Yes Bank at Rs 11 or Rs 30? Here's the stock outlook after 50% rally in two months

 Market experts expect that both investors to bring in vast experience and expertise in the financial domain to handhold Yes Bank for its next journey of growth. Yes Bank is likely to approve and transfer the stressed assets to private equity firm JC Flowers.

New Delhi: Beleaguered private sector lender Yes Bank has remained under traders’ radar for a long time now, but the interest has been increasing over the last few weeks as the stock zoomed close to 50 per cent in less than two months.

Shares of Yes Bank have zoomed about 48 per cent from Rs 12.3 on June 20 to hit a new 52-week high of Rs 18.30 on Friday, September 9. However, the stock was trading between Rs 17.5-18 levels on Monday.

Market analysts remain divided over the future of private lenders and suggest the stock only for investors with high risk appetite in the longer run with a word of caution.

Kranthi Bathini, equity strategist at WealthMills Securities said that Yes Bank is gaining investors' interest lately amid buzz about rejigging of its board, fundraising plans and improving performance in the last few quarters.

"The revival of the lender entirely depends upon how it performs in the next quarter, in terms of growth in retail and corporate loan book; along with non-performing assets," he added. "One should not expect immediate fireworks from the counter."

Aditya Puri, former MD of HDFC Bank and a senior advisor at The Carlyle Group, is reported to get a seat in the board of Yes Bank on behalf of the private equity firm.

Prashanth Tapse, Research Analyst, Mehta Equities believes that the bank is rebuilding its brand as well as business dynamics with the help of two high-caliber private equity investors Advent and Carlyle.

Market experts expect that both investors to bring in vast experience and expertise in the financial domain to handhold Yes Bank for its next journey of growth. Yes Bank is likely to approve and transfer the stressed assets to private equity firm JC Flowers.

"If this deal goes through on expected terms, Yes Bank is likely to come out of toxic stressed assets and reduce the stress on the balance sheet, which were once in systemic risk for the bank to sustain," Tapse added.

However, even technical analysts remain divided over the counter. Those who see bullish patterns see an upside till Rs 30 in next two quarters, whereas others believe that the stock may retest its 52-week lows of Rs 10.93.

"If stock prices close above Rs 19.50 levels on a weekly closing basis, then the stock can see a target of Rs 22 in near term, while the long term target can be Rs 28-30 for a 6-12 month time horizon," Tapse said, who has a stop loss of Rs 15.20.

Reading the technical charts, Kush Ghodasara, CMT, and an independent market expert said that Yes Bank has given a strong move recently on the probable nod on stake sale but this move can be taken as an opportunity to book profits.

"Looking at the increasing base of equity capital, it is very difficult for banks to show performance fundamentally at a higher EPS," he added. "Technically, the stock has a trailing stop loss at Rs 16.95 below which it may test Rs 11."

Bathini from Wealthmills suggested that existing investors can continue to hold the stocks with a long term view but fresh entry at the current levels should be avoided. "The stock is pulling off miracles in the near-term," he adds.

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Sensex gains 200pts, Nifty50 above 18,000 in pre-open deals

 At 7:40 am, the SGX Nifty futures were quoting at 18,040, up around 80 points from the previous close

 Despite the increase in consumer prices in August, domestic benchmark Sensex and Nifty indices are eyeing a positive start on Tuesday amid supportive global cues. 

At 7:40 am, the SGX Nifty futures were quoting at 18,040, up around 80 points from the previous close. 

India's retail inflation inched up to 7 per cent in August from 6.71 per cent in July mainly due to higher food prices. Meanwhile, India's industrial production rose 2.4 per cent in July, against a growth of 11.5 per cent in July 2021. 

In global markets, US indices edged higher for the 4th session on Monday, while Asian markets were also firmly in green this morning. Later today, the CPI data in the US will be closely tracked in the run-up to the US Fed meeting on September 20-21. 

Among stocks, HDFC Life will be on the radar as Abrdn, formerly Standard Life, is likely to sell 2 per cent of its stake in the private sector insurer via block trades on Tuesday.

Besides, oil marketing companies may also see some action on reports that the govt plans to pay about 200 billion rupees ($2.5 billion) to the state-run fuel retailers to partly compensate them for losses and keep a check on cooking gas prices.

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Stock Market LIVE: Sensex jumps 300 pts; Nifty ends at 17,930; IT, Realty shine

Stock Market Today: Positive sentiments intact despite the impending Fed rate hike  (PTI)

 Share Market LIVE Update: Indices gained 0.5% on Monday as in which Sensex jumped around 300 points and Nifty around 100. All indices ended in green with IT and Realty leading the rally. Coal India stock was underwhelming while Adani Ports and Tech Mahindra jumped.

Traders almost fully expect another jumbo-sized Fed hike next week following two 75-basis-point increases while major currencies regain some of the ground they lost to a surging dollar. Markets in China, Hong Kong and South Korea are closed today for holidays.

12 Sep 2022, 03:24:36 PM IST

Office real estate's coworking share rises to 20% in H1'22 from 6% in 2021: Report

With major companies and businesses including start-ups now opting for co-working, the share of co-working spaces across the top 7 cities post COVID-19 stood at 20 per cent in H1 2022 in comparison to 6% in same period of 2021, shows data compiled by Anarock Group.

However, the the share of IT or ITeS sector declined from 49 per cent in H1 2021 to 36 per cent in H2 2022 due to many IT companies are now also preferring flexible spaces to regular office spaces. (Full Story)

12 Sep 2022, 03:11:43 PM IST

Bharti Airtel's unit Nxtra Data partners with Bloom Energy for fuel cell technology

Bharti Airtel on Monday announced that its subsidiary Nxtra Data Limited has partnered with Bloom Energy to deploy low environmental impact fuel cell installation at its data centres in Karnataka, reducing carbon emissions through a cleaner, hydrogen ready fuel supply.

Nxtra will be the first data centre company in India to deploy fuel cell technology to reduce carbon emissions at its data centres while unlocking cost and sustainability benefits, Bharti Airtel said in a statement. (ANI)

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Adani Transmission shares down 0.37% as Nifty gains

 A total of 14,333 shares changed hands on the counter till 01:55PM (IST).

NEW DELHI: Shares of Adani Transmission Ltd. traded 0.37 per cent down in Monday's trade at 01:55PM (IST). Around 14,333 shares changed hands on the counter.

The stock opened at Rs 3910.0 and touched an intraday high and low of Rs 3950.0 and Rs 3891.4, respectively, in the session so far. The stock of Adani Transmission Ltd. quoted a 52-week high of Rs 4041.9 and a 52-week low of Rs 1474.0.

As per BSE, the total market cap of the Adani Transmission Ltd. stood at Rs 430905.59 crore at the time of writing this report.

Key Financials

The company reported consolidated net sales of Rs 3249.74 crore for the quarter ended 30-Jun-2022, up 2.67 per cent from previous quarter's Rs 3165.35 crore and up 10.7 per cent from the year-ago quarter's Rs 2935.72 crore.

The net profit for latest quarter stood at Rs 185.99 crore, down 57.28 per cent from the corresponding quarter last year.

Shareholding pattern

As of 31-Mar-2022, domestic institutional investors held 0.15 per cent stake in the firm, while foreign institutional investors held 20.01 per cent and the promoters 65.4 per cent.

Valuation ratio

According to BSE data, the stock traded at a P/E multiple of 451.13 and a price-to-book ratio of 38.05. A higher P/E ratio shows investors are willing to pay a higher price because of better future growth expectations. Price-to-book value indicates the inherent value of a company and is the measure of the price that investors are ready to pay even for no growth in the business.

Adani Transmission Ltd. belongs to the Power - Transmission industry.

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3 internet stocks that can rally up to 63%: Yes Securities

 Indiamart has a dominant market share in B2B classified business with around 65 per cent market share in paid listings. The strength of the business model is visible in the 12 per cent CAGR growth in paying subscribers and 31 per cent CAGR growth in the number of registered buyers over 

With the shifting of investor focus from growth at any cost to more profitable growth, share prices of many loss-making platform companies which had their IPOs 8‐9 months ago have seen a major correction. "Also, the concerns regarding a likely slowdown in global GDP growth has led to correction in the valuation of technology stocks worldwide," said Piyush Pandey, Lead Analyst, Yes Securities.

Here are 3 internet stocks that the brokerage recommends buying as the long term story remains intact:

Info Edge

Buy Rs 4,255 | Target: Rs 5,375 | Return Potential +26%

A diversified consumer internet company with a presence in recruitment, real estate, matrimony and education is set to benefit from rising internet adoption in India. Being cash-rich, the company is also looking for acquisitions in allied sectors to drive business synergy. Revenue/ EBITDA/ PAT are expected to grow at a CAGR of 27.4 per cent/36.0 per cent/28.6 per cent over FY22‐FY24E. Yes Securities maintains ‘Buy’ rating on the stock with a target price of Rs 5,375; valued through the SOTP method.

Indiamart

Buy near Rs 4,661 | Target: Rs 5,820 | Return Potential +25%

Indiamart has a dominant market share in B2B classified business with around 65 per cent market share in paid listings. The strength of the business model is visible in the 12 per cent CAGR growth in paying subscribers and 31 per cent CAGR growth in the number of registered buyers over FY17‐22. We expect Revenue/ EBITDA / PAT to grow at CAGR of 26.6 per cent/ 24.1 per cent/ 18.9 per cent over FY22‐FY24E. Yes Securities maintains ‘Buy’ rating with a target price of Rs 5,820, arriving through the DCF method.

Tanla Platform

Buy near Rs 744 | Target: Rs 1,218 | Return Potential +63%

As per industry reports, the Global CPaaS market is expected to grow at a CAGR of 29 per cent from CY20 to CY25E, led by faster adoption of multichannel communication. The adoption of CPaaS-based A2P messaging across industries continues to drive volume growth for both enterprise and platform segments of Tanla. Revenue/ EBITDA/ PAT are expected to grow at CAGR of 21.8 per cent/ 24.9 per cent/ 21.2 per cent over FY22‐FY24E. The brokerage firm maintains a ‘Buy’ rating with a target price of Rs 1,218, valuing it at a PE of 22x on FY24EPS.

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Gold Prices Today: Yellow metal may struggle on Fed's aggressive stance, US inflation data awaited

In the international market, gold bounced back after taking support near $1,700 but may struggle with Fed’s continuing emphasis on aggressive tightening, says Ravindra Rao of Kotak Securities.

Gold was trading a tad lower in the Indian market on September 12 even as prices ticked higher in the international markets as the dollar hovered near recent lows, with investors' focus on a key US inflation reading that could influence the size of the Federal Reserve's next interest-rate hike.

At 9.57 am, gold contracts were trading 0.2 percent lower on the Multi-Commodity Exchange (MCX) at Rs 50,427 for 10 grams and silver added 0.3 percent at Rs 55,213 a kilogram.

In the international market, spot gold rose 0.1 percent to $1,717.17 an ounce. US gold futures were flat at $1,728.70.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Comex gold was trading marginally lower near $1,725 a troy ounce as support from a weaker dollar, China’s virus concerns and Europe’s energy crisis was countered by the monetary tightening stance of the US Fed and other central banks, continuing ETF outflows and concerns about Chinese consumer demand.

Gold once again bounced back after taking support near $1,700 but may struggle with Fed’s continuing emphasis on aggressive tightening.

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver began the week on a firm note amid easing inflation fears after profit-taking in crude oil. Despite gold falling sharply to touch 1,710 on September 9 amid a rebound in yields and a stabilising dollar, the bullion managed to post its first weekly gains in the last four weeks.

Gold has support at $1,716-1,702, while resistance is at $1,735-1,744. Silver has support at $18.45-18.28, while resistance is at $18.95-19.15.

In rupee terms, gold has support at Rs 50,270–49,980, while resistance is at Rs 50,780–50,940. Silver has support at Rs 54,550-54,120, while resistance is at Rs 55,780–56,110.

Ravi Singh, Vice President and Head of Research, ShareIndia

Gold may gain some strength after US treasury secretary Janet Yellen said the US inflation reading for August was likely to show a decline on weaker gas prices.

She also said that the US was reviewing tariffs on Chinese goods and some of the tariffs could be rolled back. These factors led to a fall in the dollar which will induce buying in gold prices. The anticipation of lower US CPI numbers may give more bidding to the safe haven.

Buy zone above Rs 50,700 for the target of Rs 51,000

Sell zone below Rs 50,300 for the target of Rs 50,100

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

As per the technical chart, bullions are making bottom and charts are showing some strength. The momentum indicator RSI is also indicating the same. So, traders can make fresh buy positions near given support and should book near given resistance levels.

October gold closing price: Rs 50529, support 1: Rs 50,300, support 2: Rs 50,000, resistance 1: Rs 50,600 and resistance 2: Rs 50,750.

December silver closing price: Rs 55050, support 1: Rs 54,600, support 2: Rs 54,000, resistance 1: Rs 55,300 and resistance 2: Rs 55,800.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices held steady on September 12, with spot gold at Comex trading near $1,714 an ounce in the morning trade. A weaker dollar capped the downside in the yellow metal while traders and investors waited key US CPI data to be released on September 13.

We expect gold prices to trade sideways to down for the day, with COMEX spot gold support at $1,700 and resistance at $1,730 per ounce.

MCX October gold support lies at Rs 50,200 and resistance at Rs 50,800 per 10 grams. 

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Outperformance of BFSI, IT, auto, capital goods may take Nifty to 18,600: Ashika Stock Broking

 More than 60 percent of the Nifty 500 index, traded above the 200 DMA, the highest in the last four months, suggesting there is room for more upside amidst intermittent corrections, says Tirthankar Das, analyst.

Ashika Stock Broking continues to maintain a positive stance on Nifty, with an upside target of 18,600 by CY22. BFSI, IT, auto and capital goods sectors are expected to outperform and they are likely to lead the rally, says Tirthankar Das, technical & derivatives analyst, retail, at Ashika Stock Broking.

Das has more than 10 years of experience as a research analyst in equities, commodities and derivative analysis.

Bank Nifty has immediate support around the 38,000 levels as it is the confluence of the 50 EMA (currently placed at 37,800) and the 61.8 percent retracement of the correction since October 2021 (41,829-32,155).

Nifty has rallied close to 18 percent since the low of 15,183, hit in June 2022. The current rally has been the strongest since October 2021 on a time-study basis. The breakout is well supported by a sequential improvement in market breadth, with the percentage of stocks trading above the long-term 200 DMA showing significant progress. The Nifty has also seen a bullish golden crossover in August (50-DEMA crossing above 200 DEMA), implying a major shift in momentum from a medium-term perspective.

Markets, the world over, have seen profit-booking in the past two weeks, post the Fed Chairman's statements while our markets have managed to hold on to the important support levels and have relatively outperformed global markets.

Equity markets in India and the US have taken a divergent path over the current period. In July, the correlation coefficient for both these markets had hit a 17-month high. Indian markets have withstood the latest global sell-off, which further validates that a decisive move beyond the psychological level of 18000 is likely to commence.

Improvement in India's weight in the MSCI Emerging Market Index, rise in equity trading volumes, a sharp revival in foreign portfolio investor (FPI) inflows, sharp decline in crude oil prices and India VIX drifting lower are all indicating that the market is heading towards an all-time high.

As per technical charts, what are the sectors going to take the lead, if the index moves beyond the previous highs?

We continue to maintain a positive stance on Nifty, with an upside target of 18600 by CY22. It will be led by the BFSI, IT, auto and capital goods sectors, which are expected to outperform.

Banking and capital goods stocks continue to relativelyoutperform the benchmark index and are expected to continue their relative outperformance, going forward.

IT stocks have been showing initial signs of a pullback, after the recent sharp correction. They are rebounding from key support areas, thus providing bargain-buy opportunities.

The auto index continues to remain in a firm uptrend and it has breached the multi-year breakout area. Hence, the current outperformance is likely to continue.

Do you think the performance of the broader markets will remain strong in the coming months, in comparison with the benchmarks?

The percentage of stocks above the 200 DMA of the Nifty 500 universe recorded an extreme low reading of 14 at the June low of 15200. Subsequent rallies in the Nifty have seen a minimum20 percent from the lows on such occasions.

At present, the strong momentum in the market, over the last few weeks, has pulled more than half of the stocks on the broader NSE500 index above their 200 DMA – a technical indicator signalling long term trends.

About 307 stocks or more than 60 percent of the Nifty500 index traded above 200DMA, the highest in the last four months, suggesting there is room for more upside amidst intermittent corrections and hence it is likely to be broad-based.

What are the technical charts indicating about the IT space?

The IT index has corrected over 30 percent from its all-time-high of 39,446. The long-term chart, since 2007, shows that the rally has taken place amidst a rising channel, has provided the necessary breakout and is now at a point to retest the arrangement.

At present, the index is at a critical juncture where a pullback seems immense. On the shorter time-frame, a Class B positive divergence in the daily chart can be seen. This is illustrated by prices making a double bottom, with an oscillator tracing a higher second bottom.

Do you think the banking index is likely to hit 45,000 in the coming year?

The Bank Nifty has immediate support around the 38,000 levels as it is the confluence of the 50 EMA (currently placed at 37,800) and the 61.8 percent retracement of the correction since October 2021 (41,829-32,155).

Hence, one can expect further buying interest to emerge and one can use the dips as an incremental buying opportunity. Though the weekly 14-period RSI, after a strong rally is in overbought territory, a retracement of the recent upmove from here on would make the market healthy.

Since October 2020, the index has unfolded an ABCD harmonic pattern. The confirmation of this pattern will be deemed valid at a successive trade above 38,765 and it will challenge the all-time high of 41,800 in the coming months.

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Income tax return (ITR) filing: ‘Extend due date immediately’ chorus grows on Twitter

 The income tax department informed that till 26 July, more than 3.4 crore ITRs have been filed.

The Centre seems adamant to not extend the ITR filing July 31 deadline this year

The countdown for the last date for filing Income Tax Return (ITR) is just three days away, July 31. While the Centre seems adamant to not extend the ITR filing July 31 deadline this year, chorus grows on Twitter demanding the immediate extension of the same.

 #Extend_Due_Date_Immediately is trending on Twitter.

One Twitter user even requested Finance Minister to extend the due dates today itself. Delay in decision is affecting the professionals a lot.

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Tata Steel shares surge as stock trades ex-split today. What investors should know

 While announcing its Q4FY22 results, Tata Steel's board approved a proposal to stock split in 1:10 ratio

Shares of Tata Steel started trading ex split in Thursday's deals, a day ahead of its record date for the stock split it had announced in the ratio of 1:10, which has been fixed on Friday, July 29, 2022 for the purpose of determining the eligibility ofshareholders for the purpose of sub-division of its equity shares or stock split. The stock surged over 3% to ₹99 apiece on the BSE  in opening deals. 

Explaining the rationale behind the stock split decision, Tata Steel said that it is done to enhance the liquidity in the capital market, to widen shareholder base and to make the shares more affordable to small investors.

 A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization  of the company.

 Earlier this week, the domestic steel major Tata Steel posted a 21% fall in its consolidated net profit to ₹7,714 crore for the April-June quarter due to higher costs of materials and finance costs as compared to ₹9,768 crore in the year-ago quarter.

Its total income rose to ₹63,698 crore in the April-June 2022 period against ₹53,627.6 crore year-on-year (YoY). Its expenses, which included the cost of materials consumed and the finance cost, increased to ₹51,912 crore as against ₹41,490.8 crore in same quarter last year.

Tata Steel CEO and MD T V Narendran said April-June has been a challenging quarter for the global and Indian economy with rising  interest rates, supply chain constraints and slowdown in China due to COVID-19.]

Tata Steel is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world

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This small-cap stock doubled investor wealth in one year

A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 50,000 level for the first time, in Mumbai, India, January 21, 2021. REUTERS/Francis Mascarenhas (REUTERS) 

For the January-March quarter (Q4FY22), the company reported a 31% year-on-year (YoY) increase in consolidated profit after tax  (PAT) of 21.69 crore compared to 16.54 crore in Q4FY21.

Shares of Vadilal Industries have doubled investors' wealth in the last one year, surging from ₹1,026 to ₹2,112.20 levels.The stock has seen a one-way rally so far in 2022. During the last six months, it has risen from ₹880 on January 25, 2021, to its current level of ₹2,111.30, representing a multi-bagger return of 140.88 per cent at a time when the Sensex has fallen by nearly 4.12%.

Further, in the last 3-year period, the stock has surged from ₹493 to ₹2,112.20 a piece, logging nearly 328.39 per cent. The stock hit a 52-week high of ₹2,247 on July 18, 2022, and a low of ₹823.8 on January 25, 2022, implying that it is currently trading 156.64 per cent higher than its 52-week low.

Vadilal Industries is a century-old company founded in 1907. It is a small-cap FMCG stock engaged in the packaged food industry with a market capitalisation of over ₹1,518.5 crore.

The company is engaged in the business of manufacturing ice cream, flavoured milk, frozen desserts, processed foods, and other dairy products. It is also enga+ged in the export of ice cream, dairy products, processed food products such as frozen fruits, vegetables, pulp, ready-to-eat and ready-to-serve products etc.

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Pharma stock announces 1930% special dividend. 5 things you should know

  Dividend paying stock: Sanofi India will trade ex-dividend on 5th August 2022 as 6th and 7th August are Saturday and Sunday  respectively.

 Dividend paying stock:The board of directors of pharma company Sanofi India has recommended special dividend of ₹193 against face value of ₹10 per equity share (1930 per cent) for the financial year ending 31st December 2022. The company board announced the decision after its scheduled board meeting held on 26th July 2022. the board also fixed 8th August 2022 as record date for one time special dividend payment.

Sanofi India informed Indian bourses about the special dividend payment citing, "The Board of Directors of the Company at its Meeting held today has declared One-Time Special Interim Dividend of Rs. 193 per equity share of Rs. 10 each for the financial year ending 31st December 2022. The Meeting of Board of Directors commenced at 2.00 p.m. and concluded at 5.10 p.m. As informed earlier the Company has fixed 8th August 2022 as the record date for the purpose of payment of the One-Time Special Interim Dividend. The said dividend will be paid on or after 22nd August 2022."

Here we list out 5 things that Sanofi India shareholders should know:

1] Special one time dividend:The company board has announced one time special dividend of ₹193 per equity share.

2] Sanofi India dividend record date:The record date for one time special dividend payment has been fixed on 8th August 2022.

3] Sanofi India dividend ex- date:Sanofi India will trade ex-dividend on 5th August 2022 as 6th and 7th August are Saturday and Sunday respectively.

4] Dividend payment:  The said dividend will be paid on or after 22nd August 2022.

5] Dividend yield: Earlier on 12th April 2022, Sanofi India shares had trade ex-dividend for payment of ₹181 per equity share final dividend and ₹309 per share for special dividend, net dividend announced by the company in the year 2022 is ₹683( ₹193 + ₹309 + ₹109). Sanofi India share price today is ₹6,600 per share, this means current dividend yield of the stock in 2022 is whopping 10.35 per cent [( ₹683 / 6600) / 6600].

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Crypto exchange Coinbase faces US SEC probe over cryptocurrency listings

Ever since the platform expanded the number of tokens in which it offers trading, the SEC's scrutiny of Coinbase has increased.

In its complaint, SEC said that crypto tokens AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM are unregistered securities.

Crypto trading platform Coinbase Global Inc is facing a US Securities and Exchange Commission (SEC) investigation on if it improperly let Americans trade digital assets that should have been registered as securities, Bloomberg News reported on 26 July.

According to details, the SEC's is looking into an alleged insider trading scheme that was revealed last week.

Earlier last week, US prosecutors in Manhattan charged a former product manager at Coinbase and two others with wire fraud in thefirst insider trading case involving cryptocurrency, added the report.

10 Best New Cryptos on Coinbase to be Announced in 2022

Ever since the platform expanded the number of tokens in which it offers trading, the SEC's scrutiny of Coinbase has increased

The SEC on 21 July had alleged that the that cryptocurrency exchange Coinbase listed nine crypto asset securities. In its complaint, SEC said that crypto tokens AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM are unregistered securities.

Meanwhile, Coinbase had disputed the SEC’s allegations. "Coinbase does not list securities on its platform. End of story,"Bitcoin.com quoted Coinbase's chief legal officer Paul Grewal as saying.

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शेयर मार्केट:सेंसेक्स 242 अंक की बढ़त के साथ 55523 पर, निफ्टी 16635 के नीचे, मारुति सुजुकी और टाटा मोटर्स गिरे

 

भारतीय शेयर मार्केट में आज गिरावट जारी है। सेंसेक्स 242.24 अंक या 0.43% गिरकर 55,523.98 पर और निफ्टी 88.45 अंक या 0.53% नीचे 16,631 पर कारोबार कर रहा है। बजाज फिनसर्व, टेक महिंद्रा, बजाज फाइनेंस, टाटा स्टील और यूपीएल निफ्टी पर  टॉप गेनर्स रहे, जबकि एक्सिस बैंक, डॉ रेड्डीज लैब्स, एशियन पेंट्स, मारुति सुजुकी और टाटा मोटर्स टॉप लूजर्स हैं।

आज इन कंपनियों के आएंगे नतीजे

आज लार्सन एंड टुब्रो, बजाज ऑटो, एशियन पेंट्स और बजाज फिनसर्व जैसी कंपनियां अपने जून तिमाही के नतीजे जारी करेंगी। इनके अलावा टाटा पावर, यूनियन बैंक ऑफ इंडिया, एबीएसएल एएमसी, उज्जीवन स्मॉल फाइनेंस बैंक, रैमको सिस्टम्स, सिम्फनी, सनोफी इंडिया, शॉपर्स स्टॉप, अपोलो पाइप्स, ईपीएल, एथोस, केईआई इंडस्ट्रीज, एसआईएस, साउथ इंडियन बैंक और टीटीके हेल्थकेयर के भी नतीजे आएंगे।

FII और DII डेटा

सोमवार को विदेशी निवेशकों (FIIs) ने बाजार से 844.78 करोड़ रुपए निकाल लिए। वहीं इस दौरान घरेलू निवेशकों (DIIs) ने भी 72.26 करोड़ की इक्विटी बेच दी।

स्टॉक फ्यूचर्स में कमजोरी

महंगाई की चिंता के चलते स्टॉक फ्यूचर्स भी फिसले हैं। इसके पहले सोमवार को डाउ जोन्स में 91 अंकों या 0.28% की तेजी रही और यह 31,990.04 के स्तर पर बंद हुआ। नैस्डैक में 51 अंकों की कमजोरी रही और यह 11,782.67 के लेवल पर बंद हुआ। जबकि S&P 500 इंडेक्स में 5 अंकों की मामूली तेजी रही और यह 3,966.84 के स्तर पर बंद हुआ।

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Why Zomato shares plunged to all-time low today

 Zomato share price: The public offer of food service platform was listed on BSE and NSE on 23rd July 2021

 Zomato share price is under heavy sell-off pressure as one year lock-in for near 78 per cent paid up capital of the food chain platform ends today

Zomato share price today tumbled by over 11 per cent in early morning deals as one year lock-in for promoters, shareholders, employees and other has ended today. The food chain platform's total paid up capital of the one year overhang is around 78 per cent and market experts were expecting Zomato shares to witness sell-off pressure this week. The public issue of Zomato Limited was listed on BSE and NSE on 23rd July 2021.

Zomato shares opened downside in early morning deals on Monday and went on to breach its life-time low of ₹50.05 apiece, later made another record low of ₹47.50 within few minutes of stock market's opening bell today.

Speaking on the reason for sell-off trigger in Zomato shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "Shares of Zomato were listed on Indian bourses on 23rd July 2021, which mean one year lock-in for promoters, company employees, founders of the company, etc. has ended today. As these shareholders constitute around 78 per cent of total paid up capital of  Zomato Limited, shares of this food service under sell-off pressure in early morning session today."

Shares of Zomato were listed on BSE and NSE on 23rd July 2021 at a strong premium of more than 51 per cent. After bumper listing, Zomato shares went on to make its life-time high of ₹169 per share levels in November 2021 breaching ₹1 trillion market valuations during its post-listing rally.

“The stock is expected to remain bears' favourite sell on rise for short to medium term as the stock was offered at ₹76 per equity share in the primary markets around a year ago. So, after the end of one year lock-in for Zomato shareholders, who constitute around 78 per cent of total paid up capital of the company, would look to exit on every bounce in the stock, especially when it would come around its offered price of ₹76 apiece levels," said Avinash Gorakshkar, Head of Research at Profitmart Securities.

However, Zomato shares have been under sell-off heat after climbing to its life-time high and has been making new 52-week lows since the last few sessions

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सेंसेक्स 118 पॉइंट की गिरावट के साथ 55953 पर, निफ्टी 16690 के नीचे; एक्सिस बैंक और ICICI बैंक में तेजी

 हफ्ते के पहले कारोबारी दिन सोमवार को भारतीय शेयर मार्केट में गिरावट देखी जा रही है। सेंसेक्स 118.64 अंक या 0.21% गिरकर 55953.59 पर और निफ्टी 29.60 अंक या 0.18% नीचे गिरकर 16689.90 पर कारोबार कर रहा है।

आज एक्सिस बैंक, टाटा स्टील और टेक महिंद्रा के रिजल्ट आएंगे

आज एक्सिस बैंक, टाटा स्टील और टेक महिंद्रा के जून तिमाही के रिजल्ट आएंगे। इनके अलावा केनरा बैंक, मैक्रोटेक डेवलपर्स, केपीआईटी टेक्नोलॉजीज, अनुपम रसायन, सेंट्रल बैंक ऑफ इंडिया, सेंचुरी टेक्सटाइल्स, चेन्नई पेट्रोलियम, क्राफ्ट्समैन ऑटोमेशन, आईईएक्स, तत्व चिंतन, तेजस नेटवर्क के भी रिजल्ट आज आएंगे।

अमेरिकी बाजारों में गिरावट

शुक्रवार को अमेरिकी बाजारों में गिरावट के बाद स्टॉक फ्यूचर्स भी कमजोर नजर आए। शुक्रवार को डाउ जोन्स में 137.61 अंकों या 0.43% गिरावट रही और यह 31,899.29 के लेवल पर बंद हुआ। S&P 500 इंडेक्स में 0.93% कमजोरी देखने को मिली और  यह 3,961.63 के लेवल पर बंद हुआ। जबकि नैस्डैक में 1.87% गिरावट रही और यह 11,834.11 के लेवल पर बंद हुआ। अमेरिका में अर्निंग सीजन अब तक उम्मीद से कमजोर रहा है, जिससे मार्केट सेंटीमेंट कमजोर हुए हैं। वहीं महंगाई और रेट हाइक साइकिल नेमंदी की आशंका पैदा कर दी है।

FII और DII डेटा

NSE से मिले डेटा के मुताबिक, फॉरेन इंस्टीट्यूट इन्वेस्टर्स (FII) के पास 675.45 करोड़ रुपए के शेयर बेचे हैं, जबकि डोमेस्टिक इंस्टीट्यूट इन्वेस्टर्स (DII) ने 22 जुलाई को 739.38 करोड़ रुपए के शेयर खरीदे।

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₹102 to ₹8370: Multibagger stock turns ₹1 lakh to ₹82 lakh in 9 years

Multibagger stock: If an investor had invested ₹1 lakh in Tata Elxsi shares 5 years ago, its ₹1 lakh would have turned to ₹9.60 lakh today.

Multibagger stock: In YTD time Tata Elxsi shares have given 42 per cent return whereas IT majors Infosys, TCS and Wipro have given zero return in 2022

Multibagger stock:  

Despite reeling under the slowdown and inflation concerns, some quality stocks have given stellar return to its shareholders. Tata Elxsi share are one such stock. When most of the IT stocks have received heavy beating, this Tata group IT stock has delivered 42 per cent YTD return. However, this is not the first time when Tata Elxsi share price has given whopping return to its shareholders. It is one of the multibagger stocks in India that has been giving stellar return to its shareholders for long. In last 9 years, this multibagger stock has surged from ₹102 to ₹8370 apiece levels, delivering around 8100 per cent return to its positional shareholders.

Tata Elxsi share price history

In last one month, this large-cap stock has surged from ₹7788 to ₹8370 apiece levels, recording near 7.50 per cent rise in this time. In ,last 6 months, this multibagger Tata group stock has risen from around ₹7040 to ₹8370 levels, logging near 19 per cent return in this period. In year-to-date (YTD) time, Tata Elxsi share price has ascended from ₹5890 to ₹8370 apiece levels, clocking around 42 per cent rise in 2022. In last one year, this IT stock has appreciated from around 4250 to ₹8370 levels, logging around 95 per cent rise in this time horizon.

Likewise, in last 5 years, this multibagger stock has shot up from around ₹875 to ₹8370 per share levels, clocking near 860 per cent jump in this time frame. However, in last 9 years, this stock has ascended from ₹102 to ₹8370 levels on NSE, registering near 8100 

per cent appreciation in this period.

Impact on investment

Taking cue from Tata Elxsi share price history, if an investor had invested ₹1 lakh in this stock one month ago, its ₹1 lakh would have turned to ₹1.075 lakh today whereas it would have turned to ₹1.19 lakh in 6 months. In YTD time, this ₹1 lakh would have tuned to ₹1.42 lakh today. If an investor had invested ₹1 lakh in this multibagger stock one year ago and had remained invested in it throughout this last one year, its ₹1 lakh would have become ₹1.95 lakh today.

Likewise, if an investor had invested ₹1 lakh in Tata Elxsi shares 5 years ago, its ₹1 lakh would have turned to ₹9.60 lakh today. Similarly, if an investor had invested ₹1 lakh in this multibagger stock 9 years ago, its ₹1 lakh would have turned to ₹82 lakh today. 

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Gold price rebounds from 16-month low. Should you buy, sell or hold?

 

Gold prices are expected to remain volatile ahead of US Fed monetary policy meeting scheduled next week, believe experts.

Spot gold price is trading in the range of $1680 to $1750 per ounce range whereas MCX gold rates are trading in the range of ₹49,500 to ₹51,500 per 10 gm, say experts

Gold price today: On account of interest rate hikes by central banks across world, gold price plummeted to 16-month lows. However, spot gold price bounced back from its support price of $1680 per ounce levels and closed at $1726.40 per ounce levels on Friday, logging near 0.50 per cent intraday gain. Gold price on Multi Commodity Exchange (MCX) shot up ₹305 per 10 gm on Friday and finished at 50,680 levels

According to commodity market experts, spot gold price is trading in the range of ₹49,500 to ₹51,500 per 10 gm. They said that $1680 has been working as strong support for international gold price for last two years and till the yellow metal price is sustaining above these levels, one should maintain 'buy on dips' strategy. They went on to add that downward trend can be expected only when this pivotal support is breached.

According to commodity market experts, spot gold price is trading in the range of $1680 to $1750 per ounce rSpeaking on the reasons for bumpy trade pattern in gold prices, Sugandha Sachdeva, Vice President — Commodity & Currency Research at Religare Broking Ltd said, "Gold prices plummeted to a 16-month low during the week, amid rapid interest rate hikes by the key central banks in their fight against widespread inflationary pressures, which suppressed the investment appeal of the metal. However, prices managed to stage an impressive recovery from the pivotal support of the $1680 per ounce mark amid renewed concerns about the global growth outlook and widespread inflationary pressures."

Dollar index softens

Sugandha Sachdeva went on to add that softening of the dollar index enticed buying interest in gold at lower levels. On the data front, the US initial jobless claims surged for the third week in a row while the Philly Fed manufacturing index contracted for the second straight month, fueling economic growth concerns.US preliminary data for July reflected mixed activity in the US manufacturing and service sectors.

The Religare analyst said that the key highlight of the week was the ECB monetary policy meeting, wherein the European Central Bank hiked interest rates by 50 bps crossing market expectations to combat elevated inflation. The ECB president even cautioned about persistent inflationary risks as the war in Ukraine still drags on and energy price prices are holding firm. On the other hand, the Bank of Japan on expected lines maintained an accommodative stance, while raising inflation forecasts and highlighting risks to the economic outlook. However, as markets are closely eyeing Fed’s policy meeting next week, bets of a 100 bps rate hike by the US Fed have eased which has caused the greenback to witness losses for the first time in four weeks, while underpinning gold prices. Besides, the energy crisis eased in Europe as Russia resumed flows of gas to the region through a key pipeline, which lifted market sentiment.

Pivotal levels for gold prices.

Asked about important levels in regard to gold prices Anuj Gupta, Vice President — Research at IIFL Securities said, "Spot gold price is having strong support of $1680 to $1675 per ounce levels whereas immediate hurdle for the yellow metal in spot market is placed around $1750 to 1760 levels. Bullish or bearish trend in the precious metal can be assumed on breakage of either side of the range. On MCX, gold price is currently trading in the rAsked about important levels in regard to gold prices Anuj Gupta, Vice President — Research at IIFL Securities said, "Spot gold price is having strong support of $1680 to $1675 per ounce levels whereas immediate hurdle for the yellow metal in spot market is placed around $1750 to 1760 levels. Bullish or bearish trend in the precious metal can be assumed on breakage of either side of the range. On MCX, gold price is currently trading in the range of ₹49,500 to ₹51,500. Any dip in the gold price should be seen as buying opportunity till these pivotal lower levels are intact."

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There are many benefits of filing income tax return: File ITR even if your annual income is less than 2.5 lakhs, it gives easy loan

 Few days are left to file Income Tax Return (ITR) for the year 2021-22. You have to file ITR by 31st July. Many people believe that if their annual income is less than 2.5 lakhs and they do not come under the tax net, then they do not need to file ITR, but it is not so.

Even if you do not come under the income tax net, you should still file returns, because if you file ITR, then it gives you many benefits. Filing ITR makes it easier to get a loan. Apart from this, it is also necessary for visa. We are telling you about the benefits of filing ITR.

Ease of getting loan: ITR is proof of your income. It is accepted by all banks and NBFCs as income proof. If you apply for a bank loan, many times banks ask for ITR. If you file ITR regularly, then you can easily get loan from the bank. Apart from this, you can easily avail other services apart from loans from any financial institution.

Required for Visa If you are going to another country, you may be asked for an income tax return when you apply for a visa. Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check that the financial status of the person who wants to come to their country is.

If tax has been deducted from your income and deposited with the government for claiming tax refund , you cannot get it back without filing ITR, even if your income is within the basic exemption limit for income tax. If you want to claim tax refund, then it is necessary to file ITR for this. When you file ITR, the Income Tax Department does its assessment. If your refund is made, it is directly credited to the bank account.

Works as an Address Proof: The

ITR receipt is sent to your registered address, which can act as an address proof. Apart from this, it also acts as income proof for you.

It is easy to carry forward the loss

if you invest in shares or mutual funds and you have a loss, then to carry forward the loss to the next year, it is necessary to file income tax return within the stipulated time frame, because next year if you have If there is a capital gain, then this loss will be adjusted against this benefit and you can get the benefit of tax exemption on the profit

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Zomato shares: Analysts warn of selloff risks as one-year lock-in ends soon

 Zomato shares were listed on Indian bourses at a bumper premium of more than 51 per cent.Zomato shares were listed on Indian bourses at a bumper premium of more than 51 per cent.

Zomato shares were listed on BSE and NSE on 23rd July 2021 that means one year lock-in for founders, promoters, employees, etc. is going to end next week

Zomato share price:The public offer of food service platform Zomato Limited was listed on BSE and NSE on 23rd July 2021 that means one year lock-in for promoters, employees, and other will end next week. With this one year lock-in of around 613 crore Zomato shares, which is to the tune of 78 per cent of total paid up capital of the company, stock market analysts have cautioned sell-off risk in the stock calling it an idea 'sell on rise' stock in short to medium term.

Speaking on the overhang coming on Zomato shares after the end of one year lock-in, Anuj Gupta, Vice President — Research at IIFL Securities said, "Zomato shares were listed on BSE and NSE on 23rd July 2021, which mean one year lock-in for promoters, company employees, founders of the company, etc. is going to end next week. As these shareholders constitute around 478 per cent of total paid up capital of Zomato, shares of this food service platform is expected to remain under the sell-off pressure."

Calling Zomato shares as an ideal 'sell on rise' stock in short to medium term, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "There won't be immediate sell-off taking place in the counter as the stock is trading much below its offered price of ₹72 to ₹76 per equity share. However, the sock would face immediate sell-off pressure as and when it would reach around its offered price at the time of IPO launch. So, Zomato shares are expected to remain an ideal sell on rise stock in short to medium term."

Zomato shares were listed on BSE and NSE on 23rd July 2021 at a bumper premium of more than 51 per cent. After bumper listing, Zomato shares went on to make its life-time high of ₹169 apiece levels in November 2021 breaching ₹1 trillion market cap during this post-listing rally. However, the food services stock has been under sell-off heat after climbing to its life-time high and has been making new 52-week lows for last few sessions. Zomato shares ended at ₹53.50 apiece on NSE on Thursday, which is ₹3.45 above its 52-week low of ₹50.05 per share.

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Rakesh Jhunjhunwala portfolio: These 5 stocks rise up to 23% in one month

 Rakesh Jhunjhunwala stock Federal  Bank has given 23 per cent return in last one month whereas small-cap index has delivered 12 per cent return in this period

These Rakesh Jhunjhunwala portfolio stocks have outperformed Sensex and Nifty in last one month.

Rakesh Jhunjhunwala portfolio:  A big number of retail investors scan portfolio of ace investors to find out value picks. They compare the performance of their stocks and the return given by the key benchmark indices in recent sessions. For such retail investors of the Indian stock market, looking at Rakesh Jhunjhunwala's portfolio stocks might be beneficial. A good number of Rakesh Jhunjhunwala stocks have generated alpha return in last one month.

Here we list out 4 Rakesh Jhunjhunwala stocks that have delivered up to 23 per cent return in last one month:

Federal Bank: The tune of 25 per cent by mid May 2022. However, after the announcement of strong Q1FY23 results, the banking stock has rebounded strongly and climbed to new 52-week high of ₹109.45 apiece levels, paring all the losses it had incurred during the consolidation phase. In last one month, it has surged from around ₹89 to ₹107.50 levels, logging near 23 per cent rise in this time horizon.

Escorts Kubota:  Rakesh Jhunjhunwala added this auto stock in his portfolio during April to June 2022 quarter. In last one year, this tractor maker company's stock delivered sharp upside move till end of November 2021. But, after ushering in December 2021 it started to trade flat and remained sideways till first week of April 2022. From April to June end,, this Rakesh Jhunjhunwala stock remained under sell-off heat. But, in July 2022, Escorts Kubota shares have rebounded strongly giving near 147 per cent return to its shareholders in last one month.

Tata Motors: In last one year, this Rakesh Jhunjhunwala was in uptrend till first fortnight of October 2021. From second fortnight of October 2021, Tata Motors share price started to trade flat and it remained range-bound till February 2022. From March to mid June 2022, Tata Motors stock remained under base building mode. However, in last one month, it has surged to the tune of 15.50 per cent.

Titan Company:Shares of this Tata group company remained sideways from mid-October 2021 to end of March 2022. It started correcting from the last week of March 2022 and went on to nosedive till end of June 2022. However, this Rakesh Jhunjhunwala stock has been in uptrend after ushering in July 2022, delivering 12.50 per cent return to its shareholders.

All these stocks have delivered alpha return in last one month as both Nifty and Sensex have delivered around 7.50 per cent return in last one month. BSE mid-cap index has delivered 11.90 per cent return in this period whereas BSE small-cap index has surged around 12 per cent in this period.

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Gold prices today fall to near 1-year lows. In India, rates dip below ₹50,000

 Gold prices today: Global rates today fell to $1,691 per ounce, the lowest since August 21

In India, the fall in gold rates has been less steep due to the recent import duty hike on the yellow metal.

In global markets, gold rates today fell to lowest in nearly a year, buffeted by an elevated Us    dollar.Prospects of more interest rate hikes by major central banks also weighed on bullion's appeal. Spot gold today fell to $1,691.40, the lowest since August 2021. A stronger US dollar makes greenback-priced bullion more expensive for buyers holding other currencies.

In India, the fall has been less steep due to the recent import duty hike on the yellow metal. MCX gold futures were down 0.5% to ₹49,958 per 10 gram, the lowest since February, while silver fell 0.88% to ₹55130 per kg. India imports most of its gold requirement. Besides global rates and rupee-dollar movement, domestic prices also track change in different levies like import duty and GST.

“COMEX gold trades near Aug.2021 lows weighed down by pause in US dollar ahead of ECB decision today. Also weighing on price is stability in equity markets, concerns about consumer demand in India and China and continuing ETF outflows. Gold stalled near $1700/oz level for last few days despite weakness in US dollar which showed lack of confidence that US currency may weaken significantly. Gold may remain under pressure unless we see renewed selling pressure in US dollar post ECB decision. ECB is largely expected to raise interest rate by 0.25% however there is some expectations of a bigger move as well," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Commodity traders will be focused on the European Central Bank policy outcome today. The ECB is expected to raise interest rates for the first time in 11 years. Next week, the policymakers of US Federal Reserve will meet to decide on interest rate. The Fed is widely expected to raise interest rates by 75 basis points at its policy meeting next week to combat inflation.

Although gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding bullion, which pays no interest.

Despite the price dip, ETFs continued to see outflows. The holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.3% to 1,005.87 tonnes on Wednesday from 1,009.06 tonnes on Tuesday.

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Day trading guide for Thursday: 8 stocks to buy or sell today — 21st July

Stock market today: Crucial support for the Bank Nifty index is placed at price zone of 35,450 and 35,500, say stock market analysts.

Day trading guide: Short term trend of Nifty continues to be positive, say stock market experts

Day trading guide for Thursday: On account of strong buying in IT, FMCG, metal, MNC, energy and bank stocks, Indian stock market finished in positive zone on fourth straight session on Wednesday. NSE Nifty closed 180 points north at 16,520 whereas BSE Sensex surged 630 points and ended at 55,398 levels. Nifty Bank index finished 252 points higher and closed at 35,972 levels. Broad market indices underperformed as the mid-cap and small-cap indices rose less than 0.5 per cent. Volatility index India VIX lost 2.20 per cent and ended at 16.82 on Wednesday.

According to stock market experts a small body of negative candle was formed on the daily chart with gap up opening, which signal reluctance of market to conquer further highs after the sharp positive opening. This market action could possibly bring further consolidation/minor downward correction for short term before moving up further.

The positive sequence like higher tops and bottoms continued on the daily chart and the current chart pattern signal a probability of a new higher top formation at 16,588 levels. Still there is no confirmation of any higher top reversal as of now. Nifty is currently placed at the edge of the hurdle of 200 day EMA around 16,520 levels.

Day trading guide for stock market today

"The short term trend of Nifty continues to be positive. Though, tiredness in the Nifty at the highs/hurdle is visible,but still there is no firm evidence of any reversal pattern unfolding at the highs. A sustainable move above 16,550 to 16,600 levels could pull Nifty towards another hurdle of 16,800 levels in the short term. Any decline from here could find support around16,300 to 16,250 levels in the near term," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

On important levels in regard to Nifty Bank index, Chinamy Barve, Head — Technical and Derivative Research at Profitmart Securities said, "The important levels, which will act as crucial support for the Bank Nifty index, are placed at price zone of 35,450 and 35,500 while on the upside; key resistance levels are placed at 36,400 and 36,650 levels."

Day trading stocks

Sharing intraday stocks for today, stock market analysts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Mudit Goel, Senior Research Analyst at SMC Global Securities; Avinash Gorakshkar, Head of Research at Profitmart Securities and Santosh Meena, Head of Research at Swastika Investmart — recommended 8 stocks to buy or sell today.

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Wipro shares trade near 52-week low after disappointing Q1. What brokerages recommend?

Shares of Wipro Ltd plunged more than 2% in Thursday's opening deals

Shares of Wipro Ltd plunged more than 2% in Thursday's opening deals, trading near its 52-week low level after the company missed analyst estimates for June-quarter profit on Wednesday, as higher employee-related costs pushed up the information technology servicesfirm's overall expenses.

The Indian IT company’s net profit for the June quarter declined 20.7% to ₹2,563 crore from ₹3,232 crore in the year-ago period. The revenue for the June quarter grew 19% annually to ₹21,529 crore on the back of a strong demand environment for cloud, digital engineering, and cyber security services.

Wipro forecast higher revenue growth from IT services on the back of a strong project pipeline, and said margins likely bottomed out after higher expenses dented June-quarter profit.

“Wipro's 1QFY23 results missed estimates, with the 200bps QoQ margin decline being the key disappointment. Deal TCV at US$1.1bn, strong net hiring, and healthy 2Q guidance of 3-5% QoQcc were encouraging. We lower our estimates by 1-6% and expect Wipro to deliver a 6% EPS CAGR in FY22-25. Weak EPS growth, a high risk of cuts to consensus estimates, and heavy reliance on acquisitions should weigh on the stock," said analysts at Jefferies while maintaining underperform rating on Wipro shares with a target price of ₹360.

Wipro's expenses during the first quarter ended June 2022, which includes employee cost, jumped almost 23% to ₹18,647.5 crore, with attrition rate at 23.3%. The operating margin in the IT services segment decreased by 200 basis points to 15% quarter-on-quarter.

“We cut FY23/FY24/FY25 EPS estimates by 6.5%/1.8%/2.8%, considering the Q1 miss. Management commentary remains fairly confident on revenue acceleration ahead. However, it shied away from giving any timeline on the margin returning to the mediumterm target range of 17-17.5%, which remains an irritant," said another brokerage Emkay. It has maintained Buy tag on the IT stock with a revised target price of ₹490 (from ₹500 earlier).

Indian top IT services companies' June-quarter earnings started on a weak note, with TCS and HCL Technologies also missing their first-quarter profit estimates. Infosys is yet to announce its Q1 earnings.

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Sensex jumps 2,000 points in 4 days. Key drivers for the rebound explained

 Sensex today rose over 600 points while Nifty50 was back above 16,500

Some analysts have advised cautious caution saying that selling may reemerge at higher levels.

Indian stocks markets today rallied on the back of positive global cues, extending the recent streak of gains to the fourth day. The Nifty was back above 16,500 while Sensex rose over 600 points. In four sessions, Sensex has rebounded over 2,000 points. Apart from positive global cues, the cut in windfall tax on oil producers and refiners boosted the Street's sentiment. The government also exempted petrol from an export levy less than a month after it imposed the two charges.

The changes will help companies such as Reliance Industries, Oil and Natural Gas Corp and Oil India Ltd, according to analysts. RIL shares were up about 3%.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the sharp pullback in Nifty from the June lows of 15183 is being aided by a flood of good news. “First, the US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell," he said.

FIIs have been net buyers of Indian equities in the past two sessions but so far in 202 2, foreign investors have made net sales of India shares totalling more than $30 billion.

"Results from the leading financials are likely to be good. After the recent correction IT valuations are attractive. If  the US succeeds in avoiding a recession, IT will bounce back smartly," Vijayakumar said. 

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Trade setup for today, 20th July 2022: Things to know before stock market's Opening Bell today

 Trade setup for Wednesday: In case of any declines, the immediate support for Nifty will be seen around the hourly 20-EMA around 16,220, say experts.

Trade setup for today: NSE has added Delta Corp stock under its F&O ban list for trade date 20th July 2022

Trade setup for today, 20th July 2022: After showing sharp upside move on Monday, both Sensex and Nifty shifted into a choppy movement with positive bias on Tuesday. However, Indian stock market managed to end in green territory for third successive day on Tuesday. Nifty 50 index gained 62 points and finished at 16,340 whereas BSE Sensex added 246 points and finished Tuesday’s session at 54,768 levels. Nifty Bank jumped 1 per cent and closed at 35,720 mark. 

After showing sharp upside move on Monday, both Sensex and Nifty shifted into a choppy movement with positive bias on Tuesday. However, Indian stock market managed to end in green territory for third successive day on Tuesday. Nifty 50 index gained 62 points and finished at 16,340 whereas BSE Sensex added 246 points and finished Tuesday’s session at 54,768 levels. Nifty Bank jumped 1 per cent and closed at 35,720 mark. 

Global cues

On Wall Street, Dow Futures rise as robust earnings pushed positive sentiments. After the end of Tuesday session, Dow Jones ended 2.43 per centhigher whereas tech heavy Nasdaq went up 3.11 per cent. S&P 500 went 2.76 per cent northward while Small Cap 2000 recorded 3.48per cent intraday gain on Tuesday session. But, European shares fell on Tuesday, hit by worries about a hawkish European Central Bank and slowing economic growth. The euro rose to its highest level in about two weeks after news reports that the European Central Bank (ECB) may consider raising interest rates on Thursday by 50 to 75 bps to counter worsening inflation. However, Asian shares were mixed Tuesday, as investors weighed oil prices, inflation worries and corporate earnings.

Asian markets in early morning session   In early morning deals on Wednesday, the Japanese Nikkei is up 2.12 per cent, Hong Kong's Hang Seng is down 0.89 per cent whereas Chinese Shanghai is trading choppy with 0.01 per cent loss.

SGX Nifty technical outlook

SGX Nifty today is quoting 114 points higher from its Tuesday close, indicating a positive opening for the Indian markets when it opens today at 9:15 AM.

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Listed in June 2022, this stock has risen 54% from its issue price

                                        Aether Industries IPO was open from May 24-26

 Adding on to the strong performance of the stock, brokerage house HDFC Securities initiated coverage on the stock with a 'buy' call. The brokerage has a target price of ₹1,045 for the stock.]

Shares of Aether Industries have given robust returns to its investors since listing From June 3, (it's listing day), the stock has risen 41 percent till date. The stock listed at a premium to its issue price and was locked in a 10-percent upper circuit throughout the day, the only stock to do so on a listing day in 2022.

From June 3, (it's listing day), the stock has risen 41 percent till date. The stock listed at a premium to its issue price and was locked in a 10-percent upper circuit throughout the day, the only stock to do so on a listing day in 2022.

The ₹808-crore IPO of the company was subscribed 6.26 times during its public offer. Aether Industries Limited manufactures and sells advanced intermediates and specialty chemicals in India and internationally. It is focused on producing advanced intermediates involving complex and differentiated chemistry and technology core competencies. It serves pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas industries.

Adding on to the strong performance of the stock, brokerage house HDFC Securities initiated coverage on the stock with a 'buy' call. The brokerage has a target price of ₹1,045 for the stock. This indicates a 62 percent potential upside from its issue price of ₹642 and a 6 percent upside from the current levels.

As per the brokerage, Aether is more than doubling its manufacturing capacity by 2023-end. Augmentation of capacity will not only allow it to fulfill the demand of the existing and potential customers for existing products but also provide an opportunity to launch new products, HDFC pointed out.

Business Model 

"Aether Industries Ltd has a technology-oriented business model and it sells innovations in chemistries and technologies. Competencies in eight chemistries and eight technologies have enabled the company to successfully build all three of its business verticals—large-scale manufacturing, contract manufacturing and contract research and manufacturing services (CRAMS)—in less than six years of operation," the brokerage said in its report.

The brokerage further highlighted that Aether’s business model compels it to regularly launch products and add competencies. Moreover, the firm is tripling its research and development (R&D) infrastructure and strengthening its team size which will support its growth pace, said HDFC.

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EPFO ​​likely to increase equity investment limit to 20 percent

                A decision may be taken in the EPFO ​​trustee meeting at the end of the month

Retirement fund body EPFO ​​is likely to approve a proposal to increase its investment in equities to 20 per cent from the current limit of 15 per cent this month. According to sources, the proposal will be considered and approved during the meeting of EPFO ​​trustees to be held on July 29 and 30. Currently, EPFO ​​can invest 5 to 15 percent of investable deposits in equity or equity-related schemes.

The proposal to revise the limit to 20 percent has been scrutinized and approved by the Finance Audit and Investment Committee (FAIC), an advisory body of the Employees Provident Fund Organization (EPFO). FAIC's recommendation will be placed before EPFO's highest decision-making body—the Central Board of Trustees (CBT)—for consideration and approval.

The Central Board of Trustees (CBT), headed by the Union Labor Minister, is likely to approve FAIC's recommendation to increase investmentin equity and equity-related schemes from the current 5-15 per cent to 5-20 per cent. In a written reply in the Lok Sabha on Monday, Minister of State for Labor and Employment Rameshwar Teli said, “The sub-committee of FIAC, CBTEPF has recommended a proposal to investment in CBT has reduced the investment pattern for EPF consideration from 5-15 percent to 5-20 percent.

EPFO started investing in Exchange Traded Funds (ETFs) in August 2015 with 5 per cent of its investable deposits in stock-linked products.

The notional return on EPFO's equity-linked investments has increased from 14.67 per cent in 2020-21 to 16.27 per cent in 2021-22 which had been a negative return during Covid. The response also pointed out that the notional rate of return on equity relatedinvestments of EPFO ​​was negative at (-) 8.29 percent in 2019-20 due to the impact of Covid-19.

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