Latest Stock Market News

Hyundai Motor India is launching a historic IPO on October 15, 2024, aiming to raise Rs 27,000 crore. The IPO, which is the largest in India, involves an offer for sale of 14.2 crore equity shares and features a price band of Rs 1,865 to Rs 1,960 per share.

On the technical charts, the RSI of the stock stood at 40.08.

Promoters held 50.18 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 26.62 per cent and 14.23 per cent, respectively.

Shares of Ola Electric Mobility drop 3% amid regulatory scrutiny from ARAI over unreported price cuts on its S1 X 2kWh model, which may affect subsidies under the PM E-DRIVE scheme. The company offers significant discounts in its ‘BOSS 72-hour Rush’ sale.

A short buildup occurs with rising open interest and volumes, alongside falling prices, indicating traders expect further declines.

The correlation between crude prices and grms actually holds if the increase in crude prices is led by demand strength typically. What is interesting about this crude price rally is it is only driven perhaps by apprehensions about any supply disruptions specifically on the Straits of Hormuz, which is essentially what Iran can actually potentially disrupt.

Reliance Industries is scheduled to report its results for the quarter ended September 2024 on Monday, 14th October.

Neeraj Dewan views the current market pressures, particularly in companies like L&T and IT sectors, as investment opportunities. He emphasizes the importance of upcoming quarterly earnings, guidance from IT firms, and festival season sales for market direction, with a focus on identifying value in midcap as well as smallcap stocks.

The stock traded at a P/E multiple of 10.26, while the price-to-book value ratio stood at 1.34.