![]() Brokerage firm ICICIdirect expects the company's expansion in new international markets to drive its long-term incremental growth as the rest of the world contributed nearly 50 percent to its revenue in FY22. ELGI Equipments | CMP: Rs 477.50 | The share price gained almost 2 percent after the company announced that its wholly owned US subsidiary Elgi Compressors USA Inc entered into an operating agreement to pick up 33.33 percent in CS Industrial Services LLC, a North Carolina limited liability company. The base size of the block deal was likely to be Rs 615 crore with a 60-day lock-up period on further sale of shares. According to a CNBC-TV18 report, the floor price for the stake sale was likely to be set at Rs 355 a share, which is lower than the current market price. Mahindra CIE Automotive | CMP: Rs 363 | The stock price declined over 7 percent following reports of promoter Mahindra & Mahindra selling a 4.6 percent stake in the auto ancillary. It has trimmed the loan growth estimate by 100 basis points for FY24-25. According to Jefferies, the lower extension may mean a slight pullback on growth and a deferred re-rating. “In the current environment of tightening liquidity, the reappointment for only two years could place the bank at a disadvantage,” the broking firm said. Following this, JPMorgan downgraded the stock to a "neutral" rating and cut its target to Rs 1,060 a share. After six months, the RBI’s nod has come for only two years, contrary to Street expectations. The bank’s board had in September 2022 approved the re-appointment of Kathpalia with effect from Maup to March 23, 2026. IndusInd Bank | CMP: Rs 1,060.85 | The scrip fell over 7 percent after foreign brokerages were left puzzled following Sumant Kathpalia’s reappointment as IndusInd Bank managing director and chief executive officer for two more years instead of three. The slowdown in consumption is a material concern if trends don’t reverse immediately.The equity benchmarks ended lower for the third consecutive session on March 13. While sharing its view and top stock ideas, brokerage Motilal Oswal Financial Services in a report said, “Corporate earnings for Q3FY23 were below our expectations led by weak demand environment and macro headwinds, with financials and autos holding the fort once again. ![]() On the other hand, Housing Development Finance Corporation, State Bank of India, Maruti Suzuki India, Ultratech Cement, Axis Bank, Hindustan Unilever, Larsen & Toubro, IndusInd Bank, ICICI Bank, NTPC, ITC and Mahindra & Mahindra gained somewhere between 10 per cent and 60 per cent during the same period. ![]() Shares of Wipro, Tech Mahindra, Tata Steel, Infosys, Bajaj Finserv, Bajaj Finance and Titan Company plunged over 10 per cent since Holi 2022. In the BSE Sensex pack, as many as 12 stocks declined in the past one year. Punjab & Sind Bank, Triveni Turbine, CG Power and Industrial Solutions, TVS Motor Company, Tube Investments of India, Union Bank Of India, Indian Bank, Raymond, Hindustan Aeronautics, Rail Vikas Nigam, Kalyan Jewellers India, Aegis Logistics, Godfrey Phillips India and Finolex Cables also gained over 75 per cent in the last one year.
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