“This week, market would take cues from macro data to be released locally as well as internationally. That apart, most eyes will be on US Fed chair Powell's speech at Jackson Hole Symposium due later in the week, and release of RBI MPC minutes. Thus, in the near term, we expect market to trade in broader range with buying seen at lower levels. Stock-specific action is likely to dominate,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Titan Company, Larsen & Toubro (L&T), Dreamfolks Services, Natco Pharma are among stocks to watch on Tuesday.
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Dreamfolks Services shares will trade ex-dividend on Monday (August 22, 2023). The company had announced a final dividend of Re 0.5 per equity share.
ICICI Securities shares will trade ex-dividend on August 22, 2023. The company had announced a final dividend of Rs 9.25 per equity share.
Natco Pharma shares will trade ex-dividend on Monday, August 22, 2023. The company had announced a final dividend of Rs 7 per equity share.
Larsen & Toubro on Monday said that its Energy Hydrocarbon business has bagged a significant contract urea plant of Perdaman Chemicals and Fertilisers in Australia. The plant will be constructed on the Burrup Peninsula, approximately 20 km north of Karratha, Western Australia. “On completion, this state-of-the-art facility will be the largest urea plant in Australia and one of the largest in the world,” said L&T.
State-owned Power Finance Corporation has secured a loan of 1.85 billion Japanese yen (about Rs 105 crore) from JBIC financing. The funds will be used to finance a 11.5 MW waste-to-energy project of KPC Gas Power Corporation in Karnataka.
Titan Company will have to borrow funds for its additional stake purchase in CaratLane, its online jewellery arm, which will lead to higher interest expenses that have already led to minor cuts in FY24 and FY25 earnings per share (EPS) estimates for the company. The company has more than Rs 3,000 crore of cash on its books currently.
"Though Nifty placed at the immediate supports, there is a lack of strength observed in the upside bounces. Hence, such repeated testing of the supports without showing any significant upside bounces could eventually result in a decisive downside breakout of the said supports. Further upside from here could encounter strong hurdle around 19,500 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty witnessed a pullback and snapped the seven-day losing streak. It has closed in the green and is holding on to the support of the 20-week moving average (44,000), which indicates that a pullback is likely in the short term. The pullback can last till the 44,400–44,500 zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.