Benchmark indices surged over 1 per cent higher on Monday, led by nearly broad-based buying. The S&P BSE Sensex jumped 760 points to end at 54,521 level while the Nifty closed at 16,279, up 229 points. The frontline indices jumped on the back of gains in blue chip stocks including Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries. All these index heavyweights rallied between 0.85 per cent and 4.5 per cent. Sectorally, all the indices, except the Nifty Pharma index, settled in the positive territory. The Nifty IT index advanced over 3 per cent, followed …
MCX Crude oil August futures may fall to Rs 7300/bbl this week amid rising COVID cases in China
By Jigar Trivedi WTI crude oil futures fell for the second consecutive week, down more than 6% and closed at $97.6 per bbl, as prospects of demand sapping lockdowns in China and recession fears in the US outweighed tight supplies. US gasoline demand, the major demand sector for crude oil, tumbled last week to 8.06 million barrels a day, the lowest seasonally since 1996. However, oil prices pared early losses and bounced back from a four-month low, as Saudi Arabia was not expected to unilaterally announce any oil production increase after Biden’s visits, while prospects of a less aggressive tightening …
ACC shares retreat as sharp decline in net profit disappoints Dalal Street
Shares of ACC Ltd sharply declined on Friday after the cement maker posted a 60.07% decline in its consolidated net profit to Rs 227.35 crore for the quarter ended June 30, 2022. The stock fell 0.73% on the BSE to Rs 2,140.70 while it declined 0.85% to Rs 2,142 on the NSE. The company, which follows the January-December financial year, had posted a profit of Rs 569.45 crore for the June quarter a year ago. The bottom line was impacted because of a steep rise in prices of pet coke and imported coal. As ACC is well-positioned in its key …
LIC share price falls after insurer estimates March embedded value at Rs 5.41 lakh cr; analysts see 17% upside
Life Insurance Corporation of India (LIC) share price fell over half a per cent on Friday, a day after the insurer said its Indian embedded value (IEV) for March has been pegged at Rs 5.41 lakh crore. “As on March 31, 2022, the IEV of LIC of India has been determined to be Rs 5,41,492 crore as compared to Rs 95,605 crore as on March 31, 2021 and Rs 5,39,686 crore on September 30, 2021,” the state-run company said. The stock fell to an intraday low of Rs 707 on NSE, down 0.7% today. According to the recent data, LIC …
HAL share price soars 40% so far in 2022; analysts see up to 51% more rally in defence PSU stock
Hindustan Aeronautics (HAL) share price has soared 40 per cent so far this year, outperforming benchmark Nifty 50 which has tanked around 10 per cent. Analysts at ICICI Securities are bullish on the defence PSU stock and see up to 51 per cent further rally going forward. According to the brokerage, HAL’s exports may see strong growth going forward. At the same time, the company will also benefit from the ‘Make in India’ initiative in the defence sector. The stock was trading marginally higher on Thursday at Rs 1,729 on BSE. Note that for the financial year 2021–22, the company …
NSDC partners with upGrad to offer skill development courses
The National Skill Development Corporation (NSDC) and upGrad have inked a Memorandum of Understanding (MoU) to provide quality higher education and skill development programmes to the youth of India, with the goal of elevating the country’s skill levels, according to an official release. This partnership is poised to revolutionise the educational landscape, promoting the enhancement of skills. Furthermore, it aims to extend educational opportunities to a wider range of individuals in non-metropolitan regions and regional areas, motivating them to pursue international study programmes and ultimately positioning India as a hub of talent on the global stage, the release mentioned. Under …
Share Market Highlights: Sensex closes 344 pts higher at 53760, Nifty regains 16049; HUL, Maruti top gainers
Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic headline indices opened with gains on Friday but traded volatile during the day as bulls and bears engaged in a tug of war. 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%. Bank Nifty ended 0.09% higher while India VIX fell 4% to settle at 17.6%. 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. Live Updates …
Funds outflow has bearing on rupee: Bulk of FPI selling in banks, IT firms
By Ashley Coutinho A risk-off sentiment has gripped global equities as major central banks have stepped up their fight against rising inflation. In CY22, FPIs have offloaded the most in financial services and information technology stocks, sectors which together have about 50% weightage in key benchmark indices. Assets under custody of IT stocks have fallen 36% to $64.6 billion in the six months to June 30, 2022, while that of financial services firms have shrunk 15% to $162.7 billion, data from NSDL show. “FPI selling, trade imbalance and the strengthening seen in the dollar index have contributed to the fall …
Rakesh Jhunjhunwala stock: Brokerages bullish on Federal Bank stock, see 32% potential rally
Rakesh Jhunjhunwala’s portfolio stock Federal bank share price surged nearly 4 per cent to Rs 102.7 apiece on BSE on Monday. The jump comes after the lender posted a 63.5 per cent rise in standalone net profit at Rs 600.6 crore in April- June quarter of FY23, as compared to Rs 367 crore in the same quarter last year. At least three research and brokerage firms are bullish on the stock and see up to 32 per cent upside potential in the stock price Stock talk: Should you buy, hold or sell Federal Bank shares? Motilal Oswal: BuyTarget price: Rs …
Makani Creatives bags the integrated creative mandate for Stimulus and Eeken from Paragon Group
Stimulus and Eeken, subsidiaries of footwear brand- the Paragon group, have appointed Makani Creatives as their AOR to handle the brand creative and social media mandates for both brands. As per the company, the agency brings their full scale integrated brand communications capabilities to this partnership and will shape the narrative of both Stimulus and Eeken across traditional and new media. Moreover, Stimulus and Eeken are brands that are targeted to the youth and will benefit from Makani Creative’s strong pulse on this target segment. While Eeken is for the easy-going college kid, living life like #WeekendEveryday, Stimulus is meant …