Latest Stock Market News

Ahead of the FPO launch, billionaire Gautam Adani has already raised around Rs 6,000 crore from over 30 institutional investors, including global investment funds such as Abu Dhabi Investment Authority (ADIA), Al Mehwar Investments, Citigroup Global, Morgan Stanley, Goldman Sachs, and domestic insurance majors such as LIC and HDFC Life Insurance.

Mahindra & Mahindra, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 163044.70 Crore) operating in Auto sector.

EBITDA margin improved by 176 bps YoY to 24.2% despite soft Revlimid sales, mainly driven by an improvement in the mix. The net profit grew by 9.9% YoY to Rs8bn mainly on the back of a strong operational performance, which was partially offset by a higher tax rate on account of DTA reversal.

The stock quoted a 52-week high price of Rs 298.0 and low of Rs 190.0.

In India, trade settlement used to take place on a ‘T+2’ basis, but in September 2021, capital market regulator SEBI provided flexibility to exchanges to offer ‘T+1’ following requests from various stakeholders to shorten the settlement cycle.

The Nifty Pharma index was trading 0.72 per cent up at 12529.85.

A long bullish candle on the daily scale has opened room for the stock to now breach Rs 9,000 levels in the next 3-4 weeks, suggest experts. The breakout was accompanied with strong volumes, and on the weekly scale as well, the stock formed a strong bullish candle which is a positive sign. The stock rose more than 3% in a week and over 7% in a month.

A total of 7,704 shares changed hands on the counter till 10:57AM (IST)

On Thursday, bullion prices fell 1% due to a firmer dollar and strong U.S. economic data that could prompt the Fed to keep interest rates higher for longer.The U.S. economy maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year.

Stocks that were in focus include names like Zomato which was down more than 8%, Bajaj Auto which was up nearly 1%, and Biocon which was down more than 4% on Wednesday.