


In contrast, IDBI Capital has maintained a "Hold" rating on the stock. In their review, they wrote, "Infosys is grappling with adverse conditions mainly due to a slowdown in discretionary spending in its major customer base. Additionally, there will be pressure on revenue due to the weakness in retail, financial services, high-tech, and communication (constituting 60% of the portfolio)."


Despite winning robust large deals (up to $2.3 billion, 56% of net new), analysts expect delays in conversions, project ramp-downs, and ramp-ups to impact revenue growth. "With improvement in macros, the company can witness better growth in the long run. Therefore, we expect a 9.5% annual increase in FY25E revenue," they said, setting a target price of INR 1,440.


Nirmal Bang Securities is also bearish on the stock and the sector. Their Q1 result review report stated, "We have been negative on the stock and sector for the last 15 months. We are still cautious, as we believe the worst situation lies ahead of us, not behind."


The brokerage is skeptical that FY2015 revenue will be strong as expected due to the American slowdown, which is likely to return in 2024. They have reiterated their "Sell" call on Infosys with a slightly higher target price (TP) of INR 1,206, raising the valuation to June 2025 EPS while keeping the multiple at 17.4x, which is a 10% discount to TCS.

Thursday 20 July 2023

Manipur Violence LIVE Updates: CM Vows 'Efforts for Death Penalty' in Viral Video Case

 This week, ethnic tensions in Manipur have attracted a lot of attention after a video of an assault on two women went viral.The victims, who were allegedly Zou tribal members, were paraded while naked, subjected to sexual assault, and in some cases, gang raped, according to reports.However, Chief Minister N. Biren Singh stated on Wednesday that this was not an isolated incident.


Singh told India Today, "Such incidents are happening here frequently, which is why the internet has been banned in Manipur for now."


Since the eruption of violence on May 3, internet services in Manipur have been under a ban periodically, with the current ban in place until July 20. The Manipur High Court had earlier this month issued an order that partially lifted the internet blackout and instructed the state government to carry out a physical verification to see whether it would be possible to offer internet access on mobile devices while maintaining "the safety of citizens and property." On July 25, the case will be heard.


Opposition leaders have also connected the circulating video to the existing internet ban.


In a lengthy Twitter post, Congress leader Jairam Ramesh aired his opinions, writing, "The rest of India had no idea that such a horrific incident took place in Manipur due to the ongoing internet ban."


The Chief Minister condemned the heinous crime, declaring that his government would not remain silent about it. He emphasized that the perpetrators are eligible for "capital punishment."

Jio Financial Demerger: Stock Price Surpasses Street Estimates

 RIL's Today's Separation from RIL is Confirmed. It will be renamed as Jio Financial Services (JFS) and listed on the exchanges at a later date.


RIL stock is currently listed at INR 261.8 per share, and Nuwama Research expects Nifty 50 index passive trackers to sell approximately 90 million shares, equivalent to about $290 million.


At the end of a special trading session on the stock exchanges, shares of Reliance Strategic Investments Limited (RIL) were acquired at INR 261.85, significantly higher than analysts' estimates of INR 160-190.


This would value RIL at approximately INR 1.45 trillion. RIL is preparing to separate from RIL today, July 20. It will be renamed as Jio Financial Services (JFS) and listed on the exchanges at a later date.


RIL stock closed at INR 2589 on the BSE, down from its previous closing price of INR 2853 per share.


The company will announce its earnings for the June quarter on July 21. With the financial business of RIL being transferred to JFS, it will hold a 6.1% stake in Reliance Industries.


As per the scheme of arrangement, RIL shareholders will receive one share of Reliance Strategic Investments for each of their one share.


However, investors should note that this new stock is not currently tradable. It will remain stable at its current value until the listing date is announced. Three days after its listing, it will be removed from Nifty 50.


The company primarily operates in the NBFC market and credit markets. It has plans to expand its operations in insurance, digital payments, and asset management sectors.


Isha Ambani has been appointed as a non-executive director on the board of JFS, while former ICICI executive Hitesh Sethia will take on the role of CEO and MD. These appointments are expected to strengthen the company's leadership team and boost its growth initiatives in various sectors.





Wednesday 19 July 2023

Sahara India Refund Portal Launched: Your Complete Guide

Union Home Minister and Minister of Cooperation, Amit Shah, unveiled the "CRS-Sahara Refund Portal" on Tuesday, aimed at facilitating the repayment of accumulated funds to thousands of people in four cooperative societies owned by the Sahara Group.

 

Shah assured depositors that their money can no longer be withheld, and upon registration on the portal, they will receive their refunds within 45 days.

 

In an order dated March 29, 2023, the Supreme Court directed the transfer of INR 5,000 crore from the "Sahara-SEBI Refund Account" to the Central Registrar of Cooperative Societies (CRS) for the payment of valid outstanding dues of the genuine depositors of Sahara Group's cooperative societies.

Here is an overview of frequently asked questions about the CRS-Sahara Refund Portal released by the Ministry of Cooperation:

 

Who is eligible for a refund through the CRS-Sahara Refund Portal?

The following four Sahara societies' genuine and valid depositors are eligible for a refund through the CRS-Sahara Refund Portal:

A. Our India Credit Cooperative Society Limited, Kolkata.

B. Sahara Credit Cooperative Society Limited, Lucknow.

C. Saharayan Universal Multipurpose Society Limited, Bhopal.

D. Stars Multipurpose Cooperative Society Limited, Hyderabad.

 

What are the eligibility criteria for filing a claim on the CRS-Sahara Refund Portal?

To file a claim request, depositors should have made deposits before the following dates and should have an outstanding balance:

March 22, 2022:

A. Our India Credit Cooperative Society Limited, Kolkata.

B. Sahara Credit Cooperative Society Limited, Lucknow.

C. Saharayan Universal Multipurpose Society Limited, Bhopal.

For March 29, 2023:

D. Stars Multipurpose Cooperative Society Limited, Hyderabad

 

What is required to claim and receive a refund through the refund process?

To register on the portal, you need to have a mobile number linked to Aadhaar and a bank account linked to Aadhaar. You will also need other documents, including your deposit number and details of your investment. If your claim deposit exceeds INR 50,000, you will be required to submit your PAN card.

 

According to the website, using the assistance of the refund portal, you can log in to this web portal and submit all your claims together. You can upload relevant documents to support your claim and share proof of the invested amount.

 

Is there any fee for submitting a claim form?

No, it is free of charge.

 

What is the link to the portal?

The website link is https://mocrefund.crcs.gov.in/Help.

 

What details does the depositor need to provide with the claim application?

The depositor needs to provide the following details:

a. Membership number

b. Deposit account number

c. Mobile number linked to Aadhaar (mandatory)

d. Deposit certificate/passbook

e. PAN card (mandatory if the claim amount is INR 50,000 or more).

 

When will Sahara investors receive their refunds?

Shah stated that the money will be credited to the depositors' bank accounts within 45 days. Once the investors submit their applications, the Sahara Group committee will verify the details within 30 days. Within the next 15 days or within 45 days of the application, the investors will be notified via SMS or the website.

 

The refund amount claimed will be directly deposited into the bank accounts linked to the investor's Aadhaar within 45 days from the date of successful claim submission. This is an end-to-end online process.

 

Can a depositor submit a claim request if they don't have a bank account linked to Aadhaar?

No, without a bank account linked to Aadhaar, a depositor cannot file a claim request. The facility of secure fund transfer to the bank account of the genuine depositor is provided through Aadhaar seeding.

 

How to register for Sahara refunds?

To file a claim, you need to have a mobile number linked to Aadhaar and a bank account linked to Aadhaar.

Step 1: Go to the refund portal - https://mocrefund.crcs.gov.in/Help.

Step 2: Click on Registration on the home page.

Step 3: Enter the mobile number linked to Aadhaar and the account number linked to Aadhaar. Click on Generate OTP.

Step 4: Enter the OTP and verify it.

Once the OTP is verified, your application will be registered

Mumbai Rains: Schools & Offices Shut Today as Heavy Rainfall Alert Issued

 IMD (India Meteorological Department) has issued an 'Orange' alert for Mumbai today and a 'Yellow' alert for Thursday. On Wednesday, the central weather forecasting agency issued a 'Red' alert for Palghar, Raigad, Pune, and Satara, and an 'Orange' alert for Thane, Mumbai, and Ratnagiri.




In view of the heavy rainfall warnings, Chief Minister Eknath Shinde has ordered the closure of all schools in Mumbai on Thursday. The past two days have witnessed heavy rainfall in and around Mumbai, causing disruptions in vehicular movement and local train services.

As per IMD's daily weather bulletin, a high likelihood of extremely heavy rainfall persists for Konkan, Goa, central Maharashtra, and Gujarat on July 19, with the potential for heavy to very heavy rainfall in various locations thereafter.

Apart from Mumbai, Gadchiroli District Collector Sanjay Meena has also declared a holiday for all schools and colleges in the district on July 20, considering the heavy rainfall.

Earlier today, due to heavy rainfall, local train services and road traffic were affected, prompting the state's Chief Minister to order the early closure of government offices in Mumbai and neighboring areas to allow employees to reach home safely. Train services on the Kalyan-Kasara section near Mumbai were suspended yesterday due to waterlogging.

The Central Railway diverted some mail and express trains via the Diva-Panvel-Karjat route and the Daund-Manmad route. Additionally, certain trains between Mumbai and Pune were either terminated or canceled. Heavy rainfall also affected Thane District, with train services being disrupted between Ambarnath and Badlapur stations due to waterlogged tracks.

On the Panvel-Belapur Harbour line route, train services, which were affected due to "point failure" at Panvel around 9:40 AM, were restored by 10 AM. The Central Railway operates local train services on its mainline from Chhatrapati Shivaji Maharaj Terminus (CSMT) in South Mumbai to Kasara in Thane District and on its Harbour line from CSMT to Khopoli in Raigad District via Panvel.

Mumbai is experiencing heavy rains, and authorities are closely monitoring the situation to ensure the safety and well-being of the residents. Citizens are advised to exercise caution and stay updated with weather advisories during this monsoon season

"Deepika Padukone Skips Project K Launch at San Diego Comic-Con Amid Strike - Here's Why"

 In light of the ongoing Screen Actors Guild-American Federation of Radio and Television Artists (SAG-AFTRA) strike in the US, Indian actress Deepika Padukone will not attend the SDCC premiere of her new movie, "Project K."




The actor-producer, who is a SAG-AFTRA member, will reportedly miss the event to demonstrate support for the Hollywood actors union, the source said. Priyanka Chopra Jonas, an actor and producer, recently expressed support for the strike as well.


Last week, after failing to come to an agreement on a new contract with the studios and streaming services represented by the Alliance of Motion Picture and Television Producers (AMPTP), SAG-AFTRA voted to join forces with the screenwriters under the Writers Guild of America (WGA) in the first-ever joint strike.


In 2017's "XXX: Return of Xander Cage," Deepika Padukone, at 37 years old, made her Hollywood debut alongside Vin Diesel. She gave "Naatu Naatu" from SS Rajamouli's hit film "RRR" the Best Original Song Oscar at the 95th Academy Awards earlier this year.


Prabhas and Kamal Haasan, Padukone's co-stars in "Project K," will announce the official title, trailer, and release date of the movie on 20 July, the first day of SDCC. Amitabh Bachchan is also featured in the film. Vyjayanthi Movies, the film's production company, will hold discussions and performances during Comic-Con, giving attendees a look at "India's vibrant culture and awe-inspiring world of science fiction."


According to a press release from the producers, "Project K" will be the first Indian movie to ever have its Comic-Con debut. This Nag Ashwin-directed, multilingual film also stars Disha Patani.

"AIIMS NORCET 4 Result Out Now! Check Your Scores and Merit List"

AIIMS NORCET 4 Final Result 2023 Declared on aiimsexams.ac.in. Check the Direct Link Below.

All India Institute of Medical Sciences (AIIMS) has announced the AMs NORCET 4 Final Result 2023. Candidates who appeared for the Nursing Officer Recruitment Common Eligibility Test (NORCET-4) can view their results through the official site of AIIMS, aiimsexams.ac.in.

The online CBT exam was conducted on June 3, 2023. To check the result, candidates can follow the steps provided below.

Direct Link to Check AMs NORCET Final Result 2023:

A. Visit the official site of AIIMS at aiimsexams.ac.in.
B. Click on the link for 'AIIMS NORCET Final Result 2023' available on the homepage.
C. A new PDF file will open where candidates can find their roll numbers.
D. Download the page and keep a hard copy for future reference.

Seat allocation will be done based on the merit and choices exercised by the candidates in order of preference. Candidates allocated a seat based on any choice must join the allotted seat under the applicable eligibility.

The NORCET merit list is valid for a period of six months from its announcement or for the announcement of the next NORCET merit list, whichever comes first. For more details, candidates can visit the official AIIMS NORCET website.

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