Jindal Worldwide subsidiary announces new electric vehicle manufacturing plantJindal Mobilitric Private Limited, subsidiary of Jindal Worldwide on Tuesday, announced the setting up of an electric two-wheeler manufacturing plant with production capacity of 2.5 lakh vehicles annually at Ahmedabad. In addition, JM is also setting up in-house fully automated battery manufacturing plant with similar production capacity.
Fear index India VIX jumps 4%
Markets At 11 AMSensex is down 489.67 points or 0.81 percent at 60,257.64. Nifty is down 135.70 points or 0.75 percent at 17,965.50. About 1304 shares have advanced, 1716 shares declined, and 167 shares are unchanged.
Citi maintains ‘sell’ rating on TCS with a target at Rs 2,990
The research firm has maintained its ‘Sell’ rating on the stock with a target at Rs 2,990 per share.
According to the firm, Q3 results were in-line, adjusted for growth in regional markets.
Book to bill stood at 1.1x in Q3 versus 1.35x in FY22, the growth in ex-regional markets was at 1.2 percent QoQ. The headcount declined QoQ, and expect a muted Q4 as well.
The BFSI growth slowed to over 1 percent QoQ and over 11 percent YoY.
Citi feels that the company could be defensive in a tough environment given cost controls, but it is difficult to see upside at 25x FY24e; 7 percent FY22-25 EPS CAGR.
Tata Consultancy Services was quoting at Rs 3,253.00, down Rs 66.70, or 2.01 percent.
Daily Voice | Time to start accumulating IT stocks will be after Q4FY23 results, says Naveen Kulkarni of Axis Securities PMS
Banking is in a sweet spot with good credit growth and lower NPAs (non-performing assets). Thus, with some challenges that will appear in the second half of the year, banking will continue to remain in a sweet spot…. Read More
Daily Voice | Time to start accumulating IT stocks will be after Q4FY23 results, says Naveen Kulkarni of Axis Securities PMS” title=”Daily Voice | Time to start accumulating IT stocks will be after Q4FY23 results, says Naveen Kulkarni of Axis Securities PMS
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DB Realty gains as Adani sets eyes on acquiring its ten BKC project partner
The share price of DB Realty gained 1.5 percent on January 10 morning, with Adani Goodhomes all set to acquire bankrupt Radius Estates, the realtor’s partner in Mumbai’s Ten BKC residential project.
“We would like to inform that MIG (Bandra) Realtors & Builders, a wholly owned subsidiary of the company is holding development rights of the Ten BKC project. The project was being developed in a joint venture with Radius Estates, which underwent corporate insolvency under the Insolvency and Bankruptcy Code (IBC),” DB Realty said in an exchange filing.
Adani Goodhomes submitted a resolution plan in the course of the IBC process, which was approved by more than 83 percent of the committee of creditors of Radius Estates, the filing added
Shriram Finance plans to double its loan book in 3 years
Shriram Finance plans to double its loan book in 3 years in Uttar Pradesh, driven by a focus on MSME loans.
The Assets Under Management (AUM) stand at Rs 10,770 crore (As of Sep-22) and the company plans to expand it to over Rs 20,000 crore in 3 years in UP.
Shriram Finance was quoting at Rs 1,330.00, up Rs 11.80, or 0.90 percent on the BSE.
BSE Bank index fell 1 percent dragged by Bank of Baroda, SBI, HDFC Bank
Bernstein Keeps ‘outperform’ rating on TCS, target at Rs 3,840
-Keeps ‘outperform’ rating on the stock with a target at Rs 3,840 per share.
-Company posted resilient performance as it beat the revenue, while margin was in-line.
-Commentary was constructive on North America and the UK, while Europe outlook was weak, while despite macro challenges, the qualified pipeline grew on QoQ.
-Remain positive and expect market share gains for scaled full service players
Spanish Ministry of Health approves reimbursement of Lupin’s NaMuscla
Lupin and Exeltis Healthcare S.L announced that the Spanish Ministry of Health (MSCBC) has approved the reimbursement of Lupin’s NaMuscla (mexiletine) for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders on the National Health and Pharmacy Service.
NaMuscla is the first and only licensed product for this indication in Europe and will be commercialized by Lupin’s partner Exeltis in Spain.
Lupin was quoting at Rs 759.00, up Rs 9.80, or 1.31 percent on the BSE.
Gold Prices Today: Precious metal to remain volatile ahead of the Fed chairman’s speech
Gold and silver will remain volatile ahead of the Fed chairman’s speech, with support for the yellow metal at around Rs 55,660-55,440, says Manoj Kumar Jain of Prithvi Finmart Commodity Research… Read More
