ideaForge Technology shares fell 9.5% over two days after JM Financial downgraded the stock to Add from Buy, citing valuation concerns following a sharp run-up despite strong long-term prospects. The brokerage expects order inflows to remain weak in FY27 before recovering in FY28 and FY29, while execution momentum and operating leverage could support significant revenue and margin growth.
In August, Axis Direct introduces 44 stock recommendations, advocating a buy-on-dips approach. The banking, capital goods, and realty sectors exhibit promising technical patterns for investors. Additionally, consumer durables, healthcare, power, and auto sectors are projected to perform well. However, a selective caution is suggested for FMCG, metals, and oil & gas stocks as the brokerage predicts sustained momentum across various key market areas.
Senco Gold shares fell 8.16% after the company reported mixed Q1 FY27 results. While consolidated revenue surged 67% YoY to Rs 3,056 crore, PAT declined 3% to Rs 101 crore. EBITDA rose 16% to Rs 213 crore, but margins contracted sharply amid promotional discounting, lower gold prices and customs duty changes, weighing on profitability and investor sentiment.
Shares of Multi Commodity Exchange (MCX) rose more than 2% after Sebi proposed widening foreign portfolio investors’ access to physically settled non-agricultural commodity derivatives. JPMorgan upgraded MCX to ‘Overweight ’, and Jefferies retained a ‘Buy’ rating, citing the potential for higher trading volumes and earnings.
Dr Agarwals Health Care shares dropped on Wednesday after a Rs 2,065-crore block deal involving 4.07 crore shares. Hyperion Investments and Claymore Investments were likely sellers, according to term sheet details. The block deal came after the company reported a 44.6% YoY rise in Q1 FY27 profit to Rs 55 crore.
US Treasury yields pared gains as hopes for a U.S.-Iran agreement faded after Tehran indicated the Strait of Hormuz would remain closed unless Washington met its demands. Markets are now awaiting July CPI data for clues on Federal Reserve policy, with any upside surprise potentially putting renewed pressure on Treasury yields.
Over the past year, foreign investors have unloaded $5.2 billion worth of FMCG stocks, largely due to the challenges stemming from inflated valuations and rising input costs. Companies are now transferring these increased costs to customers, resulting in weak volume growth and declining margins. For a recovery to take shape, analysts emphasize the need for enhanced consumer spending and stable commodity prices.
Manappuram Finance shares witnessed an uptick on Wednesday after Q1 FY27 profit surged nearly four-fold to Rs 585 crore. Jefferies raised its target price to Rs 430, citing better NII and lower provisions, while Morgan Stanley also raised its target. CLSA retained a Hold rating, with a Rs 350 target price.
The rupee experienced a six paise decline against the US dollar during early trade. Concurrently, Brent crude oil prices saw a sharp rise, approaching USD 90 per barrel, as expectations for a rapid US-Iran agreement and a reopened Strait of Hormuz diminished. Forex experts indicated oil supply ambiguity as a significant factor, causing the dollar index to rise slightly and equity markets to fall.
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