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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Royal Orchid Hotels shines on opening 8 new properties

Royal Orchid Hotels is currently trading at Rs. 74.10, up by 3.75 points or 5.33% from its previous closing of Rs. 70.35 on the BSE.

The scrip opened at Rs. 70.95 and has touched a high and low of Rs. 77.00 and Rs. 70.95 respectively. So far 12364 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 94.80 on 24-Aug-2020 and a 52 week low of Rs. 32.40 on 23-Mar-2020.

Last one week high and low of the scrip stood at Rs. 77.00 and Rs. 69.10 respectively. The current market cap of the company is Rs. 207.33 crore.

The promoters holding in the company stood at 69.42%, while Institutions and Non-Institutions held 5.04% and 25.54% respectively.

Royal Orchid Hotels has opened 8 new properties under the brand Regenta Resort, Regenta Central and Regenta Inn. Three business hotels were opened in prominent business districts in cities like Bangalore and Noida. Three business/Leisure hotels were opened in Goa (Panjim), Jaipur and Ajmer. Two leisure properties were launched as well, one in Mashobra and the other in Udaipur.

The new hotels launched in Bangalore, Noida, Goa, Jaipur and Ajmer will help fortify the group’s position as one of the leaders in the corporate business market. These hotels are located in close proximity to the cities central business district and other transport hubs which is predicted to feed a strong demand pipeline originating from industrial organisations and IT companies.

Royal Orchid Hotels is one of India's fastest-growing hospitality brands. It caters to business and leisure travellers who value comfort, great cuisine, distinctly warm Indian hospitality, and value for money. Its modern and fully equipped hotels, resorts, long-stay suites, and inns are what make its guests return time and time again to its properties in metro cities, holiday destinations, pilgrimage sites and wildlife parks.

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AU Small Finance Bank surges on raising Rs 625.5 crore

AU Small Finance Bank is currently trading at Rs. 1218.75, up by 31.50 points or 2.65% from its previous closing of Rs. 1187.25 on the BSE.

The scrip opened at Rs. 1198.90 and has touched a high and low of Rs. 1238.05 and Rs. 1198.90 respectively. So far 8035 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1315.80 on 09-Mar-2021 and a 52 week low of Rs. 366.20 on 27-May-2020.

Last one week high and low of the scrip stood at Rs. 1274.00 and Rs. 1179.00 respectively. The current market cap of the company is Rs. 36459.26 crore.

The promoters holding in the company stood at 28.98%, while Institutions and Non-Institutions held 51.70% and 19.32% respectively.

AU Small Finance Bank has completed the allotment of equity shares under its Qualified Institutions Placement (QIP) and has successfully raised Rs 625.5 crore through the issuance of 50,00,000 equity shares at an issue price of Rs 1,251 per share. The issue was launched on March 9 with a floor price of Rs 1,181.06 a piece.

The QIP witnessed strong reception from both domestic and international institutional investors and the entire QIP was subscribed by sovereign wealth funds, large foreign portfolio investors, life insurance company and domestic mutual funds.

AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused nonbanking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.

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Power Grid inches up on acquiring Ramgarh New Transmission

Power Grid Corporation Of India is currently trading at Rs. 217.50, up by 1.55 points or 0.72% from its previous closing of Rs. 215.95 on the BSE.

The scrip opened at Rs. 220.35 and has touched a high and low of Rs. 220.35 and Rs. 215.30 respectively. So far 10570 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 239.00 on 24-Feb-2021 and a 52 week low of Rs. 129.75 on 18-Mar-2020.

Last one week high and low of the scrip stood at Rs. 229.90 and Rs. 213.35 respectively. The current market cap of the company is Rs. 112976.18 crore.

The promoters holding in the company stood at 51.34%, while Institutions and Non-Institutions held 42.27% and 6.39% respectively.

Power Grid Corporation of India, pursuant to its selection as the successful bidder under tariff-based competitive bidding, has acquired Ramgarh New Transmission (RNTL) on March 9, 2021, the Project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW). The entity was acquired for an aggregate value of about Rs 5.61 crore including 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the Company as on the acquisition Date.

Now, the company owns 100 per cent equity in the RNTL. It shall be engaged in the business of transmission of Power. The transmission system (RNTL) comprises establishment of a new 400/220kV Substation, 400kV DIC Transmission lines and associated Substation extension works in Rajasthan. The transmission system is an Inter State Transmission System Project and is to be completed in 18 months.

Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India.

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Bharat Forge gains on making further investment in Aeron Systems

Bharat Forge is currently trading at Rs. 616.50, up by 3.50 points or 0.57% from its previous closing of Rs. 613.00 on the BSE.

The scrip opened at Rs. 620.00 and has touched a high and low of Rs. 620.80 and Rs. 615.20 respectively. So far 9868 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 676.10 on 13-Jan-2021 and a 52 week low of Rs. 207.85 on 07-Apr-2020.

Last one week high and low of the scrip stood at Rs. 648.50 and Rs. 605.80 respectively. The current market cap of the company is Rs. 28540.58 crore.

The promoters holding in the company stood at 45.76%, while Institutions and Non-Institutions held 36.07% and 18.16% respectively.

Bharat Forge has made further investment of Rs 4 crore in its associate company - Aeron Systems by way of purchasing 39,000 equity shares of face value Rs 10 each at a premium of Rs 1,015.64 in accordance with the terms of Shareholders Agreement with Aeron and its founders. Consequently, the company's stake in Aeron has been increased from 26% to 36% (fully diluted).

Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and 

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PSP Projects moves up on receiving LoA of Rs 1491.34 crore

PSP Projects is currently trading at Rs. 490.70, up by 12.50 points or 2.61% from its previous closing of Rs. 478.20 on the BSE.

The scrip opened at Rs. 500.00 and has touched a high and low of Rs. 505.00 and Rs. 488.60 respectively. So far 2898 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 506.00 on 08-Feb-2021 and a 52 week low of Rs. 233.80 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 505.00 and Rs. 467.45 respectively. The current market cap of the company is Rs. 1721.52 crore.

The promoters holding in the company stood at 74.19%, while Institutions and Non-Institutions held 6.68% and 19.13% respectively.

PSP Projects has received Letter of Acceptances (LoA) amounting to Rs. 1491.34 crore (excluding GST) for construction of medical colleges and hospitals at multiple locations at Uttar Pradesh. Additionally, the company has secured new work orders worth Rs 25.58 crore (excluding GST) for residential and institutional projects from various clients in Gujarat.

With receipt of the above, the total work orders received during financial year 2020-21 on standalone basis amounts to Rs 2436.86 crore (excluding GST) and the outstanding order book considering December books stands at Rs 4736.88 crore (excluding GST).

PSP Projects, the Ahmedabad-based firm is a multi-disciplinary construction firm and provides its services ranging from planning and design to construction and post-construction activities.

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DCW shines on raising Rs 410 crore through NCDs

DCW is currently trading at Rs. 30.90, up by 0.95 points or 3.17% from its previous closing of Rs. 29.95 on the BSE.

The scrip opened at Rs. 30.90 and has touched a high and low of Rs. 30.90 and Rs. 30.65 respectively. So far 10813 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 31.65 on 09-Mar-2021 and a 52 week low of Rs. 6.97 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 31.65 and Rs. 27.20 respectively. The current market cap of the company is Rs. 781.79 crore.

The promoters holding in the company stood at 46.73%, while Institutions and Non-Institutions held 6.48% and 46.79% respectively.

DCW has raised Rs 410 crore through issuance of debentures to refinance debt and augment working capital. It has completed the refinancing of its debt with the issuance of NCDs (Non-Convertible Debentures) amounting Rs 350 crore and OCDs (Optionally Convertible Debentures) to be converted into equity within 18 months, amounting Rs 60 crore.

The company will utilise the funds to refinance the existing term loans and augment working capital. The company expects this fund raise to enhance capacity utilisation and meet increasing product demand. These NCD's carries moratorium of 18 months and tenure of six years.

DCW is an industry pioneer with a strong presence in the Chlor-Alkali, Synthetic Rutile and PVC business segments, with a successful record of innovation and in pioneering new products and processes.

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SBI Cards and Payment Services surges on planning to raise up to Rs 2,000 crore

SBI Cards And Payment Services is currently trading at Rs. 1066.85, up by 8.55 points or 0.81% from its previous closing of Rs. 1058.30 on the BSE.

The scrip opened at Rs. 1060.00 and has touched a high and low of Rs. 1078.00 and Rs. 1058.05 respectively. So far 59157 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1149.00 on 24-Feb-2021 and a 52 week low of Rs. 495.25 on 22-May-2020.

Last one week high and low of the scrip stood at Rs. 1139.30 and Rs. 1047.00 respectively. The current market cap of the company is Rs. 100250.61 crore.

The promoters holding in the company stood at 69.40%, while Institutions and Non-Institutions held 9.74% and 20.86% respectively.

SBI Cards and Payment Services (SBI Card) is planning to raise up to Rs 2,000 crore through the issuance of debt securities in one or more tranches. A meeting of the board of directors of the company is scheduled to be held on Friday (March 12) to consider and approve raising of funds by way of issuance of non-convertible debentures, aggregating to Rs 2,000 crore.

SBI Cards and Payment Services is a payment solutions provider in India.

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Business will be easy:Government can remove more than 6 thousand Compliance, will get relief by filling unregistered form

There are 13 PLI schemes worth Rs 1.97 lakh crore to promote local manufacturing
IT hardware is estimated to have a production value of 3 lakh crore rupees in four years

The government is planning to ease business at both the state and central levels. Government can remove such 6 thousand Compliance. These are processes that no longer have much meaning.

Government wants to ease business

Prime Minister Narendra Modi said that the government wants to ease business. So it is eliminating such things (needs of compliance). He said that we are taking it seriously. The imperative of filling in countless forms has to be eliminated. Modi was addressing a webinar on the Production Linked Incentive (PLI) scheme related to production. He said that the suggestion of industry people is important in this matter.

The effort started last year only

The Department for Promotion of Industry and Internal Trade (DPIIT) secretary Guruprasad Mohapatra said last year that the Center has started identifying wasteful rules in state and central laws. These are the rules that are not needed for companies operating in India. It can be removed. Can be removed to reduce.

Marriet's CEO gave the idea

Mahapatra said the idea came up during Modi's meeting with Arne Sorenson, president and chief executive of Marriott International. He had complained about the complex rules in starting and running a hotel in India. Cited a study by the National Restaurants Association of India (NRAI). He said that to get a license from Delhi Police to open a restaurant, 45 types of documents are required. At least 12 documents have to be collected for new weapon licenses (19) and for fireworks licenses.

Most firms are struggling with governance framework

The survey noted that a major challenge facing most firms is the complexity of the governance framework. It contains a lot of old laws. Modi said that in the case of PLI, the government is also looking at the rules of those countries which have been successful in accelerating the growth by promoting manufacturing. He said that manufacturing firms should make India their base. The number and strength of our domestic industry, our small and medium enterprises (MSMEs) should expand more and more.

520 billion production target

The government has set a target of producing about $ 520 billion in India in the next 5 years. With this, 13 PLI schemes worth Rs 1.97 lakh crore have been announced to promote local manufacturing. Modi said that IT hardware is expected to achieve a production value of 3 lakh crore rupees in four years. There will be an increase of Rs 2.5 lakh crore in telecom gear manufacturing. We should be able to export goods worth 2 lakh crore rupees from it.

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Microsoft email software flaw raises alarms at White House

Newly discovered flaws in Microsoft Corp.’s software for email has raised concerns at the highest levels of the U.S. government, which is urging users to immediately apply patches.

At least 30,000 organizations across the U.S., including significant numbers of small businesses and local governments, have been hacked via holes in Microsoft’s email software in the last few days by suspected Chinese attackers who are focused on stealing email from victims, the blog KrebsonSecurity reported Friday.

This is a significant vulnerability that could have far-reaching impacts," said Jen Psaki, the White House press secretary, speaking at a briefing. “We are concerned there are a large number of victims." She characterized the incident as an “active threat."

Her remark comes after Microsoft disclosed on Tuesday that nation-state hackers based in China were exploiting previously unknown flaws in on-premise versions of the software and released patches for them. The following day, the Cybersecurity and Infrastructure Security Agency, which is known as CISA and is part of the Department of Homeland Security, issued an emergency directive in response to “observed active exploitation of these products." As a result, civilian agencies and departments were directed to apply the patches, or disconnect Microsoft Exchange from their networks, and to look for compromises.

Government concern over the flaws continued to build over the course of the week. On Thursday, CISA released an alert stating that it was aware of hackers using tools to search for servers that hadn’t yet been patched. That evening, National Security Advisor Jake Sullivan wrote on Twitter that the U.S. is “closely tracking Microsoft’s emergency patch." He cited “reports of potential compromises of U.S. think tanks and defense industrial base entities."

The specific targets and timing of the hacking remains unknown. Defense Department spokesman John Kirby said the Pentagon is assessing its systems based on Microsoft’s advisory. The cybersecurity firm FireEye Inc. found that victims included “U.S.-based retailers, local governments, a university, and an engineering firm." The version of exchange targeted by hackers is typically run by small businesses, putting them at special risk, according to Allan Liska, an analyst at the firm Recorded Future Inc..

A Microsoft representative said the vulnerabilities were disclosed to the company in early January. Microsoft isn’t aware of attacks before then, the representative said.

The cybersecurity firm Volexity reported finding attacks leveraging the flaws that date back to as early as Jan. 6. However, CISA urged operators to look for compromises dating back to September, “out of an abundance of caution," according to a spokesperson.

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Reliance Industries gains on the bourses

Reliance Industries is currently trading at Rs. 2180.50, up by 4.80 points or 0.22% from its previous closing of Rs. 2175.70 on the BSE.

The scrip opened at Rs. 2168.00 and has touched a high and low of Rs. 2212.50 and Rs. 2155.00 respectively. So far 404453 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2368.80 on 16-Sep-2020 and a 52 week low of Rs. 867.45 on 23-Mar-2020.

Last one week high and low of the scrip stood at Rs. 2220.00 and Rs. 2063.20 respectively. The current market cap of the company is Rs. 1474604.35 crore.

The promoters holding in the company stood at 50.54%, while Institutions and Non-Institutions held 38.28% and 11.19% respectively.

Reliance Industries’ (RIL) telecom arm -- Reliance Jio Infocomm (Jio) had acquired the right to use spectrum in all 22 circles across India in the recently concluded spectrum auctions conducted by Department of Telecommunications, Government of India. The company acquired spectrum in the 800 MHz, 1800 MHz and 2300 MHz bands.

The company has the highest amount of sub-GHz spectrum with 2X10 MHz contiguous spectrum in most circles. It also has at least 2X10 MHz in 1800 MHz band and 40 MHz in 2300 MHz band in each of the 22 circles.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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Kotak Mahindra Bank surges after divesting 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank is currently trading at Rs. 1911.25, up by 13.75 points or 0.72% from its previous closing of Rs. 1897.50 on the BSE.

The scrip opened at Rs. 1878.65 and has touched a high and low of Rs. 1924.80 and Rs. 1869.55 respectively. So far 167844 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2048.95 on 16-Feb-2021 and a 52 week low of Rs. 1000.35 on 19-Mar-2020.

Last one week high and low of the scrip stood at Rs. 1924.80 and Rs. 1803.30 respectively. The current market cap of the company is Rs. 380451.43 crore

The promoters holding in the company stood at 26.03%, while Institutions and Non-Institutions held 58.01% and 15.96% respectively.

Kotak Mahindra Bank has divested 10 per cent stake in ECA Trading Services to one of its subsidiaries for nearly Rs 2 crore. Kotak Mahindra Bank has sold 1,09,48,925 equity shares of Rs 10 each (10 per cent of its stake) of ECA Trading Services to Kotak Securities (a wholly-owned subsidiary of the bank), at a consideration of Rs 1.98 crore.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.

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Tejas Networks trades higher on the BSE

Tejas Networks is currently trading at Rs. 196.50, up by 3.35 points or 1.73% from its previous closing of Rs. 193.15 on the BSE.

The scrip opened at Rs. 199.95 and has touched a high and low of Rs. 200.50 and Rs. 195.00 respectively. So far 39715 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 221.50 on 19-Feb-2021 and a 52 week low of Rs. 28.50 on 21-May-2020.

Last one week high and low of the scrip stood at Rs. 202.75 and Rs. 184.95 respectively. The current market cap of the company is Rs. 1836.32 crore.

The Institutions and Non-Institutions held 29.52% and 70.48% stake respectively in the company.

GigNet, a leading digital infrastructure company in Mexico, has selected Tejas Networks’ optical networking and broadband access products for their state-of-the-art, high-capacity fiber optic network expansion in the Cancun region of Mexico.

GigNet is a premier digital infrastructure company with a comprehensive digital services portfolio of Internet, WiFi, fiber-to-the-home, and other advanced solutions for hospitality and enterprise customers in Mexico. To support the rapid growth of GigNet’s ‘Smart Communities’ business segment for planned developments across the region, Tejas Networks will supply its full range of last-mile access products based on GPON/NG-PON fiber broadband technology, ultra-converged packet aggregation products based on MPLS-TP/PTN technology, and terabit-scale optical backbone products based on OTN/DWDM technology, all centrally managed by a universal and versatile SDN-ready network management system (NMS).

Tejas Networks designs, develops and sells high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defence and government entities.

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Computer Age Management Services surges on launching edge360 mobile application

Computer Age Management Services is currently trading at Rs. 1905.45, up by 9.45 points or 0.50% from its previous closing of Rs. 1896.00 on the BSE.

The scrip opened at Rs. 1897.00 and has touched a high and low of Rs. 1927.45 and Rs. 1888.60 respectively. So far 772 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 2039.95 on 12-Feb-2021 and a 52 week low of Rs. 1260.00 on 04-Nov-2020.

Last one week high and low of the scrip stood at Rs. 1940.10 and Rs. 1780.00 respectively. The current market cap of the company is Rs. 9296.89 crore.

The promoters holding in the company stood at 30.98%, while Institutions and Non-Institutions held 48.40% and 20.61% respectively.

Computer Age Management Services (CAMS) has launched edge360 mobile app for mutual fund distributors and advisors. edge360 is a comprehensive portal launched in 2019 that brought transformational change in the way mutual fund distributors and advisors manage their day-to-operations. With the launch of edge360 mobile app, users will be able to manage business operations seamlessly on the go.

Computer Age Management Services offers integrated services for receipt, verification and processing of financial and non-financial transactions for the BFSI (banking, financial services and insurance) sector, largely the mutual fund industry.

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Adani Ports surges on the BSE

Adani Ports and Special Economic Zones is currently trading at Rs. 744.95, up by 15.40 points or 2.11% from its previous closing of Rs. 729.55 on the BSE.

The scrip opened at Rs. 735.00 and has touched a high and low of Rs. 749.85 and Rs. 715.75 respectively. So far 772276 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 754.65 on 03-Mar-2021 and a 52 week low of Rs. 203.40 on 23-Mar-2020.

Last one week high and low of the scrip stood at Rs. 754.65 and Rs. 668.20 respectively. The current market cap of the company is Rs. 151253.76 crore.

The promoters holding in the company stood at 63.74%, while Institutions and Non-Institutions held 33.50% and 2.76% respectively.

Adani Ports and Special Economic Zones (APSEZ) is acquiring the 31.5% stake held by Windy Lakeside Investment (an affiliate of Warburg Pincus) in Gangavaram Port (GPL). The acquisition is valued at Rs 1,954 crore and subject to regulatory approvals.

GPL is located in the northern part of Andhra Pradesh next to Vizag Port. It is the second largest non-major port in Andhra Pradesh with a 64 MMT capacity established under concession from Government of Andhra Pradesh (GoAP) that extends till 2059. It is an all weather, deep water, multi-purupose port capable of handling fully laden super cape size vessels of upto 200,000 DWT. Currently, GPL operates 9 berths and has free hold land of around 1,800 acres. With a master plan capacity for 250 MMTPA with 31 berths, GPL has sufficient headroom to support future growth.

Adani Ports and Special Economic Zone (APSEZ), a part of globally diversified Adani Group, is the largest integrated logistics player in India.

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Engineers India soars on bagging project from Indian Oil Corporation

Engineers India is currently trading at Rs. 89.90, up by 2.85 points or 3.27% from its previous closing of Rs. 87.05 on the BSE.

The scrip opened at Rs. 91.80 and has touched a high and low of Rs. 93.60 and Rs. 89.55 respectively. So far 630794 shares were traded on the counter.

     

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 93.60 on 03-Mar-2021 and a 52 week low of Rs. 49.85 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 93.60 and Rs. 73.30 respectively. The current market cap of the company is Rs. 4892.58 crore.

The promoters holding in the company stood at 51.49%, while Institutions and Non-Institutions held 26.84% and 21.67% respectively.

Engineers India (EIL) has bagged Project from Indian Oil Corporation (IOCL) for execution of Consultancy for Overall Project Management and EPCM Services (Phase II) for Capacity Expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA (P-25 Project). The total awarded order value is around Rs 600 crore with a total project schedule of 40 months for Mechanical Completion.

Engineers India is engaged in the business of providing engineering and related technical services for petroleum refineries and other industrial projects.

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V-Mart Retail spurts on opening new store in Bihar

V-Mart Retail is currently trading at Rs. 2724.20, up by 55.20 points or 2.07% from its previous closing of Rs. 2669.00 on the BSE.

The scrip opened at Rs. 2700.00 and has touched a high and low of Rs. 2724.20 and Rs. 2700.00 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3129.40 on 12-Feb-2021 and a 52 week low of Rs. 1293.70 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 2760.00 and Rs. 2600.00 respectively. The current market cap of the company is Rs. 5348.64 crore.

The promoters holding in the company stood at 50.60%, while Institutions and Non-Institutions held 41.07% and 8.33% respectively.

V-Mart Retail has opened a new store in the state of Bihar. The company has also closed two stores in the state of Assam and Uttar Pradesh respectively. With this total number of stores is 273 stores.

V-Mart Retail is one of the pioneers in setting up stores across various small Indian towns and cities. The company primarily operates in Tier-II and Tier-III cities, with a chain of ‘value retail’ departmental stores offering apparels, general merchandise and kirana, catering to the entire family.

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Bharat Dynamics surges on bagging order amounting to Rs 372.98 crore

Bharat Dynamics is currently trading at Rs. 372.15, up by 5.15 points or 1.40% from its previous closing of Rs. 367.00 on the BSE.

The scrip opened at Rs. 372.90 and has touched a high and low of Rs. 377.45 and Rs. 370.70 respectively. So far 5294 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 481.25 on 14-Aug-2020 and a 52 week low of Rs. 147.00 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 377.45 and Rs. 345.00 respectively. The current market cap of the company is Rs. 6726.42 crore.

The promoters holding in the company stood at 74.93%, while Institutions and Non-Institutions held 17.88% and 7.20% respectively.

Bharat Dynamics (BDL) has received order amounting to Rs 372.98 crore (excluding GST) towards supply of MRSAM Missile Rear Sections for Indian Air Force deliverables. The order has to be executed on or before November 30, 2023 in lots.  

Bharat Dynamics is engaged in manufacturing of Surface to Air missiles (SAMs), Anti-Tank Guided Missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment.

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SBI inches up as its arm ties up with IOB for bancassurance partnership

State Bank Of India is currently trading at Rs. 396.90, up by 1.90 points or 0.48% from its previous closing of Rs. 390.20 on the BSE.

The scrip opened at Rs. 395.80 and has touched a high and low of Rs. 399.00 and Rs. 395.10 respectively. So far 2734816 shares were traded on the counter

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 426.45 on 18-Feb-2021 and a 52 week low of Rs. 149.55 on 22-May-2020.

Last one week high and low of the scrip stood at Rs. 415.00 and Rs. 387.00 respectively. The current market cap of the company is Rs. 352522.16 crore.

The promoters holding in the company stood at 57.64%, while Institutions and Non-Institutions held 34.70% and 7.46% respectively.

State Bank of India’s (SBI) subsidiary company -- SBI General Insurance has tied-up with Indian Overseas Bank (IOB) for a bancassurance partnership for selling its non-life products. Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers. The partnership will improve penetration in urban, tier II, and tier III markets and will also help create awareness about personal lines of insurance.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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Stock of the week:There is a possibility of further decline in the market, but investing in select stocks can benefit

• The stock market fell more than 1,900 points on Friday
• Investors can buy in selected shares if they wish

The stock market fell more than 1,900 points on Friday. Analysts believe that this decline could be further. However, if investors want, they can buy in select stocks. They can benefit up to 15-20%.

Axis Bank shares can go up to 800 rupees

Anand Rathi Stock & Broking has advised investors to buy Axis Bank shares at a target of Rs 800. The bank reported a 14% jump in net interest earnings in the third quarter. It has been Rs 7,373 crore. There has been a growth of 6% in its borrowings. The total borrowing has been 5 lakh 82 thousand 754 crore. Retail loans grew by 9% and accounted for 55% of the total borrowings. Retail loans include home loans, property loans, autos etc. The bank's gross NPA stands at 3.44% and net NPA is 0.74%.

Aditya Birla Fashion shares target Rs 206

The brokerage house has advised to buy Aditya Birla Fashion shares at a target of Rs 206. This company generated cash of Rs 600 crore in the third quarter. Its revenue is projected to grow from 3.5 to 3.8% in FY 2022-23. The company's employee expenses decreased by 26% and other expenses by 29%. Its lifestyle brand has covered up to 80% of the revenue. The company has over 25.9 billion rupees and aims to reduce it by the end of this year.

Visaka Industries target Rs 572

Visaka Industries has been advised to buy this brokerage house at a target of Rs 572. The company hopes that it will benefit from the demand coming from the villages. Its revenue has grown by 25% on an annual basis. Its yarn division is performing well as the market opens.

HDFC will gain 19%

Saurabh Jain of SMC Global says that investors should buy HDFC shares at a target of Rs 3,015. It can get an advantage of 19%. It is currently trading at Rs 2,539. The demand for home loans is increasing continuously. Factors such as low interest rate, low property prices, stamp duty reduction are selling more from factories. The company's net interest income was Rs 4,068 crore in the third quarter. Its asset under management (AUM) has been Rs 5.55 lakh crore.

Individual loans accounted for 76%. Individual loans grew by 26% in the third quarter. It has an operating profit of Rs 4,198 crore.

Gain of 14% in Krypton Greaves

Similarly, it has been advised to buy the shares of Krampton Greaves at a target of Rs 436. It can get a gain of 14%. The stock is currently trading at Rs 383. This company is the number one company in the fan market in the country. It is also the number one company in domestic pumps. The company mostly focuses on consumer products. It has a strong dealer network. It has recently launched a new product in the fan segment, which has a guarantee of 5 years. This is the first such product in the country.

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