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​The estimates and target cut are due to weak underwriting. It also expects the industry to witness strong competition and high claim inflation hit the market.Another foreign broker, Morgan Stanley, remained underweight on Canara Bank, with a target price of Rs 240 on the counter, signalling a 15 per cent upside.

“Between October 2021 till today, by and large we have been buyers. We have been buying into the market on the correction in stocks where we believe valuations are fair. We have advised our customers that this is the time to be equal weight to the equity allocation, be marginally overweight largecap, be marginally underweight small and midcap but invest in every correction with a longer term view. ”

Bajaj Holdings rises 0.01% as Sensex climbs

Updated at : 2022-07-15 15:45:02

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The stock traded at a P/E multiple of 13.0, while the price-to-book value ratio stood at 1.3.

“Value is beginning to emerge with Nifty at the 15,000-15,500 range. FY24 EPS is likely to be closer to Rs 1000. It was upward of Rs 1027, it has corrected a bit more. The earnings have come down in last quarter and this quarter probably we would see some more correction. But we do not see a significant correction or downgrade in Nifty earnings for FY24.”

“While mutual funds are getting very good SIP flows, they are very steadily accumulating stuff that they believe will create value but FIIs come in and move the needle. So while the back will not be broken the volatility will be there until FIIs turn positive on our Indian markets”.

The heavy electrical equipment stock hit a 52-week high of Rs 550 recorded on 26 October 2021, but it failed to hold on to the momentum. The stock closed at Rs 447 on 13 July 2022.

ACC shares down 1.16% as Nifty gains

Updated at : 2022-07-15 15:45:02

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A total of 9,717 shares changed hands on the counter till 02:01PM (IST).

These may arise from industry or any government policy. If an investor can understand the pattern - how the market reacts to government actions and policies, one can become a successful investor.For example, recently, the government levied a 15% export duty on steel. It impacted all the metal companies, and stock prices have corrected significantly since then.

Shares of Bharat Forge fall as Nifty gains

Updated at : 2022-07-15 15:45:02

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On the technical charts, the 200-day moving average of the stock stood at Rs 708.06.

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As of 30-Jun-2022, promoters held 28.21 per cent stake in the company, while FIIs held 35.07 per cent and domestic institutional investors had 10.84 per cent.

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