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Domestic brokerage JM Financial, which initiated coverage on the stock with a Buy rating, values the stock at 4x Sep’24e P/BV to arrive at a target price of Rs 400. This signals an upside potential of up to 32 per cent.

The scrip rose 1.3 per cent to hit a high of Rs 2,653.3 on BSE, as soon as Ambani started his speech. The stock, however, slipped into the red as the speech progressed.

“I think today’s opening is a reflection of what has happened in Jackson Hole. How it will pan out in the future will depend on the way guidance will come in as we go about the market. Let us hope that it remains around these levels. Maybe it will not depreciate too much but I cannot say that it will not.”

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 248.76 crore, up 6.15 per cent from last quarter total income of Rs 234.34 crore.

“We like the auto pack. We are pretty bullish on Mahindra and Ashok Leyland. . In consumption, Crompton Consumer is definitely good and there are many more names but because of our coverage, we are restricted to a few. The third space is manufacturing which is shaping up well. That is the space where one should continue to focus the portfolio.”

In the international market, gold was quoting lower at USD 1,721 per ounce, while silver was flat at USD 18.62 per ounce."Gold prices extended fall pressured by stronger dollar and hawkish Fed," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

“The Jackson Hole event over the weekend, clearly was the party pooper from the bond market standpoint, given the fact that US yields are trending above 3.1%, the US two-year yield is almost at 3.4%. So the inversion has resurfaced. The Fed fund futures now are pricing in a 70% plus probability of a 75 basis rate hike next month.”

Apart from the concept of blue bonds, the watchdog, in its consultation paper, has suggested strengthening the framework for green bonds by amplifying the definition of green debt securities and enhancing disclosures.

Prasol Chemicals, which filed its preliminary IPO papers with the regulator in April, obtained its "observation" letter on August 23, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.

Nifty has started the new series with relatively higher open interest than the last month. Moreover, roll spread has remained on the higher side throughout the settlement week and despite profit booking seen, it hasn’t declined much. The premium in Nifty is still near 90 points which does not bode well for sharp upsides. Hence, a round of consolidation can be expected before a fresh directional move.