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Stock Market Highlights: Nifty 50 fails to hold 19,000, Sensex falls 250 points; Rupee falls to record low vs dollar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex ended in the red today, November 1, 2023. Nifty 50 ended below 19,000, while Sensex fell 250 points at close. Nifty Bank too closed in the red at 42,700. The market awaits the US Fed’s interest rate decision, which will be announced on Wednesday night. 

Stock Market Highlights | Indian benchmark indices Nifty 50 and Sensex ended in the red today, November 1, 2023. Nifty 50 ended below 19,000, while Sensex fell 250 points at close. Nifty Bank too closed in the red at 42,700. The market awaits the US Fed’s interest rate decision, which will be announced on Wednesday night.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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From Reliance Industries to SBI: Here are 12 Diwali picks from JM Financial

bse diwali
With the final few days of the current Samvat ongoing, the Nifty 50 has gained nearly 8% from Mahurat trading of 2022 till date.
As is the norm every year, brokerage firms have begun coming out with stock picks for investors for the upcoming Samvat. In this list, we bring to you 12 stocks recommended by JM Financial Services. These 12 stocks range from index heavyweight Reliance Industries, SBI and other such names. Here’s a look at each one of them in greater detail.
JM Financial’s Diwali Picks Price Target Potential Upside
Reliance Industries ₹2,700 16.76%
State Bank of India ₹665 17.66%
Larsen & Toubro ₹3,430 17.21%
Titan ₹3,650 17.12%
Sun Pharma ₹1,300 16.57%
Hindustan Aeronautics ₹2,230 21.55%
Ashok Leyland ₹200 19.08%
Coforge ₹5,920 18.67%
SJVN ₹80 14.86%
Sapphire Foods ₹1,560 21.54%
Go Fashion India ₹1,540 23.24%
STYLAM Industries ₹2,070 21.55%
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JM Financial believes that concerns around Reliance’s net debt are overdone. It expects the company could deliver a 14% – 15% Earnings per Share Compounded Annual Growth Rate (CAGR) over the next 3-5 years. JM Financial also expects Jio’s ARPU to rise 10% CAGR over financial year 2023-2028. “Reliance Retail is India’s largest retailer and aids well to the overall business mix,” the note said. The company completing a major petrochemical expansion should also significantly increase its free cash flow potential. JM Financial has a price target of ₹2,700 on Reliance Industries.
India’s largest lender’s core fundamentals continue to remain stable with sustained margins and controlled credit costs. All these factors, according to JM Financial, should continue to drive momentum in SBI’s shares. “SBI is one of the best PSU Bank franchises, with a strong CASA and digital banking platform,” JM Financial said. It expects SBI to continue to see strong traction in retail and SME segments. Domestic loan growth has slowed a bit and SBI, in the interim, has increased its focus on the overseas loan book. The brokerage has a price target of ₹665 on SBI.
Larsen and Toubro, L&T share price
JM Financial believes that L&T is well positioned to benefit from sustained momentum in government funded domestic infrastructure projects and order inflow from the middle east, along with a pick-up in private capex, aided by the government’s push on manufacturing. Additionally, potential sale / financing of non-core power, road and metro projects should aid balance sheet improvement and return ratios. “Order win prospects remain strong led by sustained push in infrastructure, renewed vigour in defence procurement and recovery in industrial capex,” the brokerage wrote. It expects L&T to report an Earnings per Share CAGR of 27% over financial year 2023-2025. JM Financial has a target of ₹3,430 on the infrastructure and construction conglomerate.
Titan, Titan bse, Titan shares, Titan Q3, Titan Jewellery, Titan Eye Plus, Caratlane
Titan’s management has guided for jewellery revenue to grow by 2.5 times in five years and consumer spends in watches and wearables crossing ₹10,000 crore in financial year 2026. JM Financial believes that the company will be able to meet both its targets. Additionally, the brokerage also expects Caratlane to emerge as a key value driver over time, comprising over 10% of the Jewellery segment. “We remain confident of high-teens earnings trajectory continuing for the Bengaluru-based company in the medium-term, given the strong execution,” JM Financial said. Any slowdown in discretionary spending, demand due to high inflation are key risks. JM Financial has a price target of ₹3,650 on Titan.
Sun Pharma’s domestic market leadership, specialty scale-up, strengthening balance sheet and improving margin and return profile clearly support a case for the stock to trade at a premium to its historical trading ranges, according to JM Financial. Despite the higher R&D costs, the brokerage expects Sun Pharma’s margin to remain above 27%. Growth in the specialty business is likely to be led by Ilumya, Cequa and Levulan. Sun Pharma is JM Financial’s top pick within the sector. Any change in the regulatory landscape, price erosion, delay in key launches are some key risks. JM Financial has a target of ₹1,300 on Sun Pharma.
Hindustan Aeronautics is in a sweet spot to benefit from a long-term demand opportunity courtesy of its monopoly-like position in the domestic defence aerospace sector, according to JM Financial. It expects the company to be a key beneficiary of changing structural trends in the Indian defence sector. “We believe HAL is well placed to tap growth with its focus on strengthening its R&D and its recent pact with GE Aerospace and France-based Safran Aircraft Engines augers well,” the note said. Stiff competition, delay in order execution and slower pace of order intake are some key risks for the stock. Any delay in passing over costs due to higher input costs would add pressure to margins, according to JM Financial. The brokerage has a price target of ₹2,230 on the stock.
JM Financial expects Ashok Leyland to be a key beneficiary of the expected traction in the domestic Commercial Vehicle industry, driven by traction in the macro economy. The company is aiming for a higher share in MHCVs to nearly 35% led by network expansion in North and East India and by addressing product gaps. “Softening commodity cost, higher operating leverage and cost control initiatives will support profitability,” the brokerage said. JM Financial has a price target of ₹200 on Ashok Leyland.
Coforge aims to double its annual revenue run-rate within the next five years and is becoming a credible challenger in its focus areas – Risk and compliance, card and payments in BFS. “This shows up in deal wins against larger incumbents,” JM Financial said. However, the brokerage has moderated its financial year 2024-2025 EPS estimates by 14% and 6% due to higher ESOP expenses and expectations of a more gradual uptick in margins. Despite that, it sees Coforge’s earnings visibility to be one of the highest in the sector. “We therefore shed our conservative stance that mid-caps should necessarily trade at a discount to their larger peers,” JM Financial said. The brokerage has a price target of ₹5,920 on Coforge.
SJVN’s total generation is set to triple in financial year 2026, according to JM Financial. It is also fast-expanding its footprint in the field of renewables and aims to add 1-1.5 GW capacity annually for its renewable endeavours. The company also has an ambitious target of achieving 19 GW Solar Capacity by 2040, which will constitute 39% of its total installed capacity. JM Financial has a price target of ₹80 for SJVN. The stock is up 102% so far in 2023, which is the first time that it has doubled in a calendar year as a public company.
Sapphire Foods operates in two key QSR sub-segments through its KFC and Pizza Hut stores. The company has taken several initiatives over financial year 2019-2022to right-price its menu, right-size its stores, higher menu innovations and scale-up the omni-channel to improve the price-value equation and better the store economics. “The fruits of these measures are now visible with a decisive turnaround in Pizza Hut profitability and an even stronger KFC business,” JM Financial wrote. For the medium-term, the management is confident of Same-Store-Sales Growth between 5% and 7%. JM Financial sees a potential upside of 21% in Sapphire Foods.
JM Financial believes that Go Fashion is way ahead of the pack in the bottom-wear space and its overall revenue trajectory is likely to remain ahead of its peers. “We believe near-term issues are transient in nature and the company’s capabilities remain strong, which will ensure it stays ahead of the pack,” the brokerage wrote. The company is also on track to achieve its financial year 2024 guidance with pace of store expansion remaining healthy. Favourable product mix and better channel mix will continue to drive gross margins, according to the brokerage. JM Financial expects a 23% upside in Go Fashion India.
JM Financial expects the global decorative laminate market to grow from $45.55 billion in 2022 to $71 billion by 2030 with India gaining market share in exports. Stylam Industries has surpassed industry growth in a significant way by increasing the value-added products in its mix, particularly the hot coating products. “Stylam is gaining market share in both domestic and export markets and we expect this trend to continue,” the brokerage said in its note. It sees scope for the company to expand its geographic reach, deepen its market penetration in the existing domestic and export markets, which will offer good revenue growth visibility. Valuations are inexpensive, according to JM Financial, who has a price target of ₹2,070 on the stock.

Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.

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Chinese stocks see record monthly streak of foreign fund exodus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Excluding China, foreign investors dumped shares worth nearly $11 billion in October, taking the three-month sell-off to well over $27 billion.

Chinese stocks saw another month of foreign capital exodus as overseas funds offloaded 44.8 billion yuan ($6.1 billion) worth of mainland shares in October. The month saw only three days of inflows even as authorities ramped up support, with the sovereign fund buying banking stocks and exchange-traded funds.

The three-month selling streak, a record, amounts to 172 billion yuan and threatens to turn this year’s flow into negative territory. If that happens, it would be the first time China saw an annual outflow since the second mainland-Hong Kong trading link opened in late 2016.

Emerging markets have seen foreign fund outflows in October amidst rising geopolitical tensions in the Middle East and bond yields in the US. Excluding China, foreign investors dumped shares worth nearly $11 billion in October, taking the three-month sell-off to well over $27 billion.

This is the longest bout of selling from foreign investors since last June when the Fed raising interest rates and lockdowns in major Chinese cities spooked investors.

After turning net sellers for the first time in six months in September, Foreign Portfolio Investors continued to remain net sellers in Indian equities during the month of October as well.

FPIs pulled out over $2.5 billion from Indian equities in October, taking the outflows over a two-month period to over $5 billion. Foreign funds have also pulled out a record $4 billion from Taiwan in October.

“We are still keeping a cautious view, because we think that earnings estimates for 2024 are too high” in Asia, said Luca Castoldi, a hedge fund manager at Reyl Group. US growth will not be strong in 2024 and the effect of higher rates is being felt across sectors, he added.

China’s factory activity fell back into contraction in October, data released Tuesday showed. Investors are also looking ahead to the Federal Reserve’s policy decision and the US Treasury Department’s new borrowing plan later this week.

(With Inputs From Agencies.)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US President Jo Biden to meet Chinese leader Xi Jinping in San Francisco this month

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

It will be the first time Biden and Xi have spoken since they met in November 2022 at the Group of 20 summit in Bali, Indonesia.

US President Joe Biden will meet with Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco on November 15.

The confirmation by White House press secretary Karine Jean-Pierre follows months of work between the two countries to set up a sit-down for the two leaders around the APEC meeting – though the official acknowledgement appeared to happen almost by mistake during the daily White House press briefing. AFP News Agency on November 9 confirmed that the meeting would take place on November 15.

Jean-Pierre was asked why a formal announcement had not yet been finalised and disputed the premise of the question.

“The president said he’s looking forward to meeting with President Xi, and so, not going to get into details about this meeting that’s going to happen in this — tomorrow’s November — next month,” Jean-Pierre said. “It’s going to be in San Francisco. It’s going to be a constructive meeting. The president’s looking forward to it.”

Pressed further, Jean-Pierre backed away slightly, saying the US was “aiming to have a constructive conversation, meeting between the leaders in San Francisco in November.” But later, she conceded that the meeting was “going to happen.”

The Chinese embassy did not immediately respond to a request for comment.

The two sides agreed in principle to a meeting between Biden and Xi following a visit in October by Chinese Foreign Minister Wang Yi, according to an American official at the time, but held off on an announcement as they worked to finalize the details.

The agenda for the Biden-Xi meeting is likely to span issues including disputes over their economic and technological ambitions, disagreements over Taiwan, human rights, as well as broader geopolitical issues such as Russia’s invasion of Ukraine and the Israel-Hamas war. The US has pushed China to use its ties with Iran to keep the conflict from escalating and drawing in other countries and groups in the Middle East.

Biden administration officials had been eager to announce a face-to-face meeting between the leaders of the world’s two largest economies. It will be the first time Biden and Xi have spoken since they met in November 2022 at the Group of 20 summit in Bali, Indonesia. That meeting saw a short-lived thaw between the leaders as new tensions rose in the bilateral relationship.

Relations hit a new low in February after the US military shot down an alleged Chinese spy balloon and virtually all channels of communication were cut off. The relationship has improved since then, due in part to a series of visits by US Cabinet officials to Beijing and working groups to address technology and economic issues.

Still, the countries are at odds over a number of issues and Chinese officials discussions’ with the US have been increasingly focused on economic issues such as US technology sanctions. Biden is restricting the export of advanced semiconductor and chipmaking technologies to China and seeking alternative sources for critical minerals — the natural resources needed for high-tech manufacturing.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

ICC Cricket World Cup 2023: Abdullah Shafique replicates Babar Azam’s 2019 World Cup campaign

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Abdullah Shafique scored yet another 50+ in the ICC Cricket World Cup 2023, in the match against Bangladesh at the Eden Gardens in Kolkata. With Pakistan’s two more group stage matches remaining, Shafique has smashed a century and three centuries in the six matches that he has played in the tournament.

Pakistan would have breathed a sigh of relief, following their win against Bangladesh in the ICC Cricket World Cup 2023, after four losses on the run at the hands of India, Australia, Afghanistan and South Africa. They had a solid start to their campaigns with wins over Sri Lanka and The Netherlands. 

In their win against Bangladesh, Fakhar Zaman, who made a return to the playing XI, replacing Imam Ul Haq played a blistering innings of 81 runs off 74 balls that included three fours and seven sixes. His opening partner Abdullah Shafique also played a knock of 68 runs off 69 balls as the two openers formed a 128-run partnership for the first wicket.

Abdullah Shafique has been consistent throughout the tournament hitting 50+ scores four times (three fifties, one century) in six matches. He was given an opportunity in place of Fakhar Zaman in Pakistan’s second match of the campaign as they faced Sri Lanka. 

He scored his maiden century in that game, opening alongside Imam to provide a strong start on the back of which Muhammad Rizwan scored an unbeaten century to chase the highest successful chase of 345 runs in the history of the World Cup at the Rajiv Gandhi International Stadium in Hyderabad. 

Following his maiden century he also scored two consecutive half centuries against Australia and Afghanistan, hitting 64 and 58 runs, respectively–both in losing causes. 

ALSO READ: 10 leading run scorers in World Cup 2023: Quinton De Kock remains at the top, Rohit Sharma moves to fourth

With three half centuries and a century, he cloned Pakistan skipper Babar Azam’s stats in the 2019 World Cup. Babar also smashed a century and three half-centuries in the quadrennial event held in England and Wales in 2019. Babar scored only 

However, in this edition of the tournament, Babar Azam has managed to score 50+ runs only once in seven innings. He just needs to revisit his innings in the last World Cup, to get some big runs. 

Meanwhile, in Shafique, Pakistan has found a quality opener who has been reliable and has shown maturity more often than not to become one of the finds of the tournament.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?