UPS Financial News

Brokerages remain bullish on State Bank of India(SBI) after the lender made a swift recovery in earnings reporting a standalone net profit of Rs 20,698 crore in Q4, up 24% YoY. The estimates on the target price for SBI go as high as Rs 1,000. The profit was higher than the Street estimate of Rs 16,695 crore.

Gujarat State Petronet with a target price of Rs 350. The current market price of Gujarat State Petronet is Rs 290.15. Gujarat State Petronet Ltd., incorporated in the year 1998, is a Mid Cap company (having a market cap of Rs 16429.84 Crore) operating in Gas & Petroleum sector.

Sanjiv Bhasin, Director, IIFL Securities, says: “ This is the time to pull up your socks, ignore the fear and buy the stocks which you most wanted to and hopefully by Tuesday, Wednesday, we should be back to normalcy as far as the VIX goes and then we will take it with global cues.” Bhasin further says: “The pessimism on certain stocks and sectors has been overdone. Some of the largecap banks like HDFC, ICICI are looking very good, and of course, some of the PSUs. But the real killing will be in the commodity stocks. So, Coal India, Vedanta, NALCO, SAIL, Tata Steel basket is looking very strong. From their highs, the stocks have not even corrected 5%. If this market trends, which according to me on Tuesday, fingers crossed, then these stocks are headed to new highs. ” It is getting a little worse out here? When was the last time L&T fell that 6% or so and I am not even getting into other individual names here where the selling was excruciating. What is the strategy now? Do you throw in the towel and sell into the market or wait patiently because you see some recovery in store? Sanjiv Bhasin: What a week! Last Thursday, I was with you in Mumbai and we were hitting new highs and I told you to take some money off the table.

Page Industries Ltd. gained 0.53 per cent to Rs 34500.0 in Friday's trade as of 11:06AM (IST). The stock hit a high price of Rs 34705.6 and low of Rs 34175.2 during the session.

The price change in 24 carat gold in the last one week has been -0.76% .whereas in the last month it has been 0.12%. The cost of silver is Rs.82590.0 per kg up by Rs.82590.0 per kg. Gold Price Today in Delhi is ₹73218.0/10 grams.

Also Read: Akshaya Tritiya 2024: Should you bet on Gold today? Experts advise caution Along with PM Modi, Union Home Minister Amit Shah, Uttar Pradesh Chief Minister Yogi Adityanath and other leaders also extended their wishes for the festival. Also Read: Akshay Tritiya 2024: What is the right time to buy gold and silver today? Check city-wise muhurrat "Warm wishes to all the families of the country on Akshaya Tritiya.

₹22,000 crore in May 2024. FIIs offloaded Indian equities worth ₹22,858 crore within the first six market sessions so far in May 2024.

Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session in green amid positive global cues. Due to investor risk aversion during the ongoing election sessions, the domestic market saw heavy selling pressure on Thursday. However, because there aren't any significant positive triggers, analysts predict that this volatility will continue in the near future.

Read here: Gold up 1% after US jobs data: 5 reasons behind yellow metal's appeal in 2024 Gold's potential for long-term appreciation and its role as a hedge against inflation make it an attractive investment option, especially during auspicious occasions like Akshaya Tritiya. However, experts suggest being cautious due to gold's high domestic prices and potential for a technical correction in the immediate term.

₹621.95 and ₹514.40 apiece. This uptick followed both companies reporting in-line performance for the March quarter and for the full fiscal year FY24. Compared to the performance in the March quarter, both companies have exhibited improved performance for the full fiscal year FY24.

A man accused of killing three men who were on a surfing trip in Mexico allegedly confessed the crime to his girlfriend, according to testimony read in court Wednesday.

The Nifty future closed negative with losses of 1.43% at 22072 levels on Thursday. India VIX was up by 6.56% from 17.08 to 18.20 levels.

global peers, Indian benchmark equity indices opened higher on Friday, led by auto and energy stocks. The BSE Sensex was trading 270 points higher at 72,674, while the Nifty50 was trading at 22,051, up 94 points, around 9:33 a.m.

AIMIM leader Akbaruddin Owaisi's controversial «15-minute» remark made in 2013, AIMIM Bihar President Akhtarul Iman defended him, stating that Owaisi intended to resolve tensions between Hindus and Muslims if given 15 minutes. Iman emphasized that Owaisi did not imply violence but rather suggested that removing police presence could enable communities to settle disputes peacefully. Reacting to BJP leader Navneet Rana's response to Owaisi's comment, Imam said, «The people of BJP cannot understand anything. Akbaruddin Owaisi did not say that in „15 minutes“ he would murder someone or burn someone's house, he meant to say that, removing the Police and Hindu-Muslim brothers would settle everything together. Wherever there are clashes it is the police who ignite it»

Jiten Parmar, Partner, Aurum Capital, says “some of these stocks are trading at multiples of like 50 times at probably peak margins with EBITDA margins of more than 25% which we believe is unsustainable. Also, we have to understand that there is a lot of capacity coming up, so that always kind of basically makes us cautious. Many of the names are doing expansions and whenever there is expansion by a host of names or most of the players in the industry, we have seen through our cyclical investing and experience that a glut happens and then the sector goes and stocks go for a toss for quite a few years. We do not want to get caught into that situation.” Before we talk about markets, I want to understand the psychology of the market right now. In smallcap, midcaps and largecaps – there seems to be an underlying nervousness on the Street, whatever could be the reason. Lower voter turnout, a firm stand by RBI on lenders –there could be a variety of reasons. How should one approach the market right now? Jiten Parmar: Short-term, the reasons could be anything. In this frothy market, the primary reason according to me is overvaluation and then we assign reasons to corrections. But yes, there could be some political nervousness because of the lower voter turnout as you mentioned, that could be one of the reasons why the market wants to be a bit on the sidelines and maybe some people are taking some money off the table.

green energy sector has been on an uptrend, solar companies are being seen as the biggest beneficiary of the push towards renewables with both Ambanis and Adanis vying for a piece of the pie. Smallcap solar company Waaree Renewable Technologies has been the top gainer in the solar pack with a mind-boggling annual return of 1,318%, followed by 561% gain in WAA Solar, 393% in Zodiac Energy and 236% in SJVN.

(This story originally appeared in on May 10, 2024)

Gold prices ticked up on Friday and were on track for a weekly gain, as recent economic data prompted traders to raise bets of an interest rate cut from the Federal Reserve later this year.

Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major U.S. indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts. U.S. Federal Reserve policy has been the main driver of investor sentiment in 2024. Renewed hopes the central bank will cut rates have pushed the Dow to its biggest rally since December. It closed at its highest since April 1.

Federal Reserve to raise interest rates again, and officials have made it clear that they see further increases as unlikely. But one important takeaway from recent Fed commentary is that unlikely and inconceivable are not the same thing. After the central bank held rates steady at 5.3% last week, Fed Chair Jerome Powell delivered a news conference where what he didn't say mattered.

Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results. Brent futures rose 37 cents, or 0.4%, to $84.24 a barrel, while U.S. West Texas Intermediate crude grew 41 cents, or 0.5%, to $79.64 at 0003 GMT.