Produced by: Aseem Thapliyal
The domestic equity market was trading lower in the afternoon session today. Sensex lost 387 points to 74,115 and Nifty slipped 132 pts to 22,572.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “A question which most investors/traders are asking now is, what should be the best investment/trading strategy in this volatile time. There is no simple answer to this question. One strategy is to remain calm, watch the event and take a decision after the election outcome. Put options are very expensive now and trying to hedge through put options will have a high price. There will be heightened volatility on 3rd and 4th June. If the exit polls indicate a clear trend, which is favourable from the market perspective, buying decisions will be easy even after a spike in prices.”
Shares of multibagger defence firm Mazagon Dock Shipbuilders hit a record high in the afternoon session today post Q4 and FY24 earnings. The stock touched a high of Rs 3,478.15 on Thursday. Market cap of the firm stood at Rs 66,939 crore. Net profit climbed 101% to Rs 662.97 crore in Q4 against Rs 326.19 crore in the March 2023 quarter.
Shares of Paytm (listed as One97 Communications) hit upper circuit of 5% for the second straight session on Thursday amid a correction in the broader market. In the current session, Paytm stock rose 5% to Rs 377.50 on BSE. Market cap of the firm climbed to Rs 24,001 crore. Total 1.61 lakh shares of the firm changed hands amounting to a turnover of Rs 6.06 crore.
Shares of Emami rose to fresh 52-week high today. The stock soared 18.66 per cent to Rs 619. The rally comes on the back of the firm reporting a 3.62 per cent rise in its profit after tax (PAT) at Rs 146.75 crore in Q4. Market cap of the firm climbed to Rs 26,524 crore.
Shares of Vodafone Idea saw a high turnover of Rs 127.02 crore after 855.11 lakh shares of the firm changed hands on BSE. The telecom stock was trading at Rs 14.81 in the afternoon session. Market cap of the firm stood at Rs 98,462 crore.
Shares of Jupiter Wagons gained 4.88% to a record high of Rs 594 on BSE. Market cap of the firm stood at Rs 23535 crore. Total 3.23 lakh shares of Jupiter Wagons changed hands amounting to a turnover of Rs 18.75 crore on BSE.
Shares of Tata Steel fell 5% to Rs 165.50 after the Tata Group firm reported a 64 per cent decline in Q4 profit at Rs 611.48 crore. The company reported net profit of Rs 1,704.86 crore in the same quarter a year ago. Net profit shrinked as lower steel realisations and poor performance in the steelmaker’s international operations were accounted in the earnings. Market cap of the firm stood at Rs 2.07 lakh crore.
Shares of CG Power gained over 5% to Rs 664.65 on May 30 after international brokerage UBS hiked the target price on positive growth prospects. The brokerage has assigned a fresh target price of Rs 850 against the earlier target of Rs 580. The target implies an upside of 35 percent from the current market levels.
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