Latest Stock Market News

“The Budget is very macro picture, growth-led and high on capital expenditure, infrastructure spending, railways.”

​​The market has a history of trading in a wide range on Budget days. This has been true for the last couple of years.

Analysts at ICICIdirect said this would encourage ethanol blending of fuel and will be positive for sugar companies.

As of 31-Dec-2021, promoters held 0.22 per cent stake in the company, while FIIs held 52.21 per cent and domestic institutional investors had 12.16 per cent.

The stock traded at a P/E multiple of 25.08, while the price-to-book value ratio stood at 2.6.

“It is a bold budget going forward on investment but I do wish something more had been said on much more rapid asset sales, somebody should be taking the hit for very-very slow progress so far.”

On the technical charts, the RSI of the stock stood at 41.32.

The auction of the 5G spectrum in the new fiscal put the telecom services providers, related players and the optical fibre stocks at the sweet spot. Vodafone Idea gained 5 per cent, whereas Reliance Industries and Bharti Airtel were up by a per cent each. MNTL and RCOM were also trading in the green.

In an out of turn event, the government’s gross borrowings for FY23 came up to Rs 14.95 lakh crore, much higher than the average market consensus.

At the interbank foreign exchange, the rupee opened at 74.53 against the American dollar, then inched higher to quote 74.41 in early trade. Later, the local unit pared the gains and touched an early low of 74.87 against the greenback.