Two AstraZeneca drugs get EU backing for treatment of some breast cancers, reported Reuters.
Invesco MF offloads 7.13 lakh shares in Repco Home Finance
Invesco MF through its Invesco India Multicap Fund sold 3,73,659 equity shares of Repco Home Finance and Invesco Tax Plan offloaded 3,39,349 equity shares at an average price of Rs 117 per share.
Repco Home Finance was quoting at Rs 134.10, up Rs 2.15, or 1.63 percent on the BSE.
BSE Smallcap index gained 1 percent supported by the Kellton Tech Solutions, Dharamsi Morarji Chemical, Likhitha Infrastructure
Market at 1 PMBenchmark indices were trading higher with Nifty around 15900 and Sensex added more than 600 points.The Sensex was up 635.08 points or 1.20% at 53363.06, and the Nifty was up 194.70 points or 1.24% at 15894. About 2362 shares have advanced, 778 shares declined, and 130 shares are unchanged.
Morgan Stanley View On Sun Pharma:
Morgan Stanley has kept overweight rating on the Sun Pharmaceutical Industries with a target at Rs 1,032 per share.
Position Sun Pharma both as an absolute pharma top stock pick & a relative hedge in portfolio.
The business model & balancesheet have strengthened over past 3-4 years and cash flows appear relatively insulated against macroeconomic headwinds.
Morgan Stanley expect sales/operating profit CAGRs of 11.9%/16.8% for FY23-24, reported CNBC-TV18.
Sun Pharmaceutical Industries was quoting at Rs 844.00, up Rs 19.90, or 2.41 percent on the BSE.
Bajaj Auto to increase prices w.e.f July 1, 2022Bajaj Auto to increase prices by up to Rs 2,000 w.e.f July 1, 2022 due to steep rise in raw material costs & chip shortage, reported CNBC-TV18.
Punit Patni, Equity Research Analyst, Swastika Investmart:
The recently announced acquisition of Blinkit by Zomato Ltd. is expected to add to its woes of high operating losses. The Blinkit is synergistic to Zomato’s food delivery business and the management expects the business to grow significantly in the future.
The quick commerce market, however, has become incredibly competitive, and it will take a very long time to figure out the unit economics and turn profitable.
Further, the current markets are not conducive for businesses that a growing without showing profits. Thus we believe that this company is suitable only for investors having a high-risk appetite and a long-term view.
BSE Oil & Gas index rose 1 percent led by the ONGC, Gujarat Gas, IOC
Hikal in FocusThe Hon’ble Bombay High Court vide its order dated June 23, 2022 has set aside the Maharashtra Pollution Control Board (MPCB) direction and has directed MPCB to grant permission to Hikal, to re-start manufacturing activities at the company’s manufacturing Unit located at MIDC Taloja within a week from the date of the order.
Vedanta preparing biggest-ever rupee bond saleVedanta is preparing its biggest-ever rupee bond sale, Bloomberg reported.Vedanta is seeking commitments for as much as Rs 4,809 crore of 10-year notes. The company is planning to use proceeds to prepay or repay debt & for capital spending, it added,
USFDA begins inspection of Cipla’s Pithampur unitUSFDA begins inspection of Cipla’s Pithampur unit today. Inspection is likely for Cipla’s US application for a dry powder inhaler, quoting Sources, reported CNBC-TV18.
Nifty, Sensex gain 1% each: 4 Key factors driving the market
The benchmark Sensex and Nifty rose 4% each in the last six trading sessions. So far this year both were down 9% each.
