Latest Stock Market News

A total of 4,077 shares changed hands on the counter till 01:17PM (IST)

The stock quoted a 52-week high price of Rs 4901.0 and low of Rs 3365.9.

The stock is trading at ~15x FY25E EPS, which offers a margin of safety.

Despite concerns over growth slowing down and earnings downgrades, the Indian market is creating a good support for a medium to long-term move, says Mahesh Patil, CIO of ABSL AMC. He notes that valuations are now more reasonable and there are signs of decent earnings growth even if it is lower than previous expectations.

Infosys’ market cap eroded by over Rs 1.6 lakh crore, and that of TCS by 1.4 lakh crore. Wipro’s market capitalization fell by around Rs 94,000 crore. Shares of the IT majors have plummeted 12-31% in the last 1 year.

The Indian rupee remains little changed against the US dollar amid concerns over risk appetite. The currency was at INR82.15 to the dollar by Friday morning, as Asian equities saw falls following news of fears over US economic growth. The number of people filing new claims for unemployment benefit increased moderately last week and a report by the Philadelphia Federal Reserve stated that manufacturing activity in the mid-Atlantic unexpectedly contracted earlier this month, while data at the beginning of April showed a contraction in US retail sales and manufacturing activity.

The Relative Strength Index of the stock stood at 62.49 on Friday.

The pharma stock hit a 52-week high of Rs 4,939 on 19 April 2023. The stock price gave a breakout above the triangular consolidation of the last 15 months on the weekly charts signaling the resumption of up move and offering fresh entry opportunities, suggest experts.

Promoters held 51.52 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 16.28 per cent and 8.38 per cent, respectively.

While the overall FMCG industry has not done as well, sporadic movements have been seen in Nestle and Britannia, along with ITC sitting at a fresh high. After the recent correction, Dabur is in a good position, while consumer names such as Bata and Godrej Consumer are still solid investments.