Market LIVE Updates: Indices trade lower with Nifty around 17,100; HDFC twins, Tata Motors top losers

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Market LIVE Updates: Indices trade lower with Nifty around 17,100; HDFC twins, Tata Motors top losers

  • Ramkrishna Forgings wins export order worth Rs 131.5 crore:

Ramkrishna Forgings has won ~ Rs 1315 million (USD 15.9 million) order for its application in North America HCVs from a Tier 1 Rear & Front Axle manufacturer customer in the auto segment. The order will be executed over a period of four years, company said in its release.

  • Motilal Oswal View on Tata Motors:

All three businesses of Tata Motors are in the recovery mode. While the India CV business will see a cyclical recovery, the India PV business is in a structural recovery mode. JLR is also witnessing a cyclical recovery, supported by a favorable product mix.

However, supply-side issues will defer the recovery process. While there will be no near-term catalysts from the JLR business, the India business (~50% of SoTP) will see a continued recovery.

The stock trades at 16.3x FY24E consolidated EPS and 2.8x P/B. We maintain our BUY rating, with a Target Price of Rs 510 (premised on Sep’24E SoTP).

  • Rupee Updates:

Indian rupee has recovered from the early losses and is trading marginally lower at 82.39 per dollar against 82.33.

  • Market at 10 AM:

Benchmark indices were trading lower with Nifty around 17100.

The Sensex was down 769.16 points or 1.32% at 57422.13, and the Nifty was down 235.40 points or 1.36% at 17079.30. About 928 shares have advanced, 2064 shares declined, and 147 shares are unchanged.

  • Jaypee Group firms to meet today over divestment plans:

Jaiprakash Associates Ltd (JAL) and Jaiprakash Power Ventures Ltd (JPVL), the two firms under the aegis of Noida-based conglomerate Jaypee Group, announced that their boards of directors will meet on October 10 to be apprised about the company’s divestment plans.

“This is to inform that a meeting of the Board of Directors of the companyhas been convened on 10th October, 2022, inter-alia, to apprise theBoard of the recommendations of the Audit Committee and the progress on the various divestment initiatives of the company,” JAL said in a regulatory filing.

JPVL, in its exchange filing, noted that its board meeting has been called “regarding proposals of divestment of Nigrie Cement Grinding Unit” and to “review the progress made in the reduction of company’s debt”.

Both the companies further noted that their trading window already stands closed from October 1 till 48 hours after the announcement of the financial results for the quarter ended September 30, 2022, in accordance with the norms set by the Securities and Exchange Board of India (SEBI).

  • Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking:

On the technical front, Nifty formed a small positive candle on the daily chart with upper and lower shadows hence possibility of an elevated consolidation level amidst the narrow range of 17000-17450 can be experienced. Key to note, that Index is presently flirting around the crucial 200dma, sustaining above or below which would dictate the direction of the Index.

However, for the Index to end its prolonged correction, it needs to provide a decisive close above 17350. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2% of the entire rally from 15,183 to 18,096 comes around 16990 followed by 50% correction at 16650 remains.

During the day index is likely to open on a negative note due to weal global cues. Formation of lower high- lower low signifies corrective bias. Hence, until and unless Index provides a decisive close above 17350, it would be a sell-on-rise market.

  • Deep Industries receives Letter of Award worth Rs 71.64 crore:

Deep Industries has received Letter of Award from Oil India for charter hiring of 02 Nos. 550 HP (Min)- 750 HP(Max) Capacity Workover Rigs for a period of 03 years and the total estimated value of the said Award is approximately Rs 71.64 crore.

 

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