Sensex, Nifty updates on 18 July 2023 - Sheela Foam ended over 4 per cent higher on Tuesday after the company said it will acquire 94.66 per cent stake in Kurlon Enterprises for ₹2,035 crore.
ALL UPDATES
- July 18, 2023 16:58
Sheela Foam shares end over 4 pc higher after Kurlon deal
Shares of Sheela Foam Ltd, the maker of mattress brand Sleepwell, ended over 4 per cent higher on Tuesday after the company said it will acquire 94.66 per cent stake in Kurlon Enterprises for Rs 2,035 crore.
The stock zoomed 14.76 per cent to Rs 1,363.55 on the BSE during the day. Later, it trimmed most of the early gains and ended at Rs 1,236.05, up 4.04 per cent.
- July 18, 2023 16:56
IndusInd Bank beats Q1 profit view on loan growth, drop in provisions
IndusInd Bank reported a bigger-than-expected rise in first-quarter profit on Tuesday, lifted by strong loan growth and a drop in provisions for bad loans.
The private lender’s net profit rose 32.5% year-on-year to Rs 2,124 crore, per Reuters.
- July 18, 2023 16:37
HeidelbergCement India Q1 net profit rises 1.4% to Rs 52.32 crore
HeidelbergCement India on Tuesday reported a marginal rise of 1.37 per cent in net profit at Rs 52.32 crore for the first quarter ended June 30, amid easing fuel price and packaging cost.
The company had reported a net profit of Rs 51.61 crore in the April-June quarter a year ago, HeidelbergCement India said in a regulatory filing.
- July 18, 2023 16:36
LTTS net profit rises 13 pc to Rs 311 crore in Q1
Larsen and Toubro Technology Services (LTTS) on Tuesday reported a 13 per cent rise in profit at Rs 311 crore in the April-June quarter.
The company had reported a profit of Rs 276 crore in the year-ago period, LTTS said in regulatory filing.
- July 18, 2023 16:01
Rupee settles flat at 82.03 against US dollar
The rupee consolidated in a narrow range and settled flat at 82.03 (provisional) against the US dollar on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices.
- July 18, 2023 16:00
India Inc is set to report a 6-8% slowdown in revenue growth in Q1 FY24: Crisil
India Inc is set to report a 6-8 per cent slowdown in revenue growth in the April-June period, making it the fourth straight quarter of a dip in the key number, an arm of rating agency Crisil said on Tuesday.
However, from a profitability perspective, corporate India is set to report an increase in margins to 20 per cent as against 19.6 per cent in the year-ago period, due to softness in the commodity prices, Crisil Market Intelligence and Analytics said in a note.
- July 18, 2023 15:50
SoftBank arm offloads 2% stake in Paytm
SoftBank arm SVF India Holdings has offloaded 2.01 per cent shares in fintech unicorn Paytm, reducing the Japanese investment firm’s stake in the company to 9.15 per cent, per PTI report.
SoftBank has sold 12,771,434 equity shares in the fintech major’s parent company One97 Communications via open market operations between May 9, 2023 and July 13, 2023, One97 Communications said in a regulatory filing on Tuesday.
The stock lost 2.1% to close at Rs 844.40 on BSE.
- July 18, 2023 15:40
Govt is aware of sowing deficit in paddy and some pulses: Agri Minister
Agriculture minister Narendra Singh Tomar said that govt is aware of sowing deficit in paddy and some pulses. There is no cause of concern as monsoon is active. Hopefully the acreage will recover in coming days.
- July 18, 2023 15:39
Netweb Technologies IPO subscribed 7.89 times
Netweb Technologies India Ltd IPO has been subscribed 7.89 times as of 3:27 pm on July 18. The QIB portion has been subscribed 2.60 times; NIIS 14.36 times; retail 7.94 times and those reserved for employees 15.09 times.
- July 18, 2023 15:38
Closing Bell: Sensex up 205 pts, Nifty settles at 19,750
Equity benchmarks extended their gains on Tuesday. BSE Sensex gained 205 pts or 0.3% to 66,795 pts, while NSE Nifty gained 37 pts or 0.19% to end at 19,749.25. Infosys, Reliance Industries, Asian Paints were the top gainers, while LTIMindtree, HDFC Life and State Bank of India were the major losers among Nifty50 stocks.
- July 18, 2023 15:26
Matrix Gas files DRHP, concludes pre-IPO fund-raising
Matrix Gas and Renewables, one of the fastest growing gas aggregators in India, has made preferential allotment to clutch of investors as part of its pre-IPO fund raising.
The company has raised funds from investors such as Ashneer Grover, Gunavanth Vaid, Chhattisgarh Investments Group, and Singhvi Heritage LLP, among others.
- July 18, 2023 15:25
NLC India explores entry into critical mineral exploration, coal gasification, and battery storage systems
Lignite miner NLC India is mulling to enter into exploration of critical minerals such as lithium as well as eyeing to foray into coal gasification and further expand its battery energy storage systems (BESS) offerings as the state-run company aims to expand its revenue streams.
“As of now, it is coal and lignite, but seeing the scenario in the mines and minerals space, with the mining experience that we have, we can diversify and go to mining of other precious minerals also. In the coming days, these minerals will play an important role in a country’s economy,” NLC India CMD M Prasanna Kumar told businessline about the PSUs expansion plans.
- July 18, 2023 15:25
TCPL Packaging invests in COPPL
TCPL Packaging Ltd has further invested in rights issue of its subsidiary company, Creative Offset Printers Private Ltd (COPPL); and has been allotted 95,722 equity shares, aggregating to ₹ five crore. The company holds 89.98% of the share capital of COPPL. The stock of TCPL Packaging trades at ₹1,574, down by 0.15 per cent on the NSE.
- July 18, 2023 15:06
Major gainers and losers on Nifty
Major gainers on Nifty 50 at 3 pm
Infosys (3.55%)
Asian Paints (1.35%)
HCL Tech (1.18%)
Tata Consumer (0.81%)
Major losers:
LTIMindree (-2.60%)
HDFC Life Insurance (-1.70%)
Britannia (-1.45%)
SBI (-1.35%)
- July 18, 2023 15:05
BSE snapshot at 3 pm
1,343 stocks advanced on the BSE at 3 pm on July 18, against 2,046 stocks that declined. Total stocks traded were 3,508. A total of 200 stocks recorded a 52-week high, while 40 hit a 52-week low.
- July 18, 2023 14:54
One 97 Communications Ltd (Paytm) stock down 2.74% on NSE, trading at ₹839
- July 18, 2023 14:51
Zensar Technologies stock up 2.43% on NSE
- July 18, 2023 14:49
Godrej Agrovet allotted for oil palm in Telangana
Godrej Agrovet Ltd has been allotted a 47,000-acre piece of land for oil palm in Sangareddy district of Telangana by the state government’s Department of Agriculture and Cooperation (Horticulture & Sericulture). The stock has surged 8.72%, trading at ₹513.80 on the NSE.
- July 18, 2023 14:46
TVS Motor Company stock up 0.30% on NSE
TVS Motor Company has partnered with the Indian Army for an all-women motorcycle rally to commemorate the 24th Kargil Vijay Diwas. The company’s stock trades at ₹1,347, up by 0.30% on the NSE.
- July 18, 2023 14:41
Spencer’s Retail bets big on omni-channel expansion, increased online sales
Spencer’s Retail Ltd, a part of the RP Sanjiv Goenka Group, is betting big on omni channel model and is looking to expand both brick-and-mortar stores and scale up online sales even while it continues to expand its high-margin categories, including non-food sales mix.
- July 18, 2023 14:23
Hindware Home Innovation stock up 0.73%
The Hindware Home Innovation stock trades at ₹564.55, up by 0.73% on the NSE. The company has approved the appointment of Salil Kappoor as Chief Executive Officer.
- July 18, 2023 14:22
ideaForge Technology stock declines 1.18% on NSE, trading at ₹1,177.9
- July 18, 2023 14:16
Anmol India shares are up by 19.98% on the NSE, trading at ₹52.85
- July 18, 2023 14:09
Investor Rekha Jhunjhunwala increases stake in Titan by 0.07 per cent
Investor Rekha Jhunjhunwala has increased her stake in Titan by 0.07 per cent or 6 lakh shares in the first quarter
- July 18, 2023 14:02
Bharat Bijlee net profit at ₹25.33 crore
Bharat Bijlee Ltd has reported a net profit of ₹25.33 crore for the quarter ended June 30, against ₹16.33 crore in the previous year. The company’s stock trades at ₹3,705, down by 2.30% on the NSE.
- July 18, 2023 13:40
Gainers and losers on the BSE
Major gainers on the BSE at 1:30 pm:
MSTC (10.25%)
Neuland Lab (7.10%)
Mahindra Logistics (6.22%)
Reliance Infrastructure (5.85%)
Major losers:
Angel one (-7.4%)
Subex (-6.70%)
Lloyds Steel (-6.40%)
CCL (-5.95%)
- July 18, 2023 13:39
Rajay Kumar Sinha takes charge as MD & CEO SBI Capital Markets
Rajay Kumar Sinha has taken charge as Managing Director & Chief Executive Officer of SBI Capital Markets effective July 14. Prior to this, he was in charge of Treasury operations at SBI, managing the bank’s investment portfolio, money market, equity, private equity and forex operations.
Sinha replaces Amitava Chatterjee who moves to SBI, Corporate Centre as Deputy Managing Director, in charge of Commercial Clients Group.
- July 18, 2023 13:37
Netweb Technologies IPO subscribed 5.92 times
Netweb Technologies India Ltd’s IPO has been subscribed 5.92 times as of 1:30 pm on July 18. The QIB portion has been subscribed 2.57 times; NIIS 9.26 times; retail 6.27 times and that reserved for employees 12.18 times.
- July 18, 2023 13:36
Polycab India Q4 consolidated net at ₹399 crore, scrip gains 2.88%
Polycab India Ltd has reported a consolidated net profit of ₹399 crore in the quarter ended June 30, against ₹220 crore in the previous year. The consolidated revenue from operations stood at ₹3,889 crore. The stock has gained 2.88% on the NSE, and is trading at ₹4,027.20.
“Polycab’s numbers were better than street expectation as the Q1 Revenue was up by 42.1% yoy. This increase was led by wire and cables business which was up 47.9% yoy. The company hiked the selling prices to mitigate increases in raw material costs. The big surprise was on overall margin front. The company reported 274 bps point jump yoy and as a result reported PAT was up by 81% yoy. In the long-term, polycab is expected to gain from shift in the consumer demand from unorganised to organised sector,” said Dinesh Gupta, Fund Manager at Torus Oro PMS.
- July 18, 2023 13:33
Indian Hume Pipe inks revenue sharing agreement with Birla Estates
Indian Hume Pipe Company executed a development agreement with Birla Estates Pvt. Ltd. (the Developer) on July 18, 2023, for sharing revenue in the development of the company’s freehold land at Badarpur, Delhi measuring 27,504.78 sq. mtrs. (6.796 acres) approximately. The revenue generated from the project sale will be shared in the ratio of 36.5% to the company and 63.5% to Birla Estates Pvt. Ltd. The stock of Indian Hume Pipe has risen by 1.61% on the NSE, and is trading at ₹236.05.
- July 18, 2023 13:19
HeidelbergCement India Q1 net profit at ₹52.32 crore; stock rises 0.37%
HeidelbergCement India Ltd disclosed its unaudited financial results for the quarter ended June 30, 2023. Net profit at ₹523.2 million. The company’s stock trades at ₹178.10, up by 0.37% on the NSE.
- July 18, 2023 13:09
Markets at 1 p.m.
The benchmark BSE Sensex rose 122.48 points, or 0.18%, to 66,712.41, while the broader NSE index gained 37.5 points, or 0.19%, to 19,748.95, led by index heavyweights HDFC Bank after strong quarterly results and Reliance Industries ahead of the demerger of its financial services unit.
As per Reuters report, the Indian rupee strengthened 0.03% versus the U.S. dollar, and quoted at 82.02 per dollar, on likely intervention by the central bank.
- July 18, 2023 13:02
Vikas Ecotech up 4.84% on bagging new orders
The stock of Vikas Ecotech rises by 4.84% trading at ₹3.25 on the NSE. The company had recently said in a stock exchange filing that it bagged fresh orders valued at over ₹200 million.
- July 18, 2023 13:01
European markets open steady, slight decline seen in key indices
Europe markets open flat to marginally down with key indices across Germany, UK, France and Italy opening in the -10 to 10 bps range. In Asian markets Hong Kong’s Hang Seng is the worst performer and is down over 2 per cent for the day. Hong Kong stock market was closed yesterday and today’s reaction is to the weak China GDP data that was released yesterday. US futures are trading flat at the moment
- July 18, 2023 12:55
Subex falls over 5% on NSE
The stock of Subex Ltd falls by 5.47% on NSE, trading at ₹33.70
- July 18, 2023 12:53
Aluminium futures: Initiate short positions
Aluminium futures on the Multi Commodity Exchange (MCX) bounced off a support at ₹194 in early July. But it was unable to rally above resistance at ₹202. Also, the 50-day moving average lies at around ₹204, thereby making the price band of ₹202-204 a resistance.
- July 18, 2023 12:49
India Inc Q1 revenue growth moderates to 6-8%, operating profit margin improves: CRISIL
India Inc revenue growth likely moderated for the fourth straight time to 6-8 in the first quarter of this fiscal because of low realisations and high-base effect.
On a sequential basis, revenue growth may print 200 basis points (bps) lower, marking the first such decline in eight quarters.
However, operating profit margin is seen edging up to ~20% from 19.6% in the first quarter of last fiscal, and 19.3% in the fourth quarter, helped by easing commodity prices, especially crude oil : CRISIL Market Intelligence and Analytics
- July 18, 2023 12:47
Zomato stock falls by 3.24% on NSE
The stock of Zomato falls by 3.24% on the NSE, trading at ₹77.55
- July 18, 2023 12:41
Sheela Foam’s share price surges on Kurlon buy
Home mattress manufacturer Sheela Form’s share price went up by 8.3 per cent after the company acquired Kurlon Enterprise, the manufacturer of Kurl-on mattresses. The company also gained a controlling stake in the furniture rental company Furlenco.
The acquisition involves Sheela Foam acquiring a 94.66 per cent stake in Kurlon Enterprise at a valuation of ₹2,150 crore. Additionally, the company will invest ₹300 crore to purchase a 35 per cent stake in Furlenco. The share price of Sheela Foam went up by 8.3 per cent to ₹1,283 at 10:41 a.m. on BSE.
- July 18, 2023 12:36
NMDC sets iron ore prices: Lump ore at ₹4,950/tonne, fines at ₹4,210/tonne; stock falls 1.32%
NMDC has informed the exchange regarding prices of iron ore fixed as under: Lump Ore (65.5%, 6-40mm) at ₹4,950 per tonne. Fines (64%,-10 mm) at ₹4,210 per tonne. The stock of NMDC is down by 1.32% on the NSE, trading at ₹112.
- July 18, 2023 12:31
Gravita India’s pure lead empaneled for MCX futures contract, stock falls 1.55%
Gravita India Ltd has announced that Pure Lead of 99.98 % purity and above produced by the company from its Phagi, Jaipur plant, has been empanelled as approved Lead Brands deliverable against MCX lead futures contract. The company added in its exchange filing, the Pure Lead manufactured by Chittoor plant is already MCX empanelled product. However, the company’s stock falls by 1.55% on NSE, trading at ₹650.
- July 18, 2023 12:28
Indian Specialty Chemicals sector expects 6-7% revenue growth in fiscal 2024 amid domestic demand surge
CRISIL Ratings : The Indian specialty chemicals sector will see revenue growth of 6-7% in fiscal 2024, with higher domestic demand (~60% of total revenue) driving up volume growth even as macroeconomic headwinds in the US and Europe subdue exports. Besides, realisations are expected to remain flattish this fiscal, which will have a moderating effect on the overall revenue growth.
Last fiscal, revenue growth had plunged to ~11% from 41% in fiscal 2022 owing to steep correction in realisations in the second half triggered by dumping from China, where consumption fell sharply owing to strict zero-Covid policy.
- July 18, 2023 12:26
Gujarat Flourochemicals stock rises 1.51% as Dubai operations commence
The stock of Gujarat Flourochemicals rises by 1.51% on the NSE, trading at ₹2,798.65. The company’s wholly-owned subsidiary, Gujarat Fluorochemicals FZE, had commenced operations in Dubai on July 17.
- July 18, 2023 12:25
RINL achieves steel production milestone
RINL achieves 100 million tonne crude steel production, since inception in June 2023 .
- July 18, 2023 12:22
Vijay Kedia hikes stake in Atul Auto to 13.70%
Vijay Kedia has raised stake in Atul Auto from 7.05% to 13.70% during April to June 2023 quarter.
- July 18, 2023 12:06
Weather changes indicate El Nino threshold exceeded, says Bureau of Meteorology, Australia
Sustained weather changes towards El Nino event not observed, says Bureau of Meteorology, Australia. But central and eastern Pacific sea surface temperatures exceeding El Nino’s threshold.
- July 18, 2023 12:06
Advance-Decline Ratio on BSE at Noon
Stocks that advanced on BSE at 12 noon on July 18 were 1,317 against 1,932 stocks that declined. Total stocks traded were 3,388. The number of stocks that recorded a 52-week high was 189, and those that hit a 52-week low was 28.
- July 18, 2023 11:53
Route Mobile trades at ₹1,484
The stock of Route Mobile Ltd trades at ₹1,484.60, down by 0.41% on the NSE. The company had announced that Proximus Group will acquire 57.56% stake in Route Mobile.
- July 18, 2023 11:51
Shyam Metalics’ production capacity commissioned in West Bengal, stock declines by 1.02%
Shyam Metalics and Energy Ltd announced that the production capacity has been commissioned at the company’s (material wholly-owned subsidiary - Shyam Sel & Power Ltd)unit in Jamuria, West Bengal. However, the company’s stock declines by 1.02% on the NSE, trading at Rs 374.
- July 18, 2023 11:48
Market breadth turns negative as over 1,700 stocks declined as against 1,500 advance
- July 18, 2023 11:44
Snowman Logistics promoter hikes stake by 1.5 per cent.
- July 18, 2023 11:43
RITES, PFC join forces for infrastructure consultancy and collaboration
RITES Ltd, a prime transport infrastructure consultancy and engineering firm, today signed a memorandum of understanding (MoU) with Power Finance Corporation (PFC) to explore avenues of mutual collaboration for consultancy works in sectors such as Transport & Logistics, Energy, Water & Sanitation, Communication, Social and Commercial Infrastructure.
As part of the MoU, RITES will provide expertise for Pre-Feasibility Reports, Detailed Project Reports, Transaction Advisory, Project Management services, Audits, and Inspection, where PFC and its subsidiaries propose to provide financial assistance for infrastructure projects in India and abroad.
The MoU will establish a working relationship between the parties targeting specific requirements and will facilitate the development of proposals, including exploring opportunities at various Government/Semi-Government/autonomous bodies or authorities/private entities and multilateral funding agencies such as World Bank, Asian Development Bank and JICA.
- July 18, 2023 11:41
Zee Entertainment declines 2.59% on NSE
Shares of Zee Entertainment Enterprises decline by 2.59% on the NSE, trading at ₹223.70.
- July 18, 2023 11:40
Delta Corp rises by 2.79% on NSE
The stock of Delta Corp gaming company rises by 2.79% on the NSE, trading at ₹188.75.
- July 18, 2023 11:24
Implementation of quality control orders for polyester yarns deferred: Powerloom units to benefit
The Ministry of Chemicals and Fertilisers has deferred the implementation of Quality Control Orders (QCO) for Bureau of Indian Standards (BIS) certification on three varieties of polyester yarns to October 5. Powerloom units will benefit from this.
- July 18, 2023 11:20
Gold reaches $1,960.59/Oz, Silver hits $24.878/Oz
Gold and silver have gained in Asian trade. The yellow metal is up at $1,960.59 an ounce. Silver is up at $24.878 an ounce.
On MCX, gold August futures up a tad at ₹59,274 per 10 gm. Silver September contracts up over ₹200 at ₹75,815 a kg.
- July 18, 2023 11:19
Brent crude is marginally up at $78.54 a barrel.
- July 18, 2023 11:18
Spices complex sizzles on NCDEX: Dhaniya and Jeera surge, turmeric stable
The spices complex continues to be on fire on NCDEX. Dhaniya September futures are up at ₹7,394 a quintal. Jeera September contracts up 1.5% at ₹61,220/quintal. Turmeric October futures are lower a tad but at ₹1,2600 a quintal.
- July 18, 2023 11:15
Bank Nifty prediction today – July 18, 2023: Bullish. Go long on dips
Bank Nifty 50 July futures (45,750)
The Bank Nifty index is trading higher at 45,748, up 0.65 per cent. It surged to a new high of 45,905.85, before giving up some of the gains. The advances: declines ratio at 10:1 indicates overall strength in the index. Bank of Baroda is the only stock that is trading down by about 0.42 per cent. Bandhan Bank, Axis Bank and ICICI Bank are up over a per cent each.
- July 18, 2023 11:13
AngelOne’s shares decline for second day
The stock prices persisted in their decline as NSE penalised Angel One broking firm with ₹1.66 crore for alleged failure to monitor authorised persons, leading to a violation of capital market regulations.
Shares of stock broker Angel One dropped 7.16 per cent to ₹1,586 on Monday, after the National Stock Exchange barred the firm from onboarding new authorised persons (APs) or sub-brokers for six months.
- July 18, 2023 11:12
Rupee moves in narrow range against US dollar in early trade
The rupee was trading in a narrow range against the US dollar in the morning session on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices.
Market participants remain cautious ahead of retail sales data from the US and the UK’s inflation data this week, forex traders said.
- July 18, 2023 10:58
Nifty prediction today – July 18, 2023: Index retains upward momentum
The Nifty 50 (19,770) and Sensex (66,815) are in the green today, despite the Asian equity market facing downward pressure. Both the Indian benchmark indices are up one-third of a per cent post the initial hour of trade.
- July 18, 2023 10:54
Major gainers/losers on BSE at 10:45 am
Major gainers on BSE at 10:45 am on July 18: Mahindra Logistics (9.35%); Saregama India (8.60%); Neuland Laboratories (8.15%); SFL (7.74%)
Major losers: Angel One (-5.06%); Amara Raja Batteries (-4.83%); Lloyds Metals & Energy (-4.70%); Dish TV (-4.41%)
- July 18, 2023 10:53
Rama Steel Tubes signs MoU with JSW Steel Group, stock surges 4.97%
Rama Steel Tubes Ltd has inked MoU with JSW Steel Group. The partnership will facilitate the procurement of Hot Rolled Coils (HRC) used in the manufacturing of RSTL’s steel tubes and pipes; distribution of HRCs produced by JSW Steel in the western region; and manufacturing of value-added product, the pre-galvanized pipes, in agreement with JSW Steel Coated Products Ltd. The stock of Rama Steel Tubes jumps by 4.97% on the NSE, trading at ₹41.15. Meanwhile, the stock of JSW Steel trades at ₹797.35, down by 0.10% on the NSE.
- July 18, 2023 10:43
Explicit Finance appoints Siddhesh Patil as CFO
Explicit Finance Ltd has announced the appointment of Siddhesh Patil as the CFO of the company with effect from July 15, 2023.
- July 18, 2023 10:42
Netweb Technologies IPO oversubscribed 3.23 times, retail and employee portions see high demand
Netweb Technologies India Ltd IPO has been subscribed 3.23 times as of 10:27 am on July 18. The QIB portion has been subscribed 0.03 times; NIIS 5.21 times; retail 4.08 times and those reserved for employees 8.70 times.
- July 18, 2023 10:36
Catch the latest updates of the Adani Enterprises Annual General Meeting 2023
Watch the latest updates here
- July 18, 2023 10:28
Sensex, Nifty trade at new record high levels
Sensex and Nifty continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters.
A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism.
The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25.
From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti, and Asian Paints were among the biggest gainers.
- July 18, 2023 10:21
Ircon International stock surges 4.60% on securing order
The stock of Ircon International rises by 4.60% on the NSE, trading at ₹87.50. The company had bagged orders worth ₹144 crore from N F Railway Construction in Manipur.
- July 18, 2023 10:17
Datamatics Global clarifies: Rumours of termination/cancellation of US partnership false and baseless
- July 18, 2023 10:15
Gautam Adani emphasises resilience and future ambitions at Adani Enterprises AGM
Gautam Adani speaks at Adani Enterprises AGM. “True ambitions still lie ahead of us. The characteristic that defines us is ‘resilience’.” He responded to Hindenburg report, and highlighed the track record.
As Gautam Adani speaks at AGM, Eight Adani group stocks trading in the green led by Adani Enterprises, which had risen over 1 per cent.
Adani Enterprises Chairman Affirms: No Credit Agency, Indian or International, Has Downgraded Our Ratings.
Adani Enterprises Chairman Reiterates Confidence in Governance and Disclosure Standards.
Adani Enterprises Chairman Acknowledges Supreme Court Committee’s Report for Restoring Confidence in the Group.
- July 18, 2023 10:14
Infosys and Microsoft collaborate to implement digital programme for Bendigo and Adelaide Bank
Infosys has announced the completion of the foundation phase of a major digital program for Bendigo and Adelaide Bank, one of Australia’s biggest banks. Delivered in collaboration with Microsoft, the program enabled the bank to consolidate multiple legacy document management systems into a single enterprise document management system (EDMS) and deliver better customer service. The stock of Infosys trades at ₹1,439, up by 1.13% on the NSE.
- July 18, 2023 10:13
Selan Exploration Technology stock surges 1.51%
The stock of Selan Exploration Technology rises by 1.51% on the NSE, trading at ₹342. The company had re-commenced commercial gas sales from the Karjisan field post-drilling of replacement development and new appraisal wells. The field ceased production in October 2022.
- July 18, 2023 10:12
Amara Raja Batteries scrip down 5.83%
Amara Raja Batteries scrip down 5.83 percent in early trade on Tuesday on BSE and is trading at Rs 644.90.
- July 18, 2023 10:11
Sundram Clayton to renamed as TVS Holdings
Sundram Clayton is set to be renamed TVS Holdings and will be a holding co for investments in TVS Motors.
- July 18, 2023 10:08
NiftyBank at all-time high
NiftyBank hits fresh all-time high in early trade at 45905.85 on Tuesday. Currently hovers around
45750, up over 300 points,
- July 18, 2023 10:07
Central banks’ gold reserves declined by 71 tonnes in April
International Monetary Fund data shows gold reserves held by central banks declined by 71 tonnes in April, the first net decrease in over a year. Smaller countries have been selling gold amid looming financial crisis.
- July 18, 2023 10:06
AngelOne extends decline on the exchanges
AngelOne continued its slide at the exchanges on Tuesday as well. After falling over 7 per cent on Monday following NSE strictures, it fell another 4.7 per cent to Rs 1512.70 on the BSE.
- July 18, 2023 10:01
NSE gainers and laggards
Major gainers on the NSE at 9:30 am on July 18: Apollo Hospitals (1.74%); HDFC Bank (1.25%); ICICI Bank (1.18%); Axis Bank (1.11%); Infosys (1.08%)
Major losers: LTIMindtree (-2.94%); Titan (-1.26%); Tech Mahindra (-0.94%); HDFC Life Insurance (-0.94%); Ultratech Cement (-0.82%)
- July 18, 2023 09:59
Gold trades flat to positive in morning session
Gold, which opened at 59245, is trading flat to positive in the range of 59000-59550 ahead of key data. The dollar index, looking to hold support near the 99.40 zone, could see a bounce towards the 100.40-100.60 zone, said Kedia Commodities.
Bullion, which has been trading sideways to firm in the morning session, could trade weak in the evening.
UBS expects gold prices to rise and hit $2,100/oz by end-December and $2,200/oz by end-March 2024.
It suggests investors should add gold to their portfolios as a source of return and as a portfolio hedge.
Selling downside risks in gold can be an additional source of portfolio income. Gold tends to benefit from safe-haven inflows on geopolitical strife. Both the war in Ukraine and US-China frictions do not have a resolution in sight, it said
- July 18, 2023 09:54
Happiest Minds Technologies completes ₹500-crore capital raise
Happiest Minds Technologies Ltd has completed its capital raise of ₹500 crore /$61 million through a Qualified Institutions Placement (QIP) of equity shares. The stock is priced at ₹969.55 on the NSE.
- July 18, 2023 09:53
Investor Ashish Kacholia’s shareholding in Ugro Capital at 1.56 per cent
Investor Ashish Kacholia’s name appears in Ugro Capital shareholding, with 1.56 per cent stake in the company during the first quarter
- July 18, 2023 09:44
Positive sentiments prevail in Indian manufacturing for Q1 2023-24: FICCI Survey
Global headwinds notwithstanding, FICCI’s latest quarterly survey on manufacturing reveals that sentiments remain positive for Indian manufacturing during first quarter of 2023-24.
The survey observed that after experiencing revival of Indian economy in the FY 2021-22, momentum of growth has continued for the subsequent quarters as well.
In the Q4 Jan-March FY 2022-23, 55 per cent of the respondents reported higher production levels.
Further, over 57 per cent of the respondents expect a higher level of production in Q1 Apr-Jun 2023-24 with an average increase in production in single digits.
- July 18, 2023 09:43
Forbes EMF exits Sotac Pharmaceuticals
Forbes EMF has exited the pharma firm by selling its entire shareholding of 1.81 lakh shares Sotac Pharmaceuticals
- July 18, 2023 09:42
Manufacturing sector decline hits 26 States, coastal States lead in export preparedness
Twenty six States in India saw a decrease in gross value addition by their manufacturing sector, indicating the continued presence of impact of pandemic, the Niti Aayog said in its Export Preparedness Index 2022.
According to the report, some ten States have also reported a decrease in inflow of foreign direct investment (FDI).
Coastal States on top
- July 18, 2023 09:40
Crude oil futures rise as market anticipates Chinese stimulus measures
Crude oil futures traded higher on Tuesday morning as market expected a stimulus measures from China to support economic growth in that country. China’s second quarter GDP numbers had disappointed the markets on Monday. At 9.18 am on Tuesday, September Brent oil futures were at $78.79, up by 0.37 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $74.41, up by 0.45 per cent. July crude oil futures were trading at ₹6108 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6088, up by 0.33 per cent; and August futures were trading at ₹6121 as against the previous close of ₹6098, up by 0.38 per cent.
- July 18, 2023 09:39
F&O BAN
DELTACORP
IBULHSGFIN
MANAPPURAM
RBLBANK
- July 18, 2023 09:38
Pledge Share Details
Steel Strips Wheels: Promoter and Director Dheeraj Garg revoked a pledge of 63.23 lakh shares between July 15 and July 17.
- July 18, 2023 09:37
Trading Tweaks:
Price Band Revised From 10% To 5%: HPL Electric and Power
Price Band Revised From 20% To 10%: De Nora India
Ex-Date Dividend: Orient Bell, UTI Asset Management Co., Poonawalla Fincorp, Precision Camshafts, TTK Healthcare, DCM Shriram
Ex-Date Annual General Meeting: Orient Bell, UTI Asset Management Co., Poonawalla Fincorp, Precision Camshafts, TTK Healthcare
Ex-Date Bonus: Anmol India
Ex-Date Extra Ordinary General Meeting: Black Box
Record-Date Dividend: DCM Shriram
Record-Date Extra Ordinary General Meeting: Black Box
Record-Date Bonus: Anmol India
Move Out Of Short-Term ASM Framework: Pix Transmissions, Kalyan Jewellers, and Swelect Energy Systems
Move Out Of Short-Term ASM Framework: Black Box
- July 18, 2023 09:36
Bulk Deals
Jai Balaji Industries: EARC Trust SC sold 48.32 lakh shares (3.1%) at Rs 95.5 apiece, while SM Niryat bought 15.5 lakh shares (1%) at Rs 95.5 apiece, Anupriya Consultancy bought 7.53 lakh shares (0.5%) at Rs 95.69 apiece, and Ashika Global Finance bought nine lakh shares (0.6%) at Rs 95.5 apiece.
Jindal Saw: Cresta Fund sold 25 lakh shares (0.8%) at Rs 330.01 apiece.
Satin Creditcare Network: The Nordic Microfinance Initiative Fund sold 15.61 shares (1.8%) at Rs 175.45 apiece.
- July 18, 2023 09:36
IPO Offerings
Netweb Technologies India: The company launched its initial public offering on July 17. The supercomputer systems manufacturer plans to raise Rs 631 crore via a fresh issue and an offer for sale. It was subscribed 2.33 times on day 1. Institutional investors subscribed 0.03 times, or 3%. The portion of non-institutional investors was subscribed 3.61 times, and retail investors were subscribed 3.00 times. The portion reserved for employees was subscribed to 6.60 times.
- July 18, 2023 09:35
Earnings In Focus
Bharat Bijlee, CIE Automotive India, Ganesh Housing Corporation, Heildelbergcement India, Himadri Speciality Chemical, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, IndusInd Bank, JSW Ispat Special Products, L&T Technology Services, Mishtann Foods, Network18 Media & Investments, Polycab India, and TV18 Broadcast.
- July 18, 2023 09:35
Results Announced Post Market Hours: Tata Elxsi Q1 FY24 (QoQ)
Revenue up 1.5% to Rs 850 crore (Bloomberg estimate: Rs 878 crore).
Ebitda up 0.7% at Rs 251.46 crore (Bloomberg estimate: Rs 253.45 crore).
Ebitda margin: 29.58% vs. 29.79% (Bloomberg estimate: 28.9%)
Net Profit fell 6% to Rs 189 crore vs. Rs 201.5 crore (Bloomberg estimate: Rs 201.3 crore).
- July 18, 2023 09:34
Results Announced Post Market Hours: Tanfac Industries Q1 FY24 (YoY)
Revenue up 27% at Rs 106 crore.
Ebitda up 75% at Rs 26.20 crore.
Ebitda margin 25% vs. 18%
Net profit up 2x at Rs 18.39 crore.
- July 18, 2023 09:33
Results Announced Post Market Hours
LTIMindTree Q1 FY24 (Consolidated, QoQ)
Revenue is flat at Rs 8,702.1 crore (Bloomberg estimate: Rs 8,775.2 crore).
EBIT is up 2% at Rs 1,450.8 crore (Bloomberg estimate: Rs 1,421.7 crore).
Margin: 16.67% vs. 16.35% (Bloomberg estimate: 16.2%)
Net profit is up 3% at Rs 1,151.5 crore (Bloomberg estimate: Rs 1,194.2 crore).
- July 18, 2023 09:32
Stocks to Watch: Maruti Suzuki India
The automaker has added an Acoustic Vehicle Alerting System for the intelligent hybrid variants of its premium sports utility vehicle, the Grand Vitara. The company has, hence, increased the price of these variants up to Rs 4,000 with effect from July 17.
- July 18, 2023 09:30
Cresta Fund has offloaded 25 lakh equity shares or 0.78 percent equity stake of Jindal Saw
- July 18, 2023 09:29
Indraprastha Gas, Genesis Gas form JV
Indraprastha Gas: The company said it has set up a joint venture with Genesis Gas Solutions with a capex of Rs 110 crore.
- July 18, 2023 09:28
Yasho Inds: Ace investor Ashish Kacholia has increases stake in co. from 3.99% to 4.17% in June qtr
- July 18, 2023 09:28
Satin Creditcare: Nordic Microfinance Initiative Fund III KS has sold a 2.23 per cent
- July 18, 2023 09:27
Federal Bank subsidiary FedFina revives IPO plans via fresh issue, OFS
- July 18, 2023 09:26
Tata Elxsi reports 2% rise in net profit at ₹189 cr
Tata Elxsi net profit up 2 per cent at ₹189 cr vs ₹185 cr, Revenue up 17 per cent at ₹850 cr vs ₹726 cr (YoY)
- July 18, 2023 09:25
Tanfac revenue up 27% at Rs 106 crore. Ebitda up 75% at Rs 26 crore
- July 18, 2023 09:24
ITI honored by ISRO and DoT for contribution to Chandrayaan-3 launch
ITI has received accolades from ISRO and the DoT for its significant role in the launch of Chandrayaan-3
- July 18, 2023 09:23
Gujarat Fluorochemicals FZE started commercial operations in Dubai
- July 18, 2023 09:18
Shriram Finance fully repays outstanding senior secured notes
Shriram Finance has fully repaid Rs 2036 crore of outstanding senior secured notes
- July 18, 2023 09:16
ONGC production target from east coast block ONGC said it aims to produce 8,000 to 10,000 BPD from the east coast block in the second half of the current fiscal
ONGC said it aims to produce 8,000 to 10,000 BPD from the east coast block in the second half of the current fiscal
- July 18, 2023 09:14
Jio Financial Services will be included in 19 NSE indices with effect from July 20
- July 18, 2023 09:14
IRCON bags project worth ₹144 cr to commission integrated tunnel communication system
- July 18, 2023 09:13
RPP Infra Projects wins order worth Rs 138 cr in Himachal Pradesh
- July 18, 2023 09:12
Indian Oil inks long-term LNG import deals with ADNOC LNG, TotalEnergies
- July 18, 2023 09:11
Interim committee appointed to oversee Zee operations
As Punit Goenka’s future prospects in Zee Entertainment Enterprises remain on uncertain grounds, the Zee Board has constituted an interim committee of senior executives to conduct the day-to-day operations of the company. Punit Goenka was barred from the position of MD and CEO of Zee as per SEBI’s interim order in July. Punit Goenka along with his father, Subhash Chandra were accused of siphoning funds from the company and were banned from holding any managerial position, or a position in the board of Zee and its subsidiaries.
- July 18, 2023 09:08
Tata Chemicals boosts stake in Rallis India with block deal acquisition
Tata Chemicals has acquired 97,00,000 equity shares having face value of Re. 1 each of Rallis India Limited at Rs. 215.05 a share representing 4.99 per cent of the paid-up share capital of Rallis by way of a block deal today i.e. Tuesday, July 18, 2023 at 8.45 a.m. The aforesaid acquisition has resulted in increase in shareholding of the Company in Rallis to 55.04%.
- July 18, 2023 08:59
Stocks that will see action today: July 18, 2023
Amara Raja Batteries, Bharat Bijlee, IndusInd Bank, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, L&T Technology Services,CIE Automotive India, Reliance Industries, HeidelbergCement, JSW Ispat, Selan Exploration, Iron International, Sheela Foam, Delta Corp, Nazara Tech, RPP Infra, IDFC, TV18 Broadcast
- July 18, 2023 08:55
Margin pressure builds for IT firms; improvement in short-term unlikely
Even as attrition rates declined, margins saw no improvement for the IT firms in Q1. The top three majors — TCS, HCL Tech, and Wipro — saw margins fall on a QoQ basis as revenue growth slows down and wage hikes kick in. Analysts predict margins will be under stress for a couple more quarters.
- July 18, 2023 08:45
Jio Financial Services to be included in S&P BSE, NSE Indices from July 20
The National Stock Exchange and the BSE will conduct a special pre-market session on July 20 for Reliance Industries Ltd on account of demerger of its financial services business into Reliance Strategic Investments Limited.
The spun-off entity, to be renamed as Jio Financial Services Limited, would be included in benchmark Nifty50 and BSE Sensex from July 20, the exchanges said in a separate statement.
- July 18, 2023 08:41
Day trading guide for 18 July 2023: Intraday supports, resistances for Nifty50 stocks
Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI
- July 18, 2023 08:36
Sensex, Nifty to see positive opening
The domestic markets are likely to open on a flat note on Tuesday. Gift Nifty at 19,770 indicates another positive opening for the domestic markets, as Nifty futures closed at 19,721.20 on the NSE on Monday. Analysts expect the consolidation phase to continue given the mixed global cues. The outperformance will continue for some time, as foreign portfolio investors maintain their faith in Indian equities, said analysts.
- July 18, 2023 08:34
Emkay Global on Karur Vysya Bank - Buy
Despite the sharp fall in NIMs (a pattern observed across banks), KVB once again posted strong PAT at Rs3.6bn, 17% above our estimate of Rs3.1bn, on account of healthy other income and contained LLP. The bank reported reasonable credit growth of 14% YoY/4% QoQ during Q1, while retaining its stance to focus on profitability vs. growth. Asset quality continued to improve, with GNPA ratio falling 28bps QoQ to 2% and NNPA falling to a low of 0.6% as the bank reached the 70% PCR mark.
We expect KVB to deliver a decadal best RoA/RoE at 1.5%/16% over FY24-26E, led by healthy NIMs/fees and contained LLP. We retain our BUY rating with a revised TP of Rs178 (vs. Rs165), valuing KVB at 1.2x its June-25E ABV. KVB remains our preferred pick in the small-cap banking space, given its superior returns/capital ratios and management’s credibility
- July 18, 2023 08:31
Broker’s call: JSW Energy (Sell)
JSW Energy’s (JSW IN) Q1 revenue declined 3.3 per cent YoY to ₹2,927.90 crore from ₹3,026.30 crore in Q1FY23. Incremental revenue from Mytrah and RE capacity addition were offset by lower realization in thermal on account of a drop in coal prices. We maintain Sell, given expensive valuations.
- July 18, 2023 08:30
Broker’s call: Thermax (Accumulate)
Thermax Limitedprovides equipment and services solutions in the areas of energy and environment which comprises heating, cooling, power, water & waste management, air pollution control, and chemicals. The company’s focus on energy and environment-friendly solutions and products led to growth which is supported by changing emission norms and growing demand for green-energy solutions.
- July 18, 2023 08:29
NSE, BSE to conduct special pre-open trade for RIL on July 20 due to demerger
The National Stock Exchange and the BSE will conduct a special pre-market session on July 20 for Reliance Industries Ltd on account of demerger of its financial services business into Reliance Strategic Investments Limited.
The spun-off entity, to be renamed as Jio Financial Services Limited, would be included in benchmark Nifty50 and BSE Sensex from July 20, the exchanges said in a separate statement.
- July 18, 2023 08:28
Motilal Oswal Financial microfinance industry
Indian MFI industry is entering the growth phase and we improvement in asset quality and expansion in return ratios. The strong recovery exhibited in FY23 is likely to pick up further pace in the coming years. NBFC-MFIs have steadily improved their market share to 40% as of FY23 from 32% in FY20, and their combined loan book grew to INR1.4t as of Mar’23.
CreditAccess Grameen, Fusion MicroFinance and Spandana Sphoorty together account for 27% of NBFC-MFI loan book and are well positioned to further gain market share and deliver robust growth in earnings. We initiate coverage on CREDAG, Fusion and Spandana with a BUY rating.
- July 18, 2023 08:25
Q1FY24 Earnings call list as on 18 July 2023
3:30 PM Ganesh Housing
Dial: +91 22 6280 1557
4:00 PM ICICI Prudential
Dial: +91 22 7115 8305
5:30 PM IndusInd Bank
Dial: +91 22 6280 1102
6:30 PM ICICIGI
Dial: +91 22 6280 1341
7:00 PM L and T Technolog
(Press Release )
Dial: +91 22 6280 1176
- July 18, 2023 08:24
Infosys secures $2 Billion AI and Automation contract with existing client
Infosys has bagged five-year deal pegged at $2 bilion with existing client. The deal is to provide AI and automation-led development, modernisation, and maintenance services
- July 18, 2023 08:22
Fund Houses Recommendations
MS on HDFC Bank: Maintain Overweight on Bank, target price at Rs 2100/sh (Positive)
JP Morgan on HDFC Bank: Maintain Overweight on Bank, target price at Rs 2000/sh (Positive)
HSBC on HDFC Bank: Maintain to Buy on Bank, target price at Rs 2010/sh (Positive)
Jefferies on HDFC Bank: Maintain to Buy on Bank, target price at Rs 2100/sh (Positive)
Citi on HDFC Bank: Maintain to Buy on Bank, target price at Rs 2200/sh (Positive)
Macquarie on HDFC Bank: Maintain to Buy on Bank, target price at Rs 2110/sh (Positive)
CLSA on JSW Energy: Maintain to Sell on Company, raise target price at Rs 234/sh (Positive)
MOSL on Credit Access: Maintain to Buy on Company, target price at Rs 1550/sh (Positive)
MOSL on Fusion Micro: Maintain to Buy on Company, target price at Rs 720/sh (Positive)
MOSL on Spandana: Maintain to Buy on Company, target price at Rs 865/sh (Positive)
MS on Tata Chemicals: Maintain Equal weight on Company, target price at Rs 916/sh (Neutral)
MS on LTI Mindtree: Maintain Overweight on Company, target price at Rs 5450/sh (Neutral)
Citi on LTI Mindtree: Maintain Sell on Company, target price at Rs 4160/sh (Neutral)
Nomura on LTI Mindtree: Maintain Reduce on Company, target price at Rs 3940/sh (Neutral)
JP Morgan on LTI Mindtree: Maintain Overweight on Company, target price at Rs 3800/sh (Neutral)
JP Morgan on Tata Elxsi: Maintain Underweight on Company, cut target price at Rs 4500/sh (Negative)
MS on Tata Elxsi: Maintain Underweight on Company, cut target price at Rs 5700/sh (Negative)
- July 18, 2023 08:21
GIFTNifty: 19,780: +42: +0.21%
Today:
Listing of new Securities of THOMAS SCOTT (INDIA) LIMITED
8,42,281 equity shares of Rs. 10/- each issued at a premium of Rs.9/- to Promoter and Non Promoter on a preferential basis pursuant to conversion of warrant
Listing of Securities Udaipur Cement Works Limited
249127853 equity shares of Rs. 4/- each issued at a premium of Rs.14/- on rights basis.
Listing of new securities of Happiest Minds Technologies Limited
54,11,255 Equity shares of Rs.2/ each allotted to QIBs pursuant to Qualified Institutional Placement…Issue Px: Rs. 924/-
- July 18, 2023 08:15
Ircon International secures Rs 144 crore orders from NF Railway Construction
Ircon International Ltd on Monday said it has bagged orders worth Rs 144 crore from N F Railway Construction in Manipur. The company received the Letter of Acceptance (LoA) from NF Railway Construction on July 17.
- July 18, 2023 08:14
Union Minister to seek reconsideration of GST on online gaming sector
Gaming companies stocks such as Delta Corp and Nazara Technologies will remain in focus, as Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, said that the Ministry would go back to the GST Council and request them to reconsider the 28 percent tax on the full value of pool deposit in the online real-money gaming sector.
- July 18, 2023 08:12
Stocks in F&O Ban: 18.07.2023
DELTACORP
IBULHSGFIN
MANAPPURAM
RBLBANK
- July 18, 2023 08:11
Matrix Gas concludes Pre-IPO Fundraising and Files DRHP for IPO
Matrix Gas and Renewables Limited, one of the fastest growing gas aggregator in India, announced the successful completion of its Pre-IPO fundraising through preferential allotment held on July 6. In this round, the company has raised funds from renowned investors such as Ashneer Grover, Mr. Gunavanth Vaid, Chhattisgarh Investments Group, and Singhvi Heritage LLP amongst others. The Company sets the stage for its upcoming initial public offering (IPO) of upto 56 lakh equity shares.
Matrix Gas & Renewables Limited is strategically positioned to contribute significantly to India’s growing energy demand by providing a reliable and competitively priced supply of natural gas from diverse sources. The company is backed by Anmol Singh Jaggi, founder of Gensol Engineering Ltd., specialising in solar engineering, procurement, and construction (EPC) and operation & maintenance (O&M) services, as well as BluSmart, India’s pioneering EV ride-hailing service and EV charging superhub infrastructure operator.
The company has filed Draft Red Herring Prospectus (DRHP) with Emerge Platform of National Stock Exchange of India Limited on July 15 proposing to raise funds through Initial Public Offering (IPO). The company proposes to utilise the net proceeds from the fresh issue primarily towards meeting the working capital requirements for sourcing natural gas, rLNG (regasified liquefied natural gas), and importing LNG cargoes.
The IPO will be subject to regulatory approvals, market conditions, and other considerations.
- July 18, 2023 08:06
The key highlights of ACC’s FY23 annual report
1) Ametha greenfield expansion has been delayed by six to nine months and is now likely to be commissioned in 2QFY24; 2) Environmental clearance was granted for the Salai Banwa split grinding unit in Nov’22 with capacity of 3mtpa; however, there was no comment on the status of the expansion and the commissioning date; 3) It aims to realize cost savings of about INR500/t by increasing green power share, higher usage of alternative fuel and process optimization.
Motilal Oswal values ACC at 11x FY25E EV/EBITDA to arrive at a revised TP of INR2,000 and maintain our Neutral rating on the stock.
- July 18, 2023 08:03
Stock to buy today: Wipro (₹415.25)
The short-term outlook for Wipro is bullish. The stock rose 2.5 per cent to close on Monday. This rise has taken the stock well above the key resistance level of ₹408. On the charts, there is now a confirmed inverted head and shoulder bullish reversal pattern.
- July 18, 2023 07:50
Mixed performance in Asian stocks as China’s slow recovery sparks concerns and Yellen warns of global impact
On Tuesday, Asian stocks displayed a mixed performance due to concerns over China’s slow economic recovery. Growth forecasts were revised downwards, and US Treasury Secretary Janet Yellen warned about potential global economic repercussions. According to Bloomberg, while shares in Japan saw an increase, South Korea and Australia experienced declines. Hong Kong equities were expected to face minor losses. US stock futures were slightly lower following the previous day’s gains in the S&P 500 and Nasdaq 100, driven by productive discussions between Microsoft Corp., British regulators, and Activision Blizzard Inc. regarding their $69 billion merger.
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