Business
Amid recent market volatility, one stock broker still sees over 11 pc upside for Nifty50 over 12 months- The Week
India’s stock markets have seen a lot of volatility in the last few weeks. With geopolitical tensions in West Asia escalating and China rolling out several stimulus measures to lift the economy, foreign institutional investors have pulled out massive amounts of money from Indian equity markets over the past month. In this backdrop, benchmark indices have come off a fair bit from their lifetime highs.
The BSE Sensex fell to 81,501.36 when markets closed on October 16, slipping 5.2 per cent from its record high of 85,978.25 on September 27. The NSE Nifty 50 index was also down 5 per cent to 24,971.30 from a high of 26,277.35.
On Thursday, October 17, markets gave up initial gains and were trading flat to negative in the morning session. Foreign portfolio investors pulled out more than Rs 67,000 crore from India’s equity market so far in October—the most they have pulled out for any month in 2024. This has been partly cushioned by strong inflows from domestic investors.
Stock broking firm Prabhudas Lilladher remained upbeat on the markets recovering, revising its 12-month target for the Nifty. It now sees the Nifty 50 touching 27,867 over the next 12 months in its base case, versus its earlier target of 26,820. The latest target is an 11.6 per cent upside from its Wednesday’s close.
In a bullish scenario, the Nifty could touch 29,260 while in a bear case, it could touch 25,080 levels, estimated Prabhudas Lilladher.
“PL Capital believes that the market and street estimates are already priced in a strong demand rebound during the upcoming festival and wedding seasons, and any disappointment in demand during this period could lead to further downward revisions in EPS (earnings per share) estimates,” it said.
Prabhudas Lilladher revised its EPS estimates for Nifty 50 by 3.8 per cent for the current financial year ending March 2025 and by 2.8 per cent for the 2025–26 financial year.
Capital Goods, infrastructure, ports, hospitals, tourism, new energy, e-commerce, and telecom are emerging sectors to watch out, provided they are available at the right valuations, it said.
Prabhudas Lilladher expects strong EBITDA (earnings before interest, taxes, depreciation, and amortization) growth to continue in the hospitals, pharma, capital goods, and chemicals sectors.
Rural demand for staples is also showing signs of recovery, though the September quarter results may reflect some impact from prolonged rains, it feels. Discretionary spending remains positive in areas like travel, housing, jewellery, and two-wheelers, while passenger vehicles, quick-service restaurants (QSR), apparel, footwear, and building materials are still facing challenges, it added.
Infrastructure spending also picked up, but might remain volatile in the wake of various state elections, according to Prabhudas Lilladher.
“The market has shifted in favour of defensive sectors as the valuations in many cyclicals have become quite expensive, even after accounting for sustained growth. With expectations of higher growth and lower risk, sectors like FMCG, IT services, pharma, and consumer durables have experienced a strong rebound,” the broking firm noted.
Travel
One-of-a-kind Christmas attraction where families travel 140m underground to visit Santa
AN UNDERRATED museum in the north of England is home to a one-of-a-kind underground Christmas attraction.
Earlier this year, research from luggage storage company Bounce named the National Coal Mining Museum in Wakefield as one of the country’s best hidden gem attractions.
Located in West Yorkshire, the National Coal Mining Museum is housed at the former Caphouse Colliery, which dates back to the 18th century.
The museum opened to the public in 1988 and offers visitors a deep insight into the life and work of coal miners, preserving the rich industrial heritage of the region.
Later this year, the National Coal Mining Museum will host a Christmas event called Santa Underground.
Visitors will descend 140m underground where they’ll head to a “one-of-a-kind” Christmas grotto to meet the big man himself.
At the event, Children will receive an age-appropriate gift and a certificate.
Previous visitors to Santa Underground have raved about the attraction, with one person writing on TripAdvisor: “I can’t write I can’t fault anything.
“The staff were fantastic and friendly, the underground tunnel to Santa’s grotto was magical and the grotto itself was enchanting.
“Santa spent a lot of time talking to the children and going underground in an original miners’ lift was very exciting.”
Tickets to Santa Underground cost £10 for a full-paying adult and £13 for kids.
Named one of the UK’s best hidden gem attractions, there are plenty of other things to do at the National Coal Mining Museum.
Set across two former coal mines, visitors can learn about over 200 years of coal production.
On volunteer-led underground tours, visitors will hear stories from former coal miners.
There are above-ground attractions too, including a nature trail, an adventure playground and a pony discovery centre where visitors can meet ponies.
The battery-powered Paddy Train is another popular attraction at the sprawling museum.
Previously used to ferry miners around the pit, museum-goers who visit during peak hours can ride on the train from Caphouse to Hope and back again.
Entry into the National Coal Mining Museum is free, although a £5 donation is encouraged. Underground tours cost an additional £7.50.
Despite not being well-known as a tourist destination, there are plenty of other things to do in Wakefield.
One of those is Hepworth Wakefield, an art gallery that overlooks the River Calder.
Named after artist Barbara Hepworth, the award-winning museum is home to displays of artwork like sculptures and still life paintings.
Wakefield Cathedral is another popular attraction in the city, with the tallest church spire in Yorkshire.
Other nearby attractions include Diggerland – one of the strangest theme parks in the UK.
Visitors can spend the day riding dumper trucks around a gravel pit, digging stones out of a hole with a full-sized digger and riding around a muddy concourse while seated in an enormous bucket.
Wakefield is a 70-minute drive from Manchester, and it’s a 20-minute drive from Leeds.
Five other unusual museums to visit in the UK
HERE are five other unusual museums to visit in the UK.
The Dog Collar Museum, Leeds Castle, Kent
This unique museum houses a fascinating collection of dog collars dating from the 15th century to the present day. The display includes ornate and practical collars, illustrating the changing relationship between humans and their canine companions.
The British Lawnmower Museum, Southport
Dedicated to the history and development of the lawnmower, this quirky museum features over 300 restored exhibits, including lawnmowers once owned by Princess Diana.
The Museum of Witchcraft and Magic, Boscastle, Cornwall
This intriguing museum explores the history, folklore, and practices of witchcraft and magic, with a collection of over 3,000 objects. Visitors can delve into exhibits ranging from spell books and charms to tools and ceremonial items.
The Fan Museum, Greenwich, London
The only museum in the UK dedicated solely to fans and fan-making, it boasts an extensive collection of fans dating from the 11th century to the present day. The museum also features beautifully decorated rooms and a tranquil Japanese-style garden.
The Cumberland Pencil Museum, Keswick, Cumbria
Celebrating the humble pencil, this museum traces the history of pencil manufacturing in Keswick, home of the first pencil factory. Highlights include the world’s largest colouring pencil and a secret World War II pencil with hidden maps.
Here are the 25 best ice rinks to visit in London and the South East.
And, these are the best Christmas markets to visit in the UK.
Business
This is India’s most digital-ready city. And surprise, it’s not Bengaluru or Gurugram- The Week
The list of Indian cities ranked for digital readiness, unveiled at the India Mobile Congress on Wednesday afternoon threw up some surprises. Bengaluru and Gurugram, or for that matter, the heavy duty metros of Delhi and Mumbai, were conspicuous by their absence in the top 10.
ALSO READ: Digital India has nudged Indians into adopting new technology
The list, compiled by OpenSignal, looked at the ten most populous cities in the country, as well as designated smart cities. The topper turned out, ironically enough, to be Srinagar. The very capital of Jammu & Kashmir that has been more associated with internet shutdowns that superior internet quality.
But that evidently is the verdict of OpenSignal, the world’s leading evaluator of mobile and network quality. It looked at three parameters – 4G/5G availability, consistent quality, as well as download speeds, to come up with the winner.
ALSO READ: Google doubles down on AI that talks in an Indian tongue
Interestingly, none of the metro cities made it into the top 10, with Agra taking the second spot, followed by Faridabad in Haryana, which is technically in Delhi BCR, though. The highest metro placement is Delhi at No.13, Chennai at No.19 and Kolkata at No.20 (Howrah comes in at No.21)
For the larger Mumbai metropolitan region, Kalyan-Dombivali fared better than main Mumbai city, coming in one position ahead of the maximum city at No. 26. Navi Mumbai came in at a lowly No.31 (Vasai-Virar at No.49).
ALSO READ: A global leadership opportunity in the AI age beckons India
Bengaluru, the IT capital of the country, shockingly came at just No. 34, despite being a designated smart city to boot.
After Srinagar, Agra and Faridabad in the top three, the following cities rounded out the top 10, in order: Jaipur, Patna, Ranchi, Meerut, Madurai and Dhanbad, with Ahmedabad and Coimbatore jointly sharing the No.10 spot.
The data for the survey was collected by OpenSignal between February and July-end of this year.
Money
PRS REIT mulls company sale as it launches strategic review
The group said it would explore all options available to enhance value for shareholders.
The post PRS REIT mulls company sale as it launches strategic review appeared first on Property Week.
Business
US urges Israel to end war in Gaza
Secretary of state Antony Blinken pursues mission to de-escalate conflict across the Middle East
Money
Save 10 Cents Per Gallon with Amazon Prime Gas Discount
Amazon Prime’s New Gas Discount: Save Big at the Pump with Your Membership!
Amazon Prime just rolled out an exciting new perk: a 10-cent discount on gasoline! This latest addition is designed to bring even more value to Prime members while addressing a common concern—fuel costs. Here’s everything you need to know to take advantage of this fantastic offer.
Unlocking Your Gas Savings
As a Prime member, you can now save 10 cents per gallon at approximately 7,000 participating gas stations, including Amoco, AM/PM, and BP locations across the United States. To access this benefit, all you need to do is:
1. Have an Amazon Prime Membership: Membership costs $14.99 per month or $139 annually, which covers a plethora of perks like free same-day deliveries, access to Amazon Prime Video, Amazon Music, and discounts at Whole Foods and GrubHub+.
2. Set Up Your Earnify Account: Create a free Earnify account and link it to your Amazon account. To activate the gas discount, simply visit amazon.com/fuelsavings.
3. Use the Earnify App: This handy app allows you to find the nearest participating gas station. When you arrive, redeem your discount by entering your phone number or linked payment method at the pump.
More Value for Prime Members
According to Jamil Ghani, Vice President of Amazon Prime, the decision to introduce this gas discount stems from valuable feedback from Prime members. “Every time we ask what would make Prime even more valuable for them, it’s fuel savings,” he stated in an interview with USA TODAY. On average, Prime members could save around $70 annually with this new benefit—making it a highly attractive addition.
Looking Ahead: Electric Vehicle Charging Discounts
But the savings don’t stop there! Amazon plans to launch an electric vehicle charging discount at BP Pulse next year, showing their commitment to supporting members in an evolving automotive landscape.
Industry Insights
Neil Saunders, Managing Director of Retail at Globaldata, highlighted the significance of this discount. “Since gas is a necessity for most Americans, saving 10 cents per gallon is a notable advantage,” he noted. Even with recent drops in gas prices, fuel costs remain a concern for many consumers, making this offer particularly timely.
Joining Amazon Prime: A World of Benefits Awaits
If you’re not yet a member, joining Amazon Prime is easy. Simply visit the Amazon Prime website, click on “Try Prime” to start a 30-day free trial, and enjoy all the perks that come with membership, including:
- Free same-day and two-day delivery
- Access to Prime Video and Amazon Music
- Discounts at Whole Foods Market and Amazon Fresh
- Medical care and prescription drug access
- Exciting sports broadcasts like Thursday Night Football and NBA games
Students aged 18-24 can enjoy a six-month free trial, followed by a reduced rate of $7.49 per month or $69 per year. Those receiving government assistance like SNAP or Medicaid are also eligible for a discounted membership at $6.99 per month.
A Competitive Edge in a Crowded Market
With over 200 million members globally and a selection of over 300 million items eligible for free Prime shipping in the U.S., Amazon continues to set itself apart. This wide variety of products, combined with fast delivery times, has been crucial to Amazon’s success, particularly as competitors like Walmart, Target, and Costco enhance their delivery services.
As fuel costs remain a pressing issue for many, Amazon Prime’s new gas discount is a smart way to add value to an already robust membership. Don’t miss out on the chance to save at the pump while enjoying all the other benefits that come with being a Prime member!
Business
Govt intervenes, Samsung employees to return to work on October 17- The Week
After 37 days of strike the employees of Samsung India will return to work on Thursday, October 17. Though the workers and the CITU have agreed to get back to work, after the state government brokered peace, they have not withdrawn any of their demands including recognition of the Samsung India Workers Union (SIWU).
“It was unanimously decided at our meeting that the workers will get back to work from October 17. But we have not compromised on our demands. During the talks, we insisted that Samsung India should respond to our demands in writing to the concerned authorities. We decided to call off the strike since this demand was fulfilled. We will stand by our workers,” said CPI(M) and CITU leader A Soundararajan, during a press conference at Kanchipuram after a meeting with the workers council.
ALSO READ | Tamil Nadu: Samsung workers call off protest after 37 days
At least 1000 out of the 1800 workers at the South Korean electronics major Samsung India plant at Sriperumbudur began their protest on September 9th demanding higher wages, an eight-hour work day, better working conditions. The main demand was recognition of their recently formed labour union —SIWU. Though the protest began on September 9th, the state government did not get involved in it. After twenty days, when the Chief Minister returned from the US, the government chose to go for parleys with the employees. Neither was the Samsung management willing to engage with the workers.
The Tamil Nadu government, led by a team of ministers including industries minister TRB Raaja, held talks with the workers and the management. The major demand of the workers was recognition of their union and response from the management in writing to their demands.
Earlier, the government held talks with the workers and said that the workers will return to work. Samsung India said that it had signed a Memorandum of Agreement (MoA) with employees in the presence of the ministers. But CITU disagreed with it and continued with the protest. After this, the state government deputed senior minister EV Velu, who brokered peace during a meeting in Tuesday. The CITU apparently, has not withdrawn any of its demands, particularly the demand to recognise SIWU. “We will go by the order of the Madras High Court, which is seized of the matter,” said Soundararajan.
However the Samsung workers’ protest and the inconclusive talks, during the past one month had put the DMK the government in a spot. While the electronics major was threatening to shift place from Chennai, if the tiff with the workers is not resolved, the CITU, affiliated to the CPI(M), had put the DMK alliance in trouble. The other allies of the DMK including VCK and the Congress also stood by the workers.
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