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Market LIVE Updates: Sensex tanks 1,300 pts, Nifty around 15,850; IT, metals worst hit – Moneycontrol

May 19, 2022 / 01:08 PM IST

Market at 1 PMIndian benchmark indices extended the fall and trading at day’s low levels.The Sensex was down 1,363.36 points or 2.52% at 52845.17, and the Nifty was down 413.90 points or 2.55% at 15826.40. About 646 shares have advanced, 2405 shares declined, and 98 shares are unchanged.

May 19, 2022 / 12:56 PM IST

Dr Reddys Laboratories has posted March quarter (Q4FY22) net profit at Rs 88 crore and revenue was at Rs 5,437 crore.

Dr Reddys Laboratories has posted March quarter (Q4FY22) net profit at Rs 88 crore and revenue was at Rs 5,437 crore.

May 19, 2022 / 12:53 PM IST

Recession cloud looms large over IT sector’s digital transformation party

Recession cloud looms large over IT sector's digital transformation party

The relatively strong growth guidance given by IT companies for 2022-23 have now come under threat, given the apprehension of the US economy slipping into recession later this year

May 19, 2022 / 12:49 PM IST

Motilal Oswal View on ITC

ITC’s re-rating would depend on sustained earnings growth going back to high-teens witnessed in the first half of the last decade (18 percent compound annual growth rate) which had slowed to 6.6 percent CAGR over the latter half. Valuation at 17x FY24, although cheap, appears fair.

We value ITC at a 15 percent premium over the global cigarette peer average, aiming for 17x FY24 earnings per share to arrive at our target price of Rs 265. Retain neutral.

May 19, 2022 / 12:39 PM IST

Competition Commission of India (CCI) approved merger of Covidshield Technologies into Biocon Biologics, reported CNBC-TV18.

Competition Commission of India (CCI) approved merger of Covidshield Technologies into Biocon Biologics, reported CNBC-TV18.

May 19, 2022 / 12:36 PM IST

Nifty Pharma index declined more than 1 percent dragged by the Lupin, Granules India, Aurobindo Pharma

Nifty Pharma index declined more than 1 percent dragged by the Lupin, Granules India, Aurobindo Pharma

May 19, 2022 / 12:32 PM IST

Morgan Stanley View on LIC Housing FinanceMorgan Stanley has kept underweight call on LIC Housing Finance with a target price of Rs 330 per share. The research firm is of the view that PBT was in line and both PPOP and provisions were higher than expected.”The key observation was slowdown in loan growth. The decline was seen in loan disbursements, unlike other lenders, especially in mortgages,” Morgan Stanley added.

Morgan Stanley View on LIC Housing Finance     Morgan Stanley has kept underweight call on LIC Housing Finance with a target price of Rs 330 per share. The research firm is of the view that PBT was in line and both PPOP and provisions were higher than expected.    "The key observation was slowdown in loan growth. The decline was seen in loan disbursements, unlike other lenders, especially in mortgages," Morgan Stanley added.

May 19, 2022 / 12:29 PM IST

Ethos IPO Updates:

The initial public offering of Ethos, one of the largest premium and luxury watch retailers in India, was subscribed 30 percent on the second day, with investors bidding for 12 lakh shares against the IPO size of 39.79 lakh units.

Retail investors had bid for 58 percent of the portion set aside for them. Non-institutional investors had bid for seven percent of the shares allotted to them, while qualified institutional buyers were yet to subscribe to the issue.

The company intends to garner Rs 472 crore through the fresh issue of shares aggregating to Rs 375 crore and an offer for sale of 1,108,037 shares by shareholders and promoters worth Rs 97.29 crore.

The price band for the offer has been fixed at Rs 836-878 per share.

May 19, 2022 / 12:21 PM IST

BSE Midcap index fell over 2 percent dragged by the Mphasis, Trent, Sona BLW Precision Forgings

BSE Midcap index fell over 2 percent dragged by the Mphasis, Trent, Sona BLW Precision Forgings

May 19, 2022 / 12:11 PM IST

Rahul Sharma, Research analyst at Equity 99:

ITC has reported superb Q4 results across verticals with PAT rising by 12% to Rs 4195 crore, while revenue rose to 15.3%. 

The results of strategy reset made by chairman Sanjiv Puri is now visible across verticals, as all the verticals have performed above expectations. 

Company has outperformed Nifty in last couple of months. Considering the overall fundamental growth and technical breakout, we expect the momentum to continue in this counter with a target of Rs 325.

May 19, 2022 / 12:09 PM 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 59 percent on day three or the final day with investors bidding for 15.91 crore shares against the IPO size of 26.86 crore units.

The price band for the offer has been fixed at Rs 39-42 per share and the issue closes on May 19.

Retail investors have bid for 1.09 times the 13.15 crore shares set aside for them while non-institutional investors’ portion was subscribed 27 percent. Qualified institutional buyers have subscribed to 3,84,300 shares against their quota of 8.07 crore.

Around 50 percent of the net offer will be reserved for QIBs, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.

May 19, 2022 / 12:02 PM IST

Market at 12 PMBenchmark indices extended the losses and trading at day’s low point with Nifty below 15,900 amid selling across the sectors.The Sensex was down 1,212.68 points or 2.24% at 52,995.85, and the Nifty was down 365.50 points or 2.25% at 15,874.80. About 659 shares have advanced, 2337 shares declined, and 98 shares are unchanged.

Market at 12 PM     Benchmark indices extended the losses and trading at day's low point with Nifty below 15,900 amid selling across the sectors.    The Sensex was down 1,212.68 points or 2.24% at 52,995.85, and the Nifty was down 365.50 points or 2.25% at 15,874.80. About 659 shares have advanced, 2337 shares declined, and 98 shares are unchanged.