Latest Stock Market News

The rupee was last trading at 81.83 per U.S. dollar after opening at 82.27. On the interbank order matching system the local currency reached a high of 81.77.

A total of 228,173 shares changed hands on the counter till 02:13PM (IST)

The stock has underperformed the Auto index by c.58% over past 1 year owing to headwinds related to global PV production and is currently trading at an attractive 15x FY25E EPS.

At 10.43 am, the scrip was trading at 6.9% higher at Rs 452 over its previous day’s closing price of Rs 422.5 apiece. However, the stock has plunged about 21% in the last six months, while it has declined about 39% in the last one year.

The brokerage maintains BUY on RIL (TP of INR 2,950) given RIL’s industry leading capabilities across businesses and expectation of strong 14-15% EPS CAGR over the next 3-5 years.

“NTPC’s dividend payout has been consistently higher and it is offering a very asymmetric payoff which means that the downside is fairly limited. If the delivery of earnings continues, then there is a massive rerating ahead of the stock. NTPC is the top name that emerges as per our style of recommendation.”

Promoters held 58.89 per cent stake in the company as of 30-Sep-2022, while FIIs owned 9.97 per cent, DIIs 18.52 per cent.

After failed attempts to reclaim major movingaverages, it has been trading with negative bias.

The rupee was quoting at 82.2225 to the dollar by 10:20 a.m. IST, up from 82.36 in the previous session.

Cryptocurrency spot trading volumes remain similarly muted after slumping about 48% in December versus the previous month to $544 billion, their lowest level since December 2019, CryptoCompare data showed.