Page 8 - Goldman Sachs

VIL's capital-raise unlikely to plug market share erosion: Goldman Sachs

Vodafone Idea's recent capital-raise while incrementally positive, may not be adequate to stop the telco's market share erosion, according to a note by Goldman Sachs. The brokerage has, in fact, anticipated another 300 bps (basis point) share loss for the company over the next 3-4 years, citing the direct correlation between capital expenditure and revenue market share, and given its own expectation of peers spending at least 50 per cent higher capex versus Vodafone Idea. One basis point is equal to 1/100th of a per cent. "Vodafone Idea's recent capital raise, while incrementally positive, is unlikely to be adequate to stop the company's market share erosion in our view," it said. Additionally, it said, Vodafone Idea has large Adjusted Gross Revenue (AGR)/spectrum-related payments starting in FY26. "While the government has the option of converting some dues into equity, we estimate ARPUs would have to rise by Rs 200-270 (120-150 per cent under different scenarios) versus December

Goldman Sachs downgrades SBI to 'Sell', slashes target price; share slips

The fall in SBI share price came the New York-based brokerage Goldman Sachs downgraded SBI to 'Sell' from 'Neutral'.

Kamala Harris' tax plan may cut down 5% of corporate profits: Goldman Sachs

On Wednesday, Harris said Trump's plans would cut off federal programs that offer loans to small businesses, cut the corporate tax rate and push the US deficit higher

Harris' proposed tax reforms may cut S&P 500 earnings by 5%: Goldman Sachs

Harris proposed raising the corporate tax rate to 28 per cent from 21 per cent and ensure big corporations pay their fair share

Retail firms are focused on shoppers spending, tariffs: Goldman Sachs

Consumers continue to be "somewhat steady," but they are spending selectively after years of inflation, McShane added.

'Go for gold' as China weighs on other commodities, says Goldman Sachs

The Wall Street lender adjusted its gold target of $2,700 to early 2025, versus previous forecast of end-2024, citing a price-sensitive China market

Goldman Sachs to lay off up to 1,800 employees amid annual review process

Goldman Sachs' annual review process has historically resulted in workforce reductions of 2 to 7%, depending on financial performance and market conditions

Goldman Sachs Group cuts India's 2024 and 2025 GDP growth forecasts

The bank now expects the nation's economy to expand at 6.7% in calendar 2024, and 6.4% in 2025.

Brokerages on board with Budget but for capital gains tax curveball

As markets sift the Budget's fine print, they'll also monitor Q1 earnings, monsoon trends, and global factors

Swiss bank Julius Baer names Goldman Sachs exec Stefan Bollinger as new CEO

Bollinger, who is currently co-head of private wealth management for Europe, Middle East and Africa at Goldman Sachs in London, will join Julius Baer no later than Feb 1, 2025, the Swiss bank said

Vedanta raises $1 bn via QIP; Goldman, Morgan Stanley among top investors

Mining conglomerate Vedanta Limited raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share, according to a stock exchange filing by the company. The issue, which closed on July 19, implied a discount of 4.61 per cent to the floor price of Rs 461.26 per equity share. In a stock exchange filing, Vedanta said it sold 19.31 crore shares to raise Rs 8,500 crore. Some of the marquee investors that have been allotted equity shares through the QIP include Abu Dhabi Investment Authority (ADIA), Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund and Mirae Mutual Fund. Various funds run by Nippon Mutual Fund were allotted 9.11 per cent of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 per cent and 7.88 per cent, respectively. Speaking on the occasion, Vedanta chairman Anil Agarwal

Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024

Expectations (as measured by pre-budget equity market performance), wrote analysts at Morgan Stanley in a note, are important in determining what the market does immediately after the budget

Goldman Sachs profit more than doubles in June quarter, beats expectations

The resilience of the U.S. economy has given corporate executives the confidence to pursue acquisitions, debt sales and stock offerings

Goldman Sachs appoints co-heads of investment banking business in India

The firm also announced that Sunil Khaitan has joined as head of financing in India. Reuters reported in April that Goldman hired Khaitan from Bank of America

Goldman Sachs targets $2 bn for first Asia-focused pvt equity fund

Only five China-focused private equity funds were raised in the first half this year, totalling $2.2 billion

Goldman challenges result of Federal Reserve's 'stress test': Report

The tested banks overall saw losses of 17.6 per cent to existing loan balances on credit cards and among them Goldman Sachs recorded 25.4 per cent in losses

Economic vision and not stimulus in Modi 3.0 Budget: Goldman Sachs

The government, Goldman Sachs believes, is likely to stick to the announced fiscal deficit target of 5.1 per cent of gross domestic product (GDP) for FY25

Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google

Rishi Shah, 38, the co-founder of Outcome Health, which provided ads on TVs in doctors' offices, was convicted of more than a dozen fraud and money laundering charges by a federal jury last year

Indian govt bonds now part of JP Morgan's bond index. Here's what it means

Indian government bonds enter JP Morgan's GBI-EM Index, expected to attract $30 billion in inflows

Piramal Natural, 2 others exit Archean Chemical Industries, sell 10% stake

Piramal Natural Resources and two other entities on Thursday exited Archean Chemical Industries by selling their entire 10 per cent shareholding for Rs 822 crore through open market transactions. India Resurgence Fund - Scheme 1 & 2, affiliates of India Resurgence Fund (IndiaRF), sold shares of the speciality marine chemical manufacturer Archean Chemical Industries through separate bulk deals on the BSE. India Resurgence Fund is an India-focused distressed investment platform, sponsored by Piramal Enterprises Ltd and Bain Capital Credit. Piramal Natural Resources also offloaded shares of Archean Chemical on the exchange. Nearly 1.25 crore shares or 10.13 per cent stake of Chennai-based Archean Chemical Industries changed hands on the bourse. As per the data available with the BSE, India Resurgence Fund - Scheme 1 & 2 sold a total of 91.11 lakh shares, amounting to a 7.3 per cent stake in Archean. Additionally, Piramal Natural Resources offloaded 33.88 lakh shares or 2.75 per ..