The volatility will persist in the markets as inflation keeps investors on their toes. A report showed US consumers expect inflation to remain high which offered another signal to the market that the Fed may have to continue its aggressive stance on interest rates. The strategy raises the risk of a recession.
Tracxn Technologies IPO share allotment today. A guide on how to check application status online
The three-day initial public offering (IPO) of Tracxn Technologies was subscribed two times at the close of the offer on Wednesday. The ₹309-crore IPO received bids for 4.27 crore shares against 2.12 crore shares on offer, according to NSE data.
The finalization of basis of share allotment of Tracxn Technologies IPO is expected to take place today i.e., Monday, October 17, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, October 19, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here. (Read More)
Axis Securities Pick of the Week – Ujjivan Small Finance Bank Ltd.
Axis Securities says, “UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins. However, the margin compression will be taken care of by improving fee income, improving cost ratios and moderating credit costs. We expect the bank to deliver RoA/RoE of 2-2.1%/17-18% over the medium term.”
Recommendation: We recommend a BUY rating on the stock with a TP of ₹27, implying an upside of 12% from CMP.
State Bank of India gains in today’s trading, adds 2%
INDIA RUPEE-Rupee in narrow range as RBI’s intervention reins in speculation
The Indian rupee on Monday held a narrow trading range once again as the Reserve Bank of India’s likely intervention last week discourages speculators.
The rupee opened unchanged at 82.3500 per U.S. dollar and was trading at 82.3475 by 0515 GMT. Since hitting a record low of 82.6825 last Monday, the rupee has been mostly rangebound as the RBI likely sold dollars.
The “RBI may continue its protection of certain levels,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.
That is likely the 82.30-82.40 range where the rupee spent quite a bit of time last week.
With the rupee “not doing anything” in the last few says, “it is natural” that speculative active has reduced, a trader at a private sector bank said. (Reuters)
India detects 2,060 new Covid cases, 10 deaths in a day
India reported 2,060 new coronavirus cases, raising its tally to 4,46,30,888, while 10 more fatalities pushed the death toll to 5,28,905, the Health Ministry said on Monday.
The active cases increased to 26,834 and comprise 0.06 per cent of the total infections, according to data updated by the ministry at 8 am.
The death toll climbed to 5,28,905 with 10 more fatalities, which included four deaths reconciled by Kerala, the data stated. (Read More)
All bank indices remain in green with PSU Bank index shining brightly, gains 2% in today’s trading
Rekha Jhunjhunwala’s stake increases in this portfolio Tata Group stock
Indian stock market investor Rekha Rakesh Jhunjhunwala’s stake has increased in her portfolio stock Tata Communications during the second quarter ended September 2022 of the current fiscal or Q2 FY23. Shares of Tata Communications were trading nearly a per cent higher at ₹1,173 apiece on the BSE in Monday’s early session.
As per the recent shareholding pattern on the BSE, Rekha Jhunjhunwala, wife of late Indian ace investor Rakesh Jhunjhunwala, has increased her stake to 1.61% or 45,75,687 shares during the three-month period of July-September 2022 as compared to 1.08% equity or 30,75,687 shares in the previous quarter of June 2022. (Read More)
Shree Cement Q2 net profit falls 67.5% to ₹183.24 crore
Shree Cement Ltd on Friday reported a 67.5 per cent decline in consolidated net profit to ₹183.24 crore in the second quarter ended September 2022, impacted by higher power and fuel cost.
The company, which had posted a consolidated net profit of ₹563.94 crore in the same quarter last fiscal, also said its long-serving Chairman Benu Gopal Bangur has stepped down from the post due to his “advanced age” and will now become Chairman Emeritus.
Gross revenue from operations stood at ₹5,081.75 crore against ₹4,219.8 crore in the year-ago period, Shree Cement said in a regulatory filing.
Total expenses were higher at ₹3,956.9 crore compared to ₹2,798.3 crore with power and fuel cost at ₹1,377.79 crore, up from ₹726.75 crore a year ago, the company said. (PTI)
Electronics Mart India shares make strong market debut, list at premium
Shares of Electronics Mart India Ltd made a strong stock market debut on Monday with the stock listing at ₹90 apiece on the NSE, a premium of more than 52% as compared to its IPO issue price of ₹59 per share.
The initial public offering (IPO) of consumer durables retail chain Electronics Mart India received 71.93 times subscription on the final day of offer. The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer, as per exchange data. (Read More)
Bajaj Auto shines after a stellar quarterly report, gains more than 2.5% in early trading
Angel One on today’s market: Keep focusing on thematic movers who are likely to provide better trading opportunities
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: On Friday, our markets started the session with a huge bump up, courtesy of a spectacular overnight rally in US bourses. Once again at higher levels, tentative traders chose to take some money off the table. This resulted in trimming some gains but despite this, Nifty managed to conclude the week tad below 17200 by restricting the weekly losses to merely seven-tenths of a percent.
It was a bit challenging week as markets remained clueless for the most part of the week. In fact, on Friday when things started to look a bit rosy, the last-hour profit booking reduced the excitement level among the market participants. Nevertheless, Nifty defending key support zone (cluster of 89-day EMA and 200-day SMA) amid uncertainty, bodes well for the bulls. Going ahead, we will not be surprised to see global relief extending a bit, which will provide the much-needed impetus to stronger markets like us. As far as supports are concerned, 17000 – 16800 has proved its mettle and it continues to be a sacrosanct zone for this week as well. On the flip side, if we find tiny support also from the global peers, the Nifty is good to go beyond the study wall of 17400. This will help us find our mojo back and, in this case, we would certainly gear up for a pre-Diwali rally in our market.
Hopefully, our anticipation becomes the reality in this week as this will bring back the wider smile in the traders’ fraternity. It’s advisable to continue with an optimistic approach and ideally one should keep focusing on thematic movers who are likely to provide better trading opportunities.
Bonus paying multibagger stock hits life-time high on 3 out of 5 last sessions. Do you own?
Lancer Container Lines shares are one of the multibagger stocks in Indian stock market. The small-cap company with a market cap of around ₹1160 crore has delivered 14,500 per cent return in last six and half years as it surged from ₹2.63 apiece (close price on BSE on 13th April 2016) to ₹386.25 apiece last Friday. However, the small-cap multibagger stock is still in uptrend. On Friday deals, this small-cap stock hit fresh life-time high of ₹405 apiece on BSE. Interestingly, the stock has hit life time high on three out of five trade session. As per the information available on BSE, Lancer Container Lines shares hit fresh high of ₹382 per share on 10th October 2022 and later on it climbed to fresh high of ₹389.95 apiece on 13th October 2022. So, the small-cap multibagger stock hit life-time high on Monday, Thursday and Friday sessions last week. (Read More)
Metal index drags the market, sheds more than a per cent with almost all stocks in red
Reliance Securities Stock in Focus for today: MOIL
STOCK IN FOCUS
MOIL (CMP 152)
We have a BUY Rating on the stock…
Read More: Stock Market LIVE: Sensex above 58k, Nifty up 50 pts; Metal lags; Bank gains