Target Financial News

IIFL Securities with a target price of Rs 145. The current market price of IIFL Securities Ltd. is Rs 126.85. IIFL Securities Ltd., incorporated in the year 1996, is a Small Cap company (having a market cap of Rs 3862.06 Crore) operating in Financial Services sector.

Rose Hanbury's United Kingdom estate Houghton Hall has refuted claims regarding the possession of antique valuables allegedly looted from China, as per a Hindustan Times report. The accusations arose following scrutiny towards artefacts in the Marquess and Marchioness of Cholmondeley's grand residence.

ICICI Lombard General Insurance Company with a target price of Rs 2000. The current market price of ICICI Lombard General Insurance Company Ltd. is Rs 1698.4. ICICI Lombard General Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 84175.73 Crore) operating in Financial Services sector.

NMDC with a target price of Rs 260. The current market price of NMDC Ltd. is Rs 208.55. NMDC Ltd., incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 59989.50 Crore) operating in Mining sector.

Steel Strips Wheels with a target price of Rs 245. The current market price of Steel Strips Wheels Ltd. is Rs 229.1. Steel Strips Wheels Ltd., incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 3466.57 Crore) operating in Auto Ancillaries sector.

At 9:30 am, the MCX April gold futures were trading at Rs 68,930 per 10 grams, up by Rs 1,253 or 1.85% while May silver futures were trading at Rs 75,787 per kg, higher by Rs 739 or 0.98%. Track prices here

₹265.65 apiece on the BSE. Rail Vikas Nigam Ltd has emerged as the lowest bidder (L1) for design, supply, erection, testing and commissioning for the upgradation of an electric traction system for the Kharagpur section of the Kharagpur division of South Eastern Railway to meet the 3000 MT loading target.

SAIC Motor intends to significantly reduce its workforce at its joint ventures with General Motors (GM) and Volkswagen (VW), as well as at its electric vehicle (EV) subsidiary, Reuters reported citing sources. The planned reductions include slashing 30 percent of employees at SAIC-GM, 10 percent at SAIC Volkswagen, and over half at its Rising Auto EV arm, it added. The staff cuts are not expected to occur all at once through mass layoffs but are targeted for the year 2024.

₹1,200, supported by a strong bullish candle, suggesting a continuation of the medium-term uptrend. The stock is exhibiting a medium-rising channel trend, finding support at the lower band and poised to advance towards the upper band. It has closed above the daily upper Bollinger band, signalling a buying opportunity in the short term also.

RBI Monetary Policy Committee Meeting: The first policy meeting of the central bank's rate-setting panel for FY25 is scheduled this week from April 3-5, 2024. The Reserve Bank of India (RBI) has announced its schedule for the monetary policy committee (MPC) meetings in the upcoming financial year 2024-25 (FY25), which begins on April 1, 2024. After the April meet, subsequent meetings are set for June 2024, August 2024, October 2024, December 2024, and February 2025.

China's manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, a private survey showed on Monday. The Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month, above analysts' forecasts of 51.0 and marking an expansion for the fifth consecutive month. The 50-point mark separates growth from contraction.

Stock market today: On the last trade session in FY24, the Indian stock market witnessed a decisive intraday upside breakout. The Nifty 50 index went up 203 points and ended at the 22,326 level, the BSE Sensex shot up 655 points and finished at the 73,651 mark whereas the Bank Nifty index surged 338 points and closed at the 47,124 level. In the broad market, the small-cap index gained 0.33 percent while the mid-cap index scaled 0.62 percent north on the last trade session of FY24.

Buy or sell stocks: On the last trade session in FY24, the Indian stock market witnessed a decisive intraday upside breakout. The Nifty 50 index went up 203 points and ended at the 22,326 level, the BSE Sensex shot up 655 points and finished at the 73,651 mark whereas the Bank Nifty index surged 338 points and closed at the 47,124 level.

So what explains the sluggishness in stock prices of this sector? Analysts attribute this to the rising competition from regional players, slow rural market growth and inflation. But with stocks trading at reasonable valuations, rural growth set to pick up from the second half of the year and ebbing raw material prices, it may be time to reassess these companies’ prospects. FMCG firms enjoy lower cyclicality of earnings, strong cash flows, and excellent corporate governance. Usually, the broader market cycle is complete when profits peak, valuations become expensive (cyclicals and defensive valuations converge), cyclicals melt and rate cuts begin. “We might be at this juncture now. The next churn is likely to be in underperforming quality sectors—private banks, insurance and FMCG—the traditional defensives offering earnings resilience in a downturn,” states a Nuvama Institutional Equities report.

IPL 2024: The encounter in Visakhapatnam between Delhi Capitals (DC) and Chennai Super Kings (CSK) did not go in favour of the defending champions. CSK suffered a 20-run defeat against the Rishabh Pant-led home team. However, no CSK fan seems to be complaining.

RBI) is likely to keep interest rates unchanged this week as it weighs both robust domestic economic growth prospects amid prickly food inflation and a delayed start to the now-evident shallower monetary easing cycle in the US, where policymakers have already announced fewer reductions next year than indicated by earlier dot plots. An ET poll of 14 respondents said the central bank's Monetary Policy Committee (MPC) is expected to keep the repo rate unchanged at 6.50% at the conclusion of the panel's three-day meeting on April 5. This would mark the seventh consecutive time the rate-setting committee is expected to maintain the repo rate at its current level.

finance ministry released an additional ₹3,400 crore in urgent assistance for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), over and above the revised estimate of ₹86,000 crore for 2023-24, as work demand beat initial projections, a senior official told ET. This pushed up the actual MGNREGS allocation for the financial year to ₹89,400 crore, against ₹90,806 crore a year before but almost 50% higher than the budget estimate of ₹60,000 crore. As many as 3.05 billion person-days were generated under the MGNREGS — a demand-driven scheme — in 2023-24, against the revised target of 2.95 billion, showed the preliminary data compiled by the rural development ministry.

India is looking to increase the export of agricultural value added products by forging partnerships with retail chains and supermarkets of countries like the United Arab Emirates. The commerce department has identified 12 value added food items, including jams, jellies and marmalades, alcoholic beverages, fruit pulp products, dehydrated vegetables and ready to eat products for the purpose. «We plan to concentrate on a few products and push their exports. These are some value-added goods which we are sure would give results,» said an official, who did not wish to be identified. Biscuits, confectionery, mango pulp and value-added products of mangoes, and preserved gherkins and cucumbers are also part of the list. «There's no target set for the export of these 12 categories. We expect a push from the free trade agreements signed recently,» the official said, adding that the plan entails promotions, stakeholder consultations and state tie-ups with supermarkets and retail chains, especially in the UAE, the EU and the US.

«Talks are on with the United States (US), Australia, and United Kingdom (UK), South Korea, and Japan for processing technology. Brazil and Argentina are also positive about collaborating with India,» a senior mines ministry official told ET. According to another official aware of the plan, agreements with countries are being lined up and will soon be signed.

Oil and Natural Gas Corporation (ONGC) has paid a dividend of ₹7,224 crore to the Centre for the fiscal 2023-24, leading the pack of oil and gas companies, which form the biggest block of dividend payers to the Central government. ONGC's dividend contribution to the state was almost double the ₹3,636 crore dividend by Indian Oil Corporation (IOC), nearly three times Bharat Petroleum Corporation's ₹2,413 crore, close to four times GAIL's ₹1,863 crore and about ten times Oil India's ₹737 crore. These are interim dividends and a final instalment usually comes after the companies declare annual earnings.

Reserve Bank of India (RBI) on shielding the identities of officers who spot wilful defaulters and build cases against errant borrowers, said bankers aware of the development. A recent High Court order has directed banks to name the employees on committees identifying a borrower as a wilful defaulter. The division bench order about Milind Patel, director of IFIN versus Union Bank of India, also asked the bank to provide the petitioner full access to the relevant documents and material on record. This is yet another contentious issue between lenders and the borrower. The Union Bank had argued that it is not obliged to provide evidence to the borrower as per the RBI guidelines. Lenders will seek RBI's guidance on this issue, too, the bankers cited above said. The bank management lobby, the Indian Banks Association (IBA), will soon seek advice on ways to address this issue.