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Astral Ltd. logged its longest losing streak in six years after its second quarter earnings missed estimates, while PVC prices continued to fall.
The stock as much as 0.99% intraday, declining for eight straight day. It later pared the losses and gained 0.10%.
Of the 23 analysts tracking the company, 11 maintain 'buy', seven suggest 'hold' and five recommend 'sell'. The return potential of the stock implies an upside of 12%.
As per Yes Securities' channel checks:
-PVC prices are already down about Rs9/Kg in Oct-Nov, hence Inventory losses are expected to continue in Q3FY23 as well.
-Though Lower PVC is likely to boost demand, as per our checks- pipe demand continues to remain sluggish & dealer inventory is still at low levels.
Source: Bloomberg, Brokerage notes
Bharat Electronics Ltd. has signed a licensing agreement for transfer of technology with Combat Aircraft Systems Development and Integration Centre, a laboratory under DRDO.
The deal will allow BEL to manufacture and supply digital radar warning receivers- a type of electronic warfare system to Indian Armed Forces.
The lab will transfer technical details, testing and maintenance method to BEL.
The stock declined as much as 3.80%. Of the 21 analysts tracking the company, two maintain 'buy', three suggest 'hold' and 16 recommend 'sell'. The return potential of the stock implies an downside of 26%.
Source: Exchange filing
The mid-cap gauge mirrored the benchmarks, falling 0.54% while the small-cap measure outperformed its larger peers with a decline of 0.40%.
All of the 19 sectoral indices compiled by BSE Ltd. declined.
The market breadth is skewed in the favour of bulls. About 1,315 stocks rose, 2,042 fell and 148 remained unchanged.
Shares of Page Industries Ltd. declined after the company clarified that it is expanding its manufacturing facility to cater to future demand.
The stock fell as much as 0.83%. The relative strength index is 28, suggesting that the stock might be oversold.
The company is looking for land parcel or buildings suitable to its requirement across Telangana state. The company officials met the officials from Government of Telangana on Nov. 16. to understand availability of land, price, location. It hasn't submitted any definitive agreement or formal proposal.
The comments came in response to a media report that said the company will invest Rs 290 crore to set up two facilities in the state. The company added that there is no material impact of this article.
Of the 24 analysts tracking the company, eight maintain 'buy', nine suggest 'hold' and seven recommend 'sell'. The return potential of the stock implies an upside of 8%.
Source: Bloomberg, Exchange filing
Telangana-based Skyroot has successfully launched Vikram-S, India’s first privately-made rocket from the Satish Dhawan Space Centre in Sriharikota.
The rocket is a single stage suborbital space launch vehicle carrying three payloads.
The startup was founded in 2018 and has raised $68 million till date.
Source: Company statement
The broader indices underperformed their larger peers with mid-cap falling 0.05% , while the small-cap gained 0.13%.
Eleven out of the 19 sectoral measures complied by the BSE advanced with IT and telecom gauges gaining the most.
The market breadth is skewed in the favour of the bulls. About 1,509 stocks advanced, 1,003 declined while 112 remained unchanged.
Yield on the 10-year bond rose 1bps to 7.29% at the open on Friday. It closed at 7.28% on Thursday.
Source: Bloomberg
Indian currency appreciated by 6 paise to 81.56 at the open against the greenback on Friday. It closed at 81.63 on Thursday.
Source: Bloomberg
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