Latest Stock Market News

The Relative Strength Index of the stock stood at 65.68 on Thursday.

There are a lot of large-cap names that haven’t done much in the entire rally and lots of opportunities available in the large-cap universe.

As of 30-Sep-2023, promoters held 37.98 per cent stake in the company, while FIIs held 31.22 per cent and domestic institutional investors had 10.92 per cent.

Consolidated revenue of RIL is likely to rise 5% YoY to Rs 2.31 lakh crore, but fall about 2% sequentially, according to the average of estimates given by nine brokerage firms.

The stock traded at a P/E multiple of 74.61, while the price-to-book value ratio stood at 9.99.

HUL is expected to report a 6% year-on-year (YoY) growth in net profit to Rs 2,653 crore, on the back of a moderate 1% growth in revenue to Rs 15,378 crore, the average of estimates given by 13 brokerages showed.

Maxposure IPO Allotment: The SME IPO Maxposure received the highest subscription so far in 2024 at nearly 905 times at close. Investors are eagerly awaiting the IPO allotment process for Maxposure. The IPO is a fresh equity issue of 61.4 lakh shares to raise Rs 20.26 crore. The net proceeds will be used for funding expenses, working capital, debt repayment, and general corporate purposes.

Gold has extended decline to 2.62% or Rs 1,659 per 10 grams in 2024. Meanwhile, Silver futures have trimmed this year’s losses to 3.95% or Rs 2,940 from 4.13% or Rs 3,076 per kg in the last five sessions.

ONGC Ltd, an oil & gas stock, has rallied by over 20% in the last 3 months, hitting a fresh 52-week high in January 2024. Short-term traders can buy the stock for a target of Rs 295 in the next 3 months. The stock rose from Rs 186 to Rs 239, a 26% upside in 3 months. It broke out from a multi-year swing high and closed above the Bollinger band on the monthly charts. Investors may consider initiating a position with a target of 295 and a stop loss at 190.

Shailesh Chandra, MD of Tata Motors PV, expects a strong growth rate for EVs in the PV industry, with growth rates moderating from 300% to 200% and then 100%. He believes that slight cannibalisation of demand for Tata Motors EVs is unavoidable but sees Punch EV as a distinct product attracting a new set of customers. In 2024, Chandra predicts that the EV industry will have grown to nearly hundred thousand units. The PV industry is expected to grow by sub 5% in the next financial year.