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Nifty earnings growth moderation to 15% in FY23/24E could further drive down target to 13,500 (14% downside).
Remains 'overweight' on staples, healthcare and utilities.
Upgrades energy to 'overweight' from 'underweight' on higher energy prices.
Maintains 'neutral' on information technology.
BofA remains cautious on Indian markets despite recent market correction, citing four key reasons
1. Fast tightening monetary conditions
2. Fears of recession
3. Potential EPS cuts
4. Rising crude prices
Source: BofA Global Research note
Dr. Reddy’s Shares Fall Even As Analysts Bet On New Growth Drivers, Launches
Shares of Alembic Pharmaceuticals Ltd. fell 1.6% after the company said its business degrew by 12% year-on-year in May compared to 8% in April.
It said the decline was due to higher base in its anti-infective segment a year ago.
It added that the Indian pharmaceutical market for April and May has shown degrowth of -9% and -6% respectively.
"Alembic's speciality segments continue to show a robust momentum on the back enhanced operational momentum and strong new product launches," it said.
Source: Exchange filing
Dish TV Vs Yes Bank: World Crest Moves High Court Division Bench On EGM Issue
UK Inflation Rises to New 40-Year High With More Gains Expected
The S&P BSE MidCap almost mirrored its larger peers wile S&P BSE SmallCap outperformed, losing 0.4%. Seventeen of the 19 sectoral indices compiled by BSE Ltd. declined with Metal index falling 3%.
The market breadth is skewed in the favour of bears. About 957 stocks rose, 1,284 fell and 90 remained unchanged.
Indian currency fell 0.13% to 78.18 at the open.
Source: Bloomberg
Yield on the 10-year bond lost 6bps to 7.42%, amid fall in crude oil prices below $110 per barrel.
Source: Bloomberg
PVR, Inox Leisure's merger plan gets approval from BSE, NSE.
The scheme of amalgamation remains subject to applicable regulatory approvals.
Source: Exchange notification
Shares of paint companies may move after crude oil, a key raw material for paints, fell below $110 per barrel.
In Focus: Paint companies like Asian Paints, Berger Paints India, Kansai Nerolac, Indigo Paints, Shalimar Paints and FMCG companies like HUL, Pidilite.
Source: Bloomberg
Zomato will consider the acquistion through issuance of equity shares by way of a preferential issue, on Friday in its board meeting
Source: Exchange filing
Food-linked stocks like ITC, Britannia Industries and Adani Wilmar may move after corn, wheat and soybean futures dropped in Chicago after trading resumed following a holiday on Monday.
Source: Bloomberg
Fertilisers stocks in India may follow their global peers after BofA analysts' reiterated the 'multi-year cycle', based on a U.S. survey
Stocks To Watch: Mangalore Chemicals, National Fertilizers, Chambal Fertilisers, Rashtriya Chemicals, Gujarat State Fertilizers
Source: Bloomberg
LIC: Goldman Sachs initiated coverage with 'neutral'; price target set at Rs 700, implied return of 4.97% from last price of Rs 665.20.
Source: Bloomberg
Biocon: The company has denied allegations of bribery in drug approval process. That, after PTI reported, citing officials, that the CBI apprehended Joint Drugs Controller S Eswara Reddy for allegedly receiving Rs 4-lakh bribe.
Hero MotoCorp: The company has introduced Euro-V complaint Xpulse 200 4V motorcycle and Dash 110 and Dash 125 scooters in Turkey.
Jain Irrigation: Jain International Trading BV, a wholly owned subsidiary, has agreed to merge its business with Rivulis Pte.
SAIL: The company appointed Anil Kumar Tulsani as director (finance).
Coal India: Adani Enterprises and 10 other companies, including offshore firms, have expressed interest in bidding for coal import tenders floated by India's biggest miner.
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