Monday, December 23, 2024 | 07:05 PM ISTEN Hindi

Sensex drops 274 pts, Nifty ends below 15,750; DRL sinks 10%, Axis Bank 3%

In the broader markets, mid-cap stocks faced a severe blow with the BSE MidCap index erasing 0.67 per cent.

SI Reporter New Delhi

MARKET LIVE: Global selloff pushes Sensex down 300 points; DRL tanks 10%

9:19 AM

OPENING BELL :: Sensex gains 150 points

9:09 AM

COMMODITY CHECK

9:06 AM

Top Sensex gainers & losers in pre-open session

9:06 AM

Pre-open Trade :: Nifty50 tops 15,850

9:04 AM

Pre-open Session :: Sensex adds nearly 200 points

9:00 AM

Top stocks in news on Tuesday

L&T: Larsen & Toubro (L&T) reported a consolidated net profit at Rs 1,174 crore in the June quarter, up nearly four times from the same period last year on the back of increased revenues. It had reported a bottomline of Rs 303 crore in the corresponding period last year. The company’s topline in the period under review stood at Rs 29,334.73 crore, up 38% from the same period last year.

Axis Bank: The private sector lender posted a standalone profit of Rs 2,160.15 crore for the quarter ended June 2021, thereby rising 94.2% YoY due to low base. Net interest income grew by 11.1% YoY to Rs 7,760.27 crore in Q1FY22. READ MORE

8:59 AM

Morgan Stanley, CLSA see Axis Bank stock price around Rs 1,000 in 1 year

MS sets TP of Rs 1,000; CLSA at Rs 1,050

MS says: Expect strong future earnigns from lower credit cost and better PPoP

CLSA says: Expect PPoP growth at 15% CAGR over FY23
It also expects stress in retail segment to normalise in H2FY22, leading to RoE of 15-15.5% by FY23
Valuations are reasonable

8:55 AM

Morgan Stanley is 'Overweight' on L&T

TP: Rs 1,894

>> Core margin hike despite commodity pressure is a big plus

>> Improving labour availability, strong order book, healthy prospect list should drive core earnings going forward.

8:53 AM

Jefferies sets target price of Rs 1,900 on L&T

Reco: BUY

>> Q1 Ebitda below expectations as E&C missed sales estimates

>> Order flow FY22 guidance at 13-17%

>> Prospect pipeline is up 42% YoY; mgt has optimistic outlook

>> Believe Q3 should see upside triggers in order inflow

8:50 AM

Citi on L&T

Reco: BUY | TP: Rs 1,785

>> Solid margin performance; expectedly weak execution

>> Should be able to make up for the slight miss in order book and revenue over FY22

8:48 AM

Jefferies maintains 'Buy' on TaMo

TP: Rs 435

>> Cut FY22 EPS estimate by 34%; maintain it for FY23

>> Q1 Ebitda fell 59% QoQ due to chip shortage at JLR and Covid in India

>> India biz should improve as demand is rising

>> JLR, though facing chip shortage, is seeing good demand and has highest-ever order book

8:43 AM

UBS maintains 'Neutral' call on Tata Motors

TP: Rs 320

>> India business in-line but JLR margins weak

>> Expect a strong truck cycle recovery over FY22-23

>> Remain positive on India PV demand and market share gains

>> Given Neutral due to lack of a strong EV pipeline and increased intensity of competition

8:41 AM

Two FMCG stocks Osho Krishan of Anand Rathi is bullish on

BUY BRITANNIA | TARGET: Rs 3,700 | STOP LOSS: Rs 3,330

Britannia soared over a per cent in the last trading session post-formation of a ‘Doji candle' on the weekly chart. This is an early sign of reversal in the counter. Even on the weekly time frame, the stock has reversed from the supporting trend line and has started to rally towards the 23.60% Fibonacci retracement of the overall rally. The 14 period RSI has reversed from the oversold region, affirming the bullish stance in the counter. From a risk-reward point of view, one could initiate a long position in the counter from a short to medium-term perspective. READ MORE