On the technical charts, the RSI of the stock stood at 68.
Posts in category Economic Times
Stock market update: Stocks that hit 52-week highs on NSE (21-11-2024)
Jindal Poly Investm, Pearl Global, Power & Instrument, Tera Software and Sky Gold, hit their fresh 52-week highs at 09:59AM.
Cochin Shipyard, Honasa among 38 smallcaps that crashed up to 78% from 52-week highs (21-11-2024)
The Nifty 50 index recovered slightly after a seven-day losing streak, but the broader market, particularly small-cap stocks, witnessed significant declines. Some small-cap stocks plummeted by as much as 78% from their 52-week highs, reflecting a bearish market sentiment.
Adani bull GQG caught in cross-firing as shares crash 26%, may review portfolio (21-11-2024)
GQG Partners Share Price: GQG Partners, an investment firm that heavily invested in Adani stocks, is reviewing its portfolio following U.S. prosecutors indicting Gautam Adani and others on bribery charges. GQG’s shares plummeted 26% after the news, while Adani Group stocks fell by up to 20% in India.
Buy Lemon Tree Hotels, target price Rs 155: HDFC Securities (21-11-2024)
HDFC Securities has issued a buy call for Lemon Tree Hotels Ltd., setting a target price of Rs 155. Despite a recent dip in occupancy rates, the hotel chain’s revenue and EBITDA saw significant year-over-year growth. HDFC Securities predicts strong growth for Lemon Tree Hotels, citing the company’s ambitious expansion plans and focus on asset-light growth.
Rupee hits record low hurt by weak local equities, buoyant dollar (21-11-2024)
The Indian rupee hit an all-time low against a strengthening dollar, fueled by foreign investment exits and fading expectations of US interest rate cuts. Despite likely intervention by the Reserve Bank of India, the rupee weakened to 84.4225 per dollar. Indian equities also fell, impacted by losses in Adani Group stocks following fraud charges against its chairman.
Citi India Strategy: Nifty valuation reasonable post 10% correction; upgrades cement to overweight (21-11-2024)
Citi’s latest India strategy report suggests that the recent market correction presents opportunities for long-term investors. While earnings show sectoral variations, Citi anticipates growth driven by public spending and rural demand. Despite strong domestic investments, continued FII selling remains a concern. Citi upgrades cement to “Overweight” and sets a cautiously optimistic Nifty target of 25,000 by September 2025.
PSP Projects shares dip 9% as Adani Infra to buy 30% stake in company (21-11-2024)
PSP Projects share price: Adani Infra is set to acquire a 30.07% stake in PSP Projects from existing shareholder Prahladbhai S. Patel. The deal aims to boost PSP Projects’ growth in the Indian infrastructure sector, with Adani planning significant investments. PSP Projects will retain its current leadership, but Adani Infra will gain equal board representation.
Bharti Airtel shares in focus as co awards multi-billion extension deal to Nokia (21-11-2024)
Bharti Airtel has signed a major deal with Nokia. Nokia will deploy 4G and 5G equipment in major Indian cities. This will enhance Airtel’s network capacity and coverage. The deal also includes modernizing Airtel’s existing 4G network. Airtel will use Nokia’s network management system for intelligent monitoring. This partnership aims to provide customers with an unparalleled user experience.
Buy Suzlon Energy, target price Rs 68: Geojit Financial Services (21-11-2024)
Suzlon Share Price: Geojit Financial Services has issued a buy call for Suzlon Energy, setting a target price of Rs 68. They project a 67% CAGR in WTG deliveries for FY24-27E, driven by anticipated growth in Indian wind installations. Geojit cites attractive valuations, recent order wins, and the acquisition of Renom Energy as key drivers for their positive outlook.