Latest Stock Market News

The NSE listed Tirupati is engaged in manufacturing closed die forged products like auto component bearings gears and forged flanges of mild steel, carbon steel, and stainless steel among other products.

A total of 121,978 shares changed hands on the counter till 12:28PM (IST).

The stock quoted a 52-week high of Rs 169.4 and a 52-week low of Rs 93.2.

Investec maintained its buy rating on Union Bank with a target price of Rs 240. The company reported a divergence of Rs 260 crore or 64 bps of advances and no material impact on estimates, it said."Increasing instances of internal lapses - a sign of underlying weakness caused due to Covid. Pressure on further valuations, but the event is backwards-looking," Investec said.

Earlier a company was prohibited from buying its own shares. In 1998-99, the laws changed, both the Companies Act and Sebi guidelines made provisions for companies to buyback their own shares. Indian regulations require companies to cancel the shares that it buys back unlike in some other countries where it’s allowed to keep those shares alive on its own balance sheet.

The year 2022 was marked with geopolitical tensions, inflationary worries, interest rate hikes and fears of recession, which altogether soured the sentiments for financial markets.Since the beginning of the year, till December 12, Indian domestic markets welcomed as many as 32 companies raising about Rs 50,305 crore via their initial stake sales, delivering an average listing pop of little more than 12%.

“Within IT, if I have to select one I would go with HCL Tech. There is a long upside in terms of the revenue growth, in terms of margins and rerating. The discount between Infosys and HCL Tech is also now almost 14-15%. That makes more sense to go with it.”

Stock-specific actions are likely to remain high in the fag-end of December and January and a handful stocks are on the verge of breakout on the technical charts.

The Nifty Pharma index was trading 1.33 per cent up at 12786.55.

On the technical charts, the 200-day moving average of the stock stood at Rs 125.41.