Market Fatafat: Stocks that are making the news today

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Bombay Stock Exchange

Photo : BCCL

KEY HIGHLIGHTS

  • JPMorgan Overweight On LIC, Target At Rs 840/Share
  • Jefferies Keeps Buy Rating On HUL With Target Price of Rs 2,520
  • Inox Wind Material Subsidiary – Inox Green Files For IPO

Let’s talk about a few stocks that are in focus today.

1 – CRUDE FALLS

Crude stocks like ONGC, Oil India, and GAIL fell today on the back of the sharp sell-off in global crude oil prices. Brent crude prices had plummeted over 7% last week snapping a 4-week gaining streak. The sharp drop in Brent Crude has also led to inventory losses of stocks like Chennai Petro and MRPL.

2 – VEDANTA

The stock is down the most in 20 months. Vedanta is seeking to sell its copper smelter in Tamil Nadu, more than four years after the local government shut the plant following protests on environmental concerns. The company is seeking initial bids to sell the 400,000 tons-a-year plant and Axis Capital is helping with the transaction.

3 – AVIATION STOCKS

Interglobe Aviation and Spicejet are in focus today – and one of the many reasons behind that is tough competition. There has also been a 5% air-traffic decline last week compared to the pre-COVID levels. This shows that the recovery in air traffic has been slower than expected.

4 – LIC

JPMorgan has initiated coverage on LIC with overweight and a target of Rs 340 per share. Stating that the largest life insurer in India is down 31% since IPO, JPMorgan said that they feel that the markets are mispricing the stock.

5 – HUL

Jefferies has kept a buy rating on HUL with a target price of Rs 2,520. The brokerage house says that industry trends remain muted due to tough macro.

6 – LIQUOR STOCKS ABUZZ

Liquor stocks like United Spirits and Radico Khaitan are buzzing in the trade as Pernod Ricard expects India market to drive growth and see strong premiumization in its portfolio.

7 – SUGAR STOCKS IN FOCUS

The Indian government is likely to impose a ceiling on sugar exports for the second consecutive year starting this October to ensure ample domestic supplies and keep a cap on local prices.

8 – INOX WIND

Inox Wind’s material subsidiary Inox Green has filed for Rs 740 Cr IPO, and Inox Green is seeking Rs 370 cr via new shares in IPO and Rs 370 cr via OFS.

9 – SUN PHARMA

Jefferies double upgrades Sun Pharma to Buy from Underperform, lifting the target price to Rs 910 from Rs 775. Jefferies says that Sun Pharma’s growth is expected to be driven by its speciality portfolio and India from hereon.

10 – ELGI EQUIPMENT

Pressure came in on the stock after the company’s promoter group created a pledge of 2.05 lakh shares on June 15.