Stocks to Watch Today | Vedanta, V-Guard Industries, Adani Transmission and others in news today
Market update at 1 PM: Sensex is down 240.27 points or 0.43% at 55528.96, and the Nifty shed 60.10 points or 0.36% at 16524.20.
Industry sources: Steel prices to soon come down due to lower raw material prices:
NMDC iron ore prices fell 25%, coking coal price also fell in past 10 days. Government trying to rein in inflation by cooling domestic steel market. If coking coal, iron ore prices fall further, downside will be seen in domestic steel prices. Further fall in raw material price will lead to fall of Rs 3,000-5,000 per tonne in steel price, according to a CNBC-TV18 report.
Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank:
Despite government’s supply side interventions to curb price pressures, the foreseeable inflation trajectory remains skewed closer to 7%. We expect the MPC to revise upward the inflation trajectory by 70-80bps accounting for the upside price pressures. The GDP estimates may remain unchanged for now. From the policy withdrawal perspective, RBI in the last two months has moved quite aggressively and swiftly. The weighted average overnight rates have risen by 80-90bps since the April MPC policy. The recent countercyclical government measures has clearly provided room for the MPC to avoid disruptive tightening. We expect a repo rate hike of 35-40bps and status quo on CRR in the upcoming June policy.
#OnCNBCTV18 | 76% of vehicle sales are 2-wheeler, if 2-wheeler sales are down, overall sales will be down. 2-wheeler sales could cross pre-pandemic levels by September-October 2022, says Vinkesh Gulati of @FADA_India pic.twitter.com/wercp5MBcW— CNBC-TV18 (@CNBCTV18Live) June 6, 2022
L&T bags order worth Rs 2,500 – 5,000 crore for its water & effluent treatment business:
LIC sinks 15% from highs, market value dips briefly below Rs 5 lakh crore
Shares of the company have remained under pressure since their listing on rising concerns over its ability to compete with nimbler private sector rivals
Market update at 11 AM: Sensex is down 257.97 points or 0.46% at 55511.26, and the Nifty shed 74.30 points or 0.45% at 16510.
TVS Motor to raise Rs 5,000 crore for expanding new electric mobility arm: TVS Motor Company is in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund expansion of the group’s new electric mobility arm, Mint reported. The two-wheeler firm aims to build a “sustained dominant play” in the electric vehicle (EV) segment by leveraging various government initiatives such as production-linked incentive (PLI) scheme and others.As per its annual report for 2021-22, the company has robust plans to scale up its play in the electric segment. TVS seeks to increase the share of revenues from its EV business, capitalising on the increasing demand for EVs globally.
PVR, Inox Leisure shares fall on rising COVID-19 cases in Maharashtra:
Just as investors and analysts were rejoicing the return of moviegoers in large numbers to multiplexes, the recent surge in COVID-19 cases has dimmed their enthusiasm once again. Shares of PVR and Inox Leisure fell 2.5 percent and 3.3 percent, respectively, on the National Stock Exchange as the Maharashtra government made mask in public places mandatory again in light of rising cases.
The state has seen a 54 percent rise in reported COVID-19 cases in the previous 24 hours with 700 of the new 1,018 infections arising in Mumbai itself. The resurgence in COVID-19 infections has investors worried that footfalls in theatres could see a sharp fall as individuals avoid crowded places from fear of the virus.
The share price of Oil India rose on June 6 after brokerage firm Kotak Institutional Equities upgraded the stock to “add” and raised its fair value target to Rs 285, implying an upside of 13.5 percent from June 3 close.
The upgrade in the rating is driven by the change in the brokerage firm’s assumption of crude oil prices in the current and next financial year. Kotak Equities has raised its 2022-23 target for average Brent crude to $105 a barrel from $90. It has also raised its forecast for 2023-24 to $90 a barrel from $70. The brokerage firm also expects domestic natural gas prices to average $8.9 per mmBtu in 2022-23 as against $2.6 per mmBtu in 2021-22, given the sharp jump in global prices triggered by massive supply shortages.