Buy Mahindra & Mahindra Financial Services, target price Rs 210: Edelweiss

Edelweiss has buy call on Mahindra & Mahindra Financial Services with a target price of Rs 210. The current market price of Mahindra & Mahindra Financial Services Ltd. is Rs 197.15.

Time period given by analyst is Intra Day when Mahindra & Mahindra Financial Services Ltd. price can reach defined target.

Mahindra & Mahindra Financial Services Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 24352.29 Crore) operating in NBFC sector.

Mahindra & Mahindra Financial Services Ltd. key Products/Revenue Segments include Interest, Fees & Commission Income, Income From Sale Of Share & Securities, Rental Income and Dividend for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 2950.58 Crore, up 14.95 % from last quarter Total Income of Rs 2566.84 Crore and down -3.91 % from last year same quarter Total Income of Rs 3070.50 Crore. Company reported net profit after tax of Rs 1091.47 Crore in latest quarter.

Investment Rationale
M&M Fin has given a decisive breakout after a choppy trading range which was active from 196 – 180.

Promoter/FII Holdings
Promoters held 52.16 per cent stake in the company as of 30-Sep-2021, while FIIs owned 19.61 per cent, DIIs 15.18 per cent.

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China stocks end lower on economic pressure, fresh COVID-19 cases

SHANGHAI: China stocks closed lower on Wednesday as market sentiment was dented after Premier Li Keqiang warned of downward pressure in the world’s second-largest economy and as new locally transmitted COVID-19 cases spiked to a near three-month high.

At the close, the blue-chip CSI300 index fell 0.39 per cent to 4,821.11 points, while the Shanghai Composite Index eased 0.2 per cent to 3,498.54 points.

The smaller Shenzhen index ended 0.06 per cent lower for the day and the start-up board ChiNext Composite index lost 0.38 per cent.

Premier Li was quoted by state media on Tuesday evening saying that China’s economy faces new downward pressures, but that policymakers would keep economic operations within a reasonable range and take measures to support industrial sectors.

However, shares of traditional resources such as coal, outperformed the market on Wednesday, with the coal sub-index jumping 4.2 per cent.

Some market analysts said the coal sub-index was tracking an increase in coal futures and spot prices, despite China’s state planner statement that coal prices would “accelerate their return to a reasonable level”.

The National Health Commission confirmed on Wednesday 93 new local symptomatic cases for Nov. 2, up from 54 a day earlier and the highest daily count since Aug. 9 at the peak of China’s last major outbreak.

Market analysts and traders said investors were also anxiously awaiting the outcome of U.S. Federal Reserve’s policy meeting due later in the day, where the U.S. central bank was likely to announce winding down of its pandemic-era monetary stimulus.

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PM Modi holds review meeting with DMs of over 40 districts on low Covid vaccination coverage

Prime Minister Narendra Modi on Wednesday is holding a review meeting with district magistrates of over 40 districts having low COVID-19 vaccination coverage.

The meeting, being held via video conferencing, includes districts with less than 50 per cent coverage of the first dose and low coverage of the second dose of vaccine.

The 40 districts are spread across Jharkhand, Manipur, Nagaland, Arunachal Pradesh, Maharashtra and Meghalaya, among other states, according to the Prime Minister’s Office.

Prime Minister Modi is holding the meeting immediately upon his return from abroad after attending the G20 and COP26 meetings.

Highlighting the need to accelerate the pace and coverage of vaccination, Union Health Minister Mansukh Mandaviya had recently said that there are more than 10.34 crore people in the country who have not taken the second dose of vaccine after the expiry of the prescribed interval.

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Totality Corp gifts crypto currencies to their employees on Diwali

GURGAON: Totality Corp, a company for Playable NFT’s Gaming Universe celebrated Diwali by gifting its employees crypto currencies.

Totality Corp’s vision is to create robust growth of Web3 in the future. In a statement, Anshul Rustaggi, Founder, Totality Corp, said, “There are many ways to show gratitude to our employees but we wanted to be innovative and share crypto currencies with them. We wanted to share prosperity with our team who stood by us to build this company.”

According to the company, the internet businesses in Web2 have already shown that digital businesses are all about abundance, compared to traditional businesses where a zero sum game mentality exits.

Totality Corp was founded in 2019 by Rustaggi who is an ex-hedge fund manager, lawyer and gaming aficionado. The company was founded with the intention of capitalizing on the global gaming market.

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Witnessed strong momentum in footfalls for past 3 quarters: Kalyan Jewellers

Kalyan Jewellers Ltd been witnessing a strong momentum in footfalls and revenue for the past three quarters, starting from the same period during the last financial year (Q3FY21), the company said in a regulatory filing.

“While the sales momentum in the plain gold segment continued, we also witnessed a significant increase in the studded jewellery category,” Kalyan Jewellers said in a statement.

The traction has continued during this festive season as the company registered a good sales momentum in October. Kalyan Jewellers registered higher footfalls from existing and new customers on Dhanteras which led to robust revenue growth, the company said. The Middle East markets have also been vibrant from the start of this festive season and on Dhanteras.

The company introduced new collections in both gold as well as studded jewellery categories this season in addition to Vedha, a precious-stone studded heritage jewellery collection, further bolstering our studded product portfolio.

“We are expecting this trend to continue, thanks to various events like the World Cup and Expo-2020 which are being held in the region,” Kalyan Jewellers said.

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Hindalco to buy Ryker for Rs 323 crore enterprise value

Hindalco

Industries Limited, part of the Aditya Birla Group, on Wednesday announced the acquisition of 100 per cent equity stake in Ryker Base Pvt Ltd for an enterprise value of Rs 323 crore. Ryker is a wholly-owned subsidiary of

Polycab

India Ltd.

The acquisition will be done through Hindalco’s wholly-owned subsidiary Renuka Investments & Finance Ltd.

According to a release, the acquisition will strengthen Hindalco’s copper rod manufacturing capacity by providing a time-to-market advantage, allowing the company to cater to the growing demand from electrical and electronics sectors.

The purchase consideration for the equity stake is based on an enterprise value of Rs 323 crore, subject to customary adjustments for working capital and net debt as on the date of closing, it added.

Ryker’s 225,000-tonne plant for manufacturing cast and rolled copper wire rods is located at Waghodia (Gujarat). Hindalco operates one of the world’s largest single-location custom copper smelters at Dahej in Gujarat, with a copper rod capacity of 3,45,000 tonnes.

Hindalco’s copper is a vital input into India’s accelerating journey on electrification, urbanisation, renewables and e-mobility. Keeping the needs of the nation and industry in mind, the company has taken the step to expand its capacity, Satish Pai, Managing Director of Hindalco Industries, said.

“We had recently announced two projects — a greenfield aluminium extrusions plant in Silvassa, and a flat-rolled products facility in Hirakud — aimed at enhancing our product mix towards more value-added products. The Ryker deal will further enrich our portfolio of downstream products,” he added.

Hindalco’s copper products are customised for use in home electrification and in the country’s core sectors like power, construction, automobiles and Indian Railways.

Ryker’s copper wire rods facility uses German technology, consumes less energy and is significantly lower on carbon emissions.

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Calcutta HC allows conditional entry into pandals of Kali puja, others

The Calcutta High Court on Wednesday allowed unrestricted entry into Kali Puja, Jagadhatri Puja and Kartick Puja pandals in West Bengal for visitors, provided each of them is double vaccinated and wears a mask. Subject to the maximum number of persons permitted inside a puja pandal and compliance with other conditions, all activities and rituals such as Anjali (floral libations) are permitted inside the marquees, The vacation bench comprising justices Rajasekhar Mantha and Kesang Doma Bhutia said.

The bench, however, cautioned that the expression in the order – “entry shall be unrestricted provided each visitor is doubly vaccinated and wears mask” – should not be treated as a blanket license to one and all to throng and overcrowd the puja pandal areas in particular and streets in general.

The court said it is expected that citizens self-impose the restrictions.

Kali Puja will be celebrated on Thursday while the four-day Jagadhatri Puja will start from November 12. Kartik Puja is slated for November 19.

The vacation bench said directions for Chhat Puja to be celebrated next week may be considered after reopening of the court on November 8.

The bench directed that for small pandals, where the covered area excluding the dais is up to 150 square metres, only 10 persons may be in such covered area at any given point of time.

For pandals with a covered area between 150 square metres and 300 square metres excluding the dais, the number of persons at any point of time may be 15 and for larger pandals, in excess of 300 square metres in area excluding the dais, a maximum of 45 persons can be within the marquees at any given point of time, it directed.

The bench directed that the entry requirement compliance will be checked by the puja organisers at the entrance and spot verification would have to be made by the police.

An earlier order of the high court restricting entry inside Durga Puja pandals had directed that a list of persons allowed inside the pandals be made and displayed each day of the festival.

The vacation bench directed in its order on Wednesday that sanitiser must be available at puja pandals and wearing of masks will be mandatory within and around the pandal and the physical distancing norm has to be maintained at all times in and around the pandals.

It further directed that immersions should be low-key affairs and processions for such purpose will not be permitted.

The use of bands and lights at the time of immersion will also remain prohibited, the court directed, adding that it will be open to the local police to provide for staggered timings so that the immersion ghats are not overcrowded.

The order came on a public interest litigation praying that the directions earlier passed by this court to stop crowding at Durga Puja pandals so as to prevent spread of the Covid-19 virus be enforced during the immediately forthcoming successive festivals.

The court noted that the likelihood of crowding and assembly of a large number of people during the forthcoming festivals of Kali Puja, Jagadhatri Puja, Kartick Puja as well as the Chhat Puja cannot be ruled out.

Advocate General S N Mookherjee submitted that the West Bengal government has no objection to the directions issued in the earlier orders to be implemented in the state for the forthcoming festivals.

The bench noted that during this year’s Durga Puja, with the reduction in the Covid positive cases and easing of restrictions, people who have been confined and restricted at home for the prolonged lockdown, have ventured out socially, with vengeance.

“As a consequence of this, certain areas and popular pandals have seen enormous crowds albeit outside the entry points of the particular puja,” the bench said.

It said the onus lies on the citizens to ensure that there is no crowding at any place and the people should restrict themselves and apply curbs on their own to avoid and prevent overcrowding, while the state would “obviously continue to take all steps to strictly implement the aforesaid orders.”

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Akhilesh Yadav may even convert to get Muslim votes: UP minister Anand Swarup Shukla

Uttar Pradesh Minister Anand Swarup Shukla has alleged that Samajwadi Party chief Akhilesh Yadav enjoys the patronage of Pakistan spy agency ISI and said he may even go for religious conversion to appease Muslims. He may also be getting economic support from the neighbouring country’s Inter-Services Intelligence (ISI), the minister alleged while talking to reporters at his residence on Tuesday.

“Chief Minister Yogi Adityanath has become a challenge for the Islamic world. Samajwadi Party chief Akhilesh Yadav is getting all support from them. Akhilesh is getting ‘sanrakshan aur sujhav’ (patronage and advice) from the ISI. It is possible that he might also be getting economic support from it,” Shukla, who a BJP leader, said.

Shukla’s remarks come after Yadav in a speech in Hardoi on Sunday spoke of Mahatma Gandhi, Sardar Vallabhbhai Patel, Jawaharlal Nehru and Pakistan founder Muhammad Ali Jinnah in the same breath as leaders who fought for India’s independence.

“To appease Muslims, Yadav had performed ‘namaz’ and observed ‘roza’ (fast). He can also go for ‘matantaran’ (religious conversion) and ‘khatna’ to get their votes,” he said, adding that the former chief minister was doing so at the behest of Pakistan.

In his speech, Yadav praised India’s ‘Iron Man’ Vallabhbhai Patel on his 146th birth anniversary but raised eyebrows when he appeared to equate the four leaders, including Jinnah.

“On the directions of the ISI, Yadav is glorifying Jinnah. He is issuing such statements that Pakistan and the Taliban want,” Shukla, who is the minister of state for parliamentary affairs, alleged.

He claimed that Yadav’s comparison of Sardar Vallabhbhai Patel with Jinnah was condemnable and that he should regret it.

During the public meeting in Hardoi, the SP leader had said, “Sardar Patel, Mahatma Gandhi, Jawaharlal Nehru and (Muhammad Ali) Jinnah studied in the same institute and became barristers. They helped (India) get freedom and never backed away from any struggle.”

Yadav had also referred to the ban imposed on the Rashtriya Swayamsevak Sangh by Patel, the then home minister, following the assassination of Gandhi in 1948.

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COVID-19 pandemic could lead to HIV surge in West & Central Africa, says UNAIDS chief

West and Central Africa could see a rise in HIV infections and AIDS-related deaths in a few years due to disruptions in health services because of the coronavirus pandemic, the executive director of the U.N. AIDS agency said.

Although human immunodeficiency virus (HIV) infection rates, and acquired immunodeficiency syndrome (AIDS)-related deaths have been on a steady decline over the past decade, the region accounted for 22% of AIDS-related deaths in 2020.

Around 200,000 people in West & Central Africa became newly infected with HIV last year out of a global total of 1.5 million, the United Nations AIDS agency’s (UNAIDS) data shows.

New infections in the region were growing fast among vulnerable groups that include young girls and women, gay men, sex workers, drug users and prisoners, who don’t always have ready access to preventive measures and treatment.

Byanyima said the jury was still out on the extent of the impact of the coronavirus pandemic on HIV, but the agency is seeing examples of disruptions.

“We are quite worried that when all the data comes in for this year (2021), that we might see a spike in new infections, and over a few years we might see more deaths,” Byanyima told Reuters on the sidelines of a health summit late on Tuesday.

“We are seeing across countries, a decrease in people receiving prevention, a decrease in people testing, and increasing numbers people falling out of treatments. These are not good signs, but we don’t yet know what the impact will be on new infections and deaths,” she said.

Health systems in the region have been stretched by the outbreak, forcing governments to pert scarce resources to tackle the pandemic, while measures to stop the spread, such as lockdowns, curbed access to HIV prevention and treatment.

UNAIDS warned in July last year that the global fight against AIDS had been faltering even before the COVID-19 pandemic, and the pandemic was threatening to put hard-won progress against HIV back by 10 years or more.

Byanyima urged other leaders to emulate Senegal’s President Macky Sall who increased the health ministry’s funding to fight HIV.

Sall directed Senegal’s health minister during his closing speech to commit an extra 2 billion CFA francs ($3.5 million) to the ministry’s 2021/2022 budget to the fight against HIV.

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