 "BSE, STOCK MARKETS")
Nifty hits the 25K wall, searching for a crack
The Nifty 50 index ran into resistance at the 25,000 mark last week, failing to break through convincingly. The benchmark slipped 0.4 per cent to close at 24,751 as selling pressure intensified near the psychological threshold. Analysts expect the market to remain in a consolidation phase in the absence of fresh triggers. Dhupesh Dhameja, derivatives research analyst at Samco Securities, said the market remains on an upward trajectory as long as it stays above its 20-day exponential moving average, but the 25,100 level is proving hard to crack. “A decisive breakout above this could ignite a bullish stretch, while a drop below 24,700 risks renewed selling. Until a clear trend emerges, expect more sideways moves and volatility,” he said.
KFin vs Cams: Investec backs the faster horse
Computer Age Management Services (Cams) and KFin Technologies — the two listed registrar and transfer agents — each have a market capitalisation of around ₹19,000 crore. For investors weighing the two, brokerage firm Investec favours KFin over Cams. KFin trades at a premium (40x 2026–27E/FY27E price-to-earnings, or P/E) versus Cams (36x FY27E P/E), but Investec says KFin’s stronger earnings growth supports a 50 per cent valuation edge. Cams is expected to log an 8 per cent compound annual growth rate (CAGR) in earnings per share (EPS) from 2024–25 to FY27E, translating into a price-to-earnings growth (PEG) ratio of 4.6x. KFin, by contrast, is projected to deliver an 18 per cent EPS CAGR, with a PEG of 2.2x. Investec has set a target price of ₹4,100 for Cams and ₹1,600 for KFin. As of the latest close, Cams shares were at ₹3,962 and KFin at ₹1,079.
SAT’s gavel comes down hard after summer break
The Securities Appellate Tribunal (SAT) will resume proceedings on Monday after a three-week summer recess. Legal experts expect a heavier caseload docket as the tribunal reopens. SAT adjudicates appeals against orders passed by the Securities and Exchange Board of India (Sebi), the Insurance Regulatory and Development Authority of India, and the Pension Fund Regulatory and Development Authority. Only a handful of high-profile cases are pending before the tribunal. However, if the former chief executive officer (CEO) and deputy CEO of IndusInd Bank contest Sebi’s interim order in the insider trading case, it could dominate attention.
