Latest Stock Market News

On the technical charts, the RSI of the stock stood at 47.92.

The stock traded at a P/E multiple of 84.04, while the price-to-book value ratio stood at 7.32.

Analysts note that Zinc inventories at LME warehouses have been consistently declining and currently stand near 120,000 tonnes compared to 300,000 tonnes in April 2021. Most importantly, stocks earmarked for delivery have jumped from 14,000 tonnes in the first week of March to 75,000 tonnes or 62 per cent of total stocks as of April 12.

A total of 5,449 shares changed hands on the counter till 01:49PM (IST).

HDFC Bank, analysts said, is expected to open 150 more branches, which could be a drag on margins given that the on-balance sheet liquidity is already elevated. While remaining positive on the stock, they have lower earnings estimates for the bank by 4-5 per cent.

The partially convertible rupee opened at 76.2850/$1 as against 76.1750/$1 at the previous close. The Indian currency, which was last at 76.3950/$1, moved in a band of 76.2850-76.4300/$1 so far in the day.

“My view is that earnings growth for Infosys this year will be nearer 0% to 5%. So investors need to factor that in while taking a decision. Valuations are not cheap. If we take a 5% earnings growth, then valuations are around 30 times earnings which is pretty expensive. So my guess is that there will be a selloff.”

The Nifty Realty index was trading 1.51 per cent down at 457.1.

As of 31-Mar-2022, promoters held 74.05 per cent stake in the company, while FIIs held 10.08 per cent and domestic institutional investors had 5.65 per cent.

This brokerage has a ‘neutral’ rating with a base case March 2023 target price of Rs 367 on Adani Wilmar stock.