Latest Stock Market News

BEML Land Assets shares made a premium debut on the stock exchange but quickly fell in value. BEML, a state-run company involved in industries such as defence and aerospace, made the decision to spin off non-core parts of the business in order to create a new wholly owned subsidiary. The demerger scheme will allow shareholders to receive one share in BEML Land Assets for every BEML share owned. BEML shares were also negatively affected by market conditions and are currently trading below their 52-week high of Rs1933.95.

Further, it models 26/11/8% YoY growth for Home Care, BPC and Food business.

A total of 122,272 shares changed hands on the counter till 12:07PM (IST).

The stock traded at a P/E multiple of 8.5, while the price-to-book value ratio stood at 1.08.

Shares of Patel Engineering surged over 18% to Rs 17.9 after Kedia Securities, promoted by ace investor Vijay Kedia, bought 1 crore shares during the March quarter, giving it a 1.29% stake in the infrastructure and construction services company. Patel Engineering reported increased net sales of Rs 1,036.9 crore in Q3 FY2023 and made a net profit after tax of Rs 37.8 crore. Kedia publicly holds 17 stocks with a net worth of over Rs 818.8 crore, including Neuland Laboratories, Heritage Foods, and Atul Auto.

As of 31-Mar-2023, promoters held 51.14 per cent stake in the company, while FIIs held 16.42 per cent and domestic institutional investors had 20.07 per cent.

I think if you look at as a company, ICICI Lombard has got a market share of 8.2% but if you look at maybe the retail health space, particularly in the indemnity side, we would possibly have a market share of maybe 3%. And that is clearly the opportunity that one sees.

Market insiders note that the sideways-to-downtrend movement of Nifty in the last one-and-a-half years is gradually throwing weak hands out of the Street. The work-from-home culture during Covid-related lockdowns had made trading fashionable among youngsters who could easily punch orders away from the prying eyes of their bosses.

Anand Tandon sees a positive near-term outlook for India as incremental news flow has been positive and the RBI has put off raising interest rates. The challenge is to identify cheap sectors as those with high earning visibility have already performed well. Banking, the largest driver for earnings for the current year, has done quite well, hence the challenge is to find new sectors to invest in

The IPO is entirely an offer for sale (OFS) by promoters and existing investors who are looking to divest their stakes in the Delhi-based pharmaceutical company. The total equity shares on the block will be 40,058,844 according to the red-herring prospectus (RHP) filed by the company.