Experts Financial News

Multibagger penny stocks: Indian stock indices have given stellar returns in the 2023. However, this could possible because of the participatory rally witnessed across segment. Among key benchmark indices, Nifty 50 index surged to the tune of 17.15 per cent in YTD.

Credo Brands IPO Allotment: Credo Brands Marketing's initial public offering (IPO) witnessed robust investor participation throughout the three-day bidding period from December 19 to 21, with an oversubscription of 51.85 times. The IPO garnered an exceptional response across all investor categories, notably with the Qualified Institutional Buyer (QIB) portion oversubscribed by 105 times. The allotment for Credo Brands IPO is expected to be finalized soon.

Sonam Udasi, Senior Fund Manager at Tata Mutual Fund expects the Budget 2024 to continue on its stated path of fiscal deficit targets. Moreover, Udasi does not expect a populist budget ahead of the General Elections 2024. In an interview with Mint, Udasi shared his views on markets and the rise of retail investors.

Indian Hotels Company , EIH , Lemon Tree Hotels while have risen to 40.5% during 2023 till date while Chalet Hotels has seen its stocks price almost grow two times. Indian Hotels and Chalets Hotels are trading near 52 week highs scaled during December.

Adani Wilmar, one of the largest edible oil and food processing capacities in India, rallied 5.2% to ₹369.70 apiece in today's trade. The positive momentum stemmed from reports that India will allow the import of edible oils at lower import tax rates until March 2025. "The lower import duty structure on crude palm oil, crude sunflower oil, and crude soy oil was originally set to expire in March 2024.

Tube Investments of India Ltd. traded 0.88 per cent up at Rs 3601.75 on Friday at around 12:59PM (IST), while the benchmark BSE Sensex advanced 292.63 points to 71157.73. As many as 4,187 shares changed hands on the counter with a total value of Rs 1.5 crore.

Sandip Sabharwal, asksandipsabharwal.com, says “reduced exposure in the sugar space once the dynamics changed because the next six months are a bit uncertain. But subsequently things might be good, so we might add after a few months. We have added into stocks like Voltas, InterGlobe Aviation because Voltas is undervalued relative to growth prospects and there will be a turnaround in performance in the next two-three years and it could perform like Lupin performed after the turnaround.” The asset management space in India is evolving on the listed side and now the representation in the markets is going up. You have been a part of the asset management industry for long, how are the business dynamics, competitive landscape and the yields now? Sandip Sabharwal: There was a phase in between where the regulator was trying to get the cost down for investors. At that time, we saw that despite the assets moving up, the profitability was not moving up and these sectors underperformed significantly. I think the change started from the beginning of last year where that phenomena stalled or stopped and that was no longer the focus of the regulator.

ICICI Prudential Life Insurance Company Ltd. fell 0.5 per cent to Rs 516.0 in Friday's trade as of 01:09PM (IST) even as the benchmark Nifty ruled at 21354.0, up 98.95 points. The scrip had closed at Rs 518.6 in the previous session.

ICICI Lombard General Insurance Company Ltd. traded 0.29 per cent up at Rs 1409.05 on Friday at around 12:38PM (IST), while the benchmark BSE Sensex advanced 119.63 points to 70984.73. As many as 2,158 shares changed hands on the counter with a total value of Rs 0.31 crore.

Rajesh Agrawal, Additional Secretary at the Ministry of Commerce, highlighted this projection on Thursday, emphasizing the accelerating popularity of Indian made spirits worldwide. In 2022-23, the export value of Indian spirits reached USD 325 million, and with the escalating global demand, experts anticipate this figure to surpass USD 1 billion in the near future. Speaking on the subject, Agrawal stated, «Global market of alcoholic beverages stands today at USD 130 billion and Indian exports of these products was USD 325 million in 2022-23. As the global demand for Indian spirits is growing, we expect that in a few years, exports of Indian spirits will cross USD 1 billion.

CBIC) has announced a special amnesty scheme for taxpayers facing issues with Goods and Services (GST). Under this GST Amnesty Scheme, specified GST taxpayers who disagree with a GST tax demand order, can file an appeal till January 31, 2024. «The Special Amnesty Scheme was announced for condoning delay in filing the GST Appeal. The amnesty scheme is available till January 31, 2024. This is a golden opportunity for those taxpayers who might have missed the appeal deadline,» said the Ministry of Finance on social media on December 17, 2023.

InterGlobe Aviation Ltd. traded at Rs 2868.2 on BSE at 12:43PM (IST) on Friday, down 0.5 per cent from previous close. The stock quoted a 52-week low price of Rs 1810.45 and a high of Rs 3006.9.

SBI Cards and Payment Services Ltd. traded at Rs 773.2 on BSE at 11:52AM (IST) on Friday, up 0.99 per cent from previous close. The scrip quoted a 52-week low price of Rs 690.9 and a high of Rs 932.35.

Voltas Ltd. traded at Rs 950.4 on BSE at 11:57AM (IST) on Friday, up 0.76 per cent from previous close. The stock quoted a 52-week low price of Rs 737.6 and a high of Rs 954.0.

PCBL with a target price of Rs 320. The current market price of PCBL Ltd.

Avenue Supermarts Ltd. traded at Rs 4002.0 on BSE at 12:02PM (IST) on Friday, up 1.21 per cent. The stock quoted a 52-week low price of Rs 3292.65 and a high of Rs 4225.0.

Zomato share prices gained more than 1% as the company denied on any plans to acquire B2B logistics start up Shiprocket. Zomato has remained in spotlight in past few days with news flow pertaining to acquisition of B2B logistics start-up Shiprocket. In the release to the exchanges Zomato said that- There are articles circulating with subject “Zomato offers to acquire Shiprocket for $2 billion".

Piramal Enterprises and Piramal Capital & Housing Finance in AIF units was ₹3,817 crore. In a regulatory filing, Piramal Enterprises said ₹653 crore of this pertains to funds that have no exposure to any debtor companies of Piramal Enterprises.

rupee settled at 83.28 against the dollar. However, outflow of foreign funds and increased volatility in crude oil prices triggered by geopolitical situation put pressure on the Indian currency, forex traders said. “Dollar is moving south as fresh economic data from US signaled that economy is feeling the heat of aggressive rate hikes, which may prompt US Fed to start cutting rates in early 2024.

₹8,600 crore, that are disrupting various sectors and attracting global investors. In 2022, India added 14 new unicorns, taking the total count to 100, ranking third globally behind the US and China. However, unlike their counterparts in other countries, most of these unicorns have not gone public yet, preferring to raise funds from private sources.

Stock split 2023: The board of directors of Tiger Logistics (India) Ltd has received proposal for stock sub-division. The company board will discuss and approve stock split proposal in its upcoming board meeting scheduled on 9th January 2024.