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Assuming a 24% tax rate, UBS estimates RIL’s consolidated net profit to rise 10% sequentially to Rs 15,100 crore but fall 4% YoY.Shares of RIL have given muted returns in the last 5 months as the imposition of windfall gains tax on domestic crude oil and fuel exports clouded the outlook for the mainstay oil-to-chemicals (O2C) business.

“While the Bank Nifty was about to cross its 20 DMA a few days back, Axis Bank has been sustaining above its major moving averages including the shortest 20 DMA. We feel that any dip in this stock should be bought with Rs 935 stop loss and Rs 1,020 target.”

As of 30-Jun-2022, promoters held 38.11 per cent stake in the company, while FIIs held 32.72 per cent and domestic institutional investors had 11.44 per cent.

“Value as a theme will not go out of fashion for the next 20 years or 30 years. What is value will change at various points of time. It is growth at a not cheap price at this point of time. If at some point of time the valuations were to correct, it would become extremely interesting to go extremely overweight on equity in India because the structural story is available at a reasonable price.”

The stock hit a 52-week high of Rs 549 on 7 February 2022, but it failed to hold on to the momentum. The stock bounced back after hitting a low of Rs 345 on 12 May 2022.Short-term traders who missed the rally can look at buying the stock now or on dips for a possible target above Rs 600 in the next 3-4 weeks, suggest experts.

A total of 17,965 shares changed hands on the counter till 01:22PM (IST)

The central pool wheat stocks as of 12th December was 18.2 million MT (MMT) which is 50% lower than the previous year while by 1st January 2023 stocks would be near 15.9 MMT as per data published by the Ministry of Consumer Affairs, Food and Public Distribution.

"Tata Steel’s share price has formed a strong base around Rs 100 over the past few months factoring in a host of negatives," the brokerage said, adding that the share price is seen resolving out of six months base formation, which resembles a cup and handle bullish formation.

The stock traded at a P/E multiple of 63.95, while the price-to-book value ratio stood at 44.25.

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