Latest Stock Market News

For the new calendar year 2024, the brokerage firm has picked 9 stocks within the broader themes of manufacturing, PSU banks, NBFCs, IT services, and consumption. The nine stocks recommended by Axis are Pitti Engineering, Sansera Engineering, Archean Chemicals, Amber Enterprises, JK Lakshmi Cement, SBI, Manappuram Finance, Cyient, and Westlife Foodworld.

On the technical charts, the 200-day moving average of the stock stood at Rs 496.44.

When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.

The stock quoted a 52-week high price of Rs 44677.1 and a 52-week low of Rs 34968.6.

Ashish Garg says: “Going forward as well, we plan to deploy 70% of the capex in the business of the cash flow and at the same time the primary fundraising will definitely boost this capex. So, going forward, we are adding forging lines. At the same time, we are adding machining lines. But all the capex is fungible.”

​ European shares were marginally higher on Wednesday as robust China data lifted miners, while an overnight Wall Street rally amid persisting optimism the Federal Reserve could begin cutting rates as early as next March helped tech stocks rise

Shanti Spintex IPO, which was completely a fresh equity issue of shares, saw a subscription of 27.38 times at close. The category reserved for non-institutional investors was subscribed the most at 57 times, followed by retail investors at 22 times and institutional investors at 14.34 times.

A total of 210,993 shares changed hands on the counter till 02:05PM (IST).

Promoters held 63.1 per cent stake in the company as of 30-Sep-2023, while FII and DII ownership stood at 27.55 per cent and 2.22 per cent, respectively.

The fundraising plan buoyed investors and saw shares of Adani Green Energy extend the day’s gains. The stock rose 4% and topped Rs 1,600.