Latest Stock Market News

A Reuters report quoted Citi as saying that it looks like in 2022 and 2023, Russian crude exports may remain robust even if refined product exports may fall. That said, further global crude oil demand weakness should spell higher inventories, which could weaken crude prices going ahead, Citi said.

Urging investors to think of this bear market as an opportunity to make more money, the fund manager said the most exciting thing in a bear market is to be able to pick stocks at much below their fair value.

On the technical charts, the 200-day moving average of the stock stood at Rs 519.0.

Offering a brief respite to nervous markets was a report that U.S. President Joe Biden was contemplating rolling back some tariffs on Chinese imports, as well as news that Chinese Vice Premier Liu He had a "constructive" virtual dialogue with U.S. Treasury Secretary Janet Yellen.

“We believe that some of the midcap IT companies like Tata Elxsi and Cyient Technologies are some of the niche companies which hold the potential to become very large companies eventually. We missed out on Mindtree when the acquisition took place but we believe that the merged entity is already a largecap.”

A total of 814,840 shares changed hands on the counter till 02:00PM (IST)

The fall in demand growth is mostly the result of weaker economic activity and less switching from coal or oil to gas because of high gas prices worldwide, the report said.

The stock hit a 52-week high of Rs 2420 on 27 April 2022 but then the trend went sideways. Recent price action pushed the stock above the 50-DMA which is a positive sign. Short-term traders can look to buy the stock now or on dips for a possible target of Rs 2800 which would result in fresh 52-week highs in the next 6 months, suggest experts.

APL Apollo Tubes Ltd., incorporated in the year 1986, is a Mid Cap company (having a market cap of Rs 21475.32 Crore) operating in Metals - Ferrous sector.

Promoters held 51.45 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 19.49 per cent and 9.06 per cent, respectively.