Latest Stock Market News

ABB India has rallied nearly 11 per cent in a week, and more than 17 per cent in a month, Trendlyne data showed.

According to the data from Ace Equity, as many as 30 penny stocks have delivered multibagger returns to investors. Out of these counters, half a dozen names have rallied more than 600 per cent in the last five months.

A total of 6,148 shares changed hands on the counter till 11:21AM (IST).

On JSW Steel, this brokerage believes that the stock trades at an expensive valuation despite the recent correction. It values the scrip at 6.5 times FY24 Ebitda to arrive at a target of Rs 425. The brokerage has lowered its FY23 and FY24 Ebitda estimates to factor in lower steel and elevated coal prices.

Varun Beverages Ltd., incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 47228.75 Crore) operating in FMCG sector.

“In the next few months, IT will be more of a market performer – it will neither outperform nor underperform. . I feel that way because after almost one and a half year of very sharp rise in which the index as well as the individual stocks moved anywhere from 50% to 150% or more and in some cases the midcaps obviously outperformed the largecaps.”

Gold futures on MCX were trading lower by 0.13 per cent or Rs 66 at Rs 50,799 per 10 grams. However, silver futures dropped 0.37 per cent or Rs 228 at Rs 61,352 per kg.Bullion is considered a safe haven during times of political and economic uncertainty. However, higher short-term US interest rates increase the opportunity cost of holding gold

Hero Motocorp’s scrip fell to a low of Rs 2,640 as against Rs 2,758.55 at the previous close on the BSE. The stock was last trading 2.4 per cent lower.The company said its customer-centric approach, combined with the shortage in availability of key manufacturing components, has forced it to postpone the EV launch till the "festive season" later this year, reports said.

Religare’s share price shot up to a high of Rs 135.05 as against Rs 122.50 at the previous close on the BSE.On Tuesday, Religare and Religare Finvest settled with markets regulator SEBI a case pertaining to alleged financial mismanagement and diversion of funds after collectively paying Rs 10.5 crore towards settlement fees, PTI reported.

The partially convertible rupee opened at 77.5830/$1 as against 77.5200/$1 at previous close. The Indian currency, which was last at 77.5930/$1, moved in a band of 77.5560-77.870/$1 so far in the day.