Nifty metals index rises 2.4 percent led by Hindalco and Vedanta, APL Apollo the sole loser in the index
#OnCNBCTV18 | No rate change expected in this GST Council meeting. Expecting an announcement for MSMEs regarding a larger online platform to sell, says Mahesh Jaising of Deloitte India pic.twitter.com/k3jS6zBzSY— CNBC-TV18 (@CNBCTV18Live) June 27, 2022
Market at 11.00 AM
Indices trade positive, Sensex up around 1 percent, Nifty above 15,800
The Sensex was trading higher with a gain of 506 points or 0.96% at 53,226.68 and the Nifty was higher by 157.4 points or 1.02% at 15,860. About 2,432 shares have advanced, 694 shares declined, and 152 shares are unchanged.
Gold Prices Today: Volatile trading on cards as recession fear, hawkish Fed haunt markets
Gold may remain a range amid warring factors however Fed’s tightening expectations may keep pressure on prices, said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Dr Reddy’s Laboratories share price gained 2 percent intraday on July 27 after the company acquired an injectable product portfolio from Eton Pharma.
Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from Deer Park, Illinois, based Eton Pharmaceuticals, Inc, company said in its press release.
The portfolio includes the Biorphen (phenylephrine hydrocholoride) Injection and Rezipres (ephedrine hydrochloride) Injection NDAs with nine separate combinations of strengths and presentations and one firstto-file approved ANDA for Cysteine Hydrochloride for the US.
Dr Reddy’s Laboratories was quoting at Rs 4,366.40, up Rs 57.65, or 1.34 percent on the BSE.
Credit Suisse View on Zomato
Research firm Credit Suisse has kept outperform rating on Zomato with a target at Rs 90 per share.
The Blinkit acquisition is on expected lines and will likely raise EBITDA loss in FY23/FY24.
The company has not guided on total dark stores or near-term profitability. The annualising May 2022 EBITDA loss could reduce its FY23 adjusted EBITDA by Rs 756 crore.
The food delivery business is trending to profitability, while cash reserves ensure sufficient funding for growth initiatives in near term, reported CNBC-TV18.
At 10:45 hrs Zomato was quoting at Rs 67.40, down Rs 2.95, or 4.19 percent on the BSE.
Welspun Corp bags ordersWelspun Corp has secured various orders of around 47,000 MT amounting to Rs 600 crore. These orders will be executed from India and the USA across the oil & gas and water sector. These include, receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia.
Nifty Information Techniology index rose 1 percent supported by the Bosch, Ashok Leyland, Maruti Suzuki
Nifty Auto index rose 1 percent supported by the Bosch, Ashok Leyland, Maruti Suzuki
CLSA View on Zomato:Broking house CLSA has maintained buy rating on Zomato with a target at Rs 90 per share.The company is going to acquire Blinkit in a stock deal valuing Blinkit at USD 626 million.The company believes quick commerce is a natural extension of its food delivery business and Blinkti acquisition will expand its addressable market.Blinkti will aid its potential profit pool & make its business more defensible, reported CNBC-TV18.
Jefferies rates ICICI Bank as best banking investment, sees 50% upside for stock
The global brookerage sees 50 per cent upside in base case and 64 per cent in bull case