BofA Securities View On Godrej Properties:
Broking house BofA Securities has kept neutral call on Godrej Properties with a target at Rs 1,650 per share.
The company reporetd healthy bookings on new launches with sustenance sales. The affordability levels still comforting for demand.
The impact of CEO transition- expect this to be smooth given internal elevation, reported CNBC-TV18.
Godrej Properties was quoting at Rs 1,413.85, down Rs 49.30, or 3.37 percent on the BSE.
Buzzing:Lemon Tree Hotels has recorded consolidated profit at Rs 13.57 crore in Q1FY23, against loss of Rs 59.8 crore in year-ago period. Earnings in Q1FY13 were affected by second Covid wave. Revenue grew by 356% YoY to Rs 192 crore for the quarter.
Market at 12 PMBenchmark indices has erased some of the intraday losses but still trading lower with Nifty around 17250.The Sensex was down 245.28 points or 0.42% at 57891.08, and the Nifty was down 93.30 points or 0.54% at 17252.20. About 1038 shares have advanced, 1990 shares declined, and 108 shares are unchanged.
PI Industries launches a new product BROFREY in insecticides categoryPI Industries was quoting at Rs 3,038.30, down Rs 7.00, or 0.23 percent.
Tirthankar Das, Head of Technical Research, Ashika Group:
Nifty halted after 4 days of sharp rise and formed a small positive candle on the daily chart with upper and lower shadows, indicating of minor correction or consolidation is in the making. On the oscillator front there is still no signs of exhaustion, or any reversal signal are being unfolded.
On the contrary, weekly RSI clocked breakout from 6 months falling trend line indicating long term positive bias. The psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18100-15183). Hence, though index is likely to open on a subdued note today, intraday support around the levels of 17150 is likely to provide cushion for the Index.
Prism Johnson Q1 Earnings:
Prism Johnson has posted net loss at Rs 16 crore against loss of Rs 4.2 crore and revenue was up 38.1% at Rs 1,811 crore versus Rs 1,311 crore, YoY.
Prism Johnson was quoting at Rs 118, down Rs 1.80, or 1.50 percent on the BSE.
SpiceJet’s Ajay Singh in talks with middle east carrier, Indian groups for stake sale?
SpiceJet may be looking at possible stake sale to a foreign carrier, or Indian conglomerates.
Morgan Stanley View on Voltas
Brokerage house Morgan Stanley has kept the ‘overweight’ rating on the stock with a target at Rs 1,160 per share.
The AC margin and project business has disappointed with AC market share in June at 24.1 percent versus March exit market share of 19.5 percent, reported CNBC-TV18.
ITC was quoting at Rs 305.60, down Rs 4.05, or 1.31 percent on the BSE.
BSE Midcap index fell 1 percent dragged by the Yes Bank, Bharat Forge, CONCOR
Zomato cuts investment in BlinkIt to $320 million
Zomato is cutting its overall investment guidance in Blinkit to $320 million from $400 million, as the quick-commerce company has reduced its losses which also includes its $150 million investment into the company so far, Zomato’s co-founder Deepinder Goyal said in an earning call on August 2.
However, Goyal did not disclose BlinkIt’s profitability timeline.
During the call, Goyal also clarified this time that there was nothing to hide about BlinkIt’s acquisition and due process was followed during the transaction.
Rahul Bajoria, MD & Chief India Economist, Barclays:
Despite some moderation, July services PMI paints a picture of relative economic resilience, despite rising global headwinds. India’s services PMI (seasonally adjusted) fell to 55.5 in July, from 59.2 in June. The moderation in services activity pushes it slightly below the July manufacturing index, but on a consolidated basis, the composite PMI fell slightly to 56.6 in July, from 58.2 in June.
Looking at the details, while overall activity levels remained buoyant, some moderation was visible in sequential demand, even though price pressures eased slightly in July. We think that services activity will take a small breather. This is also evident in new business orders, which are slowing in sync with present activity, indicating moderation ahead. Within other areas, employment and services prices also are coming off, although not as sharply as activity itself.
Put together, the early data for July so far suggests that despite headwinds, economic activity remains resilient in India, and even though global headwinds are rising, domestic demand is likely to provide stability to India’s growth. Indeed, GST collections in July were strong and credit growth continues to improve, while other high frequency indicators are also holding up well.
Cabinet likely to consider proposal to hike #sugarcane FRP by ₹15/quintal, say sources pic.twitter.com/C9Y5WFCkJH— CNBC-TV18 (@CNBCTV18Live) August 3, 2022