Latest Stock Market News

Nifty Midcap100 stocks have made a significant recovery from their 52-week lows, attracting investors seeking potential opportunities. Tube Investments of India has recovered impressively from Rs 1,457.60 to Rs 3,000, showing its ability to bounce back. Apollo Tyres has rebounded to Rs 408.05 from its 52-week low of Rs 167.1, displaying market confidence in its growth prospects. Similarly, CG Power and Industrial Solutions, Indian Bank, Power Finance Corporation, Aditya Birla Capital, and BHEL all have experienced significant recoveries from their respective 52-week lows.

Jefferies has given a target of Rs 2,680 to JB Pharmaceuticals,respectively based on 20x June-25 EV-EBITDA valuations, due to its dominance in cardiac and gastro therapies and successful life cycle management of brands. The company has a 15% higher valuation than its peer, Torrent Pharma, due to superior financials. Alongside the strong brand position, JB exports to over 40 countries using innovative technology. Jefferies believes JB Pharma will emerge as one of the fastest-growing mid-sized companies with a 12/17%/20% growth in revenue/EBITDA/PAT CAGR over the next three years.

The 200 Simple Moving Average (SMA) is a widely followed technical indicator used by traders and investors. Three stocks that have recently crossed their 200 SMA on 19 June 2023 - Bank Of India, Delhivery, and Bata India - have potential bullish signals. The ability to sustain the current levels may attract further buying interest and fuel upward price movements. Investors and traders will closely monitor the performance of these companies as they showcase potential upside momentum.

The S&P BSE Small-cap index hit a record high in June 2023, indicating momentum in the broader market space, while the S&P BSE Midcap index also hit a record high. Asset allocation is paramount for investors in such an environment; experts suggest allocating 20% of a portfolio to mid and small-cap stocks. Investors should strike a balance between different asset classes based on risk-reward profiles, diversification, and optimizing returns. Large and flexi-cap stocks offer stability, while mid and small-caps provide attractive growth prospects. Prudent investment decision-making and portfolio management can mitigate risks and optimize returns in ever-changing markets.

The Reserve Bank of India has opened the Sovereign Gold Bond Scheme 2023-24 series I for subscription, with a closing date of June 24. The issue will be available in two tranches in FY24; series II opens for subscription on September 11 and closes on September 15, 2023. The bonds are government securities that are redeemed in cash on maturity and carry a sovereign guarantee. Interest will be credited semi-annually to the bank account of the investor at a rate of 2.5%. Investors who subscribe online are offered a discount of Rs. 50 per gram of gold.

Greenchef Appliances has set a price range of INR82-87 ($1.10-$1.17) per share for its initial public offering (IPO), which will run from 23-27 June. It plans to issue more than 61.63 lakh new shares, which at the top of the range would raise INR53.62 crore ($7.18m). Greenchef manufactures and markets kitchen appliances under 20 categories, and has five manufacturing facilities, four in Karnataka and one in Himachal Pradesh. The proceeds of the IPO will be used to fund a range of expenses.

ETMarkets has identified five companies with a market cap of over Rs 5,000 crore that present an intriguing opportunity for investors due to their Golden Crossover formation. The companies include Tata Elxsi, Indigo Paints, Asian Paints, Endurance Technologies, and Bajaj Finance. The Golden Crossover implies a crossover between the shorter-term moving average and the longer-term moving average, indicating a potential bullish trend for the stock. However, investors should evaluate other factors before making investment decisions and consider their individual investment goals, risk tolerance, and long-term strategy as the stock market involves risks.

In its order, Sebi found that IIFL has misused the funds of its credit balance clients for settlement of its proprietary trades as well as the trades of its debit balance clients from April 2011 to June 2014, and the said violations were again noticed during March 2017 inspection for the period of FY 2015-16 and 2016-17.

Shares of ITC have risen by almost 36% this year due to strong operational performance, with Emkay Global expecting more growth. The brokerage initiated coverage with a target price of Rs 525, up 16% from current levels. ITC has undergone steady re-rating over the last year, with Emkay maintaining that value unlocking is possible as the conglomerate seeks alternative structures for its hotels and Infotech divisions. Emkay also expects the K-shaped recovery to amplify and for revenue scale-up across non-cigarettes businesses to boost margins while minimal material capex will be needed for businesses.

​But if you are still at 65% of equity on your portfolio today, then do not be worried about where the market level is. In fact, this is a level where you need to build in and get to your desired 70% allocation.