Top gainer: LTIMindtree 6,238 ▲ 89 (+1.4%)
Top loser: SBI 788 ▼ 30 (-3.7%)
Vodafone Idea share price: Stock tanks over 11% after a global investment banking firm predicts 83% downside
Shares of India’s third largest telecom operator Vodafone Idea slumped over 11% on Friday after Goldman Sachs, a leading global investment banking firm, projected a downside of as much as 83%. “Vodafone Idea trades at 24x FY26E EV/EBITDA, an almost 100% premium to Bharti and Jio. We see limited reason for this premium to exist, given the weaker growth, margin returns, and balance sheet profile vs peers. We stay Sell-rated with a revised 12-m DCF-based target price of ₹2.5, implying 83% downside from current levels,” Goldman Sachs said in a report. Read more
KEC International secures new orders worth ₹1,423 crore from Saudi Arabia
KEC International, on Thursday, said it has secured new orders of ₹1,423 crore for the design, supply and installation of 380 kilovolt (kV) transmission lines in Saudi Arabia. Shares of the firm were trading over 2% higher on Friday following the announcement. Vimal Kejriwal, MD & CEO at KEC International said the orders from Saudi Arabia along with the earlier orders in UAE and Oman have enhanced the firm’s international transmission and distribution (T&D) order book. “With these orders, our YTD order intake stands at over ₹11,300 crore, an impressive growth of approximately 75% compared to last year,” he said. Read more
SBI shares decline 3%, emerge as biggest loser on SENSEX
Shares of State Bank of India (SBI) slipped as much as 2.9% to ₹794.70 apiece on the BSE in the morning trade on Friday, September 6. Last month, the government appointed CS Setty as chairman of the country’s biggest lender, SBI, for a period of three years. Setty, currently senior most MD of the bank, replaced incumbent chairman Dinesh Kumar Khara on August 28. Read more