BSE Realty index fell nearly 1 percent dragged by the Prestige Estate, Godrej Properties, Sobha
Shares of affordable housing lender Aptus Value Housing Finance surged on September 22 after brokerage firm Citigroup initiated coverage on the stock with a ‘buy’ rating and a price target of Rs 425, implying an upside of 43 percent over the next 12 months.
The brokerage believes the affordable housing financier could provide strong earnings growth in the coming years driven small size and ‘good’ execution track record that should enable a 29 percent annualised growth in assets under management over the next three years.
“Pricing power and efficient cost structure help it deliver healthy ROA (return on asset), though low leverage limits ROE (return on equity),” Citigroup said in a note.
Daily Voice | This fund manager sees rerating in banking valuations as profit pool reaches normalcy
Chandraprakash Padiyar of Tata Asset Management thinks IT sector is facing an issue of high expectations. Business growth is likely to be somewhere around 10 percent on a sustainable basis for the…
Spicejet down 4 percent after DGCA orders the airline to continue operating at 50 percent capacity till Oct 29
Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking
The Indian rupee has plunged to a fresh record low of 80.61 mark amid signs of escalating Russia-Ukraine tensions and a hefty rate hike of 75 bps by the US Fed for the third time in a row, which has led to a vertical rally in the greenback towards two-decade highs of 111.78 level. The US central bank struck a more hawkish tone than expected at its latest meeting indicating that it will aggressively front load rate hikes to rein in runaway inflation, even at the risk of hurting growth.
Slowing portfolio flows in the domestic markets have further accentuated the decline witnessed in the rupee-dollar exchange rate, even as weakening crude oil prices are still capping losses in the domestic currency. Further ahead, a move past the 80.10 mark has opened the doorway for depreciation in the Indian rupee towards the 81 mark in the coming days.
Aurobindo Pharma’s North Carolina units gets establishment inspection reports from USFDAUSFDA pre-approval and GMP inspection concludes with EIR & voluntary action initiated
Markets at 11 AMSensex is down 286.06 points or 0.48 percent at 59,170.72. Nifty is down 89.10 points or 0.50 percent at 17,629.20. About 1553 shares have advanced, 1487 shares declined, and 116 shares are unchanged.
Fortis Healthcare down 15 percent as Supreme Court orders continuation of stay on IHH open offer
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Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking:
On the technical front, small negative candle was formed in Nifty in daily time frame following sharp reactionary correction for the past two consecutive days indicating broader range consolidation in the market.
Market breadth too turned negative. The 14-period RSI turned weak trading below the 60-level mark.
Overnight Fed raised rates sharply, by 75 basis points – the third such rise in a row against which US Indices see-sawed before slumping to end all three benchmarks down by more than 1.7%. Coming back to Indian market, with the fading of the event risk one cannot deny that secondary corrections are a part of the bull market which would pave the way for next leg of up move.
Though one need to avoid trading aggressively in the market but the risk of a bare minimum correction of 23.6% of the entire rally from 15,183 to 18,096 comes around 17415 followed by 38.2% correction at 16990 remains. During the day index is likely to open with a huge gap down, traders during the day should show patience and wait for Index to cool-off. As long as the all-important support level of 17350 remains strong, the medium-term outlook in the index to remain positive.
Shares of Adani Ports & Special Economic Zone gained over two percent on September 22, after the company reportedly said it will soon get the Letter of Intent (LoI) from West Bengal government to develop the Tajpur deep sea port.
The state government said the greenfield project will entail a total investment of Rs 25,000 crore ($3.1 billion), of which Rs 15,000 crore will go towards port development and the rest toward building related infrastructure, it said.