BSE Smallcap index added 1 percent led by the SORIL Infra Resources, Nazara Technologies, Solara Active Pharma Sciences
Nifty Bank index gained 1 percent led by the IndusInd Bank, Bank of Baroda, ICICI Bank
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.
BSE Metals index added 1 percent led by Tata Steel, JSW Steel, APL Apollo
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.
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…
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.
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.