Economy 113
This Samsung TV costs Rs 12 crore. Here's why
The first in its league, no other TV in India comes close enough to stand up to 'The Wall' when it comes to the price point.
ADB, Pakistan sign $1.3 billion loan agreement
Federal Minister for Economic Affairs Hammad Azhar was present on the occasion.
YES Bank may reject $1.2 billion offer from Canadian investor
At a board meeting on Tuesday, YES Bank is expected to reject an offer from Canada's Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund raising
Equity flows in MFs dip sharply, assets rise to a record in Nov.
With stock indices rising, investors opt for profit booking; gold ETFs see inflows
India moves from 130 to 129 in human development index: UNDP report
In India, 27.1 crore people were lifted out of poverty from 2005-06 to 2015-16, UNDP India resident representative Shoko Noda said. India ranked 130 last year. The steady progress was due to nearly three decades of rapid development, which had seen a dramatic reduction in absolute poverty, along with gains in life expectancy, education, and access to health care, she said.
Shares, Commodity, Rupee Market LIVE Updates: Sensex up 100 points, Nifty over 11,950 led by auto, metal stocks
Share Market, Sensex, Nifty, BSE, NSE Share Price Today Live Updates: Catch all the LIVE market action here.
Sandler O’Neill Downgrades FB Financial (NYSE:FBK) to Hold
FB Financial (NYSE:FBK) was downgraded by investment analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, The Fly reports. Several other analysts also recently weighed in on FBK. Zacks Investment Research raised shares of FB Financial from a “sell” rating to […]
Lebanon's exit path from economic woes
The government should aim at restoring confidence through economic sustainability and balanced growth.
Go for quality in consumption stocks: Andrew Holland, Avendus Capital
The auto sector corrected in the past year and that is why we see value and prices rebounding in some cases
Currency in circulation rises to Rs 21 lakh crore as on March 2019: Anurag Thakur
India Business News: Currency in circulation peaked to over Rs 21 lakh crore at the end of March 2019, having dipped to a mere Rs 13 lakh crore at the end of fiscal 2016-
Asian shares rise after buying mood on Wall Street ends week
TOKYO — Asian shares were mostly higher Monday cheered by a buying mood on Wall Street that came at the end of last week.
Central bank changes required reserve regulations
The Central Bank of the Republic of Turkey (CBRT) on Monday lowered the reference values it uses to determine required reserve ratios for banks, while...
Keysight Reports A Strong Quarter
Keysight Technologies reported a fiscal fourth quarter that beat analyst expectations.Fiscal 2019 saw adjusted operating income more than double from 2018.The valuation is attractive as the company's
Government nickel ore export ban to hit newly listed company
From its exports in 2018, Ifishdeco earned Rp 365 billion (US$26 million), more than double the Rp 140 billion pocketed from domestic sales.
Hormel: Great Dividend Grower, But Significantly Overpriced
HRL is a dividend aristocrat, with 50+ consecutive years of annual dividend increases.However, the company posted negative EPS growth in 2019 and analysts expect that trend to continue into 2020.HRL h
Over 10 lakh cr loans sanctioned under Mudra Yojana
The PMMY is a scheme launched by the prime minister on April 8, 2015, for providing loans up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises.
Golden Ocean Group: Very Strong Results Despite The Trade War
Golden Ocean Group delivered a phenomenal quarter despite the mixed headline numbers.The dry bulk trade set new records during the third quarter in spite of the escalating trade tensions between China
ABB (NYSE:ABB) Receives New Coverage from Analysts at Barclays
Research analysts at Barclays assumed coverage on shares of ABB (NYSE:ABB) in a research report issued on Monday, BenzingaRatingsTable reports. The firm set an “overweight” rating on the industrial products company’s stock. ABB has been the subject of a number of other reports. JPMorgan Chase & Co. reiterated a “sell” rating on shares of ABB […]
Centre Proposes Rs 33 Crore Grant For Project NETRA To Secure Its Satellites And Other Assets In Space
India must have the same capability as the US and Russia to assess threats from space debris and other hazards
Ulta Beauty (NASDAQ:ULTA) Price Target Raised to $230.00
Ulta Beauty (NASDAQ:ULTA) had its target price raised by Nomura from $215.00 to $230.00 in a report published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has a reduce rating on the specialty retailer’s stock. A number of other brokerages also recently issued reports on ULTA. Stifel Nicolaus dropped their price target on Ulta Beauty […]
Rupee firms up to five-month high against dollar; strengthens by 15 paisa today
Moody
Morocco’s Bank Profits Exceeded $1.1 Bn by End of September
The profits of eight main Moroccan banks reached $1.1 billion at the end of September, a 0.96 percent increase compared to the same period last year, while the total net banking income increased 6.6 percent to reach $5.62 billion, according to financ
India: Analysing the fiscal impact of income tax cuts – Standard Chartered Bank
Economist at Standard Chartered Bank offered their take on the fiscal impact of an expected personal income tax cut – aimed at boosting consumption de
Oil bulls gearing up for a rally, but Trump may play spoilsport
Oil traders should remain cautious and not get too carried away by the Opec+ saga.
Foreign capital inflows into telecoms rise by $659.03m
The country’s desire to deepen broadband penetration nationwide is hinged on capital investment into the telecom sector. IFE OGUNFUWA examines how the sector has fared in investment in the past two...
Stocks slip as investors weigh outlook for US-China trade
Tokyo (AP) - Stock markets weakened during European trading on Monday as investors weighed the possibility of more U.S. tariffs on China and the outlook for negotiations on the trade dispute.
Pakistan, Asian Development Bank sign loan agreement worth USD 1.3 billion
On Friday, the bank said it has approved a USD 300 million policy-based loan that will help Pakistan to address financial sustainability, governance, and energy infrastructure policy constraints in country's energy sector.
Tata Motors' Jaguar Land Rover retail sales fall 3% in November
Jaguar Land Rover (JLR) posted fifth straight month of double-digit sales growth of 29 per cent in China. North America sales also grew by 4.9 per cent during the month under review, achieving best ever November sales levels
PH records 6.8M int’l visitors from Jan-Oct
International tourist arrivals reached over 6.8 million visitors as of October this year reflecting a 15 percent growth over same period last year, according to the Department of Tourism.
Recent cut in corporate tax rate was done to boost investments: CEA
"Private investment is the driver of economic growth. Steps that we are taking, be it corporate tax rate cut, be it code on wages and industrial relations, is to try and create a more favourable environment for investment," Chief Economic Adviser KV Subramanian said at the FICCI Young Leaders Summit. He said investment is required for a sustained economic growth.
South Korea Financial Markets
Stock markets weakened during European trading on Monday as investors weighed the possibility of more U.S. tariffs on China and the outlook for negotiations on the trade dispute. A Chinese official said that Beijing wants a prompt settlement of its trade war with Washington as another U.S. tariff hike
CEOs call for fiscal stimulus
Australia's top business leaders say infrastructure spending, tax cuts and investment breaks should be used to boost sluggish growth.
BoB to sell 10.4 mn shares in proposed UTI AMC initial public offering
Last week, the country's largest lender State Bank of India had approved diluting up to 8.25% stake in UTI AMC
Slowdown only cyclical, India's growth potential not lost: Chief Economic Advisor
Subramanian said that there was, needless to say, a slowdown in the economy but it needs to be assessed whether it was structural or cyclical in nature. Indias GDP growth in Q1 of the current financial year, fell to a 6-year low of 5%, while Q2 slowed down further to 4.5%. The Reserve Bank of India has also lowered its GDP forecast for 2019-20 from 6.1% to 5%.
Cytonn Ranks KCB As The Most Attractive Bank In Q3 of 2019
Cytonn Investments has ranked KCB Group as the most attractive bank in Kenya, in its Q3 2019 Banking Sector Report.The multi-investment company says that KCB's ranking is as a result of a strong f
CGST collections miss target by 40% in Apr-Nov.
‘Registered 999 cases of GST evasion’
India makes modest progress in Human Development Index, fares poorly in gender equality
In India, 27.1 crore people were lifted out of poverty from 2005-06 to 2015-16. The steady progress was due to nearly three decades of rapid development, which had seen a dramatic reduction in absolute poverty, along with gains in life expectancy.
Maruti Suzuki among top gainers on Sensex as output rises for the first time in 10 months
The car company produced a total of 1,41,834 units last month – 4.3% higher than the same month in 2018.
10 Stocks With Little or No Debt to Own for the Next 50 Years
Millennials looking for stocks to own for the next 50 years might want to consider these 10 companies from various sectors of the economy.
Investors Should Buy Amazon Stock While It Keeps Treading Water
Worries about Amazon's declining AWS growth and rising content spending appear to be overblown. Amazon stock has got plenty of life in it.
QNB to embrace digital transformation
Abdulla Mubarak Al Khalifa, Acting Group Chief Executive Officer of QNB said yesterday that Qatar’s banking sector is well capitalised, with high asset quality and robust profitability. The capital adequacy ratio stands at 17 percent, well above Basel III guidelines. Asset quality remains high with non-performing loans (NPLs) at 1.9 percent, one of the lowest in the region. Profitability remains solid with returns on equity (RoE) over 15 percent, he said while addressing The Euromoney Qatar Conference.
Housing market heating up
The housing market is heating up ahead of the holidays, with positive signs of growth, according to ASB's latest quarterly housing confidence survey. The results suggested house price inflation was picking up and the upturn was expected to last until the middle of next year. House price expectations rose for the second quarter in a row, with confidence back to average levels at 27 percent, although regional differences remained. Meanwhile, a net 13 percent of respondents said it was a good time to buy a house - the highest level in seven years. However, ASB chief economist Nick Tuffley said there was still a way to go before the market could be thought of as "hot".
Shakti Pumps hits 52-week low as CARE downgrades bank facilities
The outlook for the long-term rating of the company has been revised from 'Stable' to 'Negative'.
Analysts Expect Icon Plc (NASDAQ:ICLR) Will Announce Earnings of $1.83 Per Share
Brokerages predict that Icon Plc (NASDAQ:ICLR) will report earnings of $1.83 per share for the current quarter, according to Zacks. Six analysts have made estimates for Icon’s earnings, with the highest EPS estimate coming in at $1.84 and the lowest estimate coming in at $1.81. Icon posted earnings of $1.62 per share during the same […]
India set to be among top advertisement markets in 2019: GroupM and Zenith
The overall market size is expected to reach Rs 95,000 crore
Central GST collection falls short of budget estimate by 40% during Apr-Nov
The minister said that as many as 999 cases were registered till October in the current fiscal for GST evasion and Rs 8,134.39 crore has been recovered.
Mutual Funds' asset base crosses Rs 27 lakh crore in November
Mutual fund houses witnessed an overall inflow of Rs 54,419 crore last month as compared to Rs 1.33 lakh crore in October
Oracle Co. (NYSE:ORCL) Receives $57.42 Average Target Price from Analysts
Oracle Co. (NYSE:ORCL) has earned an average recommendation of “Hold” from the thirty ratings firms that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a sell recommendation, seventeen have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among […]
MamaMancini's Holdings, Inc.'s (MMMB) CEO Carl Wolf on Q3 2020 Results - Earnings Call Transcript
MamaMancini's Holdings, Inc. (OTCQB:MMMB) Q3 2020 Results Earnings Conference Call December 09, 2019, 08:30 AM ET Company Participants Greg Falesnik - IR, MZ North America Carl Wolf - Chairman, Chief
Bharat Bond ETF to open this week: check date, investment, return, other details
The Bharat Bond ETF will have a base size of Rs 7,000 crore, with a green shoe option of additional Rs 8,000 crore. Retail investors can invest with the minimum investment amount of Rs 1,000 and in multiples of Rs 1,000 thereafter
Loan defaults mainly due to salary delays, biz downturns, says survey
The survey comes months after official data showed that unemployment is at a four-decade high, the pace of economic growth slipping to a six-year low
How bad leadership, corruption fuel poverty in Africa
More than 70 per cent of Africa’s estimated 1.2 billion people are said to be suffering from high unemployment, inequality and poverty.
Bombay HC seeks RBI's response on plea against Chanda Kochhar's termination as ICICI MD
A division bench of justices Ranjit More and SP Tavade directed the Reserve Bank of India to submit its reply by December 16. The bench will hear the matter next on December 18
Equity inflows into mutual funds dip to 41-month low
Exit load triggers outflow, but analysts see investors flocking back
Is Sangathamizhan A Hit Or Flop? Box Office Verdict Is Out!
Sangathamizhan, starring Vijay Sethupathi in lead role was one among the major releases of November. According to reports, the movie has not had a good outing at the box office.
Top stocks to watch: YES Bank, Hero MotoCorp, ICICI Bank, Tata Motors and others
Shares of YES Bank will remain in focus after report suggested that the lender will reject an investment proposal of $1.2 billion from SPGP Holdings and Canada's Erwin Singh Braich
Sensex rises 42 points; bank, auto stocks shine
Market benchmark BSE Sensex rose over 42 points on Monday to close at 40,487.43, driven by buying in select bank and auto counters.
First Trust New Opportunities MLP & Energy Fund: Our Top Pick Among MLP CEFs
FPL has presented a strong performance in 2019 despite continued weakness in MLPs and the midstream energy industry.We think the fund has value considering current discount to NAV and potential rebou
Analysis: FCMB is running out of time
Despite some of the transformations currently being recorded in the bank, success and consistency seem to be eluding it.
CGST falls short of budget estimate by 40% in April-November
In 2018-19, the actual CGST collection stood at Rs 4,57,534 crore as against the provisional estimate of Rs 6,03,900 crore for the year
Municipal park to be reopened after 5 years
Nagampadam facility renovated at ₹2.07 crore
UP cabinet okays Zurich Airport International plan to develop Jewar airport
The new airport will be designed, developed and operated under a 40-year concession period and the Swiss firm will invest more than Rs 4,500 crore in it
Equity flows see sharpest dip in 3.5 years, slip 78% in November
Flows were 78% low compared to Oct; lump sum investments hit
Tariff hikes to double telcos' Ebitda: Crisil
In the last few weeks, Airtel, Vodafone and Jio have increased their tariff- a first since 2016.
India climbs one spot to 129th in 2019 human development index: UNDP
In India, 27.1 crore people were lifted out of poverty from 2005-06 to 2015-16, UNDP India resident representative Shoko Noda said
Mutual Funds' asset base hits Rs 27 trn, bank, PSU funds top allocation
Mutual fund houses witnessed an overall inflow of Rs 54,419 crore last month as compared to Rs 1.33 lakh crore in October
Chanda Kochhar termination: Bombay HC seeks RBI's reply before next hearing
Earlier, Kochhar had stated that ICICI Bank was under statutory obligation to obtain prior RBI approval to terminate her from service, and claimed that the bank did not seek any such approval.
Rupee darts up 16 paise to 71.04 against U.S. dollar
The rupee pared initial losses and settled 16 paise up at 71.04 against the U.S. dollar on Monday amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas. Fr
Sensex falls 70 pts in early trade; banking stocks drag
Equity benchmark BSE Sensex on Monday fell over 70 points in early trade, dragged mainly by losses in financial and banking stocks amid persistent foreign fund outflows. The 30-share index was
YES Bank likely to reject $1.2 billion offer from Canada’s Braich
The offer from Braich and SPGP made up 60 per cent of the planned capital raising.
What Continental Resources Should Do Next
Continental Resources reported a profit of $0.54 per share and generated free cash flows of $79.3Mn, even as it realized oil prices of just around $51 a barrel. The company could deliver strong result
Adityanath govt clears Rs 1,600 cr Ballia Link Expressway project
The four-lane expressway will connect UP-Bihar border district with Purvanchal Expressway; It is expected to be 35-40 km long and is likely to cost Rs 40 crore per km
Central GST falls short of budget estimate by 40pc in April-November
CGST collection during Apr-Nov stood at Rs 3.28 lakh crore against budgeted estimate of Rs 5.26 crore.
Indigo Paint's IPO may fetch 3.5x returns for Sequoia in partial exit
The fund-raising comes at a time when the company plans to penetrate cities and scale up investments and become a key player in the industry
Crisis looms over KSRTC again
31,000 staff get 70% of salary after delay of 10 days
European stocks stutter as attention turns to trade deadline, central bank meetings
LONDON, Dec 9 — European stocks fell today as worries about a Chinese economic slowdown and the US-China trade war outweighed Friday’s strong US jobs data, in a quiet start to trading before several big events later in the week. The Federal Reserve meets on Wednesday and new European Central...
Sensex rises 42 points; bank, auto stocks shine
The 30-share BSE Sensex stabilised in afternoon trade and settled with gains of 42.28 points or 0.10 per cent at 40,487.43.
Big tax cuts may be coming for middle class in next Budget; here's why
Responding to a question at an event in Delhi recently, finance minister Nirmala Sitharaman also said that the government was looking at myriad suggestions and the relaxation on personal income tax was one of them before it presents the Union Budget 2020 in February next year
European companies minimise risks from US-China trade war
European companies in China have been able to minimise the effect from the tariff war between Beijing and Washington, although some are considering relocating their businesses, the EU Chamber of Commerce said Monday.
Sensex rises 42 points in range-bound trade; bank, auto stocks spurt
Market benchmark BSE Sensex rose over 42 points on Monday to close at 40,487.43, driven by buying in select bank and auto counters. After opening on a weak note, the 30-share BSE Sensex stabilised in
Where households can save their money
Recent trends show a decent return in low-risk instruments. However, inflation has diminished the actual income on savings
Market Wrap, Dec 9: Sensex up 42 pts, Nifty at 11,937; Auto stocks gain
Sectoral indices ended the session mixed on the NSE. At close, Nifty Realty Index closed with a cut of 1.15 per cent, while Nifty Auto index closed 0.73 per cent higher
Rate cap: Who between governor and banks will blink first?
Njoroge has a tough task of ensuring that in post rate capping regime, Wanjiku is protected from ravenous lenders
Saxo Bank Reports Worst Monthly FX Volumes in 4 Years
Saxo Bank posted a month-on-month drop across the board for foreign exchange, commodities, fixed income and equities trading volumes in November.
Tariff hikes likely to double telcos operating profit in FY21: Report
The Supreme Court order on the AGR puts a burden of Rs 1.47 lakh crore on the industry that has been bleeding for years and sitting on a debt pile of close to Rs 4 lakh crore
Suraksha Realty confident of acquiring Jaypee Infra, voting from Dec 10
Suraksha Realty is owned by Sudhir Valia, the brother-in-law of Sun Pharma promoter Dilip Shanghvi
Stay away from YES Bank till fund raising takes place: Gurmeet Chadha
There is news that YES Bank may deny Erwin Singh Braichs offer. My sense is while the board recommended it, it is probably having a rethink on how it is going to work out with RBI. My advice to investors is to stay away from YES Bank till the fundraise actually happens. The frequent flip-flop is fast becoming a joke.
59 mn added under PM Jyoti Bima Yojana, 154 mn under Suraksha Yojana: Govt
The PMJJBY offers life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having a bank or post office account
UP govt clears plan to induct 700 electric buses in 14 cities across state
Singh said Rs 250 crore will be incurred in the operation of these buses of which Rs 120 crore will be realised through sale of tickets.
Mutual Funds’ asset base hit all time high of Rs 27 lakh crore on inflow in debt schemes
Mutual fund houses witnessed an overall inflow of Rs 54,419 crore last month as compared to Rs 1.33 lakh crore in October.
Why Investors Should Avoid Zscaler
The cybersecurity company reported strong fiscal first-quarter results and raised its guidance, but its stock price corresponds to higher expectations.
Most foreign funds not massively overweight on India: Ayon Mukhopadhyay, IIFL Securities
Reforms in the NBFC sector can increase the GDP by 1 to 2%, says Mukhopadhyay.
Plans to privatise BPCL suicidal for nation, says PSU officers' union
The officers union was not opposed to private competition but they should not be handed on a platter assets set up over years.
Tata Motors share has gained 32% in last three months: Time to buy, sell or hold the stock?
Tata Motors share was reeling under losses as auto sector was clouded by economic slowdown for more than a year. Uncertainties on the global front also hit sales of its UK arm JLR which affected the stock
Tracking deals: Fireside leads ₹20 cr round in SARVA
SARVA, a leading yoga studio chain, has raised ₹20 crore in its first institutional round led by Fireside Ventures with participation from angel investors. It will use the money to double the retail
GE Stock is a Buy as CEO Larry Culp Addresses the Mess He Inherited
GE stock holders may have been disappointed with the decision to keep the dividend at a penny. But the new CEO is running a marathon, not a sprint.
India moves from 130 to 129 in human development index: UNDP report
In India, 27.1 crore people were lifted out of poverty from 2005-06 to 2015-16, UNDP India resident representative Shoko Noda said.
NSE asks investors to be careful in executing PoA with stock brokers
The latest communication comes against the backdrop of Karvy Stock Broking Ltd unauthorisedly transferring securities worth Rs 2,300 crore of more than 95,000 clients, into its account
Global stocks whacked as China export decline highlights trade war damage
LONDON, Dec 9 — Global equity markets were in a sombre mood today after Chinese export data highlighted the economic damage from the 17-month long trade war and re-focused attention on a crucial December 15 tariff deadline. The only big winner of the day was the British pound which surged to...
Bank of Baroda to sell up to 1.04 crore UTI AMC shares in IPO
Last week, the country's largest lender State Bank of India (SBI) had approved diluting up to 8.25 per cent stake in UTI AMC.
PSBs turn profitable in Apr-Sep FY20, post aggregate profit of Rs 3221 cr
State-run lenders had posted aggregate operating profits during 2017-18 and 2018-19 of Rs 1,55,603 crore and Rs 1,53,871 crore respectively
Insider Selling: Consolidated Water Co. Ltd. (NASDAQ:CWCO) Director Sells 10,000 Shares of Stock
Consolidated Water Co. Ltd. (NASDAQ:CWCO) Director Raymond Whittaker sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $16.52, for a total transaction of $165,200.00. Following the transaction, the director now owns 16,065 shares in the company, valued at $265,393.80. The transaction […]
Asian stocks pulled higher by Wall Street jobs rally but China caution prevails
Asian stocks edged up on Monday, catching some of Wall Street's momentum after surprisingly strong U.S. jobs data although regional gains were ...
Share market highlights: Sensex ends 43 points up, Nifty near 11,950; TCS, HCL Tech top losers
Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended marginally higher on Monday afternoon, amid volatility.
Fed Study: Electronic Devices Used In 24 Pct. Of Consumer Payments
Among the findings of the 2018 Diary of Consumer Payment Choice, produced through several of the U.S. Federal Reserve Banks, electronic payments are on the rise.
The next booster shot to revive economy may not be far away
Going by what the indicators are showing so far, third quarter doesn't hold any hopes of revival.
Tariff hikes can double telcos operating profit in FY21: Report
India Business News: The steep tariff hikes, effected earlier this month by the battered telcos which held prices at rock bottom levels for nearly five years, can help mor
‘With ₹32,000-crore, MP Lodha is India’s richest developer’
Mumbai, Delhi and Bengaluru account for three-fourths of the country’s richest players in real estate sector
Hungary’s Central Bank Issues Warning stating that Traditional Lenders Might Be Forced Out of Market Due to Competitive Fintech Firms
Some of Hungary’s financial institutions might be forced to exit the market as they may not be adequately prepared to continue to compete with challengers fro
Sensex rises 42 points; bank, auto stocks shine
Among the Sensex stocks, HDFC emerged as the top gainer, rising by 2.06 per cent, followed by Axis Bank, Maruti, Reliance, Power Grid and Tata Steel. On the other hand, TCS, HCL Tech, L&T, IndusInd Bank, Tech Mahindra, SBI and ITC lost up to 2.93 per cent.
Jhunjhunwala likely to withdraw from YES Bank's preferential share offer
Lender’s board may also reject the $1.2-b offer by Erwin Singh Braich, SPGP Holdings
3 Healthcare Stocks to Buy and Never Sell
A holding period of forever sounds perfect for these top-tier businesses.
Here's why Saudi Aramco's stock is unlikely to plunge on its debut
From bonus shares to a fat dividend, there's a lot to underpin the price, at least initially