AU Small Finance Bank gains as Edelweiss initiates coverage, sees 24% upside

Edelweiss Securities has initiated coverage on AU Small Finance Bank with a buy rating and target price of Rs 880 apiece, implying 24 percent potential upside from current levels. At 0916 hours IST, it was quoting at Rs 712, up Rs 3.85, or 0.54 percent on the BSE. The non-banking finance company continues to deliver high loan growth without any asset quality incident and 30 percent-plus asset CAGR remains plausible for an extended period, the brokerage said. It feels operating and financial leverage will continue to play through and return on average…

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Qualcomm CEO Sees ‘No Path to Value’ in Broadcom Tie-Up

Qualcomm chief executive Steve Mollenkopf on Thursday reaffirmed his opposition to a hostile takeover bid from computer chip rival Broadcom, saying the deal offers “no real path to value.” The comments came days after Singapore-based Broadcom escalated its efforts on a $130 billion bid by proposing a slate of directors to unseat the Qualcomm board of directors. Mollenkopf, speaking at an event hosted by The Economic Club of Washington, said that “we always have discussions” on potential tie-ups but that Qualcomm’s future is well-positioned as an independent company. He added that “we didn’t think the offer…

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