PremiumInvestors will remain on their toes looking for hints of recession and economic stress. India's exports shrink by 3.52% to $32.62 billion in September as against $33.81 billion in the same month in 2021. The trade deficit also widened to $26.72 billion.
STOCK IN FOCUS
Finolex Industries (CMP Rs.138
Considering the leading position in the Agri-pipe segment and backward integration for the PVC Resin business, sustained cash flow and high dividend pay-out of 35% (average over FY16-FY22), we have BUY rating on the stock, with a Target Price of Rs165.
Intraday Picks
BRITANNIA (PREVIOUS CLOSE: 3769) SELL
For today’s trade, short position can be initiated in the range of ₹4000-4030 for the target of Rs.3900 with a strict stop loss of ₹4080.
GRASIM (PREVIOUS CLOSE: 1636) BUY
For today’s trade, long position can be initiated in the range of ₹1620-1636 for the target of Rs. 1674 with a strict stop loss of ₹1608.
TATAMOTORS (PREVIOUS CLOSE: 398) BUY
For today’s trade, long position can be initiated in the range of ₹394- 398 for the target of Rs. 412 with a strict stop loss of ₹390.
In cryptocurrencies, Bitcoin price today, which is the world's largest and most popular cryptocurrency, was trading about 2% higher at $19,548. The global crypto market cap today remained below the $1 trillion mark, even as it was up over a per cent in the last 24 hours at $979 billion, as per CoinGecko. (Read More)
Indices lost more than a per cent on Tuesday as investors remain vigilant and looked for signs of economic recession. India's exports shrink by 3.52% to $32.62 billion in September as against $33.81 billion in the same month in 2021. The trade deficit also widened to $26.72 billion. (Read More)
The Nifty could open with a gap Tuesday, early morning data from Singapore Exchange (SGX) indicates. Short covering by FPIs, who hold 87% bearish index futures positions, could aid the possible bounce back. Covering a short position involves buying it back, which raises the security's price. (Read More)
The Indian rupee is tipped to open higher against the dollar on Tuesday after Treasury yields plunged following data that showed a further slowdown in U.S. manufacturing activity.
The rupee is expected at around 81.55-81.60 per U.S. dollar in early trading, up from 81.8725 in the previous session.
The local unit on Monday yet again had threatened to slip below the 82 level, likely prompting the Reserve Bank of India to step in. It was the third instance in the last four sessions that rupee has dropped to near 82. The record low on rupee is 81.95, reached last Wednesday. (Reuters)
Small-cap stock with a market cap of ₹637 crore has been hitting the upper circuit for the last three successive days in a row. The chemical and healthcare stock first hit the 5 per cent upper circuit on 29th September 2022. It further hit the upper circuit on 30th September 2022 and 3rd October 2022. Vikas Lifecare shares are in news for attracting the interest of foreign institutional investors (FIIs). During April to June 2022 period, a good number of FPIs ((Foreign Portfolio Investors) made investments in this small-cap company. Those FPIs include Forbes EMF, Nomura Singapore, BNP Paribas Arbitrage and AG Dynamics Funds. (Read More)
The three day initial public offering (IPO) of Electronics Mart India (EMIL) will open for public subscription on Tuesday and will conclude on October 7, 2022, with the price band at ₹56-59 per share. The initial share sale consists of a fresh issue of equity shares aggregating to ₹500 crore, with no offer for sale (OFS) component.
As per market observers, Electronics Mart India shares are commanding a premium or grey market premium (GMP) of ₹31 in the grey market today. The company's shares are expected to list on stock exchanges on Monday, October 17, 2022. (Full Story)
The credit quality of India Inc continued to strengthen in the first half of the current financial year, carrying on with the momentum set in motion since the beginning of the financial year 2021-22, rating agency ICRA said on Monday.
In the first half of the financial year 2022-23 as also in the financial year 2021-22, instances of rating upgrades by ICRA were over three times that of downgrades.
With ICRA upgrading the ratings of 18 per cent of its portfolio entities in H1 FY2023 on an annualised basis (and prior to that an equally high 19% in FY2022), the upgrade rate reflected a significant mark-up over the past 5-year and the past 10-year average of 11%. (ANI)
Adani Renewable Energy Holding Four Limited has incorporated three new subsidiary companies for renewable energy business.
In a statement on Monday, Adani Green Energy Ltd (AGEL) said Adani Renewable Energy Holding Four Limited is its own subsidiary and the newly incorporated entities are its step-down subsidiaries.
"Adani Renewable Energy Holding Four Limited has incorporated 3 new subsidiaries. The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy," it said. (PTI)
The rupee fell by 42 paise to close at 81.82 against the US dollar on Monday, snapping its two-session gaining streak as heavy selling in domestic equities and a spike in crude oil prices weighed on the local unit.
Besides, a stronger greenback against key rivals and weak macro data put pressure on the domestic currency, forex dealers said.
At the interbank foreign exchange market, the local currency opened weak at 81.65, fell further to 81.98 against the American currency.
It finally ended at 81.82, down 42 paise over its previous close. In the previous session, the rupee settled at 81.40 against the greenback. (PTI)
FMCG firm Marico Ltd on Monday said its India business posted low single-digit volume growth in the second quarter of the ongoing fiscal.
In a quarterly update, the company said demand sentiment in India trended on similar lines as the preceding quarter during most of the second quarter, with some signs of positivity in the last month.
"With retail inflation holding firm, downtrading in rural (areas) was still prevalent during the quarter. Urban and premium discretionary segments continued to fare better," it said in a regulatory filing.
The company's flagship Parachute coconut oil recorded low single-digit volume decline although "the brand witnessed improving trends towards the end of the quarter aided by the enhanced value proposition in the prevailing soft copra price environment". (PTI)
India's economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021, a top UN agency projected on Monday, citing higher financing cost and weaker public expenditures.
India’s GDP will further decelerate to 4.7 per cent growth in 2023, according to the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022.
“India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit, and growth decelerated," the report said. (PTI)
State-run oil companies may not immediately lift the six-month long freeze on daily pricing of automobile fuel rates despite nearly 30% plunge in average international prices of petrol and diesel from the June peak as they work towards recovering their past revenue losses, four people said.
According to official data, India’s average crude oil import price fell by about 22% to $90.71 a barrel in September compared the June peak of $116.01. Product prices fell even sharply. While average petrol price plunged 37% from $148.82 a barrel in June to $93.78 in September, in case of diesel the fall is 28% to $123.36 per barrel in September compared to $170.92 a barrel in June. (Full Story)
The country's exports shrink by 3.52% to $32.62 billion in September as against $33.81 billion in the same month in 2021, while the trade deficit widened to $26.72 billion, as per the preliminary data released by the commerce ministry today.
Whereas imports during September grew by 5.44% to $59.35 billion as against $56.29 billion in September last year. (Read More)
Wall Street soared to its best day in months Monday in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won't have to be so aggressive about hiking interest rates.
The S&P 500's leap of 2.6% was its biggest since July, the latest swing for a scattershot market that’s been mostly falling this year on worries about a possible global recession. Wall Street's main measure of health was coming off its worst month since the coronavirus crashed markets in early 2020 and is still down nearly 23% for the year.
The Dow Jones Industrial Average jumped 2.7%, and the Nasdaq composite gained 2.3% in Monday's widespread rally that swept the vast majority of U.S. stocks higher.
Stocks took their cue from the bond market, where yields fell to ease some of the pressure that's been battering markets this year. The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, fell to 3.64% from 3.83% late Friday. It got as high as 4% last week after starting the year at just 1.51%. (AP)
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