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L&T Construction awarded Rs 2,500 to 5,000 cr multiple orders for its Heavy Civil Infrastructure Business
L&T Construction awarded Rs 2,500 to 5,000 cr multiple orders for its Heavy Civil Infrastructure Business
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Jefferies downgraded GAIL India to underperform with a target price of Rs 105. The June quarter was a weak print with misses in transmission and Petchem compensated by a beat in trading. Elevated gas costs should cap Ebitda growth in transmission. Petrochemicals and LPG will drag on weak pricing. The risk-to-reward ratio is unfavorable.
Jefferies downgraded GAIL India to underperform with a target price of Rs 105. The June quarter was a weak print with misses in transmission and Petchem compensated by a beat in trading. Elevated gas costs should cap Ebitda growth in transmission. Petrochemicals and LPG will drag on weak pricing. The risk-to-reward ratio is unfavorable.
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EARNINGS IMPACT | Power Grid on Monday reported a 5% YoY fall in consolidated net profit to Rs 3,597 crore in the first quarter. It was Rs 3,801 crore in the year-ago period. The company's Board has also recommended issue of bonus shares in the ratio of 1:3. This means, for every three shares investors hold, they will get one additional share.
EARNINGS IMPACT | Power Grid on Monday reported a 5% YoY fall in consolidated net profit to Rs 3,597 crore in the first quarter. It was Rs 3,801 crore in the year-ago period. The company's Board has also recommended issue of bonus shares in the ratio of 1:3. This means, for every three shares investors hold, they will get one additional share.
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The resilience of the mother market US, where the rally is spreading to the broader market, is supporting global markets. But the rally is stretching valuations beyond comfort levels. Sensex is now trading at 25 times trailing one-year earnings. It is important to note that the rally is driven by PE expansion, not commensurate earnings growth. The FY 24 Q1 earnings growth is muted except in banking and refineries. Results indicate that rural demand is yet to pick up in a meaningful manner.Even though Indian economy is in a sweet spot and it makes sense to remain invested, investors should be cautious in their fresh investment, particularly in chasing low grade small-caps.
The resilience of the mother market US, where the rally is spreading to the broader market, is supporting global markets. But the rally is stretching valuations beyond comfort levels. Sensex is now trading at 25 times trailing one-year earnings. It is important to note that the rally is driven by PE expansion, not commensurate earnings growth. The FY 24 Q1 earnings growth is muted except in banking and refineries. Results indicate that rural demand is yet to pick up in a meaningful manner.Even though Indian economy is in a sweet spot and it makes sense to remain invested, investors should be cautious in their fresh investment, particularly in chasing low grade small-caps.
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Brookfield signs MoU with Reliance Industries for onshore renewable power and decarbonization equipment manufacturing in Australia.
Brookfield signs MoU with Reliance Industries for onshore renewable power and decarbonization equipment manufacturing in Australia.
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Sensex Live: Opening Bell: Sensex starts on positive note, Nifty holds 19,750; Suzlon jumps 5%, Power Grid drops 4%
Sensex Live: Opening Bell: Sensex starts on positive note, Nifty holds 19,750; Suzlon jumps 5%, Power Grid drops 4%
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Markets may start with steady gains in early Tuesday trades as gains in the overnight US markets and positive trend in other Asian indices is likely to aid sentiment. The 2-biggest positive catalyst fuelling optimism are Chinese stimulus signals and higher probability of a soft landing of the US economy. Auto stocks will be in radar as July sales numbers will be announced today, while investors will also eye the Manufacturing PMI data for July to be released later in the day. Technically, the confirmation of strength can only be seen if Nifty closes above the 19887 mark. On the other hand, Bank Nifty’s biggest inter week hurdle is seen at 46370 mark.
Markets may start with steady gains in early Tuesday trades as gains in the overnight US markets and positive trend in other Asian indices is likely to aid sentiment. The 2-biggest positive catalyst fuelling optimism are Chinese stimulus signals and higher probability of a soft landing of the US economy. Auto stocks will be in radar as July sales numbers will be announced today, while investors will also eye the Manufacturing PMI data for July to be released later in the day. Technically, the confirmation of strength can only be seen if Nifty closes above the 19887 mark. On the other hand, Bank Nifty’s biggest inter week hurdle is seen at 46370 mark.
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Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era. The latest positive development was the Eurozone's inflation slowing for the third consecutive month in July, coming in at 5.3%, in line with market predictions. Moreover, the euro zone economy grew by 0.3% during the June quarter, according to preliminary estimates, slightly surpassing market expectations.
Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era. The latest positive development was the Eurozone's inflation slowing for the third consecutive month in July, coming in at 5.3%, in line with market predictions. Moreover, the euro zone economy grew by 0.3% during the June quarter, according to preliminary estimates, slightly surpassing market expectations.
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Closing Bell: Sensex resumes rally after 2-day break, gains 367 pts; Nifty above 19,750; NTPC jumps 4%, TechM 3%
Closing Bell: Sensex resumes rally after 2-day break, gains 367 pts; Nifty above 19,750; NTPC jumps 4%, TechM 3%
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UPL Q1 Results: PAT at Rs 102 cr vs ET NOW poll of Rs 463 cr; Revenue at Rs 8,963 cr vs ET NOW poll of Rs 10,429 cr
UPL Q1 Results: PAT at Rs 102 cr vs ET NOW poll of Rs 463 cr; Revenue at Rs 8,963 cr vs ET NOW poll of Rs 10,429 cr
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Bharat Forge acquires 26% stake in Ratnakar Energy Private by J S Auto Cast Foundry India Private Limited; stock jumps over 3%
Bharat Forge acquires 26% stake in Ratnakar Energy Private by J S Auto Cast Foundry India Private Limited; stock jumps over 3%
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Bharti Airtel prepays Rs 8024 crore to clear high cost deferred liabilities for spectrum acquired in 2015
Bharti Airtel prepays Rs 8024 crore to clear high cost deferred liabilities for spectrum acquired in 2015
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Laxmi Organic Industries approves capital expenditure of Rs 710 crore for setting up new manufacturing site at Dahej
Laxmi Organic Industries approves capital expenditure of Rs 710 crore for setting up new manufacturing site at Dahej
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Shares of NTPC on Monday climbed 3% to reach its 52-week high level after the company posted over 23 per cent rise in consolidated net profit in the April-June quarter of 2023-24. The stock jumped 3 per cent to hit its 52-week high of Rs 216.45 on the BSE.
Shares of NTPC on Monday climbed 3% to reach its 52-week high level after the company posted over 23 per cent rise in consolidated net profit in the April-June quarter of 2023-24. The stock jumped 3 per cent to hit its 52-week high of Rs 216.45 on the BSE.
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Natural gas distributor GAIL rose to a near five-year high after UBS double-upgraded the stock to "buy" from "sell", citing revenue gains due to revision in tariffs.
Natural gas distributor GAIL rose to a near five-year high after UBS double-upgraded the stock to "buy" from "sell", citing revenue gains due to revision in tariffs.
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Reserve Bank of India wants Kotak Mahindra Bank to pick an outsider as next chief executive (Source: Bloomberg)
Reserve Bank of India wants Kotak Mahindra Bank to pick an outsider as next chief executive (Source: Bloomberg)
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Power Mech Projects bags a Mine Development & Operation Project worth Rs 30,438 crore from Steel Authority of India; stock surges 11%
Power Mech Projects bags a Mine Development & Operation Project worth Rs 30,438 crore from Steel Authority of India; stock surges 11%
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Gland Pharma shares opened nearly 8% higher after the US drug regulator concluded an inspection at the comapny's Visakhapatnam facility with zero 483 observations
Gland Pharma shares opened nearly 8% higher after the US drug regulator concluded an inspection at the comapny's Visakhapatnam facility with zero 483 observations
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“Markets may start on a flat note in Monday trades amid sluggishness in the Gift Nifty index, but an uptick in other Asian indices could revive the sentiment in later trades. The market is already in an overbought zone and hence the preferred theme could be consolidation in the near term. Also, the ongoing corporate earnings have been a mixed bag, indicating how the weak global economic macros and higher inflation levels are weighing on the companies. Traders may also exercise caution ahead of the next week's RBI credit policy, although expectations of a status quo on key rates are high. Technically, the positive takeaway, however, is that the Nifty is holding above its make-or-break support at 19561 mark.
“Markets may start on a flat note in Monday trades amid sluggishness in the Gift Nifty index, but an uptick in other Asian indices could revive the sentiment in later trades. The market is already in an overbought zone and hence the preferred theme could be consolidation in the near term. Also, the ongoing corporate earnings have been a mixed bag, indicating how the weak global economic macros and higher inflation levels are weighing on the companies. Traders may also exercise caution ahead of the next week's RBI credit policy, although expectations of a status quo on key rates are high. Technically, the positive takeaway, however, is that the Nifty is holding above its make-or-break support at 19561 mark.
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