Latest Stock Market News

Promoters held 74.36 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 14.66 per cent and 3.71 per cent, respectively.

A total of 1,845 shares changed hands on the counter till 01:34PM (IST).

The initial public offer (IPO) of Kolkata-based Senco Gold is set to open on Tuesday, July 4, 2023

On the technical charts, the RSI of the stock stood at 53.71.

Shares of Suzlon Energy surged 10% to Rs 17, extending its winning streak for the sixth consecutive session. In the past six sessions, the stock has gained 24%, and it has risen 47% in the last month and over 175% in the past year. ICICI Securities expects Suzlon Energy to benefit from favorable industry factors and anticipates a significant increase in earnings from FY24 onward. The brokerage firm has initiated a buy rating on the stock with a target price of Rs 22, reflecting a 32% upside potential.

Low PE stocks are considered as value stocks, which are best suited for long-term investment horizons.

“Pre-Covid most of the pharma stocks rallied and the same was the case with Biocon and then it has done nothing in the last two years. So if I have to look at in terms of market cap, the stocks look cheap but in terms of valuation, it looks fully valued at current levels as well. I do not see any major upside happening in Biocon.”

The Relative Strength Index of the stock stood at 55.12 on Monday.

The stock quoted a 52-week high of Rs 54262.3 and a 52-week low of Rs 34968.6.

Morgan Stanley has resumed its overweight rating on HDFC Bank and set a target price of Rs 2,110. The brokerage firm expects loan growth and EPS growth to be around 17-18% YoY after FY24. They believe that the stock is available at an attractive valuation and trades at a discount to its historical mean. The analysts also highlight key drivers for the stock, including strong trailing investments, sustained deposit market share gains, steady margin trends, strong asset quality, and operating leverage. They expect re-rating over the next year as profitability and loan growth improve.