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The decision, which was taken at a board meeting of the company today, would require the approval of shareholders. The company intends to complete the exercise and issue the bonus shares within two months from the date of board approval i.e. by October 15, 2022.

We believe that some of the measures are expected to increase the competition but nevertheless given the low penetration, we expect all players to see strong growth led by the other enabling measures initiated by the regulator.

Tata Steel Ltd. key Products/Revenue Segments include Steel & Steel Products, Power, Other Operating Revenue and Others for the year ending 31-Mar-2022.

The stock quoted a 52-week high of Rs 2773.0 and a 52-week low of Rs 1750.81.

“We are keen on opening this week with eyes set on 18200, but would remain watchful though on approach to 17835, the congestion point discussed on Friday,” Anand James - Chief Market Strategist at Geojit Financial Services, said.

CLSA maintained the underperform rating on Muthoot Finance with a target price of Rs 1200 which translates into a marginal upside of over 1 per cent from Rs 1187 recorded on 12 August. Gold loan book contracted while discontinued teaser loans to benefit yields from the next quarter, the brokerage said. The expense ratio remains elevated.

In the spot market, the highest purity gold was sold at Rs 52,461 per 10 grams while silver was priced at Rs 58,352 per kg on Thursday, according to the Indian Bullion and Jewellers Association.

“We have been asking clients to buy ICICI Bank. The second is HDFC Bank. The stock has been an underperformer vis-à-vis the entire banking sector and can lead the rally from here. Third is the State Bank of India. The numbers were a little below Street estimates, but for the next few quarters, numbers would be strong for PSU banks. SBI should lead the rally.”

The Nifty Pharma index was trading 0.54 per cent up at 12933.5.

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