Wednesday, 16 September 2015

Sensex, Nifty remain strong; Sadbhav Infra lists at Rs 111

Sadbhav Infrastructure Project has listed at Rs 111 on the National Stock Exchange, higher by 7.8 percent over its issue price of Rs 103.

10:15 am Deutsche on Tata Motors: Deutsche Bank has downgraded Tata Motors to hold and slashed target price by 21 percent, citing weak volume & mix in China and concerns like higher incentives in US.

The brokerage says its downgrade is premised on a greater-than-expected delay in China volume ramp-up (down 33 percent year-to-date) for Jaguar Land Rover (JLR), likely deterioration in profitability of ex-China markets (US incentives up 50-100 basis points Y-o-Y in July/August), and faster-than-expected model mix deterioration.

Its forecasts continue to factor strong volume growth for JLR (FY15-18E CAGR of 13 percent) driven by new models. However, it believes that the impact on margins (down 290 basis points by FY18) and free cash flow will be stronger than earlier anticipated. Hence it cut earnings per share forecasts by 17-23 percent and target price by 21 percent to Rs 375.

Also read - Prabhudas CEO sees relief rally even if Fed hikes

10:00 am Market Check

Equity benchmarks continued to hold early gains, led by healthcare, banking & financials, technology and auto stocks. The Sensex gained 168.78 points at 25874.71 and the Nifty rose 41.75 points to 7870.85 ahead of Federal Reserve's two-day meet that will begin tonight.

The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.4 percent. About 1182 shares have advanced against 497 shares declined on the Bombay Stock Exchange.

Sadbhav Infrastructure Project has listed at Rs 111 on the National Stock Exchange, higher by 7.8 percent over its issue price of Rs 103.



3 comments:

Priya Agrawal said...

Nice Info, The high for Copper on Tuesday was at Rs 361.70 per kg, and a low of Rs 355.5 per kg was tested.
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Riya Gupta said...


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