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上海后花园论坛

Reliance Industries share price underperforms Nifty in July; analysts say concerns overdone, should you buy?

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Mukesh Ambani-led Reliance Industries’ share price has underperformed the benchmark indices so far this month, falling more than 8%. The fall in the stock price has largely come owing to fears emerging after the government of India decided to levy a Special Additional Export duty on exports of petrol, diesel and ATF. Analysts at HDFC Securities believe the concerns are overdone and have reiterated their ‘Add’ rating on the stock. The brokerage firm is expecting a recovery in the O2C businesses along with improvement in ARPU, subscriber addition, and new revenue streams. HDFC Securities has a target price of Rs …

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Nifty may top 19000, make new all-time high in a year as crude, monsoon, rural incomes turn favourable

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NSE Nifty 50 may make a new all-time high of 19,066 points by June 2023, as global headwinds subside and commodities prices turn benign, brokerage firm Prabhudas Lilladher said, raising their base case target. The worst might be over for equities markets as global headwinds subside and prices of Crude, Metals, Palm Oil, and Agri commodities fall. “We believe softening prices of crude, bountiful monsoons, sharp increase in rural incomes from firm crop prices and improving labour employment will be key demand drivers in coming quarters,” Prabhudas Lillladher said in a report. The firm’s analysts earlier had a target of …

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Proxy advisory firms raise flag against Sajjan Jindal’s remuneration

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Two proxy advisory firms have raised flags against certain resolutions proposed by JSW Steel, including fixing remuneration of its managing director Sajjan Jindal, and recommended shareholders vote against them. The advisories by Institutional Investor Advisory Services (IiAS) and Stakeholders Empowerment Services (SES) come ahead of JSW Steel’s AGM on July 20. The e-voting for the resolutions began on July 16 and ends on July 19. “While we support Jindal’s reappointment as managing director, we do not support the proposed remuneration,” IiAS said in its note. “His FY22 remuneration aggregated `140 crore, making him possibly the highest-paid executive in corporate India, …

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Current rupee fall way lower than in earlier crises

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The rupee’s depreciation against the dollar in the wake of the Omicron onslaught and the Ukraine war this year is way lower than its slump during earlier crises, according to a finance ministry analysis. While the rupee has depreciated almost 7% against the greenback since January 2022, it had lost as much as 28% during the so-called taper tantrum (May 3-August 28, 2013), 28% during the global financial crisis (February-October 2008) and the 22% during the Asian financial crisis (August 1997-August 1998). To ease pressure on the foreign exchange reserves apart from smoothening volatility in the forex market, the central …

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Sebi orders attachment of bank, demat accounts of individual in Shree Ramkrishna Electro case

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Sebi has ordered the attachment of bank accounts as well as share and mutual fund holdings of an individual to recover about Rs 18 crore in the matter of Shree Ramkrishna Electro Controls Ltd. The recovery proceedings have been ordered against Chandrakant Bhargav Gole to recover Rs 5.74 crore collected by the company along with 15 per cent interest per annum i.e Rs 12.53 crore through the issuance of redeemable cumulative preference shares (RCPS) to investors, Sebi said in an attachment notice on Thursday. In its notice, Sebi asked banks, depositories and mutual funds not to allow any debit from …

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Share Market Highlights: Sensex ends 246 pts higher, Nifty above 16300; ICICI Bank, Axis Bank lead gains

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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices managed to extend gains in a choppy session amid gains in PSU and select private banks, financial services, and select heavyweight stocks. The S&P BSE Sensex surged 246 points higher to close at 54,768, while the NSE Nifty 50 reclaimed 16,300-mark to end at 16,341. Axis Bank, IndusInd Bank, M&M, Tata Steel, Ultratech Cement, Bajaj Finserv, Bharti Airtel, SBI, Coal India, Eicher Motors, and ICICI Bank were the top gainers, up between 1-2.3 per cent. On the flipside, ONGC, Nestle India, HDFC Life, Sun Pharma, Tata Consumer, …

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Sensex snaps losing streak to end in green, Nifty regains 16000; will bulls rally next week?

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Bulls turned out victorious in Friday’s battle on Dalal Street as headline indices and broader markets closed with gains. At close, S&P BSE Sensex was up 344 points or 0.65% at 53,760 while NSE Nifty 50 ended at 16,049, up 0.69%. Hindustan Unilever was the top gaining stock on Sensex, up 2.86%, followed by Titan and Maruti Suzuki India. Tata Steel, Power Grid, and HCL Tech were the laggards. Bank Nifty ended 0.09% higher while India VIX fell 4% to settle at 17.6%. Rupak De, Senior Technical Analyst at LKP Securities– Palak Kothari, Senior Technical Analyst, Choice Broking- “Nifty has …

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HDFC Bank Q1 result preview: Expect robust profits, business growth to continue; eyes on merger update

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HDFC Bank, India’s largest private sector lender, is expected to report strong on-year growth in net profit and net interest income, when it announces April-June quarterly results tomorrow (Saturday). Analysts also expect HDFC Bank provisions to fall along with NPAs (non-performing assets). Investors will also keenly wait for management comments on HDFC Bank’s impending merger with Housing Development Finance Corporation, which was announced earlier. The merger has received a green light from the stock exchanges and the Reserve Bank of India. HDFC Bank’s stock price is down 11% so far this year to now trade at Rs 1,353 per share. …

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L&T Infotech reports marginal drop in Q1 net profit at Rs 634 crore

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Larsen and Toubro Infotech (LTI), a subsidiary of construction major Larsen & Toubro (L&T), has posted a marginal fall of 0.5% in consolidated net profit at Rs 634.4 crore for the quarter ended June 30. In comparison, the technology firm had posted a net profit of Rs 637.5 crore in the sequential fourth quarter ended March. However, the company’s earnings beat Bloomberg analysts’ consensus estimate, who were expecting the firm to post a net profit of Rs 578.6 crore in the first quarter of this financial year. LTI’s consolidated revenue from operations rose 5.14% to Rs 4,522.8 crore from Rs …

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Q1 earnings, global cues, FII to influence trading in equities this week: Analysts

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Financial results, foreign fund movement, global cues and trends in the rupee are the major factors that will drive the equity markets this week, analysts said. Besides, international oil benchmark Brent crude movement would also influence trading in the market, they added. On the global front, the ECB (European Central Bank) and Bank of Japan’s decision on the interest rates will be an important factor whereas the movement of the dollar index will remain a critical factor, Meena said. “Market will also have an eye on commodity prices and behaviour of FIIs (Foreign Institutional Investors),” Meena added. HDFC Bank on …

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