LKP Securities initiates coverage with buy on Sansera Engg, stock jumps 4%
Brokerage firm LKP Securities on Friday initiated coverage on automotive component manufacturers Sansera Engineering, with a ‘buy’ rating, with a target price of Rs 1,235, translating into an upside potential of 21 per cent.
That said, Sansera Engineering’s shares have shown a robust performance, climbing 10.63 per cent in the past month, outpacing the S&P BSE SmallCap index by 2.81 per cent. Read more
Vodafone Idea slides 5% after fixing price of FPO at Rs 18,000 crore
Shares of Vodafone Idea slipped 5 per cent to Rs 12.23 on the BSE in Friday’s intra-day trade amid heavy volumes. This came the company fixed the floor price at Rs 10 per share for its proposed follow on offer (FPO). The cap price of the offer is fixed at Rs 11 per share.
The company’s Rs 18,000 crore FPO is set to open for subscription on April 18 and will close on April 22. The company has set a minimum bid lot of 1,298 equity shares and in the multiples of 1,298 equity shares thereafter, the company said in exchange filing. Read more
Moody’s maintains stable outlook for India, cautions on political tensions
Global rating agency Moody’s has affirmed India’s outlook at Baa3 and P-3, signaling stability. However, it has issued a warning that escalating political tensions or further weakening of checks and balances could harm the country’s long-term growth trajectory, according to a report by The Economic Times (ET).
Moody’s highlighted India’s vulnerability to event-driven risks due to mounting political and sectarian tensions alongside growing domestic political polarisation. Read more
Bharat Electronics hits new high on strong outlook; zooms 27% in 15 days
Shares of Bharat Electronics (BEL) hit a new high of Rs 235.20, gaining 3 per cent on the BSE in Friday’s intra-day trade amid heavy volumes in an otherwise weak market on strong business outlook. Analysts expect BEL’s revenue may rise 30 per cent year-on-year on execution of a robust orderbook in the March quarter.
In past 15 trading days, the stock of state-owned defence company has surged 27 per cent. In past six months, it zoomed nearly 70 per cent, as compared to a 12 per cent rise in the S&P BSE Sensex. Read more
TCS accused of firing US workers in favour of Indians on H-1B visa
Tata Consultancy Services, India’s leading IT company, is facing a new lawsuit in the US, reported The Times of India (ToI). The lawsuit alleges that TCS has targeted older American workers at its US operations for termination to make way for foreign workers on temporary visas.
TCS, a major user of H-1B visas popular in the tech industry, has faced previous litigation over alleged preferential treatment of South Asian workers who are not US citizens. Read more
Why are gold prices rising? Chris Wood of Jefferies explains
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal.
“Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally. The most plausible explanation remains demand from China. Still there is a lack of concrete data to confirm such an explanation. The PBOC has bought gold for 17 months in a row, according to the official foreign reserves data,” Wood wrote in his recent note to investors, GREED & fear. Read more
Bharti Hexacom makes strong debut; lists at 32% premium over issue price
Bharti Hexacom (BHL) made a strong stock market debut with shares of the telecom operator listed at Rs 755.20, a 32 per cent premium over its issue price of Rs 570 per share on the BSE on Friday.
The stock listed at Rs 755 on the National Stock Exchange (NSE). Post listing it moved higher to Rs 769 on the NSE. Read more
Indian tech earnings may indicate worst is over for showpiece sector
Banks spending more on technology to meet regulatory mandates, companies upgrading SAP systems and a broader increase in technology spending after US elections due in November are some of the factors that have raised demand recovery prospects for India’s $245 billion-plus IT services sector next year, according to BofA Securities, which raised its rating on Infosys Ltd. April 9. Read more
Sun Pharma slips 3% after OAI status from USFDA for Dadra facility
ALERT:: Varun Beverages down 2%; Company to buy 14% stake in two firms
Varun Beverages: To buy up to 14 per cent equity stake in Huoban Energy 11 and Aspirative Creative.
ALERT:: Maharashtra Seamless up 3% on winning order from ONGC
ALERT:: Voda Idea slips 3%; Company’s FPO to open on April 18
ALERT:: TCS trades flat ahead of Q4 results today
