Brokerages cut Asian Paints' targets, see limited upside
The Asian Paints stock closed at ₹2,784.9 on the NSE on Friday, down 2.83% from the previous close. Nearly 34 lakh shares exchanged hands on the BSE and NSE on Friday, over three times its combined average daily volume in the last one month.
Hot Stocks: Should you buy or sell Asian Paints after Q3 results?
The brokerage has remained positive on the stock but said a re-rating looks unlikely given premium valuations and likely disruption due to the entry of a large player. It has an accumulate rating on the stock with a target price of Rs 3326.
Market to remain volatile, don’t extend equity exposure: Anand Tandon
“I do not think the commodity increase should be viewed as a market signalling there is going to be great demand. I would just hasten to caution that one should not be looking at increasing equity exposure despite all the positive noise we may see. This is a market which will remain extremely volatile during the course of the year.”
Stocks in news: Wipro, HDFC Bank, DMart, L&T Fin Holdings, Just Dial, TCS, HG Infra
The lender on Saturday reported 19% year-on-year (YoY) rise in net profit for the quarter ended December to Rs 12,259 crore. Net interest income increased nearly 25% on year to Rs 22,988 crore, and this was the best growth seen by the bank in atleast three quarters. Operating profit increased by 13.4% YoY to Rs 19,024 crore. Provisions and contingencies for the quarter dropped 6.3% YoY to Rs 2,806 crore.
The stock after the decent correction witnessed has bottomed out near the previous low of 1630 zone to form a double bottom formation pattern on the daily chart and with a small pullback witnessed has shown signs of improving the bias to anticipate for further rise with a trend reversal.
Earnings Tracker: 5 Nifty50 companies can post over 40% profit fall in Q3
As for Hindalco, most brokerages expect the profit decline to by 30-40%. MOSL pegs reported PAT for the company in Q3 at Rs 2,100 crore, down 31.4%. Meanwhile, KIE pegs the same at Rs 1961.9 crore (down 46.4%) and ICICI Securities at Rs 1,842.5 crore (down 49.9%).
Earnings Tracker: 5 Nifty50 companies can post over 40% profit fall in Q3
As for Hindalco, most brokerages expect the profit decline to by 30-40%. MOSL pegs reported PAT for the company in Q3 at Rs 2,100 crore, down 31.4%. Meanwhile, KIE pegs the same at Rs 1961.9 crore (down 46.4%) and ICICI Securities at Rs 1,842.5 crore (down 49.9%).
Stock market update: Stocks that hit 52-week highs on NSE
Uma Converter Ltd., Radhika Jeweltech, Kandarp Digi Smart BPO Ltd., Archean Chemical Industries Ltd. and Roto Pumps, hit their fresh 52-week highs at 11:16AM.
Near term outlook for IT sector not looking great: Sandip Sabharwal
So as long as these companies realise that, as long as they do not think that they will again get investments at very high valuations I think they should do better. Secondly, stating that we will make profits and actually making profits are two different things.
2023 to be a challenging year for the market: Gautam Shah
The Bank Nifty has really led this entire market higher in the last one year. I think it has been the poster boy, it has been the Pied Piper, it has been the reason why the Nifty scaled to levels as high as 18,900 but I just feel that all positives are now in the price.
GRASIM Heading towards 1930-2000-2050-2100. Higher targets later. Adding more on dips to 1780-85 zone if comes with SL 1715 for trading, 1675 for investing
Disc: Went Long at on friday close at 1820...read more