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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 …

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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 …

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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 …

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Gold expected to remain under pressure for now, avoid bottom fishing till US Fed meet

By Bhavik Patel Gold breached the psychological level of $1700 briefly before staging a weak bounce back yesterday. Gold market saw a crash of nearly $40 as now investors are preparing for a 100 basis point rate hike after US CPI came higher than expected. Before inflation data, the market had expected a 75 bps rate hike but now overnight sentiment has changed which saw huge inflows in the US dollar and blanket-wise selling in all sectors. The Bank of Canada surprised the markets with a 100-basis-point hike on Wednesday, warning that inflation will remain elevated for the next three …

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