J Kumar Infraprojects bags order:
J Kumar Infraprojects has received Letter of Acceptance from Brihanmumbai Municipal Corporation, for design, build and commissioning of priority sewer tunnel-Phase I from Don Bosco to New Malad IPS with segment lining method in Mumbai.
The project cost is Rs 571.01 crore. J Kumar lnfraprojects in joint venture with Michigan Engineers bagged this project with 60:40 proportion.
BSE Realty index gained 1 percent led by the Macrotech Developers, Godrej Properties, Prestige Estates Projects
Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services:
Nifty opened flat and has been inching to higher levels but has been trading in a range. The index has surpassed the 20 DEMA and is sustaining at higher levels which indicates strength. Any dip towards lower levels of 15735 can be utilized as a buying opportunity.
India VIX is has cool off a bit and is at 20 level. However it needs to cool down below 18 level for stability and a directional move in the market.
Now till it holds below 15735 zone we can expect move towards 16000 and 16161, whereas support at placed 15735 and 15650. Market breadth is positive which indicates that there support based buying at lower levels.
BSE Fast Moving Consumer Goods index added 1 percent led by the Jyothy Labs, Bectors Food Specialities, Godrej Consumer Products
CLSA View On Maciro
Global research firm CLSA has maintained its 'underperform' rating on the stock with target at Rs 530 per share.
"Lower commodity costs aid margin but weak demand outlook is a concern," the brokerage firm said.
"We see its India revenue declining in low single digits while international constant currency revenue is likely to grow in the high teens," it added.
"Gross margin is likely to see a YoY recovery but should stay flat QoQ," CLSA said.
Gold Price Updates:
Gold hovered near a fresh seven-month low on Wednesday, with the dollar perched at a two-decade peak, as investors continued to snub bullion and look to the greenback for safety amid growing anguish over a worsening global economic outlook.
Spot gold was last up 0.1% at $1,766.54 per ounce at 0623 GMT, after it dipped to $1,762.45, its lowest since mid-December. U.S. gold futures firmed 0.1% to $1,764.60.
Market at 1 PM
Benchmark indices extended the gains and trading at day's high with Nifty around 15950.
The Sensex was up 574.61 points or 1.08% at 53708.96, and the Nifty was up 164.50 points or 1.04% at 15975.40. About 1572 shares have advanced, 1423 shares declined, and 126 shares are unchanged.
Mahindra Lifespaces launches project in Pune
Mahindra Lifespace Developers through its wholly owned subsidiary, Mahindra Bloomdale Developers Ltd, today launched Pune’s first Biophila-inspired homes in Pimpri.
Mahindra Lifespace Developers was quoting at Rs 426.35, down Rs 6.30, or 1.46 percent.
CLSA keeps sell rating on Bajaj Finance
Brokerage house CLSA has kept sell rating on Bajaj Finance and cut target to Rs 5,000 from Rs 6,000 per share.
The growth has slowed from pre-covid levels. The Q1 is a seasonally a strong quarter for company & it used to grow 10%+ QoQ.
AUM growth will sustainably slow down given its large customer base, reported CNBC-TV18.
GAIL to invest in start-ups operating in focus areas
In a bid to support the Start-Ups operating in identified Focus Areas, GAIL (India) Limited plans to invest in such companies through its Start-Up initiative 'Pankh'.
GAIL has now opened a fresh round for solicitation of Investment Proposals from the it Start-Ups operating in focus areas which mainly includes Natural Gas, Petrochemicals, Energy, Project Management, Logistics, Electric Mobility, Bio Manure Marketing, Nano
Materials, IoT and Data Mining, Environment, Health and Social, etc., company said in its release.
GAIL India was quoting at Rs 132.35, down Rs 1.55, or 1.16 percent on the BSE.
IndusInd Bank partners with MoEngage
IndusInd Bank today announced a strategic partnership with MoEngage, the insights-led customer engagement platform to deliver a differentiated digital experience across multiple customer journeys.
As part of the partnership, Induslnd Bank will leverage MoEngage’s technology platform to deliver ‘Gen Z’ digital banking experience to its customers. The Bank will be able to curate personalized content & recommendations across channels where the customers spend most of their time.
IndusInd Bank was quoting at Rs 830.55, up Rs 6.60, or 0.80 percent.
HUL, Britannia, Godrej Consumer rise as crude palm oil prices sink
Crude palm oil futures on international exchanges have nosedived more than 35 percent in the past few weeks
Market LIVE Updates: Nifty around 16,000, Sensex gains 500 pts led by auto, financials - Moneycontrol
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