Latest news with #Salgaonkar
Time of India
3 days ago
- Politics
- Time of India
Dhirios banned in Goa, but still held: Petitioner to HC
Panaji: Govt has assured the high court that it would look into the issue of bullfights, known as 'dhirios' in Goa. Advocate general Devidas Pangam gave this assurance after the HC was informed that dhirios were occurring rampantly in the state. Radhakrishna Salgaonkar has filed a contempt petition in the HC, alleging that despite the court's directions and a ban on bullfights in Goa, the activity has continued unabated. As proof, he presented an Instagram post promoting bullfights. He also drew the court's attention to a detailed complaint he had made to authorities, including the chief secretary, the DGP, the Animal Welfare Board, the director of animal husbandry and veterinary services, and the cybercrime police station. He alleged that none of the authorities took any cognisance of his complaint. The HC told the advocate general to obtain instructions regarding Salgaonkar's contention that some social media profiles were now deleted, but information about bullfights, and the sale of bulls for these fights, remained on social media. The division bench of the HC said that before issuing a notice to govt under the Contempt of Courts Act, the advocate general has assured the court that he would look into the matter. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More Undo The court asked Salgaonkar to provide any information on dhirios to the advocate general and directed that the petition be listed on Aug 18. In 2023, the HC directed the DGP to prepare an action plan to prevent bullfights in Goa. The court directed the DGP to identify the organisers and suggest mechanisms with which police officers would be granted authority to prevent bullfights. People for Animals filed a contempt petition attaching several news reports, including six by TOI between Jan and Aug 2021, on bullfights taking place in Goa and bulls dying as a result. TOI reported at the time that bullfights were occurring almost every day between 3pm and 4pm, when there was less movement on roads, in the jurisdiction of the Colva police station. Statistics at the time indicated that South Goa accounted for double the illegal bullfight cases compared to North Goa, with the HC informed that most of these took place in the jurisdiction of the Colva police station. In Jan this year, TOI reported that one of the attendees of a bullfight near Benaulim beach was gored to death. Last month, the South Goa collector held a high-level law and order coordination meeting to prevent such events. The collector issued directions to police to maintain round-the-clock surveillance and take immediate action to prevent dhirios. She directed the deployment of various intelligence-gathering methods to identify locations where the illegal activities were being planned and to ensure swift intervention.
Business Insider
29-06-2025
- Business
- Business Insider
Bank of America Securities Reaffirms Their Buy Rating on Reliance Industries Limited (RELIANCE)
In a report released on June 26, Sachin Salgaonkar from Bank of America Securities maintained a Buy rating on Reliance Industries Limited (RELIANCE – Research Report), with a price target of INR1,630.00. The company's shares closed yesterday at INR1,515.40. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Salgaonkar is ranked #1235 out of 9622 analysts. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Reliance Industries Limited with a INR1,546.20 average price target, which is a 2.03% upside from current levels. In a report released on June 25, Citi also maintained a Buy rating on the stock with a INR1,690.00 price target. The company has a one-year high of INR1,608.95 and a one-year low of INR1,115.55. Currently, Reliance Industries Limited has an average volume of 858.6K.
Economic Times
20-06-2025
- Business
- Economic Times
Most expensive Nifty stock ever? Eternal at 455 PE dares you to doubt the hype
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel If something is good enough, it would probably be expensive. But at 455 times earnings, Eternal isn't just expensive but in a valuation galaxy of its own. The Nifty 50's newest entrant is also its most richly valued stock, wearing a PE multiple that makes seasoned value investors squirm and growth investors think blame only Eternal. Two other Nifty constituents, Trent (132x PE) and Jio Financial (113x PE), are also sitting pretty above the 100x valuation mark, signaling a shift in investor appetite towards long-term growth over current the opposite end of the spectrum? Coal India , the public sector behemoth, trades at a humble PE of 6.8x, giving Nifty watchers a vivid picture of the valuation extremes in India's top 50 listed companies.A trailing 12-month (TTM) PE of 455 means investors are paying today for profits the company may earn over the next four and a half centuries, if earnings stood still. But theory rarely captures the speed at which some Indian digital-first companies are expanding. Eternal, formerly known as Zomato, is thriving in two of India's hottest consumer tech battlegrounds: food delivery and quick investor worries and growing competitive heat, the stock is anything but funds have been lining up for a bite of Eternal. In May alone, they pumped in ₹5,300 crore, making it the third-most bought stock that month, according to estimates by Prime this month, Morgan Stanley reiterated Eternal as its top India internet pick, citing its market leadership in both food delivery and quick commerce, a superior cost structure, and a balance sheet stronger than its peers. The firm has a target price of ₹320 on the Eternal shares are down 10% year-to-date, the Street isn't writing it off. Concerns loom large. Rapido's entry into food delivery, intensifying competition from Zepto, BigBasket, Swiggy Instamart, Amazon Now, and Flipkart Minutes in the quick-commerce race but believers say the company's edge lies in Securities' Sachin Salgaonkar returned from a recent internet tour upbeat on Eternal's quick commerce arm Blinkit:'Traction in Tier 2 cities surprised industry experts… some stores hit 1,000 orders per day within 6–9 weeks. Amongst the top platforms, only Zomato continues to add more dark stores while others like Swiggy/Zepto/BigBasket have started to slow down store adds.'That expansion drive, Salgaonkar believes, gives Blinkit a competitive edge, especially as rivals slow store additions. Interestingly, the real kicker isn't convenience or discounts but better product selection, especially in smaller Securities, too, maintains a Buy rating, valuing Eternal at ₹310 via a three-stage DCF model. The brokerage sees signs of softening pricing wars, noting that Instamart and Zepto have reduced the pricing gap with Blinkit. The end of the discount era may be in sight—a potential profitability Jefferies, Eternal is a long-term bet on the digitization of food services. 'With only ~20 million monthly transacting users currently, there's a long runway for growth. Blinkit is already the market leader in quick commerce and is poised for sharp margin improvement.'Palak Shah, VP, PL Capital, adds perspective from the institutional front: 'Markets focus on the total addressable market and execution capability. Eternal has proven itself in food delivery. The belief is now that they can replicate that in quick commerce. Once the capex phase is over, operational efficiency will drive the narrative.'Yet, competition is getting bolder. Rapido's attempt to disrupt the food delivery space by lowering commission rates is leading to speculation that the Gross Order Value (GOV) may start shifting from Sonthalia, CIO at Emkay Investment Managers, argues that while the entry barriers are low, fixing unit economics is extremely difficult. 'Just entering and playing the pricing game doesn't guarantee success. Execution capability is crucial. Yes, competition is increasing, but the 'right to win' currently lies with only one dominant player. Others are still evolving. New entrants will have to work really hard.'Eternal may just be the poster child for investors who bet on the future, even when the present valuation feels like a cliffhanger. For now, the 455x question remains: Is the market's faith eternal or just euphoric?: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
20-06-2025
- Business
- Time of India
Most expensive Nifty stock ever? Eternal at 455 PE dares you to doubt the hype
If something is good enough, it would probably be expensive. But at 455 times earnings, Eternal isn't just expensive but in a valuation galaxy of its own. The Nifty 50's newest entrant is also its most richly valued stock, wearing a PE multiple that makes seasoned value investors squirm and growth investors think twice. Don't blame only Eternal. Two other Nifty constituents, Trent (132x PE) and Jio Financial (113x PE), are also sitting pretty above the 100x valuation mark, signaling a shift in investor appetite towards long-term growth over current profits. On the opposite end of the spectrum? Coal India , the public sector behemoth, trades at a humble PE of 6.8x, giving Nifty watchers a vivid picture of the valuation extremes in India's top 50 listed companies. A trailing 12-month (TTM) PE of 455 means investors are paying today for profits the company may earn over the next four and a half centuries, if earnings stood still. But theory rarely captures the speed at which some Indian digital-first companies are expanding. Eternal, formerly known as Zomato , is thriving in two of India's hottest consumer tech battlegrounds: food delivery and quick commerce . Despite investor worries and growing competitive heat, the stock is anything but untouchable. Mutual funds have been lining up for a bite of Eternal. In May alone, they pumped in ₹5,300 crore, making it the third-most bought stock that month, according to estimates by Prime Database. Also Read | Buy Eternal & Swiggy, sell Nykaa & BSE: Latest investing mantra of mutual funds Earlier this month, Morgan Stanley reiterated Eternal as its top India internet pick, citing its market leadership in both food delivery and quick commerce, a superior cost structure, and a balance sheet stronger than its peers. The firm has a target price of ₹320 on the stock. While Eternal shares are down 10% year-to-date, the Street isn't writing it off. Concerns loom large. Rapido 's entry into food delivery, intensifying competition from Zepto, BigBasket, Swiggy Instamart, Amazon Now, and Flipkart Minutes in the quick-commerce race but believers say the company's edge lies in execution. BofA Securities' Sachin Salgaonkar returned from a recent internet tour upbeat on Eternal's quick commerce arm Blinkit: 'Traction in Tier 2 cities surprised industry experts… some stores hit 1,000 orders per day within 6–9 weeks. Amongst the top platforms, only Zomato continues to add more dark stores while others like Swiggy/Zepto/BigBasket have started to slow down store adds.' That expansion drive, Salgaonkar believes, gives Blinkit a competitive edge, especially as rivals slow store additions. Interestingly, the real kicker isn't convenience or discounts but better product selection, especially in smaller cities. ICICI Securities, too, maintains a Buy rating, valuing Eternal at ₹310 via a three-stage DCF model. The brokerage sees signs of softening pricing wars, noting that Instamart and Zepto have reduced the pricing gap with Blinkit. The end of the discount era may be in sight—a potential profitability trigger. For Jefferies, Eternal is a long-term bet on the digitization of food services. 'With only ~20 million monthly transacting users currently, there's a long runway for growth. Blinkit is already the market leader in quick commerce and is poised for sharp margin improvement.' Palak Shah, VP, PL Capital, adds perspective from the institutional front: 'Markets focus on the total addressable market and execution capability. Eternal has proven itself in food delivery. The belief is now that they can replicate that in quick commerce. Once the capex phase is over, operational efficiency will drive the narrative.' Also Read | Rapido crashes food delivery party. Should Swiggy and Eternal investors be worried? Yet, competition is getting bolder. Rapido's attempt to disrupt the food delivery space by lowering commission rates is leading to speculation that the Gross Order Value (GOV) may start shifting from Zomato. Manish Sonthalia, CIO at Emkay Investment Managers, argues that while the entry barriers are low, fixing unit economics is extremely difficult. 'Just entering and playing the pricing game doesn't guarantee success. Execution capability is crucial. Yes, competition is increasing, but the 'right to win' currently lies with only one dominant player. Others are still evolving. New entrants will have to work really hard.' Eternal may just be the poster child for investors who bet on the future, even when the present valuation feels like a cliffhanger. For now, the 455x question remains: Is the market's faith eternal or just euphoric? ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
17-06-2025
- Business
- Time of India
Buy Eternal & Swiggy, sell Nykaa & BSE: Latest investing mantra of mutual funds
Mutual funds are making bold bets on India's new-age tech giants, pouring a staggering Rs 7,500 crore into Eternal and Swiggy last month even as intense competition in the food delivery and quick commerce businesses limit upside in their share prices. The massive buying spree comes as fund managers simultaneously dump retail darling BSE and beauty e-commerce leader Nykaa during the month. Eternal, which houses food delivery giant Zomato and quick commerce platform Blinkit, emerged as the third-highest bought stock by mutual funds in May, attracting about Rs 5,300 crore in investments according to Prime Database estimates. Swiggy wasn't far behind, drawing another Rs 2,294.87 crore from fund houses betting on the food delivery and quick commerce revolution. The buying frenzy was led by marquee fund houses including SBI MF , ICICI Prudential , Motilal Oswal MF, and Kotak Mahindra Mutual Fund for Eternal shares. Swiggy saw robust demand from Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, and Invesco Mutual Fund. ITC & HDFC Bank Lead Overall Buying While new-age stocks grabbed headlines, traditional favorites ITC and HDFC Bank topped the overall buying charts with mutual funds investing about Rs 8,000 crore and Rs 5,800 crore respectively, according to the estimate. Other stocks on the buying list included Airtel, IndiGo, SBI, Kotak, PNB Housing Finance, and Asian Paints. The prior month saw several block deals in ITC, Bharti Airtel, and InterGlobe Aviation with sizeable fund participation. Also Read | Swiggy losing Rs 18 for every Rs 100 gross sales on Instamart. Can investors make money? Nykaa & BSE Face the Axe On the selling side, Max Financial topped the list with Rs 1,100 crore in outflows. Nykaa faced significant selling pressure with Rs 1,100 crore worth of shares offloaded by mutual funds. BSE also witnessed substantial outflows of roughly Rs 800 crore, despite its shares more than doubling in the last three months alone. Other stocks on the sell list included Container Corporation of India, Coal India, Samvardhana Motherson, Indian Hotels, Max Healthcare, and Hitachi Energy. What Should Investors Do? The mutual fund buying comes even as Eternal shares have declined 9% year-to-date, while Swiggy has lost 33% of its value amid concerns about plateauing growth in the food delivery market and pricing battles delaying profitability in quick commerce. However, analysts are turning increasingly bullish. BofA's Sachin Salgaonkar noted that "quick-com revenue momentum remains strong not only in urban markets but also in Tier 2 cities." "We return more optimistic on Blinkit's (Zomato's quick com) competitive positioning given strong execution. We increase our estimates marginally to factor in lower than expected competitive intensity," Salgaonkar said. BofA raised its quick commerce EV/GOV multiple for Zomato/Swiggy from 0.4X/0.25X to 0.5X/0.35X, pushing price targets for Zomato/Swiggy from Rs 245/295 to Rs 270/315. Despite the optimism, Salgaonkar cautioned that "competition is likely to be high in next 6-12 months as most platforms remain aggressive on market share gains." ICICI Securities highlighted encouraging signs of reduced competitive intensity in the quick commerce space. "We note that pricing differential with Blinkit has materially reduced for both Instamart and Zepto from the levels of Feb'25," the brokerage said. "Selling prices in the staples category have increased in the range of 2–8% in the last four months. This, we think, is indicative of reducing competitive intensity with regards to discounting strategies. We believe this could positively surprise investor expectations," ICICI Securities added. The brokerage maintained its BUY rating on Eternal with a target price of Rs 310 based on a three-stage DCF model assuming 11.5% WACC and 5% terminal growth. For Swiggy, ICICI Securities reiterated its BUY rating with a target price of Rs 740 using similar parameters. Also Read | Rapido crashes food delivery party. Should Swiggy and Eternal investors be worried? ( Disclaimer : Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) ETMarkets WhatsApp channel )
