Citi View on ICICI Securities Research house Citi has maintained buy rating on ICICI Securities and cut target price to Rs 400 from Rs 600 per share.The average cash turnover at NSE in June fell to 30% below Q4FY22 levels, while has negative implications for company’s revenue.The planned investments in technology platform reduce flexibility in costs.Citi has lowered FY23/24 estimates by 19/18% & lower target multiple to 13x, reported CNBC-TV18.
Market at 12 PMBenchmark indices were trading lower with Nifty below 15650.The Sensex was down 463.02 points or 0.87% at 52555.92, and the Nifty was down 144.20 points or 0.91% at 15636.10. About 1231 shares have advanced, 1705 shares declined, and 130 shares are unchanged.
Buzzing:Engineers India signed an agreement for joint commercialization of Earthquake Warning System, company said in press release.Engineers India is engaged by CSIR-CSIO as the technology commercialization partner for next five years on 30.06.2022.The MoA cum Transfer of Technology (ToT) agreement was signed in the presence of Ms. Vartika Shukla, C&MD, EIL and Prof. S. Anantha Ramakrishna, Director, CSIR-CSIO, it added.
Edelweiss Financial clarifies on news report on sale of mutual fund business
This is with reference to a certain media report that has appeared this morning – July 1, 2022, in relation to sale of our Mutual Fund Business. The story is purely speculative, based on insinuations of vested interest and is completely baseless and untrue, Edelweiss Financial Services said in its release.
We strongly and emphatically deny the report and wish to reiterate that the news is factually untrue and purely speculative and motivated by vested interests, it added.
Edelweiss Financial Services was quoting at Rs 51.10, down Rs 0.45, or 0.87 percent on the BSE.
Eicher Motors June Auto Sales:
BSE Metal index shed 0.5 percent dragged by the Vedanta, Coal India, Hindalco Industries
Atul Auto June Auto Sales:
Atul Auto sold 1,818 units in June 2022 against 724 units in the June 2022, a growth of 151 percent.
Atul Auto was quoting at Rs 171.85, up Rs 3.25, or 1.93 percent on the BSE.
Bandhan Bank cuts lending rates by 11-42 bps across tenures, reporetd CNBC-TV18.
VST Tillers June power tiller sales was up 25.2% at 3,769 units against 3,010 units (YoY). June tractor sales was down 36.5% at 589 units against 927 units (YoY).
#OnCNBCTV18 | Nifty could hover in a range of 15,000 to 17,500. Expect Titan to continue compounding by 15% every year, says Rahul Arora of Nirmal Bang Institutional Equities pic.twitter.com/SnROPU5bxS— CNBC-TV18 (@CNBCTV18Live) July 1, 2022
ONGC sees short positions: Traders ramped up short positions in the July contract of ONGC as open interest on the contract soared 21% to 16,474 after the government imposed a special additional excise duty on crude oil production.
CRISIL lowers its FY23 real GDP growth forecast for India to 7.3% from 7.8% earlier: Rising oil prices, slowing global demand for India’s exports and higher inflation major drags. See CPI rising to 6.8% on average this fiscal compared to 5.5% last year. Expect exchange rate to settle at 78 per US dollar by March 2023.