Latest news with #568
Yahoo
5 days ago
- Business
- Yahoo
JPMorgan Backs RIL Despite Margin Pressures
On Thursday, analysts at JPMorgan reaffirmed their Overweight rating on Reliance Global Group, Inc. (NASDAQ:RELI), while raising the price target to INR1,568 from INR1,530, representing an upside of over 8% from the current levels. In their analysis, the analysts cited that although refining and petrochemical margins have dropped, the downside risk is likely to remain modest throughout the year. An insurance agent talking to a customer in their home office about healthcare insurance options. Having said that, the one-third contribution of the oil-to-chemical (O2C) segment means that there will only be a marginal impact on the consolidated EBITDA. Additionally, the Retail and Telecom segments are anticipated growth catalysts for Reliance Global Group, Inc. (NASDAQ:RELI), driven by favorable base influences. With the Spetner's Associates acquisition completion, the management believes that the strategic traction will accelerate the company's market footprint and expand the agency network. This improvement through synergies and other unanticipated positive factors could translate to higher margins and cost savings. The optimism surrounding EBITDA from the Telecom and Retail sectors can also not be overlooked. Reliance Global Group, Inc. (NASDAQ:RELI) is an InsurTech company that emphasizes acquiring and managing wholesale and retail insurance agencies across the United States. Founded in 2013, the giant leverages technology to transition from the conventional insurance agency model. While we acknowledge the potential of RELI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure. None.
TimesLIVE
6 days ago
- Automotive
- TimesLIVE
Dutch car-sharing firm plugs into Renault EVs with V2G technology
The global V2G market was worth $3.4bn (R60,694,874,240) in 2024, according to Global Market Insights, and is expected to grow by 38% annually between 2025 and 2034 to reach $80bn (R1,428,568,000,000). The Netherlands is an early adopter of V2G technology due to ambitious plans to electrify its transport and heating systems while also moving to renewables. Japan's Nissan has also recently supplied dozens of V2G-enabled Leaf and Ariya models to France and Spain. MyWheels said 500 of Renault's V2G-compatible cars, including its electric R5, will be on the road by next year. When not driving, the cars will be plugged into We Drive Solar's bidirectional chargers and the scheme's operators will be paid for electricity absorbed and sold to the grid. Grids have become increasingly unstable with growing electrification and as more intermittent renewable energy is fed into the system. 'Our research shows vehicle-to-grid technology could allow the growing electric vehicle fleet to become a significant asset to the grid, with vast storage potential locked up in electric vehicles,' said Madeleine Brolly, advanced transport analyst at Bloomberg New Energy Finance. A key challenge ahead will be standardisation across manufacturers, which will be needed for it to be adopted at scale, she said.
Business Recorder
28-04-2025
- Business
- Business Recorder
Revenue requirements of SSGC: Decision delayed by Ogra creates controversy
ISLAMABAD: A delayed decision by the Oil and Gas Regulatory Authority (Ogra) on Sui Southern Gas Company's (SSGC) revenue requirement for the fiscal year 2022-23 has stirred up a storm of controversy, coinciding with a staggering 600% surge in the company's share price, fuelling accusations of favouritism. Ogra approved the final revenue requirement (FRR) for SSGC on October 1, 2024 – nearly a year after it was due. The delay has raised eyebrows, especially considering the subsequent rapid rise in SSGC's share price from Rs8 on October 21, 2024, to Rs42 by January 1, 2025. The stock's dramatic spike was said to be with no significant corporate developments. This unprecedented surge in stock price did not go unnoticed by the Pakistan Stock Exchange (PSX), which on November 13, 2024, issued a notice regarding the unusual activity, asking SSGC to clarify any factors influencing the spike. In its response on November 15, 2024, SSGC responded, claiming no material developments had contributed to the fluctuations in its stock, leaving market watchers sceptical. Meanwhile, Sui Northern Gas Pipelines Limited (SNGPL) filed a writ petition against OGRA's FRR decision, dated June 27, 2024. SNGPL challenged the regulator's methodology in calculating returns on assets and human resource benchmark costs, alleging bias. A copy of the petition is available with by Business Recorder. The controversy deepened when it emerged that although Ogra published SNGPL's FRR soon after approval, it withheld SSGC's decision until after a news report by Business Recorder on April 21, 2025. The FRR was uploaded to OGRA's website the next day, fuelling suspicions of deliberate concealment. In approving SSGC's FRR for 2022-23, Ogra allocated Rs19,659 million for the company's human resource (HR) benchmark – Rs91 million more than the Rs19,568 million SSGC itself had requested. By contrast, SNGPL's HR benchmark request was entirely rejected. Ogra also approved a generous 50% allowance for the Consumer Price Index (CPI) for SSGC, while SNGPL, a profit-making entity, received only a 25% allowance. Moreover, Ogra's decision to include fixed charges – typically levied to tackle circular debt in the gas sector – in SSGC's profit has further fuelled accusations that the regulator's actions undermine the government's efforts to curb mounting debt in the energy sector. Adding fuel to the fire, SNGPL has filed a writ petition against Ogra's FRR decision for the fiscal year 2022-23, claiming unfair treatment. The petition challenges the regulator's decision on the return on assets and HR benchmark costs. SNGPL argues that despite being three times larger than SSGC, it has been subject to biased treatment, citing higher per-consumer, per-kilometre, and per-unit sale costs imposed on SNGPL compared to SSGC. In a December 2024 corporate briefing, SSGC reported a surprising Rs1,474 million gain in its HR benchmark, while SNGPL, by contrast, suffered a loss of Rs6 billion under the same head. SNGPL's legal challenge also highlighted the disparity in CPI allowances, suggesting that OGRA's decisions were unduly favourable to SSGC. Ogra, for its part, has defended its actions, dismissing the allegations as 'baseless.' A spokesperson for the OGRA stated that the matter was currently subjudice before the Lahore High Court (LHC), and it would refrain from commenting on the ongoing case. With regard to the spike in SSGC's share price, the regulator claimed that the figures being circulated were 'significantly exaggerated,' accusing SNGPL of initiating a campaign to influence OGRA's upcoming revenue determination for FY 2025-26. In 2013, an investigation focused on ex-OGRA chairman Tauqeer Sadiq, had revealed how OGRA under Sadiq's tenure had inflicted massive losses on the national kitty. Sadiq was accused of making illegal appointments in Ogra; manipulating the share prices of gas distribution companies; increasing the benchmark of the unaccounted-for-gas (UFG); allowing new CNG stations and relocating existing filling stations which inflicted Rs82 billion losses to national exchequer. Copyright Business Recorder, 2025
Zawya
25-03-2025
- Business
- Zawya
Nigeria: Naira gains at official market, weakens at parallel market
The Nigerian naira strengthened at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, closing at N1,531.19 per dollar, an improvement from N1,536.89/$ recorded on Friday. This marginal appreciation comes after a week of struggle, where the currency depreciated by 1.25 percent to settle at N1,536.89/$ on Friday. However, in the parallel market, the naira weakened to N1,570 per dollar, compared to N1,568/$ at the end of last week. This marks a reversal from last week's N12 gain against the dollar, when the currency appreciated by 0.77 percent week-on-week, closing at N1,568/$ on average. The continued volatility in the foreign exchange market has raised concerns among financial analysts and industry stakeholders. The Association of Bureau De Change Operators of Nigeria (ABCON) expressed concern over the naira's instability, stating that the currency has become one of the most unpredictable in the world. According to the association, the naira has been subject to trade wars, exchange rate pressures, and speculative attacks, further complicating its trajectory. Despite the Central Bank of Nigeria's (CBN) efforts to boost foreign exchange supply to banks and Bureau De Change operators, the local currency remains under pressure. Experts warn that while these interventions may offer short-term relief, they do not address the structural issues affecting Nigeria's forex market. 'Looking ahead, we anticipate a mixed outlook for the naira as demand for the dollar intensifies. FX users and speculators continue to take advantage of arbitrage opportunities. However, we expect the CBN to maintain its weekly interventions to stabilise the currency,' analysts at Cowry Assets Management Limited stated. At the official NAFEM window, the naira closed at N2,025 per British Pound Sterling, N1,700 per Euro, N1,115 per Canadian Dollar (CAD), and N215 per Chinese Yuan. The naira's movement in both markets reflects the ongoing struggle between monetary policies and market forces, with stakeholders closely watching the CBN's next steps to ensure a more stable foreign exchange environment. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
30-01-2025
- Business
- Zawya
Does Nice One's IPO set a benchmark for beauty and e-commerce deals in the GCC?
January has been drawing to a close amidst a flurry of IPO activity across sectors in Saudi Arabia, but it is the debut of Nice One that has set a benchmark for companies in the beauty and ecommerce space that are looking to scale up. Nice One's IPO had a strong debut this month at $320 million, with the company's share price closing at a 30% high on the first day of trade, the maximum allowed by Tadawul. Shares in the Saudi unicorn were priced at SAR 35 per unit, with the first three weeks of trade witnessing a peak of SAR 64.50 and Tuesday's closing share price settling in at SAR 56.00. Analysts predict this positive momentum could signal more deal-making activity from companies in this sector looking to leverage favourable economic conditions while capitalising on a growing investor appetite for the beauty, retail and e-commerce sector. 'Saudi Arabia's beauty market is on a rapid growth trajectory, driven by factors such as a young population, high spending on luxury products, and increasing e-commerce penetration: 70% of the population shops online,' Vijay Valecha, Chief Investment Officer, Century Financial, told Zawya. The Saudi-based SNB Capital Research, which initiated coverage on Nice One with a Neutral rating and a price target of SAR 53.2, said the beauty and care e-commerce platform provides a 'unique angle to the evolving Saudi retail sector given its tech tilt.' 'We believe the strong growth in the sector and online segment is due to higher spending from middle class, more online options with growing confidence in online shopping and enhancements in the digital infrastructure,' SNB added, saying Saudi's BPC market has one of the highest levels of beauty spend/capita of SAR1,568 in 2023, significantly higher than other key economies. Nadine Nassar, Counsel at the law firm Baker McKenzie, Saudi Arabia, which advised the online beauty retailer on its IPO, said its success was a strong indicator that the beauty, lifestyle and e-commerce sectors in Saudi Arabia and the wider GCC are ripe for further investment and capital markets activity. 'Customers in the region are particularly renowned for their affinity for luxury and high-quality beauty products. Further, being tech-savvy, they favour online shopping, making the e-commerce model and the overall retail landscape highly attractive to businesses and investors,' she said. Digital boom The appeal of the digital marketplace has seen e-commerce platforms like grow exponentially over the years, delivering everything from beauty and fashion to groceries across markets such as the UAE, Saudi Arabia and Egypt. Mohamed Alabbar, Chairman of Emaar Properties, raised $1 billion from backers in 2016, including the Saudi Public Investment Fund (PIF), to create the platform. With the company riding the e-commerce wave in wake of the COVID-19 lockdown, Alabbar revealed in 2021 that which is Amazon's rival in the region, was set to draw as much as $2 billion in financing from investors including the Saudi sovereign wealth fund over three to four years. An IPO wouldn't be off the table either, for the frontman has spoken publicly about his openness to floating the company's shares in the future. In August 2023, he told UAE state news agency that 'the Arab world is in need of a publicly listed e-commerce entity.' Companies such as the Dubai-based Huda Beauty, created by blogger Huda Kattan and her sisters Mona and Alya in 2013, has also reached a scale that makes them viable for trading. 'Huda Beauty is reportedly exploring the sale of its fast-growing perfume business, signalling increased momentum in the region's beauty industry,' said Valecha, referring to a Bloomberg report from September stating that the company was considering selling all or part of its fast-growing perfume division. According to Nassar, even as her firm is 'actively working on several IPOs across a diverse range of sectors' in Saudi Arabia, she mentioned that there has been a growing interest in sectors that have performed well in recent months. 'The strong start [to 2025] is a promising indicator for the capital markets in Saudi Arabia. This signals continued investor confidence and a positive outlook for the year ahead. We believe that IPOs could emerge as the most effective strategy for companies across various sectors to finance their growth initiatives,' she said.
