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Dipan Mehta, member of BSE said further downside cannot be ruled out from current levels. “The GST rollout is likely to take a toll on corporate earnings,” he told BloombergQuint by phone.
Mehta is bullish on private sector banks and consumption-related stocks.
Buyers and sellers were not immediately known
Source: Bloomberg
Completion of hydrocarbon capex will enhance cash flow, RIL says in its annual report. https://t.co/ymakzxlj6k pic.twitter.com/zrtazfn8Hk
— BloombergQuint (@BloombergQuint) June 28, 2017
The technology company’s margin concerns have surfaced yet again on estimates of "sluggish earnings" despite promises to improve the cost structure, according to a report by brokerage firm Bank of America Merrill Lynch (BofAML).
It has reiterated the ‘Underperform’ rating, and lowered the target price to Rs 380 from Rs 415 earlier, citing the four-quarter sequential decline in net profits.
Shares of the Punjab-based firm recovered from losses and rose nearly 3 percent after the company said it has secured an export order worth $150,000 for supply of steel wheels to European and Canadian market.
The orders cover supply of around 15,500 caravan and winter wheels and would be dispatched by the end of July from the company's Chennai plant, it said in a filing to the exchanges.
Shares of the drug maker pared opening gains and declined 0.2 percent, snapping a three-day winning streak.
The stock has risen over 18 percent so far this year, compared to 4.4 percent gain in the Nifty Pharma index.
The company received the final approval from the U.S drug regular to market Oxybutynin Chloride Extended-Release Tablets, used for the treatment of overactive bladder and urinary incontinence. The estimated sale for the tablet is $150.9 million, the company release said quoting IMS Health April data.
On Tuesday, Antique Stock Broking initiated coverage on the stock with a ‘Hold’ rating with a price target of Rs 530.
Shares of the oil marketing firms snapped a four-day losing streak as the commodity resumed its decline after the longest run of gains in a month.
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#BQMarketsNow | Expect more short-term weakness if Nifty breaches 9,459, warns Gemstone Equity.https://t.co/ymakzxlj6k pic.twitter.com/PhgIPx7w0v
— BloombergQuint (@BloombergQuint) June 28, 2017
The rupee declined 0.1 percent to 64.59 against the U.S. dollar in early trade, pressured by a lower opening in the domestic stock market.
Increased demand for the American currency from importers and banks added to the dollar’s strength. Forex dealers said the euro hitting a 10-month high against the greenback, however, capped the rupee's fall.
Yesterday, the rupee had settled almost flat at 64.53 against the US currency following fag-end dollar demand.
With inputs from PTI
To read the full report, click here
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Google fine is small change compared with EU’s bigger threat.https://t.co/tTzKiGJEvK pic.twitter.com/Lk6Hvs2SlN
— BloombergQuint (@BloombergQuint) June 27, 2017
Oil's in a bear market, and stocks will soon follow. (via @BV)https://t.co/4uqVnFTGhN pic.twitter.com/ggK6uxr4Pq
— BloombergQuint (@BloombergQuint) June 28, 2017
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