Latest Stock Market News

Well, most markets around the world have been strong as you know and when you are that strong, usually something happens to cause the markets to go down.

The stock rose from Rs 161.65 as on 25th April 2023 to Rs 198.65 recorded on 25th July 2023 which translates into an upside of 23% in the last 3 months. The restaurant stock hit a record high of Rs 215 on 18th August 2022 but it failed to hold on to the momentum.

Under the proposed OFS, the government will offload about 7.08 crore equity shares, representing 3.4% equity on Day 1, which is the T day, and in the case of oversubscription, an additional 1.96% stake will be sold.

The stock quoted a 52-week high price of Rs 919.5 and low of Rs 677.85.

Promoters held 0.0 per cent stake in the company as of 30-Jun-2023, while FII and DII ownership stood at 16.45 per cent and 13.13 per cent, respectively.

ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 587516.05 Crore) operating in Tobacco sector.

The first quarter revenue from operations rose 26% YoY to Rs. 832 crore. The earnings before interest, tax, depreciation and ammortisation (EBITDA) rose 25% YoY to Rs. 235 crore in Q1FY24. The EBITDA margin dropped 20 basis points to 28.3%.

Investors should reallocate money from smallcaps to largecaps to reduce portfolio risk, even though the Indian equity bull market is still intact, says Pankaj Murarka, the founder of Renaissance Investment. Murarka believes despite valuations being at an all-time high, corporate profits are also at a record high and in sectors such as defence and railways, there are solid underlying growth tailwinds.

​We had very good numbers out of Meta, the owner of Facebook, this week. So we have got a story here where the top line is a bit better than people were expecting and the corporate sector in the US has been very good at maintaining margins.

Jefferies upgraded Cipla to buy with a target price of Rs 1210. The US performance leads to the beat in Q1 results. The management commentary provides a positive read-through.