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Nifty Auto index gained 1 percent led by the Bhaat Forge, Tube Investments Of India, Balkrishna Industries:
CLSA view on ICICI Securities:
Brokerage firm CLSA has maintained outperform rating on the stock and cut the target price to Rs 720 from Rs 750 per share.
The company reported muted performance, as brokerage volumes down sequentially.
CLSA raises FY23-25 cost-to income ratio to 51%+ and cut FY23/24 estimates.
Atul Auto joins hands with Honda Power Pack Energy and ValeoTo enlarge its product offering and to better service the needs of the last mile mobility customers, Atul Greentech Private Limited (AGPL), a subsidiary of Atul Auto, is collaborating with Honda Power Pack Energy India Pvt. Ltd. and Valeo to develop the prototype Cargo and Passenger three wheeler with the most reliable Honda Mobile Power Pack i.e: Swap & Valeo powertrain system, company said in its release.
ITC to acquire up to 10.07% of share capital of Blupin Technologies for Rs 39.3 crore
lTC proposes to acquire 10% stake in Blupin Technologies Private Limited, the company behind brand Mylo. Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features. Beyond personalised content and an active community, Mylo also offers its users direct-to-consumer (D2C) personal care brands. With this investment, lTC will further expand its presence in the D2C mother and baby care segment. The stock was trading at Rs 262.00, up Rs 2.50, or 0.96 percent. It has touched an intraday high of Rs 264.40 and an intraday low of Rs 259.70.
Ramkrishna Forgings bags 5-year export order worth Rs 33 crore
Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged, and machined products has won an export order with an estimated business value of Rs 330 million over 5 years from Europe’s leading Tier-1 axle manufacturer for the Front Axle Business, the company said in an exchange filing. The stock was trading at Rs 190.40, up Rs 7.15, or 3.90 percent. It has touched an intraday high of Rs 192.00 and an intraday low of Rs 184.00.
Market at 11 AM
Benchmark indices trading near the day’s high with Nifty above 17250
The Sensex was up 531.43 points or 0.91% at 57568,93, and the Nifty was up 148.85 points or 0.87% at 17285.4. About 2254 shares have advanced, 916 shares declined, and 125 shares are unchanged.
Dhanlaxmi Bank signs MoU with CBDT and CBIC:Dhanlaxmi Bank signed MOU with Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for collection of Direct Taxes and Indirect Taxes. Bank has been authorised by the Reserve Bank of India (RBI) based on the recommendation from the Controller General of Accounts for collection of various Taxes.
Motilal Oswal view on ICICI Securities
ICICI Securities has seen significant traction in client additions over the past few quarters, driven by digital organic sourcing.
However, the same has not been replicated in market share from the Broking business. With initiatives such as the NEO plan being implemented, the management expects an improvement going forward.
We expect weakness in Issuer Services as a volatile equity market will delay its equity fund raising. The funding book is also likely to witness some pressure on the back of a run-down of the ESOP book.
We maintain our Buy rating on the stock with a revised target price of Rs 780 (based on 17x FY24E P/E), implying a potential upside of 24%.
Morgan Stanley bumps up Reliance target as conglomerate eyes blue hydrogen crown, popping off shares to 52 week high
Morgan Stanley has upgraded target price to Rs 3,253 a share and reiterated its overweight rating