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Western Telegraph
6 days ago
- Sport
- Western Telegraph
West Wales students ready for WorldSkills National Finals
Of the 120 strong Welsh students entering this year's WorldSkills national final, 20 are from west Wales, with 15 of these being from Pembrokeshire. Among them is 17-year-old Elara Jones from Cardigan who is competing in the Beauty Therapy Practitioner competition. Elara won a Gold Medal at the Skills Competition Wales competition in March this year in Beauty Therapy Practitioner level 3 category. The Coleg Ceredigion student also won bronze in the beauty therapy category in last year's national finals and has achieved silver medals at levels one and two in Skills Competition Wales. 'Winning gold at Skills Competition Wales and now being selected for the WorldSkills UK National Finals shows that all the hard work and effort I've put in has really paid off,' said Elara. 'I'm so pleased, it feels like everything I've done has been building up to this moment, and it means a lot to see it all lead to something so exciting.' This year's national final will be held in Wales for the very first time this November. The UK's flagship skills competition will come to several Welsh venues allowing the country shine on the national stage. With 417 competitors taking part from across the UK and 47 finals planned, this event is not just a contest but a nationwide celebration of world-class vocational and technical training. Wales will be strongly represented; a record breaking 120 young people from across the country have earned their place following standout performances in qualifier heats. This means 29 per cent of the national finalists will be Welsh competitors; an increase from last year's already impressive one in four. Competitors will demonstrate their abilities in a wide range of disciplines, including 3D Digital Game Art, Aircraft Maintenance, Health and Social Care and Culinary Arts. Those who impress under pressure might be selected to represent the UK on the international stage at the 'Skills Olympics' in Japan in 2028. Minister for culture, skills and social partnership Jack Sargeant said: 'These competitions show the real-world value and applications of apprenticeships and are invaluable in futureproofing our economy. 'I am proud Wales is hosting the WorldSkills Finals UK 2025. We have a beautiful country, and I hope all visitors will take some time to explore it. 'I wish this new cohort of competitors pob lwc – I know you'll do yourselves and us all proud.' For more information on WorldSkills UK and how to start your journey as a competitor, tutor or employer in Wales, visit
Time of India
11-07-2025
- Business
- Time of India
ACME Solar gains nearly 3%, hits 52-week high after Elara Capital initiates coverage
Shares of ACME Solar Holdings rose nearly 3% on Friday's session to trade at Rs 295, following a bullish outlook from Elara Capital . The stock also touched a new 52-week high of Rs 303.94. The surge in the company's stock prices comes after Elara Capital initiated coverage on the stock with a 'Buy' rating and a target price of Rs 325, suggesting an upside of over 10% from current levels and around 30% from the time of the report's release. In its research report, Elara highlighted ACME Solar's strong execution track record and aggressive growth roadmap. The company currently operates 2,826 MW of solar power capacity and has another 4,143 MW under development. With a strategic focus on firm and dispatchable renewable energy (FDRE) and hybrid energy projects, ACME aims to boost returns and strengthen grid stability. The report projects that ACME Solar is poised to scale its capacity from 2.8 GW to 7.0 GW by FY28, supported by a robust project pipeline. During this period, the company is expected to deliver a 49% revenue CAGR and a 59% EBITDA CAGR. The stock trades at 8.3x FY28E EV/EBITDA and 13.2x FY28E P/E. Elara assigns a valuation multiple of 9.0x EV/EBITDA, justifying the Rs 325 target price. Live Events With India's renewable energy sector gaining momentum, ACME Solar's expanding footprint and strong financial outlook appear well-positioned to capitalise on long-term growth opportunities. Technicals: The 14-day Relative Strength Index (RSI) for the stock stands at 79.9, which is above the typical overbought threshold of 70. This suggests that the stock may be due for a short-term pullback or consolidation as buying momentum could be overheating. On the positive side, the stock is showing strong technical strength with all seven key Simple Moving Averages (SMAs)—ranging from the short-term 5-day SMA to the long-term 150-day SMA—trading below the current price. This bullish alignment of moving averages indicates sustained upward momentum and a healthy trend. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
04-07-2025
- Business
- Economic Times
Cipla faces revenue and margin pressure ahead of Revlimid patent expiry
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Cipla has underperformed the sector indices in the past twelve months following expected pressure on revenue and margin amid Revlimid patent expiry next year. The company expects margin to drop by 140-240 bps year-on-year in the current fiscal year. It has a couple of launches for FY26 but it still might not be able to compensate for the decline in Revlimid. Analysts have retained 'reduce' rating on the stock, citing muted growth for has guided operating margin before depreciation and amortisation to fall to 23.5-24.5% in FY26 from 25.9% in the previous year, due to Revlimid patent expiry. Elara Capital expects a further contraction of 300 bps in FY27 as the full loss of Revlimid will be reflected in that future course of action when it comes to finding a suitor will be another concern that investors may have to grapple with given Torrent Pharmaceuticals ' recent acquisition of JB Chemicals & Pharmaceuticals. According to media reports Torrent was in talks with Cipla to buy majority stake two years ago. But the proposal hit a roadblock due to differences in valuation. Now that Torrent has acquired a stake in JB Chemicals, Cipla's promoters will have to look for other buyers in case they wish to pare the front of revenue visibility, Cipla has filed for 6 respiratory assets in US, including Symbicort and Qvar and four more to be filed in the next 12-18 generic Advair is expected to be commercialised in this fiscal year. In peptides and complex generics, 9 filings are done, and it aims to file 10 more assets in 12 to 24 months, with two-three filings in FY26 company has net cash of ₹10,807 crore. It expects to spend 5% of revenue as capex this year, which could be towards mergers and acquisitions. Revenue for FY25 grew by 8.2% year-on-year to ₹2,754.8 crore. Though the company expects a similar growth rate for FY26, Elara anticipates flat-to-low single-digit percentage FY25, North America business posted a record-high annual revenue of $934 million and $221 million for March 2025 quarter. The company expects June quarter's revenue to be muted at around $220 million."Resolution of supply issues in Lanreotride, the launch of Abraxane and Tasigna and potential launch of Advair and two-three peptide products may not, it seems, be able to compensate for decline in Revlimid in FY26," said Elara, while projecting 6-7% fall in US business for FY26 and FY27. It has downgraded the stock to 'reduce' while lowering target price by 7% to ₹1,465. Emkay Global has reiterated 'reduce' with a TP of ₹1,500 citing execution risks and valuation concerns.
Mint
03-07-2025
- Business
- Mint
Weak US dollar, low crude oil prices may fuel 8-10% rally in Nifty 50: Elara Capital
The US dollar has plunged to more than three year low and a prolonged phase of its weakness is setting the stage for a potential rally in Emerging Markets, including the Indian stock market. A softening dollar, easing oil prices, and India's robust domestic fundamentals can support further gains in the benchmark Nifty 50 during the second half of 2025, analysts said. The US Dollar Index (DXY) has declined 10% year-to-date (YTD) and currently stands around 96.70 — its lowest in over three years. Elara Capital expects the DXY to remain in the 95–99 range over the next two quarters, with an average of 100 for CY25, sharply lower than the 105 projected earlier this year. This signals a supportive global liquidity environment for risk assets, especially emerging markets. 'Historically, a falling DXY has amplified India's equity outperformance,' Elara Capital economist Garima Kapoor and strategist Saharsh Kuma said in a report. In each of the eight calendar years since 2000 where the DXY fell more than 5%, the Nifty 50 delivered positive returns, with a median gain of 34%. While the Nifty is up 7.5% YTD in 2025, Elara sees potential for an additional 8–10% upside if past patterns hold. 'DXY softness served as an amplifier — not the origin — of India's equity story. That is precisely what makes 2025 notable: India's internal growth levers are already active, and global risk appetite is once again turning supportive,' the report stated. The Nifty's performance typically strengthens when the dollar weakens and the correlation between the two turns negative. That is the case this year, with a –0.9 correlation observed. The report stresses that this inverse relationship reflects more than just currency dynamics — It's a signal of easing global financial conditions and renewed appetite for risk. What makes the current cycle unique is the simultaneous moderation in crude oil prices. This twin tailwind — weak USD and soft oil — has historically benefitted India more than other emerging markets. Onshore fundamentals are also aligning: India's inflation is under control, real rates remain positive, and the RBI has begun easing policy with a 50 bps rate cut and 100 bps CRR reduction. India's macro stability, light FII positioning, and earnings-led premium valuation further strengthen the case for equity upside. 'This is not a melt-up narrative. It is a measured rotation story, rooted in liquidity, validated by positioning, and underpinned by history,' Elara said, adding that mid and small-cap stocks may also participate as broader market sentiment improves. In essence, as the dollar stays soft, the Nifty 50 could be poised to catch up — offering a compelling risk-reward for investors looking at India within a global portfolio context. In this context, Elara believes selective high beta positioning is both tactically justified and strategically sound. Its preference is for large-cap names with average bull beta above 1.1x and midcaps above 1.3x, balancing participation with risk discipline. Stocks such as REC, Power Finance Corporation, Trent, and DLF, offer strong risk-reward in the large-cap space. Among midcaps, HUDCO, Godrej Properties, Oberoi Realty, Prestige Estates, and Indian Hotels combine consistent bull beta exposure with earnings visibility and macro alignment, said the brokerage firm. These stocks fit well with its key themes of financial inclusion, real estate upcycle, and domestic discretionary recovery. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Economic Times
19-06-2025
- Business
- Economic Times
Rs 58,000 crore cash lying idle in 5 mutual fund schemes. Are stocks too expensive to buy?
A growing pile of cash is making more noise than stock picks in some mutual fund houses. Five mutual fund schemes now hold Rs 58,442 crore in cash, accounting for a staggering 30% of the entire mutual fund industry's cash reserves. ADVERTISEMENT Out of a Rs 2 lakh crore industry-wide cash corpus, these five are sitting on the largest war chest. Parag Parikh Flexi Cap Fund tops the list with the highest cash pile of Rs 22,360 crore. SBI Contra Fund follows with Rs 10,028 crore, HDFC Flexi Cap with Rs 10,013 crore, Motilal Oswal Midcap with Rs 9,479 crore, and HDFC Mid-Cap Opportunities with Rs 6,562 crore, according to data from Elara Securities. That's not all. About 25% of the entire mutual fund industry's cash is concentrated in just four schemes, and half of it is held by only 18. What's more telling is that the cash hoarding has lasted over a year for many of them with experts saying it isn't a tactical timeout but a strategic positioning reflecting caution on current market valuations, especially in the mid and smallcap segments. 'Most of these schemes have maintained elevated cash levels for more than a year. Importantly, 25% of the incremental inflow over past 9-months have come in 12 schemes which have not got totally deployed in the market, raising cash levels,' said Elara's Sunil Jain. Also Read | Promoter, PE & VC selling crosses Rs 40,000 crore in 2 weeks: Red flag for Nifty bulls? The hesitation to buy in the secondary market despite a roaring rally hints at something deeper. ADVERTISEMENT 'The persistence of high cash balances over a long period—despite ongoing market strength—suggests that most of these fund managers are not likely to aggressively chase secondary market rallies. Rather than deploying cash in the secondary market, managers are channeling liquidity into the primary market. A large chunk of this paper supply has come from promoter divestments and PE exits, not new capital formation. This signals distribution, not expansion,' he schemes continue to show comfort in deploying funds with overall cash levels falling to Rs 16,500 crore from Rs 19,120 crore in April. But midcap schemes are showing signs of withdrawal. Cash levels in midcap funds have surged to 7.3%, the highest since 2020, fuelled by massive inflows into Motilal Oswal Midcap Fund. The total cash here is now Rs 29,900 crore, up from Rs 27,700 crore in April. ADVERTISEMENT Smallcap schemes have only slightly trimmed their cash stockpiles. At Rs 25,900 crore, they're just a notch below last month's Rs 25,250 crore. Overall, the mutual fund industry's active equity schemes collectively held Rs 2 lakh crore in cash in May, slightly down from Rs 2.06 lakh crore in April. Parag Parikh Mutual Fund leads in cash as a percentage of AUM—holding 21.3% in cash. Motilal Oswal is not far behind at 19.9%, according to Elara. ADVERTISEMENT For Parag Parikh, taking cash calls isn't new. The fund house's CIO Rajeev Thakkar, in an earlier note, had compared this approach to playing Test cricket—not swinging wildly, but waiting patiently for the right ball. For him, holding cash is less about timing and more about readiness—for the right price, the right stock, and the right pitch.'Holding some amount of cash gives us the opportunity to deploy whenever a stock trades at attractive valuations to deploy. Investment opportunities do not come everyday across all companies and one has to wait to deploy money well,' Thakkar had said, adding that one shouldn't perceive it as market timing but rather waiting to deploy at the right valuation. ADVERTISEMENT For fund houses like Quantum AMC, which has around 12% cash in its portfolio, the elevated cash is not a tactical bet, but a result of a valuation-driven discipline.'Given that markets, in aggregate, are perceived as expensive with fewer attractive opportunities, our cash levels naturally become slightly elevated. We are disciplined about adhering to our investment philosophy, which prioritizes value and long-term potential. When we find that the opportunities aligning with our rigorous selection criteria are not readily available at attractive valuations, we prefer to hold cash rather than deploy capital into overvalued assets. This approach ensures that we are positioned to capitalize on opportunities when they do emerge, rather than being forced to invest simply to deploy capital,' Chirag Mehta, CIO, Quantum AMC, told ETMarkets. Also Read | Buy Eternal & Swiggy, sell Nykaa & BSE: Latest investing mantra of mutual funds The firm sees opportunity in largecaps but remains selective in smallcaps, waiting for reasonably priced Mutual Fund maintains less than 5% cash across portfolios and relies more on internal allocation shifts between large, mid, and smallcap segments to manage valuation risk.'We don't want to mix asset allocation with stock selection. Our job is stock selection and not asset allocation. Asset allocation is how much money should I put into equities versus how much cash do I hold. That is typically best done by a distributor who knows the client's cashflow profile,' explained Trideep Bhattacharya, CIO – Equities at Edelweiss Mutual Direct's Pankaj Pandey also suggests against making large cash calls. "Generally, we do not suggest holding a proportion of cash because we have seen historically it is a very difficult call to take. For holding cash, you need luck to get prices at lower levels and most importantly, courage to deploy cash during such times,' he question remains whether these fund managers are displaying prudent risk management or missing out on continued market gains while sitting on the sidelines with their massive cash reserves. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
