Latest news with #Antique
Economic Times
2 days ago
- Business
- Economic Times
JSW Steel shares in focus after Q1 profit more than doubles to Rs 2,209 crore. Should you invest?
Shares of JSW Steel will be in focus on Monday after the company reported a 2.2x year-on-year jump in consolidated net profit to Rs 2,209 crore for the June quarter, supported by higher sales volumes and lower costs. ADVERTISEMENT Steel sales volume rose 9% YoY to 6.69 million tonnes at the consolidated level, while sales in India stood at 6.43 million tonnes, up from 5.9 million tonnes a year ago. Revenue from operations remained flat at Rs 43,147 crore, while EBITDA surged 37% YoY to Rs 7,576 crore, led by higher volumes and lower coking coal costs. Total expenses declined to Rs 40,325 crore from Rs 41,715 crore last year. Ebitda margin for the quarter improved to 17.6%, up 473 basis points from the previous year. The company achieved an India Ebitda of Rs 11,658 per tonne, with an 18.5% margin. JSW Steel incurred capex of Rs 3,400 crore in Q1 and plans to spend Rs 20,000 crore for the full the company is pursuing a review petition in the Supreme Court after its acquisition of Bhushan Power & Steel was deemed illegal. "We, along with our legal advisors, believe we have strong grounds to pursue the review petition," the company said. ADVERTISEMENT Motilal Oswal has reiterated a 'Buy' rating on JSW Steel and raised its target price to Rs 1,200 from Rs 1,180. It said the operating performance was in line with expectations and highlighted healthy NSR, despite weak QoQ volume growth due to planned shutdowns at Dolvi and BPSL. Steel sales volumes rose 9% YoY but fell 11% stood at Rs 7,589 crore, up 38% YoY and 19% QoQ. Per-tonne Ebitda improved to Rs 11,324 in Q1FY26, a 26% YoY and 33% QoQ jump, beating the estimated Rs 10,440. Adjusted PAT stood at Rs 2,180 crore, up 159% YoY. Crude steel production rose 14% YoY to 7.26 million tonnes. ADVERTISEMENT The brokerage expects double-digit revenue growth in FY26–FY27 on the back of capacity expansion and price recovery. Ebitda margin is projected to rebound to 18–19% over the same period, aided by domestic price recovery and safeguard has maintained a 'Reduce' rating while raising its target price slightly to Rs 890 from Rs 880. It said Q1 was broadly in line but impacted by forex losses. CLSA added that Q2 guidance looks more positive but flagged project execution as a key monitorable. It remains cautious, citing underperformance amid stretched valuations. ADVERTISEMENT Is RIL's strong profit growth sustainable amid rising capital expenditure? Antique has maintained a 'Hold' rating on JSW Steel, raising the target price to Rs 942 from Rs 905. It expects domestic steel demand to remain resilient, supported by continued government capex and RBI rate cuts. FY26 should see further ramp-up of the JVML plant. Growth is also expected from BPSL's Phase 2 expansion and new iron ore mines in Karnataka and Goa. Antique has rolled over estimates to 1HFY28E, based on a 7.5x EV/EBITDA multiple. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
7 days ago
- Business
- Economic Times
ICICI Prudential Life Insurance shares fall 4% after Q1 results. Should you buy, sell or hold?
Shares of ICICI Prudential Life Insurance fell 4% to Rs 643 in Wednesday's trade on the BSE, even as the insurer reported a 34.2% year-on-year rise in net profit to Rs 302 crore for the June quarter. The profit growth was driven by lower new business strain and higher investment income from shareholder funds. ADVERTISEMENT However, operating metrics reflected mixed trends. The Value of New Business (VNB) declined marginally to Rs 457 crore, down from Rs 472 crore a year ago. VNB margin, however, improved to 24.5% from 24%. Annualised Premium Equivalent (APE) fell 5% YoY to Rs 1,864 crore, largely due to a 9.5% drop in savings APE. On the other hand, protection APE rose 15.2% to Rs 409 crore, with retail protection surging 24.1% to Rs 139 crore, indicating strong traction in the high-margin segment. New business premium increased 6.4% to Rs 4,012 crore, while total premium collections rose 8.1% to Rs 8,954 crore. Assets under management (AUM) stood at Rs 3.24 lakh crore, up 5.1% from the previous year. Antique has maintained a 'Buy' rating on ICICI Prudential Life Insurance, with an unchanged target price of Rs brokerage noted that the company's favourable product mix, led by protection and non-linked savings products, supports healthy margins. It expects ICICI Prudential to grow APE ahead of the industry in FY26. Antique projects a FY25–27 CAGR of 10% for APE, 13% for VNB, and 12% for Embedded Value (EV). While near-term growth may remain volatile due to base effects, the improving product mix and expanding distribution network are seen as positive for medium-term prospects. ADVERTISEMENT Nuvama has maintained a 'Buy' rating on ICICI Prudential Life and raised the target price to Rs 770 from Rs 760. ADVERTISEMENT The brokerage highlighted that while headline growth remains weak, the company's protection segment delivered strong performance. Despite a margin beat, the Value of New Business (VNB) declined by 3%. Nuvama has revised its margin estimates for APE/VNB for FY26E, FY27E, and FY28E to -0.1%, +0.8%, and +2.1% respectively. ADVERTISEMENT Motilal Oswal reiterated a 'Buy' with a target price of Rs brokerage said APE and VNB were largely in line, and the margin expanded to 24.5%. It expects operating leverage, cost optimisation, and traction in non-linked products to drive profitability. It retained APE growth estimates for FY26/FY27 and raised VNB margin estimates by 100 basis points for both years. (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Business Upturn
08-07-2025
- Business
- Business Upturn
HDFC AMC shares jump 3% as Antique initiates ‘Buy'rating with ₹6,000 Target
Shares of HDFC Asset Management Company (HDFC AMC) were up around 3% in early trade after brokerage firm Antique initiated coverage on the stock with a 'Buy' rating and a target price of ₹6,000. As of 9:48 AM, the shares were trading 2.55% higher at Rs 5,126.50. Antique believes the Indian mutual fund industry is set for steady growth, projecting over 15% compound annual growth in total assets under management (AUM), and more than 20% growth in active equity AUM. This outlook is based on expectations of moderate GDP and earnings growth, stable SIP inflows despite market fluctuations, increasing role of fintech platforms, and ongoing traction in passive funds. Advertisement The report notes that asset management companies could be in line for a valuation re-rating, supported by improving earnings. Among sector peers, Antique has highlighted HDFC AMC and Nippon Life India Asset Management (NAM) as preferred picks, citing consistent performance, steady market share in flows, and diversified equity portfolios. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Vancouver Sun
18-06-2025
- Automotive
- Vancouver Sun
Crazy 'bout a Mercury: Vancouver police look to restore 1947 cop car
The Vancouver Police Department owns one of the coolest old cars in the city — a 1947 Mercury two-door sedan they trot out for public events. It's known as 'The Antique.' It cuts a striking figure at parades, with a black body and white doors that read 'Vancouver Police.' Naturally, there's a red light on top, and a siren mounted on the right front fender. It's what they call a 'slant back' sedan, and features a small, curving back window. Two lines of chrome on the sides add to its sleek, streamlined look, and the front has a very funky split window. Unfortunately, it's off the road, in need of repair. So the police department has put out a 'request for quotation' to restore it. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'The 'Antique' is an important piece of the VPD's history,' says the department's request. 'Its restoration is crucial to create a visible connection with the past, allowing the VPD to remember, respect and learn from the shared story, as well as to ensure the Antique's rich history and legacy are maintained for years to come.' The police department declined further comment while the bidding process is on — bid submissions are due June 23. It also declined to let the car be photographed. Vern Bethel of False Creek Motors has worked on the car in the past. He said the cost of any restoration will vary, depending on what needs to be done. Rebuilding the engine might cost $10,000, but if a full restoration is required, it would be much more expensive. 'That car's been out in the weather a lot,' said Bethel. 'Who knows, from a rust point of view, what would have to be done? There are some places that would do it, but it would be a pretty costly thing to do these days.' 'It could cost $100,000,' said classic car expert Alyn Edwards, who writes a column for 'And a '47 Mercury two-door sedan isn't worth 100 grand. It's worth $30,000, restored.' But it is a stylish car, the type of vehicle that hot-rodders loved to customize in the 1950s and '60s. (They preferred the coupe to the sedan, though.) There's a 1948 song, Mercury Blues, which includes the lines, 'If I had money, I'd tell you what I'd do, I'd go downtown and buy a Mercury or two, 'cause I'm crazy 'bout a Mercury.' 'When I was a teenager, everybody wanted a Ford or Mercury, because you could customize them really easily,' said Edwards. 'You could put dual exhaust on them, lower them, flame paint job, that kind of stuff. Fender skirts.' Edwards said the Vancouver Police Department's Mercury comes from what he calls the 'fat fender era,' as opposed to the sleek gangster-mobiles of the 1930s. 'What they have is a '47 Mercury 114 sedan, and that's a Canadian Mercury,' he said. 'It's a Mercury, but it's really (the same as) a Ford, with a Mercury face on it and some Mercury trim.' The difference with American Mercurys or Fords is they have a longer wheelbase (118 inches compared to 114). The Los Angeles police department used 1947 Fords that look similar to the Vancouver police Mercury. Edwards knows vintage Mercury cars and trucks well: He used to own a rare '47 Mercury convertible, but sold it. On Tuesday, he was at a movie shoot with his 1949 Mercury half-ton, which he had rented to the film. He is not sure the VPD's '47 Mercury was an actual police car. He thinks it might have just been an old car they fixed up. A few years ago, Edwards did a story about a 1947 Vancouver police car that was being restored, but it was a Dodge. jmackie@
GMA Network
15-06-2025
- Entertainment
- GMA Network
Binibining Pilipinas 2025: Antique's Blessie Villablanca wins Best in National Costume
Blessie Villablanca of Antique bagged the Best in National Costume award at the Binibining Pilipinas 2025 coronation night on Sunday at Smart Araneta Coliseum. She wore a red ensemble inspired by the Rafflesia plant, the largest flower in the world. The Binibining Pilipinas coronation night is hosted by Nicole Cordoves, MJ Lastimosa, Maureen Montagne, and Kylie Verzosa. Reigning queen Myrna Esguerra will crown her successor as Binibining Pilipinas International. —MGP, GMA Integrated News
