US Stock Reports, Quotes and News
Sanjiv Bhasin of IIFL Securities believes HDFC Bank will remain a market leader even during a market correction. He suggests taking profits on PSUs before an event as the market is fully priced. Bhasin says one should be stock specific, not place too much stress on the index because we could be headed for a bout of volatility with 500-700 points on the downside.
Of course, if an outcome where this current government is not able to form the government, then I think there will be serious questioning about the pace of the reforms and potential disruption of the growth, all those things, so I think that is the one thing that one has to very clearly keep in mind.
Jefferies initiates coverage on GMR Airports with a \’buy\’ rating and a target price of Rs 100, anticipating a 3 times growth in EBITDA over 5 years. The company\’s strategic position, growth potential, and real estate monetisation drive optimism.
Shares of Torrent Pharma and Glenmark Pharma surged post Q4 results. Torrent Pharma\’s net profit jumped 56% YoY while Glenmark Pharma reported increased losses. Motilal Oswal provides target prices for both companies.
Foreign Portfolio Investments (FPI) in India may see a cautious approach until the election results are clear. India\’s economic performance attracts FPI flows driven by factors like interest rates, inflation, and GDP growth, along with a stable political environment.
Ashok Leyland shares surged nearly 6% on BSE to a record high after reporting a 20% YoY increase in its Q4 net profit.
European stocks were subdued on Monday, with several major markets closed and investors taking a cautious stance ahead of key inflation data from the United States and Europe later this week.
Hindalco reported a 69.7% YoY jump in its standalone Q4 profit to Rs 1,412 crore with revenue rising 10.72% to Rs 22,140 crore, beating Street estimates. Consolidated EBITDA was Rs 7,201 crore, up 24% YoY, driven by lower costs and higher volumes.
Around 8 MFs had an exposure of less than Rs 100 crore. SBI Mutual Fund, the largest fund house based on assets managed, had a total exposure of Rs 49 crore. Bandhan Mutual Fund had the lowest exposure of Rs 23 crore as of April 2024.
Inox Wind shares surge 10% to a fresh 52-week high of Rs 166 on turning ex-bonus. The company plans a 1:3 bonus issue, with a record date revised to May 25. Recently, it was awarded \’A\’ rating from CARE Ratings for its banking facilities.
In the near term, market analysts believe the chances of the market going up further are less given that it has already touched record-high levels, and in case the political equation changes, the market can fall as much as 15% on June 4.
Adani Enterprises and Adani Energy Solutions are planning to raise funds via equity through board meetings next week. Adani Enterprises previously raised Rs 12,500 crore through a QIP in May 2023.