A pessimistic mood has taken a grip on investors as central bankers seem ready to push the market into recession and keep fighting inflation as their main task. Inflation has been easing but remains painfully high. That has prompted the central bankers to maintain their aggressive attack.
Reliance Securities Stock in Focus Today: Prince Pipes And Fittings
STOCK IN FOCUS
Prince Pipes And Fittings (CMP 628): We expect Prince to expand its leadership with manufacturing expertise, leveraged distribution and competitive agility in the pipes sector. In view of the expected pick-up in demand, cost optimization measures and series of strategies for the next level of growth, we have our BUY rating on the stock with Target Price at ₹700.
Intraday Picks
BERGEPAINT (PREVIOUS CLOSE: 595) BUY
For today’s trade, long position can be initiated in the range of ₹588-
592 for the target of Rs.610 with a strict stop loss of ₹584.
ICICIPRULI (PREVIOUS CLOSE: 444) BUY
For today’s trade, long position can be initiated in the range of ₹436-
440 for the target of Rs.455 with a strict stop loss of ₹432.
SBIN (PREVIOUS CLOSE: 603) SELL
For today’s trade, short position can be initiated in the range of ₹608-
612 for the target of Rs.588 with a strict stop loss of ₹618.
Mukesh Ambani to take on ITC, Patanjali, Tata, Adani with FMCG brand ‘Independence’
Billionaire Mukesh Ambani-led Reliance will rival FMCG food businesses of ITC, Tata Consumer Products Ltd and Adani Wilmar with the launch of the brand ‘Independence’ for staples, processed foods, beverages and other daily essentials, analysts said.
Reliance Consumer Products Ltd (RCPL), the newly set up FMCG arm of Reliance Retail Ventures Ltd (RRVL) last week made a foray into staples with the launch of brand Independence in line with an announcement Ambani had made at the company’s annual shareholder meeting earlier this year. (Read More)
Stocks to Watch: L&T, UPL, JSW Energy, Tata Motors, Sun Pharma, PTC India, Tech Mahindra, Ashoka Buildcon, Dr Reddy’s Laboratories, and Bank of Maharashtra
NSE has listed Balrampur Chini, Delta Corp, Bhel, Indiabulls Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals, IRCTC, and PNB on the list of banned securities under the F&O segment for Monday trading as they have crossed 95% of the market-wide position limit. (Read More)
Tata Motors subsidiary signs deal with BMTC to supply 921 electric buses
Automobile major Tata Motors on Friday announced that Bengaluru Metropolitan Transport Corporation (BMTC) has signed an agreement with its subsidiary company for the operation of 921 low-floor electric buses in the city. As part of the agreement, subsidiary firm TML Smart City Mobility Solutions will supply, operate and maintain 921 units of electric buses for 12 years, Tata Motors said in a statement. It further said that Tata Starbus Electric is an indigenously-developed 12-metre-long vehicle with superior design and best-in-class features for a sustainable and comfortable commute. It further said that Tata Motors has to date supplied more than 730 electric buses across multiple cities in India, which have cumulatively clocked more than 55 million kilometres. (PTI)
Buy or sell stock: Vaishali Parekh recommends 2 shares to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those two shares:
1] Mahindra CIE Automotive: Buy at ₹326, target ₹400, stop loss ₹290; and
2] NALCO: Buy at ₹77.35, target ₹89, stop loss ₹73. (Read More)
Sun Pharma gets warning letter from USFDA for Halol plant
Drug major Sun Pharma on Friday said it has received a warning letter from the US health regulator for its Halol facility which is already under an import alert.
The warning letter summarises violations with respect to Current Good Manufacturing Practice (cGMP) regulations, the Mumbai-based company said in a regulatory filing.
The US Food and Drug Administration shall make public the contents of the Warning Letter in due course, it added.
On December 8, Sun Pharma had announced that its Halol facility in Gujarat has been listed under import alert by the USFDA with products manufactured at the unit now are subject to refusal of admission in the US market. (PTI)
‘Odds of succeeding when actively trading are very low’: Nithin Kamath
Zerodha co-founder Nithin Kamath’s statement about the dismal performance of individual investors in derivatives trading highlighted the risk involved in equity futures and options. According to Kamath, just 1% of his firm’s customers who actively trade equity derivatives generated annual returns higher than bank deposits over the past three years.
“We have used every opportunity to create awareness that in the long run (3-year period), less than 1% of those who actively trade equity futures and options generate returns higher than bank fixed deposits or 7% annually,” Kamath said in a business update on Zerodha, the country’s largest stockbroker, over the weekend. (Read More)
Oil advances on China’s growth pledge and US move to refill SPR
Oil edged higher at the week’s open on bullishness from the Biden administration’s plan to begin refilling its strategic crude reserves and a pledge from China to revive consumption as Covid Zero is abandoned.
West Texas Intermediate rose toward $75 a barrel after dropping almost 4% in the final two sessions of last week. The US is starting to replenish the Strategic Petroleum Reserve, starting with a 3-million barrel, fixed-price purchase, the Department of Energy said on Friday. The announcement caps a year that saw President Biden make unprecedented use of the SPR to help curb soaring domestic energy costs that followed Russia’s invasion of Ukraine. (Read More)
Tech Mahindra to transfer Dynacommerce Holdings to Comviva Netherlands
IT company Tech Mahindra will sell its entire stake in its Netherlands-based subsidiary Dynacommerce Holdings BV to its step-down subsidiary Comviva Netherlands for about ₹58 crore, the company said in a regulatory filing.
The agreement for the deal is expected to be signed during the first week of January 2023 and the transaction is expected to complete around the same time.
“We wish to inform you that the Company has approved the sale of 100 per cent stake in Dynacommerce Holdings BV, a wholly-owned subsidiary of the Company to Comviva Netherlands BV, a step-down subsidiary of the Company,” Tech Mahindra said in the filing. (PTI)
Soybeans near 1-week low on recession fears; wheat firms amid supply concerns
Chicago soybean futures slid 1% on Monday to their lowest levels in almost one week, while corn lost ground as worries over a global economic downturn weighed on prices. Wheat edged higher, recouping losses from the previous session with an escalating conflict between Russia and Ukraine fuelling concerns over supplies. (Read More)
KFin Technologies IPO opens today: GMP, review, other details
The initial public offering (IPO) of KFin Technologies Ltd has opened today and it will remain open for subscribers till 21st December 2022. The technology-driven financial services company aims to raise ₹1,500 crore from its public offer, which is completely OFS (offer for sale) in nature. The financial services company has fixed KFin Technologies IPO price band at ₹347 to ₹366 per equity share.
Meanwhile, shares of KFin Technologies Ltd have become available in grey market ahead of its subscription opening date. According to market observers, shares of KFin Technologies are available at a premium of ₹5 in grey market today. (Read More)
Samara Cap leads race for Birla’s insurance biz
Amazon.com Inc.’s Indian private equity partner Samara Capital has emerged as the frontrunner to buy the insurance broking unit of Aditya Birla Capital Ltd, two people directly aware of the development said on the condition of anonymity.
“Over the past few weeks, Samara Capital and Aditya Birla Capital (the promoter of Aditya Birla Insurance Brokers Ltd) have been negotiating the valuation. For Samara, entering the financial services business is a crucial part of its strategy,” one of the two people cited above said, adding the private equity firm has made an offer for the insurance broker. (Read More)
KKR completes ₹2,474-crore investment in UPL agritech arm
UPL has announced the completion of an investment of ₹2,474 crore by global investment firm KKR for 13.33 per cent stake in Advanta Enterprises, agritech arm of UPL, formerly known as United Phosphorus Ltd.
This…
Read More: Stock Market LIVE: Indices expect cautious start; SGX Nifty in green