Latest Stock Market News

A total of 4,458 shares changed hands on the counter till 12:30PM (IST).

Vedanta Resources, the parent company of Vedanta, in a statement, said it has pre-paid all its maturities tii March 2023 and has deleveraged by $2 billion and hence achieved half of its debt reduction commitment in the first year itself.

Equity markets were muted throughout the month of February as investors turned cautious on expectations that central banks would stay hawkish for longer than expected. Benchmark indices have logged losses for the past eight straight sessions.

Firstly, 2022 can reasonably be described as a year in which nothing could be predicted, the way in which it started and the way in which it ended were two completely extreme opposites. So coming from that seesaw, I think we will be glad for some level of predictability in 2023.

Promoters held 59.45 per cent stake in the company as of 31-Dec-2022, while FIIs owned 22.6 per cent, DIIs 10.27 per cent.

The stock quoted a 52-week high of Rs 1695.0 and a 52-week low of Rs 1387.3.

The brokerage reiterates its BUY rating with a TP of Rs 1,860 (based on ~13x Dec-24 EPS).

“Nifty has fallen to 17300 levels and going forward 17000 levels will act as a crucial support as below that it will slide further till 16700 levels. On the upside 17800/18000 now remains a crucial resistance, hence the range is 17000-18000,” said Jay Thakkar, VP and head of alternate research at Sharekhan by BNP Paribas.

“The banking profit pool this year is upwards of Rs 2 lakh crore and in next five years, it will be more like Rs 4-5 lakh crore. In 10 years’ time, it could be about Rs 10 lakh crore. In that profit pool, who is going to win? Some digital players will come in and make it very big in the next 5-7 years. Now who is that successful guy who is going to make it, that one has to spot. ”

Promoters held 60.89 per cent stake in the company as of 31-Dec-2022, while FIIs owned 5.17 per cent, DIIs 12.55 per cent.