#OnCNBCTV18 | Intend to have a stable, steady & secured portfolio. H1FY23 will see double-digit loan growth, says Shyam Srinivasan of @FederalBankLtd pic.twitter.com/wDIAfIg3ZC— CNBC-TV18 (@CNBCTV18Live) May 9, 2022
Market update at 11 AM: Sensex is down 642.23 points or 1.17 percent at 54,193.35 while the Nifty shed 180 points or 1.1 percent and is trading at 16,230 level.
HCL Technologies signs definitive agreement to acquire Confinale AGHCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL), a leading global technology company, has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner.Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities, company said in its release.
Top 10 trading ideas by experts for next 3-4 weeks as bears rule Dalal Street
ITC has shown a relative outperformance within the FMCG space in last few weeks. In spite of the market correction in last week, this stock has managed to give positive returns and the ’20 DEMA’ has…
CLSA view on Reliance Industries:
The brokerage house CLSA has maintained a buy rating on Reliance Industries with a target of Rs 2,955 per share.
“O2C (oil to chemicals) was strong but retail weak. It is one of best earnings growth stories among India’s large caps,” CLSA said.
CLSA raised FY23-24 EPS (earnings per share) forecast by 5-9% on higher refining margin, CNBC-TV18 reported.
#OnCNBCTV18 | Not surprised by the weakening of the Indian rupee. Rupee has outperformed CNH in the last couple of months, says Parul Mittal Sinha of @StanChartIN pic.twitter.com/oebk5GC1oq— CNBC-TV18 (@CNBCTV18Live) May 9, 2022
Indostar Capital Finance touched 52-week low of Rs 184.30. The share price locked at 10 percent lower circuit.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
Hawkish stance by the Fed, rate hikes by RBI, Bank of England and Australian central bank have created an atmosphere of risk-off for equities. We don’t know how long this will last. Nifty corrected by 3.9 percent last week, but investors should not commit the mistake of aggressively buying on this dip assuming that prices have corrected a lot.
Even after the correction Nifty is trading at around 19 times FY23 earnings. This is higher than the long-term average of 16 times and certainly not buyable valuation, particularly when equity markets globally are facing many headwinds like risk of growth slowdown, Ukraine war and supply chain disruptions caused by stringent lockdown in China. However, long-term investors may start nibbling at high quality stocks in segments like financials where there is valuation comfort.
LIC IPO Subscription Update:
LIC IPO receives record applications from retail investor
The issue received 10.9 crore bids from retail individual investors, against 6.9 crore shares reserved for them.
Tata Steel acquires 1.20 crore preference shares of TRFTata Steel Limited on May 7, 2022, acquired 1,20,00,000, 11.25% Optionally Convertible Redeemable Preference Shares of face value Rs 10 each of TRF Limited, aggregating to Rs 12 crore.
All the emerging market currencies are depreciating and don’t see any factors dramatically changing for the rupee: Bank Of America told to CNBC-TV18.