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Anand Rathi on Tata Power stock
Tata Power Solar Systems (Tata Power Solar), a wholly-owned subsidiary of Tata Power, has commissioned a 160 MW AC solar project at Jet star, Rajasthan. Approximately 6,75,000 monocrystalline PV modules were used in this installation and it will produce 387MUs of energy per year. From the recent development we expect the company’s performance to improve from current levels. We maintain our rating on the stock to BUY with a revised target price of Rs. 316.
India’s services activity edged up in March, input costs surged
- India’s services sector expanded at its fastest pace so far this year in March as an easing of COVID-19 restrictions boosted demand, but elevated inflationary pressures clouded business confidence, a private survey showed.
- The S&P Global India Services Purchasing Managers’ Index rose to 53.6 in March from 51.8 in February, beating the 52.5 estimate in a Reuters poll.
- While the index remained above the 50-mark separating growth from contraction for an eighth straight month, input costs rose at the sharpest pace in 11 years.
Maruti to hike vehicle prices this month
“Company’s vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the Company to pass on some impact of the above additional costs to customers through a price hike. We have planned this price rise in April, 2022. The increase shall vary for different models,” Maruti Suzuki said in a filing.
Valuation premium for Bajaj Finance unjustified, says CLSA
The valuation premium enjoyed by investor favourite Bajaj Finance over other lenders is unjustified, said CLSA, retaining a sell rating on the stock with a target price of ?6,500. Shares of Bajaj Finance ended down 1.33% at Rs 7,389.25 on Tuesday. “Bajaj Finance’s assets under management growth outperformance versus HDFC Bank has now declined from 15 percentage points plus pre-Covid to just 5 percentage points in FY22. We believe that the valuation premium Bajaj Finance enjoys is unjustified,” said CLSA.
STOCK IN FOCUS: Paytm stock rises 4% on March quarter business update
Hind Rectifiers secures orders of Rs 73.39 crores in month of March; stock rallies over 3%
Price as on 06 Apr, 2022 10:12 AM, Click on company names for their live prices.
Sensex today live: Index extends decline, tumbles over 500 points
Market live updates: Smallcap index in the green; here are its top gainers & losers
Market has bounced back smartly from the recent Nifty low of below 16000 to around 18000 level assisted by positive news on the economy, crude declining from the peak of $ 139 and the proposed merger of the HDFC twins. Data relating to GST and credit growth indicate smart economic recovery and corporate tax collections for FY 22 indicate earnings momentum. But since valuations are again high there will be selling at higher levels and therefore the market is likely to consolidate around current levels with subdued volatility in the near term.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The big market call! Watch as Prashant Jain of HDFC AMC shares his views
LIVE | The big market call! Watch as Prashant Jain of HDFC AMC shares his views @hdfcmf #StockMarketIndia #Nifty50 https://t.co/k38A1twYt9
— ET NOW (@ETNOWlive) 1649217852000
STOCK IN FOCUS: Angel One rises 3% on Q4 business update
Voda Idea, Tata Power, Adani Power among most active stocks on NSE in opening deals
Price as on 06 Apr, 2022 09:21 AM, Click on company names for their live prices.
SECTOR WATCH: Banks & financials top losers
Sensex Heatmap at opening tick
- Only 6 of 30 stocks in the green
- Tata Steel best performer, HDFC Bank worst
OPENING BELL: Sensex tanks 450 points; Nifty below 17,850; HDFC twins shed up to 2%, IDBI Bank jumps 9%
Pre-open session: Sensex drops 350 points; Nifty below 17,900
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 137.50 points, or 0.76 per cent, lower at 17,883.50, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty50 takes a breather, consolidation likely
Nifty50 on Tuesday formed a small bearish candle on the daily scale after seeing pressure near 18,100 level. The NSE barometer negated a higher high after five sessions and looks likely to consolidate for some time in a broad 17,800-18,200 range, before heading upward, said analysts.
Oil extends losses on higher dollar, US stock build
Oil futures slid on Wednesday, extending losses from the previous day, as a stronger US dollar prompted fresh selling while data showing a build in US crude stocks and Shanghai’s extended lockdown fuelled fears of slower demand. Brent crude futures fell 97 cents, or 0.9%, to $105.67 a barrel, while U.S. West Texas Intermediate futures were down 98 cents, or 1.0%, to $100.98 a barrel at 0029 GMT. Brent fell 0.8% on Tuesday and WTI lost 1.3%.
Dollar edges higher to a two-year high level
The dollar edged up to its highest level in nearly two years on Wednesday after jumping overnight on more hawkish comments from a Federal Reserve official, while the euro was hurt by the prospect of new Western sanctions on Russia. The dollar index, which measures the greenback against six peers, gained 0.15% in early trade to 99.620, its highest level since May 2020.
Asian stocks skid, bond yields rise after hawkish Fed comments
Asian share markets slipped on Wednesday as investors faced up to the possibility of aggressive monetary tightening by the US Federal Reserve to fight inflation, while focus was also on new Western sanctions against Russia over its invasion of Ukraine. In early trade in Asia, Japan’s Nikkei shed 1.5%, while South Korean shares fell 0.8% and Australian shares lost 1.2%. Markets in mainland China were set to reopen after two days of public holidays.
Stocks fall on Wall Street as tech slips, bond yields jump
US stocks closed lower and bond yields jumped Tuesday as remarks by a Federal Reserve governor fueled expectations on Wall Street that the central bank is prepared to more aggressively raise interest rates and take other steps in a bid to tame surging inflation. The S&P 500 fell 1.3% after shedding a modest early gain. The Dow Jones Industrial Average fell 0.8% and the Nasdaq slid 2.3%.
Rupee surges 24 paise to 75.29 per dollar
Rising for the third straight session, the rupee climbed 24 paise to close at 75.29 against the US dollar on Tuesday amid persistent foreign fund inflows and weakening of the American currency overseas. At the interbank forex market, the domestic unit opened at 75.54 against the US dollar and touched an intra-day high of 75.27. It finally closed at 75.29, registering a rise of 24 paise over its previous close of 75.53.
Sensex, Nifty on Tuesday
Equity benchmarks took a knock on Tuesday after two days of sharp upmoves as investors pocketed gains in banking and financial stocks after their recent rally. HDFC twins, which topped the gainers’ chart in the previous session after announcing their mega merger, were the biggest drags on Tuesday. The 30-share BSE Sensex slumped 435.24 points or 0.72 per cent to finish at 60,176.50. Similarly, the NSE Nifty tumbled 96 points or 0.53 per cent to 17,957.40.
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Read More: Sensex Today: Stock Market Live Updates: Sensex tanks 550 points; Nifty below 17,850; IT,