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Market LIVE Updates: Nifty above 15,600, Sensex gains 300 pts led by auto, metal, FMCG, banks – Moneycontrol

June 24, 2022 / 10:46 AM IST

BSE Smallcap index added 1 percent led by the SORIL Infra Resources, Nazara Technologies, Solara Active Pharma Sciences

June 24, 2022 / 10:37 AM IST

Nifty Bank index gained 1 percent led by the IndusInd Bank, Bank of Baroda, ICICI Bank

Nifty Bank index gained 1 percent led by the IndusInd Bank, Bank of Baroda, ICICI Bank

June 24, 2022 / 10:29 AM IST

Motilal Oswal initiates coverage on Tube Investments with buyBroking house initiate coverage on Tube Investments of India with a buy rating and a target price of Rs 1,900 (premised on Mar’24E SOTP, based on 30x for the standalone business and valuing listed subsidiaries at 20% HoldCo discount).Key risks: a) ‘Lean’ program execution for margin improvement, b) TI-2 strategy execution in new business areas, c) sustained turnaround of acquisition under TI-3 strategy, and d) upside risk to CG Power estimates.

Motilal Oswal initiates coverage on Tube Investments with buy     Broking house initiate coverage on Tube Investments of India with a buy rating and a target price of Rs 1,900 (premised on Mar'24E SOTP, based on 30x for the standalone business and valuing listed subsidiaries at 20% HoldCo discount).    Key risks: a) ‘Lean’ program execution for margin improvement, b) TI-2 strategy execution in new business areas, c) sustained turnaround of acquisition under TI-3 strategy, and d) upside risk to CG Power estimates.

June 24, 2022 / 10:23 AM IST

BSE Metals index added 1 percent led by Tata Steel, JSW Steel, APL Apollo

BSE Metals index added 1 percent led by Tata Steel, JSW Steel, APL Apollo

June 24, 2022 / 10:15 AM IST

Thermax arm buys to 2 companies in renewable energy sectorThermax’s subsidiary First Energy (FEPL) has acquired two companies – Jalansar Wind Energy (JWEPL) and Kanakal Wind Energy (KWEPL). JWEPL and KWEPL will become wholly owned step-down subsidiaries of Thermax. Both the companies are belong to renewable energy sector.

Thermax arm buys to 2 companies in renewable energy sector     Thermax's subsidiary First Energy (FEPL) has acquired two companies - Jalansar Wind Energy (JWEPL) and Kanakal Wind Energy (KWEPL). JWEPL and KWEPL will become wholly owned step-down subsidiaries of Thermax. Both the companies are belong to renewable energy sector.

June 24, 2022 / 10:08 AM IST

Gold Prices Today: Avoid taking long positions in yellow metal, selling pressure seen at higher levels, say experts

Gold Prices Today: Avoid taking long positions in yellow metal, selling pressure seen at higher levels, say experts

Stronger dollar and treasury yields are continuously putting pressure on gold prices. Higher inflation and fear of possible US recession has induced an indecisiveness in gold trend. Investors may…

June 24, 2022 / 10:03 AM IST

Market at 10 AMBenchmark indices were trading higher with Nifty around 15700.The Sensex was up 456.10 points or 0.87% at 52721.82, and the Nifty was up 148.70 points or 0.96% at 15705.40. About 2192 shares have advanced, 537 shares declined, and 101 shares are unchanged.

Market at 10 AM     Benchmark indices were trading higher with Nifty around 15700.    The Sensex was up 456.10 points or 0.87% at 52721.82, and the Nifty was up 148.70 points or 0.96% at 15705.40. About 2192 shares have advanced, 537 shares declined, and 101 shares are unchanged.

June 24, 2022 / 09:51 AM IST

Jefferies View On ICICI Bank

Brokerage firm Jefferies has maintained buy rating on ICICI Bank with a target at Rs 1,070 per share.

Correction, coupled with high RoA, makes it among best risk-reward across banks.

Across the global banks with 1x PB/RoA, it offers among highest RoA, reported CNBC-TV18.

ICICI Bank was quoting at Rs 708.00, up Rs 8.50, or 1.22 percent.

June 24, 2022 / 09:45 AM IST

Nifty FMCG index added 1 percent supported by the HUL, Britannia Industries, Marico

Nifty FMCG index added 1 percent supported by the HUL, Britannia Industries, Marico

June 24, 2022 / 09:42 AM IST

BSE Auto Index added 1 percent led by the Eicher Motors, TVS Motor, Tube Investments of India

BSE Auto Index added 1 percent led by the Eicher Motors, TVS Motor, Tube Investments of India

June 24, 2022 / 09:37 AM IST

ONGC Videsh announces new oil discovery in ColombiaONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), on June 23 announced that it has made an oil discovery in the Llanos Basin region of Colombia.The company, in its press release, said, it has made an “oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on 20th April 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with around 40-50% W/C and oil of 16oAPI. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block.”

ONGC Videsh announces new oil discovery in Colombia     ONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), on June 23 announced that it has made an oil discovery in the Llanos Basin region of Colombia.    The company, in its press release, said, it has made an "oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on 20th April 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with around 40-50% W/C and oil of 16oAPI. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block."

June 24, 2022 / 09:33 AM IST

Prabhudas Lilladher on Nazara Technologies:We have increased our EPS estimates by 2-3% and expect sales/PAT CAGR of 35%/54% respectively over FY22-24E. Though growth challenge in Kiddopia persists, Esports is likely to emerge as key growth lever as TV broadcasting during prime time will help increase viewership and popularity multi-fold in future. Retain buy with a DCF based target price of Rs 1,813 (earlier Rs 1,747)

Prabhudas Lilladher on Nazara Technologies:     We have increased our EPS estimates by 2-3% and expect sales/PAT CAGR of 35%/54% respectively over FY22-24E. Though growth challenge in Kiddopia persists, Esports is likely to emerge as key growth lever as TV broadcasting during prime time will help increase viewership and popularity multi-fold in future. Retain buy with a DCF based target price of Rs 1,813 (earlier Rs 1,747)