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“The general apprehension is that since the cap has been removed, there will be a major spurt in airfares because airlines will be free to charge at their discretion. If airlines had that freedom to charge fares at this discretion, no airline would have collapsed, no airline would be losing money. The reality of the Indian market is that fares are truly market driven. You cannot fix fares. ”

Latest inflation report makes a 50 basis points hike more likely at the September meeting rather than a 75 basis points increase, although a lot will depend on the August CPI release next month, Morgan Stanley says in a note.

CLSA maintained its buy rating on Coal India with a target price of Rs 250 which translates into an upside of over 14 per cent from Rs 219 recorded on 10 August. The June quarter results of Eicher Motors were better than its two-wheeler peers. “We expect continued improvement in volume across markets,” said the note.

“We were buyers in ITC Ltd. and bulk of the purchases were made between a price of Rs 140 and Rs 210. While the stock continues to be reasonably valued, the attractiveness has obviously reduced a bit given the doubling of the stock price from the lows,” Thakkar said.

"Today’s range of MCX October gold is Rs 52,090-52,505. Domestic silver futures prices could stay flat-to-weak, tracking overseas markets. The range for MCX September silver contract is Rs 58,450-59,415," Reliance Securities said in a note.

In a filing to BSE, post market hours, the company said its revenue from operations was up 84 per cent YoY at Rs 2,230 crore from Rs 1,214 crore in the year-ago quarter. The company said this was its best ever quarterly performance.

A total of 28,197 shares changed hands on the counter till 11:11AM (IST)

The company, however, has managed to grow revenues on the back of strong volumes. The profits remain steady with a focus on digitisation and yield management, it stated.

Nomura India sees it at Rs 319 while ICICI Securities finds it worth Rs 299. These targets suggest 10-21 per cent potential upside. The scrip has an average price target of Rs 327, as per Trendlyne, suggesting a 20 per cent-plus upside potential on the counter.

“High beta stocks – IT and banking – tend to do really well when there is a lot of foreign money coming in and they suffer the most when this money comes out. The domestic institutions are still buying. If this trend continues, IT and banking stocks could for the short term be the biggest beneficiaries of this buying activity.”