The US Commerce Department said retail sales rose 1.7% in October from September’s upwardly revised rate, above expectations as a range of companies reported increasing business. But inflation is a rising worry.
Go Fashion IPO sees robust demand
The three-day initial public offering (IPO) of Go Fashion opened today and will conclude on November 22. The IPO price band has been fixed at ₹655-690 a share.
The issue saw strong demand from retail investors, with the portion oversubscribed 1.94 times within minutes of opening.
The IPO comprises a fresh issue of equity shares aggregating up to ₹125 crore and an offer for sale of up to 12,878,389 equity shares by promoter and existing shareholders. At the upper end of the price band, the IPO is expected to fetch ₹1,013.6 crore.
Rakesh Jhunjhunwala-backed Akasa Air orders 72 Boeing 737 Max planes
Vedanta-led Cairn Oil & Gas partners with Baker Hughes to boost recoverable reserves
Alembic Pharmaceuticals JV Aleor Dermaceuticals receives US FDA final approval for Mupirocin Cream USP: BSE filing
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Ashoka Buildcon’s strong order book lends to strong prospects despite modest Q2
Ashoka Buildcon Ltd saw a subdued Q2 performance, hit by slower execution during the monsoons. Toll collections, however, improved 17% sequentially, with rise in traffic following the easing of mobility restrictions.
With the Ebitda down 9% year-on-year and 1.5% sequentially, net profit fell 8.7% year-on-year and 5.7% sequentially.
While the quarter saw soft performance due to delays witnessed in commencing various projects, the management has revised revenue growth guidance for FY22 to 20% from 25% earlier.
The company, however, has a very strong order book. Order inflows so far in FY22 stand at about ₹3,354 crore. EPC (Engineering Procurement and Construction) order backlog stands at ₹11880 crore, which is 3 times FY21 revenues.
Analysts at PhillipCapital India Research said, “We continue to like the stock and view Ashoka a perfect proxy to play the road segment, with proven execution capabilities and healthy portfolio mix of EPC-BOT-HAM projects.” Its strategy to diversify into the buildings segment also augurs well for the company, as it grows.
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