PremiumEconomic Survey 2022-23 tabled in the parliament reveals that the India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22 . Real GDP growth to be in the range of 6-6.8% next fiscal depending on global economic, political developments
Indian shares displayed high volatility on Tuesday but ended flat as Adani Group and IT stocks dropped ahead of the Federal Reserve's policy decision, with investors also cautious ahead of the Union budget.
Amidst high volatility, the Nifty 50 index closed 13 points higher at 17,662, while the S&P BSE Sensex ended 50 points higher at 59,550. Adani group's seven listed companies have lost $65 billion in market value since the Hindenburg report on Wednesday.
PSU Bank index rebounded on Tuesday as it gained more than 4%. Auto, Media, Metal and Consumer Durable also saw healthy gains in today's trading. IT index dropped more than a per cent along with Energy and Pharma indices.
M&M, SBI, Ultratech Cement, Power Grid and Adani Ports registered a jump of around 3%. Bajaj Finance, TCS, Britannia and Tech Mahindra shed around 2% in today's session.
Global stocks mostly dipped on Tuesday as investors brace for expected interest rate hikes from central banks in the coming days.
Japan's Nikkei share average ended lower as investors awaited the outcome of the U.S. Federal Reserve's policy meeting, and as corporate results showed mixed trends. The Nikkei share average slipped 0.39% after opening the session higher. The index posted a 4.72% monthly gain, the best since October. The broader Topix was down 0.36%.
China and Hong Kong stocks fell as investors booked profits after a strong rally that was fuelled by record monthly foreign inflows, although analysts predicting upside ahead on growing signs of a post-COVID economic recovery limited losses. The correction could also be triggered by signs of an escalating Sino-U.S. technology war.
China's blue chip CSI300 Index closed down 1.1%, while the Shanghai Composite Index fell 0.4%. Hong Kong's Hang Seng benchmark lost 1%.
European stocks declined on Tuesday trimming one of the best starts of the year ever, as investors digest the earnings from large lenders. The Stoxx Europe 600 Index was down in the morning session. Real estate and financial services retreated, while banks outperformed.
London's main stock indexes slipped as the IMF's warning about the UK economy added to the downbeat sentiment. Britain is the only Group of Seven nation to have suffered a cut to its 2023 economic growth outlook in International Monetary Fund forecasts. The blue-chip FTSE 100 index slipped with economically sensitive energy, banks and mining stocks leading losses.
About ₹4.07 lakh crore has been realised as disinvestment proceeds in the past nine years, and post-2014 the government is engaging with the private sector as a co-partner in the development, the Economic Survey said on Tuesday.
In the current fiscal, out of the budgeted amount of ₹65,000 crore, 48 per cent or over ₹31,000 crore has been collected as of January 18, 2023.
The survey said privatisation of Air India re-ignited the privatisation drive, and evidence shows that labour productivity and the overall efficiency of the PSUs disinvested during 1990-2015 has improved.
"During FY15 to FY23 (as of 18 January 2023), an amount of about ₹4.07 lakh crore has been realised as proceeds from disinvestment through 154 transactions using various modes/instruments," said the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman.
Of this, ₹3.02 lakh crore was realised from minority stake sale and ₹69,412 crore was realised from strategic disinvestment transactions in 10 CPSEs - HPCL, REC, DCIL, HSCC, NPCC, NEEPCO, THDC, Kamrajar Port, Air India and NINL). (PTI)
India's TTK Prestige Ltd reported a 36.5% drop in third-quarter profit on Tuesday, hurt by higher inventory expenses as surging inflation hit demand for its home and kitchenware products.
"Kitchen appliances have seen a reduced share of wallet and tepid demand due to spending on alternate avenues," the company said in a statement.
TTK said it expects weaker demand due to inflation to persist through the fourth quarter.
The Bengaluru-based company's consolidated profit fell to 575.8 million rupees ($7.1 million) in the quarter ended Dec. 31, from 907 million rupees a year earlier.
The company said expenses for changes in inventory were 96.5 million rupees in the quarter, while it was a negative 503.9 million rupees in the year-ago period.
TTK's consolidated revenue slid 9.15% to 6.95 billion rupees in the quarter, with declines in all product categories.
Sales in its appliances division, which accounts for nearly half of the company's total sales, fell 7%.
Sales of cookers, including those of the Prestige brand, dropped 10%. (Reuters)
The Indian rupee depreciated 52 paise to 82.04 against the US dollar in intra-day trade on Tuesday after the Economic Survey 2022-23 said that it may remain under pressure. At the interbank foreign exchange, the domestic unit opened weak at 81.61 against the dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.15 per cent to 102.42.
Brent crude futures, the global oil benchmark, declined 0.67 per cent to USD 84.33 per barrel.
The Indian rupee may remain under depreciation pressure on account of plateauing of exports and subsequent widening of the current account deficit, the Economic Survey said. (Read More)
Bucking the trend globally, merger and acquisition (M&A) activity in India will continue to grow at a fast clip this year, buoyed by the availability of attractive assets and a positive sentiment as an investment destination, global consultancy firm Bain & Company has said in a report.
“Close to 65% of executives we have surveyed said they expect M&A activity to stay strong in 2023 and this is significantly higher than the global average of 37%," said Vikram Chandreshekhar, partner at Bain & Company. (Read More)
Visakhapatnam will be the new capital of Andhra Pradesh in the coming days, Chief Minister YS Jagan Mohan Reddy at the International Diplomatic Alliance meeting in New Delhi here on Tuesday. CM Reddy also stated that he will also be shifting to Visakhapatnam in the months to come.
The chief minister further announced that the state government is organizing the ‘Global Investors Summit’ in Visakhapatnam on March 3 and 4. He invited the states to Andhra Pradesh's capital city and summit. (Read More)
Indian Oil Corporation on Tuesday reported decline in standalone net profit to ₹448.01 crore as against a profit of ₹5,860.80 crore in the year ago period. The net profit of IOCL declined by 92 per cent. The revenue from operations was up by 15 per cent at ₹2,28,168.34 from ₹1,97,168.46 core in the corresponding quarter last fiscal. (Read More)
As of 1:35 pm, the offer has been subscribed 0.56x, with retail category booked 0.08x, NIIs 1.16x, QIBs 0.97x, and employee reserved 0.38x, as per the BSE data.
Ranjeet Mahtani, Partner, Dhruva Advisors: As per the Union Budget 2022 speech, Special Economic Zones (SEZs) were to be provided with a fillip by undertaking certain regulatory and legal changes. The proposed Development of Enterprise and Services Hub (DESH) bill, aimed at replacing the current law for SEZs, will hopefully be tabled in the upcoming budget session. The introduction of this bill has been delayed due to the inconclusive dialogue (including on incentives) between the commerce and finance ministries of the Government. Once passed, the bill would enable States to become partners in the development of industrial enclaves, with the goal to optimally utilise available infrastructure and enhance competitiveness of (Indian) exports besides which, it may provide tax/fiscal incentives for businesses.
India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22 .
India to remain the fastest growing major economy in the world.
GDP in nominal terms to be 11% in next fiscal.
Real GDP growth to be in the range of 6-6.8% next fiscal depending on global economic, political developments.
IT hardware and mobile accessories firm Balaji Solutions and Enviro Infra Engineers, which provides solutions for waste water treatment, have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). The two companies, which filed their preliminary IPO papers with Sebi during August and September 2022, obtained the observation letters on January 23, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. (Read More)
Ashwin Patil, Senior Research analyst at LKP Securities: "Defence sector, as every year before the budget, has a wishlist out of which the important one is the outlay for emphasis on indigenisation, which means an emphasis on local production. The GOI definitely does a lot for the sector every year, also on the R&D side where they plan to spend a substantial amount. Therefore even this year we expect them to announce a significant budget for space and research, electronic equipment and advancement in further localization.
On PLI schemes we would say that the GOI is fostering healthy competition in the defence space through launching various PLI schemes. This would surely improve the quality of defence products and services and further enhance the defence sector. Also, the country needs to improve on their space research, due to which we believe that further PLI schemes will be more focused on Space research."
Punjab National Bank or PNB share price today surged despite reporting 44 per cent dip in net profit in Q3FY23 results. In early morning deals, PNB shares opened with an upside gap and went on to hit an intraday high of ₹53.10 apiece on NSE, logging more than a 4 per cent rise within a few hours of the stock market's opening bell.
According to stock market experts, PNB net profit declined due to high provisioning. The banking stock is still at attractive valuations in comparison to its peers State Bank of India (SBI) and Bank of Baroda (BoB). They said that PNB share price has rebounded from its previous low of ₹49 apiece and it may go up to ₹59 apiece levels in near term. On breakage of this hurdle, the stock may go up to ₹64 and ₹70 levels in medium to long term. (Read More)
Billionaire Gautam Adani, who is the richest Indian and Asian in the world, saw his fortune decline which led to his ranking on the Bloomberg Billionaires Index slipping out of the top ten in the world's richest list.
Net worth of Gautam Adani, who is the Chairman of the Indian conglomerate Adani Group, stands at $84.4 billion while Jeff Bezos's net worth rose to $124 billion, as of 31 January 2023. Bernard Arnault with $189 billion remains the richest person on the earth. Gautam Adani saw his net worth decline by $8.21 billion in the last 24 hours, and he has lost $36.1 billion year-to-date, as per Bloomberg data. (Read More)
India's gold consumption in 2022 fell 3% from a year earlier, as a rally in local prices to near-record highs curtailed bullion demand during the key December quarter, the World Gold Council (WGC) said on Tuesday.
Lower consumption in the world's second-biggest gold buyer could weigh on global prices, but help in bringing down India's trade deficit and support the ailing rupee.
India's gold consumption declined to 774 tonnes last year as demand dropped 20% to 276.1 tonnes in the December quarter, the WGC said in a report.
In the March 2023 quarter, gold consumption could improve on the back of a pick-up in rural demand amid elevated prices of summer-sown crops and a higher number of auspicious days for weddings, the council said.
Two-thirds of India's gold demand usually comes from rural areas, where jewellery is a traditional store of wealth. (Reuters)
Adani group companies — Adani Ports and Special Economic Zone Ltd and Ambuja Cements have denied media reports that companies are planning ₹3,000 crore buyback of shares. While replying to the exchange clarification in regard to the media reports, both Adani group companies said that they are not in position to comment on the veracity of said media report.
Replying to the clarification sought by exchanges, both Adani group companies said, "We would like to clarify that there is no such plan and hence, we are not in a position to comment on the veracity of said media report," adding, "We have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges." (Read More)
India's new 10-year bond being auctioned later this week is likely to witness strong demand despite the government expected to announce an elevated borrowing schedule for the next fiscal year in its annual budget on Wednesday, traders said.
The government will sell bonds worth 280 billion rupees ($3.43 billion) on Friday, including 120 billion rupees worth of a new 10-year paper.
"Market has factored in very high borrowing, but we may see some positive surprise on that front. And after the budget, bonds could see some recovery, with the new 10-year bond seeing strong bids from banks," said Raju Sharma, chief investment officer - debt at IDBI Mutual Fund.
Reuters reported on Monday about the government's plans to issue new paper even though market participants had recommended continuing the issuance of the current 2032 paper towards the fag end of the fiscal year.
The new 10-year bond will replace the current benchmark 7.26% 2032 bond, and the yield curve typically moves in alignment with the change in 10-year bond yield. (Reuters)
SRF shares are one of the multibagger stocks that the Indian stock market has produced over the years. However, the chemical stock has rewarded its long-term shareholders through regular dividends and one bonus share in 2021 as well, making their net return rise further. In fact, the chemical company announced bonus shares in a 4:1 ratio means four bonus shares for each share leading to rising in shareholding of 400 per cent without any investment. Due to this bonus share issue, if an investor had invested ₹1 lakh in this chemical stock twenty years ago, its ₹1 lakh would have turned to over ₹24.50 crore today. (Read More)
Vedanta Ltd. has shelved the plan to sell its copper smelter in the southern Indian state of Tamil Nadu, which accounted for almost 40% of the metal’s production in the country, and has doubled down on its efforts to restart the plant, according to people familiar with the matter.
After scrapping the seven-month-old process to offload the 400,000 tons-a-year Sterlite Copper plant, the company will now work with the local population to restart the factory that was shut on environmental concerns, the people said, asking not to be named as the information is not public. Vedanta’s petition to lift a local government order to close the plant will be heard by the Supreme Court on Feb. 21. (Read More)
India's Adani Enterprises climbed 2% in early trade on Tuesday, the last day for its $2.5 billion secondary share sale, with all eyes on whether the company can secure enough backing for the offering after a U.S. short-seller's scathing attack.
Billionaire Gautam Adani's group firms have lost $65 billion in stock market value since Hindenburg Research's Jan. 24 report flagged concerns about the group's high debt levels and its suspected improper use of tax havens. Adani has called the report baseless.
A successful completion of the share sale will show investors still believe in the group's prospects and that it can weather the unprecedented short-seller challenge and its aftermath.
Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees.
The issue was subscribed 3% by Monday. The anchor portion of the issue - that accounted for 30% - closed last week with investments from investors such as Abu Dhabi Investment Authority. (Reuters)
Shares of GAIL India Ltd surged more than 2% to ₹97 apiece on the BSE in Tuesday's early trading session even as the company reported a 90% decline in its December quarter net profit to ₹397.6 crore, after suffering losses in petrochemical and natural gas marketing business. The nation's largest gas trading and transportation company booked ₹349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas. Meanwhile, its revenue from operations rose to ₹35,940 crore from ₹26,175.6 crore a year ago.
“GAIL is a diversified play on India’s gas consumption with growth driven by transmission/marketing volume growth and higher petchem capacity. Management has guided for ₹300 bn in capex over FY23–25E. We are revising FY24E/25E EBITDA by -5%/4%, and retaining ‘BUY’ with a target price of ₹111," said brokerage Edelweiss. (Read More)
In a bid to ensure the safety of retail investors' money, Indian bourses have lowered the circuit limit of three Adani group stocks. As per the information available on BSE and NSE websites, Indian bourses have lowered the circuit limit of three Adani group stocks — Adani Transmission, Adani Green Energy and Adani Total Gas from 20 per cent to 10 per cent. BSE, and NSE took this decision after the heavy beating of the Adani stocks in the last three sessions after shot seller Hindenburg Research raised concern over the debt positioning of Adani group companies.
So, after the revision of the circuit limit, Adani Transmission's share price today would have an upper circuit limit at ₹1,881.10 apiece on BSE whereas it would have lower circuit limit placed at ₹1,539.10 levels. Adani Transmission's share price had ended at ₹1693.15 apiece on BSE, losing to the tune of 15 per cent on Monday session. (Read More)
Food giant Wilmar International Ltd. will continue to support its joint venture with India’s under-fire Adani Group, saying a report from short-seller Hindenburg Research had not raised any issues specific to the unit.
The day-to-day operations of Adani Wilmar Ltd. are managed by an independent team of professional managers and the board is chaired by an independent director, Singapore-based Wilmar said in an emailed response to questions from Bloomberg News. In running the venture, Wilmar contributes expertise on the commodity and consumer-food-products businesses, while Adani provides local logistical and regulatory support, the company said on Tuesday. (Read More)
“Tech Mahindra 3Q results were in line, with growth driven by communications and BPO. Company outlook matches with our sector stance of macro impact on demand, pullback in smaller deal flow, top clientele moderation and softness in BFSI/Hitech. We see possibility of similar cost aggression as seen in past instances of margin fall-off in FY17/FY20, where margins recovered through employee cuts/low or no wage hikes," said Ambit Capital.
For now, Tech Mahindra stays a tactical play on margin recovery, available at reasonable valuations with implied USD revenue CAGR of 5.1% over FY22-32E. Clarity on management change and more disciplined execution required for structurally positive stance, the brokerage added which has maintained its Buy rating on Tech Mahindra shares with a target price of ₹1,190 apiece. (Read More)
China’s manufacturing and services expanded for the first time in four months in January as the reopening from Covid Zero continued and the Lunar New Year holiday spurred travel and spending.
The manufacturing purchasing managers’ index rose to 50.1 from 47 in December, matching economists’ estimates, the National Bureau of Statistics said Tuesday. The non-manufacturing gauge — which measures activity in both the services and construction sectors — increased to 54.4 from 41.6, topping expectations for 52 in a Bloomberg survey of economists.
Numbers above 50 represent an expansion, while anything below indicates contraction.
January’s activity improvements are welcome news for the world economy, which is cooling and and will rely in part on China’s recovery in 2023 to offset other risks. The International Monetary Fund on Tuesday raised its global economic growth outlook to 2.9%, the first increase in a year, alongside an upgrade to China’s estimated expansion. It now expects Chinas economy to grow 5.2% in 2023. (Bloomberg)
Global index publisher FTSE Russell said on Tuesday it was aware of short-seller Hindenburg Research's report on the Adani Group and associated securities and that it was monitoring the information. "Adani index constituents within the FTSE Russell indices will continue to remain eligible in accordance with the underlying index methodologies," it said in a notice published on its website. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The Budget tomorrow and the Fed decision on interest rates by evening tomorrow will have a big impact on markets. A positive, as we go into the Budget, is that instead of the usual pre-Budget rally on expectations, this time we had a market correction triggered by the Adani crisis. So, if there are no negative surprises in the Budget and the Fed commentary is not hawkish, there can be a post-Budget rally in the market. The Adani crisis which had impacted market sentiments will be pushed to the back burner if the FPO sails through via institutional investment. There has been an overreaction in banking stocks with Bank Nifty correcting sharply by 6.2% in the last 3 sessions. High-quality banking stocks present a good buying opportunity. Signals from the US indicate that Indian IT will do well in 2023.
Vikash Ecotech shares are one of those small-cap stocks on Dalal Street that have delivered whopping returns to its shareholders in the post-Covid market rebound. In these near three years, this penny stock has surged from around ₹0.60 apiece to ₹3.40 per share levels, delivering more than 450 per cent return to its positional shareholders. However, the money-making journey doesn't end here only for long-term investors. The board of directors of the small-cap company has announced to raise ₹100 crore through the issuance of equity shares, other convertible securities, warrants, bonds, FPO, etc. The small-cap company also considered and approved rights issues worth not exceeding ₹50 crore. (Read More)
STOCK IN FOCUS
Wipro (CMP 402): In view of the strong deal pipeline, management’s confidence on growth across verticals and attractive valuation, we have a BUY recommendation with a target price of Rs460, valuing the stock at a P/E multiple of 17x FY25E earnings.
Intraday Picks
TITAN (PREVIOUS CLOSE: 2,335) BUY
For today’s trade, long position can be initiated in the range of Rs2,320-
2,310 for the target of Rs2,390 with a strict stop loss of Rs2,275.
EICHERMOT (PREVIOUS CLOSE: 3,191) BUY
For today’s trade, long position can be initiated in the range of Rs3,155-
3,135 for the target of Rs3,295 with a strict stop loss of Rs3,085.
LTIM (PREVIOUS CLOSE: 4,449) BUY
For today’s trade, long position can be initiated in the range of Rs4,425-
4,405 for the target of Rs4,575 with a strict stop loss of Rs4,335.
The Financial Services Institution Bureau screened the biodata of six candidates on Monday for the positions of Managing Directors in Life Insurance Corporation of India(LIC) and has recommended the name of M Jagannath for the first vacancy of Managing Director in LIC of India and Tablesh Pandey for the second vacancy of Managing Director in LIC of India. However, the final appointment needs to be approved by the Appointments Committee Of Cabinet.
As of now, the LIC has four MDs and two of them are set to retire in the coming two months. The two directors of LIC who will retire include Raj Kumar and BC Patnaik. M Jagannath and Tablesh Pandey are most likely to fill the two positions after the two current MDs of LIC retire following the end of their term. (Read More)
Coal India, Cholamandalam Investment, ACC, Dhanlaxmi Bank, IOC, Godrej Consumer Products, Jindal Steel and Power, IHC, PGCL, and Railtel will be among the stocks in focus as they declare their December quarter earnings today. (Read More)
The International Monetary Fund (IMF) on Tuesday projected India to be the fastest-growing major economy in FY24, retaining the forecast at 6.1% in its latest World Economic Outlook, citing “resilient" domestic demand despite a challenging external environment. However, growth is expected to slow from 6.8%, estimated for FY23, according to the report, and then rebound to 6.8% in FY25.
The IMF report comes a day ahead of the Union budget FY24 on Wednesday, which is expected to help insulate India’s economy from global headwinds and geopolitical uncertainty while sticking to the path of fiscal consolidation. (Read More)
Twitter Inc. made its first interest payment on the $12.5 billion in debt that Elon Musk used to take the social media giant private last year.
The company paid a group of seven banks, led by Morgan Stanley, which became stuck with the debt after they were unable to sell it to outside investors.
Representatives for Morgan Stanley and Musk did not immediately respond to requests for comment.
The first coupon was expected to cost Twitter roughly $300 million, according to Bloomberg calculations and market participants not involved in the Twitter deal. The payment was due around Jan. 27, about three months after the transaction closed.
A lot is riding on these interest payments. Questions remain about Musk’s ability to turn around the social media giant, though the fact that he’s made good on the first chunk of interest expense stands to bolster confidence in his ability to avert a bankruptcy in the near term. (Bloomberg)
Global infrastructure engineering, procurement, and construction (EPC) major KEC International on Monday said that it has secured new orders of ₹1,313 crore across its various businesses.
According to a statement from KEC, the business has secured orders for transmission and distribution projects in India, East Asia Pacific and SAARC. These are for 220 kV GIS substation for a refinery project in India, 500 kV transmission line in Thailand and another 132 kV transmission line and associated substations in Nepal.
The company also said its business has secured a large order for a 500 megawatt (mw) solar PV project in India.
Vimal Kejriwal, managing director and chief executive officer, KEC International, said, "In line with the government's thrust on green hydrogen and renewables, such as solar, we are now refocusing on this business. With the substation order in T and D, we have now diversified our customer base to include nonutility clients, in addition to the current power utilities." (ANI)
Fifth-largest IT services company Tech Mahindra on Monday reported a 5.3 per cent dip in the December quarter net profit to ₹1,296.6 crore due to declining margins on higher workforce costs.
The company reported a nearly 20 per cent growth in total income to ₹13,735 crore as against ₹11,451 crore in the year-ago period.
It was a narrowing of the profit margins to 12 per cent from 14.8 per cent which impacted the bottom line the most.
Chief Financial Officer Rohit Anand attributed the margin impact to pressures on the supply side, wherein higher wages impacted profitability.
He also hinted that achieving the 14 per cent target for end of FY23 may be difficult, explaining that an increase in wages due to the overall industry scenario has hiked staff costs, there was an accounting impact due to recent acquisitions and large deals being a drag on profitability initially. (PTI)
Local lenders to the Adani group are wary of providing new loans to the group, at least in the near term, two senior bankers said, with one saying that officials from the Reserve Bank of India (RBI) last week requested data on the bank’s exposure to the conglomerate.
Bankers have become cautious of their involvement with the group after the US-based Hindenburg Research alleged stock manipulation and fraud by Adani Group companies. The Adani group has, in turn, called the allegation “a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive". (Read More)
The rupee rose by 7 paise to close at 81.52 against the US currency in a restricted trade on Monday, supported by a weak greenback in the overseas markets and a decline in crude oil prices.
At the interbank foreign exchange market, the local unit opened lower at 81.69 and touched a low of 81.72 against the US dollar in line with losses in the equity markets.
Later, it recovered ground and touched a high of 81.49 before settling at 81.52, showing gains of 7 paise over the previous close of 81.59 on Friday.
"The Indian rupee recouped opening loss after the dollar supply from the corporates following the month-end adjustment. Sentiment remained buoyant as traders waited for the Union budget for a directional trend," said Dilip Parmar, Research Analyst, HDFC Securities.
The bias remains weak for USDINR as long as it trades below 82.20. In the near term, it is expected to trade between 82.20 to 80.90, Parmar added. (PTI)
Vaishali Parekh of Prabhudas Lilladher has recommended three day trading stocks, here we list out full details in regard to those intraday stocks for today:
1] Cochin Shipyard: Buy at ₹487, target ₹507, stop loss ₹480;
2] REC: Buy at ₹115.50, target ₹119, stop loss ₹114; and
3] Schneider Electric Infrastructure: Buy at ₹181, target ₹187, stop loss ₹177. (Read More)
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