Produced by: Aseem Thapliyal Designed by: Manoj Kumar
“Frenzied buying on the back of renewed optimism from the FIIs and positive European market cues lifted benchmark Nifty to a fresh record high. India remains a bright spot in an uncertain global economy as the recent data indicators such as strong GDP and manufacturing numbers along with external factors like falling US bond yields are keeping markets in good stead. The good news is that the short-term technical outlook for Nifty continues to be in favor of the bulls, with support seen at 20089-19909 and resistance at 20500-20751,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
On the stock-specific front, Bajaj Auto, Tata Chemicals, LTIMindtree, UltraTech Cement, Hindustan Aeronautics and some other counters will be in focus today.
Morgan Stanley has assigned a target of Rs 1,028 per share with an equal-weight stance. Tata Chemicals cut India soda ash prices by 4 percent. This is fifth price cut since April, implies a cumulative price cut of $90/T since April.
Macquarie has assigned an outperform call with a target of Rs 7,050 per share. The company expects to improve cross-selling. Also, the brokerage sees increase number of services used by a client to 5-6 versus 2-3 currently. The company to grow its top-100 accounts to drive 70 percent of revenue.
Morgan Stanley has a overweight stance with a target of Rs 9,300 per share.The company announced acquisition of Kesoram's cement business. Acquisition of Kesoram's cement business is incrementally positive for the industry, said the bnrokerage. UltraTech’s acquisition of Kesoram reduces the risk of excess organic supply medium-term.
The company in a filing said due to certain exigencies, the investors/ analysts meet scheduled on Monday, December 4, 2023, at 4 P.M, stands cancelled.
Morgan Stanley has assigned an overweight stance with a target of Rs 2,182 per share. DAC cleared acceptance of necessity worth Rs 2.23 lakh crore with 98 percent indegenisation. HAL products include LCA MK1A, LCH and Su-30 upgrades.
Brokerage UBS has downgraded Bajaj Auto to sell from its previous stance of 'neutral'. It has revised its target price to Rs 5,600 from Rs 5,450.
The board of Indian Oil has accorded approval for the procurement and installation of 4,000 Fast Electric Vehicle Chargers at an estimated capital investment of Rs 919.78 crore. It has also approved revision in cost of the project for capacity expansion of Panipat Refinery (from 15 to 25 MMTPA) from Rs 32,946 crore to Rs 36,225 crore and revision in completion schedule of the project from September 2024 to December 2025.
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.