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Market LIVE Updates: Sensex, Nifty trade higher led by financials, auto, power; realty drags – Moneycontrol

May 18, 2022 / 11:35 AM IST

Themis Medicare gets DCGI approval for VIRALEX drugWe are pleased to announce the add on approval for our drug VIRALEX by the Drug Controller General of India (DCGI) for treatment of Influenza and other Acute Viral Respiratory Infections (AVRI), Mucocutaneous herpes, Genital wart and Subacute Sclerosing Panencephalitis (SSPE), Themis Medicare said in its release.

May 18, 2022 / 11:30 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

Stock market has an uncanny ability to surprise, and this was evident in the sharp 417 point pullback in Nifty yesterday. Sharp relief rallies triggered by short covering happen even in bear markets. It remains to be seen whether the rally has enough steam to sustain, particularly when the latest WPI inflation print has come at a disturbing 15.08 %. RBI can be expected to turn more hawkish in the coming policy meets.

The Fed chief Powel’s recent statement that “Fed will not hesitate to raise rates till inflation is tamed” indicates that, globally, economies and markets will have to gear for a higher interest rate regime, going forward.

Investors can give priority to segments which will not be impacted much by rising inflation and stocks of companies with pricing power to pass on increased costs to consumers. High quality IT and telecom stocks are better placed to weather the storm.

May 18, 2022 / 11:27 AM IST

PARADEEP PHOSPHATES IPO SUBSCRIPTION UPDATES

PARADEEP PHOSPHATES IPO SUBSCRIPTION UPDATES

May 18, 2022 / 11:25 AM IST

Nomura View on Bharti Airtel

Brokerage house Nomura has maintained buy rating on Bharti Airtel with a target at Rs 855 per share as the Q4 was in-line as better show from India wireless and homes offsets weaker Africa.

In India wireless business, the higher ARPU and net adds drives further market share gains, reported CNBC-TV18.

May 18, 2022 / 11:18 AM IST

Paradeep Phosphates IPO updates:

The initial public offering of Paradeep Phosphates, India’s second largest manufacturer of non-urea fertilisers and di-ammonium phosphates (DAP) in the private sector, was subscribed 36 percent on day two with investors putting in bids for 9.63 crore shares against an IPO size of 26.86 crore units.

Retail investors have bid for 70 percent of the shares set aside for them as against 13.15 crore, while the non-institutional investors’ portion was subscribed 8 percent on the launch of the IPO. Qualified institutional buyers have subscribed to 4,900 shares of the issue against their quota of 8.07 crore shares.

May 18, 2022 / 11:11 AM IST

Aramco-style dividend is what LIC investors seek post flop debutDisappointed by a 7.8% plunge that made for the world’s second-worst trading debut among large IPOs this year, shareholders of state-run Life Insurance Corp. of India will be counting on a bumper dividend if Prime Minister Narendra Modi’s government wants them to stay put. Some investors and analysts are concerned that the price could drop even more because of little growth prospects for the legacy business, risks of further disinvestment by the government and the absence of major incentives for shareholders.

Aramco-style dividend is what LIC investors seek post flop debut      Disappointed by a 7.8% plunge that made for the world’s second-worst trading debut among large IPOs this year, shareholders of state-run Life Insurance Corp. of India will be counting on a bumper dividend if Prime Minister Narendra Modi’s government wants them to stay put. Some investors and analysts are concerned that the price could drop even more because of little growth prospects for the legacy business, risks of further disinvestment by the government and the absence of major incentives for shareholders.

May 18, 2022 / 11:03 AM IST

May 18, 2022 / 11:02 AM IST

Market Update at 11 AM: Sensex is up 251.09 points or 0.46% at 54569.56, and the Nifty added 79.50 points or 0.49% at 16338.80.

Market Update at 11 AM: Sensex is up 251.09 points or 0.46% at 54569.56, and the Nifty added 79.50 points or 0.49% at 16338.80.

May 18, 2022 / 10:51 AM IST

ETHOS SUBSCRIPTION UPDATES

ETHOS SUBSCRIPTION UPDATES

May 18, 2022 / 10:50 AM IST

Prabhudas Lilladher View on IOC

We cut our FY23E IOCL’s earnings estimate by 45% as we cut our marketing assumptions (diesel and petrol margins of –Rs3/0/litre vs +Rs3.5/3/litre earlier), even as we increase our GRM estimates to USD14/bbl vs USD7.4bbl earlier.

We also lower our FY24E estimates by 19%.

We believe OMCs earnings will be hit by sharp jump in marketing losses, despite improvement in refining profitability.

We downgrade to ‘’HOLD from ‘BUY’ given high crude price volatility with price target of Rs 131 (Rs 150 earlier). Any sharp correction in crude prices is an upside risk to our estimates.

May 18, 2022 / 10:36 AM IST

Buzzing:The share price of DLF rose nearly 2 percent on May 18 despite reporting a 16 percent year-on-year decline in consolidated net profit at Rs 405.3 crore for the quarter ended March. Investors, however, seem to be impressed with the strong pre-sales bookings in residential segment during the quarter. DLF reported pre-sales booking of Rs 2,700 crore for the quarter, up 158 percent on-year.

Buzzing:     The share price of DLF rose nearly 2 percent on May 18 despite reporting a 16 percent year-on-year decline in consolidated net profit at Rs 405.3 crore for the quarter ended March.     Investors, however, seem to be impressed with the strong pre-sales bookings in residential segment during the quarter. DLF reported pre-sales booking of Rs 2,700 crore for the quarter, up 158 percent on-year.

May 18, 2022 / 10:31 AM IST

Jefferies View on Bharti AirtelResearch firm Jefferies has kept the ‘buy’ rating on Bharti Airtel with a target at Rs 880 per share as company delivered strong growth in Q4 on back of tariff hikes.The subscriber mix continued to improve led by its network investments.The homes and enterprise segments surprised positively, while DTH and Africa business were disappointed.FCF generation is strong and leverage at 2.5x is comfortable. The lower EBITDA estimates by 1-2 percent on higher diesel prices and expect company to deliver 20 percent EBITDA CAGR over FY22-25, reported CNBC-TV18.

Jefferies View on Bharti Airtel     Research firm Jefferies has kept the 'buy' rating on Bharti Airtel with a target at Rs 880 per share as company delivered strong growth in Q4 on back of tariff hikes.    The subscriber mix continued to improve led by its network investments.    The homes and enterprise segments surprised positively, while DTH and Africa business were disappointed.    FCF generation is strong and leverage at 2.5x is comfortable. The lower EBITDA estimates by 1-2 percent on higher diesel prices and expect company to deliver 20 percent EBITDA CAGR over FY22-25, reported CNBC-TV18.