Morgan Stanley's Dan Simkowitz: Secular shift happening in credit markets to asset managers
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Business Upturn
an hour ago
- Business Upturn
Stocks to watch on August 18: M&M, Ashok Leyland, Tata Chemicals, HDFC Bank, BPCL, Max Healthcare and more
Brokerage houses have released fresh updates and recommendations on key Indian stocks and sectors, which are likely to drive trading action today. Here are the highlights from fund house recommendations. Nomura has maintained a buy rating on Mahindra & Mahindra (M&M) with a target price of ₹3,736 per share, citing strong positioning in the SUV segment. On Ashok Leyland, BofA, Avendus and Motilal Oswal (MOSL) all maintained their buy calls with target prices of ₹146, ₹140, and ₹141 respectively, indicating continued optimism around the commercial vehicle cycle. Jefferies was more conservative, keeping a buy call but with a lower target price of ₹120, reflecting near-term constraints. Morgan Stanley (MS) retained an overweight stance on Tata Chemicals with a target price of ₹1,127, expecting the company to benefit from structural demand drivers. Jefferies reiterated its buy ratings on Aditya Birla Fashion & Retail (target ₹100), HDFC Bank (₹2,400), HDB Financial (₹900), BPCL (raised target ₹410), and Max Healthcare (₹1,500). It also maintained an underperform on Anupam Rasayan despite raising the target price to ₹625. In the financial space, Citi reiterated its buy on Shriram Finance with a target price of ₹750. On the macro front, the India ratings upgrade drew commentary from multiple brokerages. JP Morgan called it 'unambiguously positive' and a likely sentiment booster. Kotak Securities noted that the upgrade reflected fiscal consolidation and growth, though future improvements hinge on state finances. Citi said the earlier-than-expected move may not immediately trigger debt inflows, while UBS highlighted that it takes India one step above the lowest investment-grade and could benefit state-owned enterprises. On GST rate rationalisation, Jefferies expects the government to act in Q4CY25, noting $20 billion in savings from GST compensation provides the fiscal room. It said rate cuts may benefit cement, two-wheelers, consumer durables, insurance, garments, footwear, and passenger vehicles. Kotak estimated the move could deliver a ₹2.4 trillion demand boost, largely aiding autos and durables, while Citi said autos, consumer discretionary, staples, insurance and cement could see the highest impacts. Morgan Stanley added that autos remain key as they account for 14% of GST collections, with Hero, Eicher, Maruti and M&M positioned as beneficiaries. On Indian equities overall, Jefferies called India the best long-term structural story in Asia, while Morgan Stanley noted that thawing India-China ties could revive investments and supply chains. In other stock-specific views, UBS maintained a neutral on Vodafone Idea with a target of ₹8.5, while Citi kept a buy call at ₹10. UBS also maintained a neutral on Angel One (TP ₹2,935). MOSL retained a sell rating on Deepak Nitrite with a cut target of ₹1,630. With strong endorsements for autos, chemicals, financials and healthcare, along with optimism on GST reforms and the sovereign rating outlook, today's trading session is expected to see concentrated action in these names. Disclaimer: The brokerage views and target prices mentioned in this article are sourced directly from fund house and analyst reports. They are presented here for informational and news purposes only. Business Upturn does not provide investment advice or stock recommendations. Readers are advised to consult certified financial advisors before making any investment decisions. Ahmedabad Plane Crash News desk at
CNBC
2 hours ago
- CNBC
CNBC Daily Open: 'Peace' can look different to Trump, Putin and Zelenskyy
There was no deal when U.S. President Donald Trump met his Russian counterpart Vladimir Putin on Friday. That was not unexpected. The summit, which was initially arranged to discuss a ceasefire to Moscow's war in Ukraine, was on Tuesday reframed by White House Spokesperson Karoline Leavitt as a "listening exercise" that allowed Trump to get a "better understanding of how we can hopefully bring this war to an end." Prior to the summit, analysts were already casting doubt on the talks advancing any real ceasefire in Ukraine. "Let's be clear, Putin does not take Trump seriously," Tina Fordham, founder of Fordham Global Foresight, told CNBC. And the fact that the summit was scheduled — and Putin invited to Alaska, the first time he stepped on U.S. soil in about a decade — was already a "big win" for the Kremlin leader, according to a comment by Richard Portes, head of the economics faculty at the London Business School, before the meeting took place. While no agreement was reached, Trump on Friday described the meeting as "very productive" — and announced the next day that he would be pursuing a "peace agreement" rather than a ceasefire between Russia and Ukraine. But peace means very different things to the Ukraine, Russia and America. To one, it could be the complete halt of armed warfare and the retreat of foreign troops from its soil. To another, it might seem like acquiring annexed territory. And for some, it might look like a shiny golden coin engraved with the profile of Alfred Nobel, regardless of the prerequisites. Trump-Putin summit yields no ceasefire agreement. On Saturday, Trump said he would be pursuing a "peace agreement" between Ukraine and Russia. Putin has agreed that the U.S. and European nations could give Ukraine "Article 5-like" security guarantees, the White House said Sunday. OpenAI in share sales talk that would value it at $500 billion. The shares would be sold by current and former employees to investors including SoftBank, Dragoneer Investment Group and Thrive Capital, according to a source. The Dow Jones Industrial Average outperforms. Major stock indexes ended Friday mixed, with the Dow Jones Industrial Average rising a fractional 0.08%. Europe's Stoxx 600 index ticked down marginally and closed near the flatline. A trip by U.S. trade officials to India has been called off. The visit, which was expected to take place between Aug. 25 and Aug. 29, will likely be rescheduled, according to Indian news broadcaster NDTV Profit. [PRO] Fedspeak to parse for the week. Minutes for the U.S. Federal Reserve's August meeting come out Wednesday, while Fed Chair Jerome Powell will speak at Jackson Hole, a symposium of economic policy, on Friday. They may give clues on policy path. Tech IPOs are roaring after 'years of Prohibition' — it may be too good The Bullish IPO last week took on added significance, perhaps because of the company name. When shares of the Peter Thiel-backed cryptocurrency exchange more than doubled out of the gate on Wednesday before finishing the day up 84%, it was the latest sign that the tech IPO bulls are back in business. But Lise Buyer, founder of IPO advisory firm Class V Group, warns that tech markets have a history of overheating.
Yahoo
4 hours ago
- Yahoo
Klook taps banks for US IPO, sources say
By Echo Wang and Julie Zhu NEW YORK (Reuters) -Klook, a travel booking services company, has hired investment banks to help arrange a potential initial public offering in the U.S., according to two people with knowledge of the matter. The Hong Kong-based company, backed by investors including SoftBank Group and Goldman Sachs Group, is working with bankers at Goldman, Morgan Stanley and JPMorgan on the planned first-time share sale, said the people, asking not to be identified as the process is private. The deal could come as early as this year and raise around $500 million, they said, cautioning that the timing and deal size are subject to market conditions. U.S. IPO activity has gained momentum, bolstered by strong tech earnings and signs of progress in trade negotiations that have restored investor confidence. Recent listings, including cryptocurrency exchange operator Bullish, and design software company Figma, underscore the uptick in market debuts, reversing a period in the year when uncertainty over President Donald Trump's tariff policies weighed on new offerings. Klook, Goldman Sachs and JPMorgan declined to comment. Morgan Stanley did not respond to a request for comment. It was not immediately clear whether Klook will be selling a stake in the IPO, or whether it will be an investor sell-down or a combination of both. Bloomberg News reported earlier the company was exploring a U.S. IPO. Founded in 2014, Klook turned profitable in 2023. It provides various booking services to travelers across a range of locations globally and competes with other global travel booking sites such as and TripAdvisor, as well as China's and South Korea's Yanolja. The company said in February it had raised $100 million in a funding round led by European investment firm Vitruvian Partners, but did not disclose its valuation at the time. Other investors in Klook include HSG, formerly known as Sequoia Capital China. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
