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Geopolitical challenges have brought focus back to fossil fuels: Sudip Bandopadhyay
Sudip Bandopadhyay, Group Chairman of Inditrade Capital, believes that Coal India in his view is going to be a beneficiary of the return of focus on fossil fuel. “We all probably wrote off fossil fuels too early," he says.
"The company has improved its efficiency and that is why the production has improved. With the e-auction, realisations are improving significantly. Coal India is in for good quarters. In the medium to long term, people who were vociferously against fossil fuel are now realising that without having a backup, you cannot junk fossil fuel. Coal India should do well. For an investor looking at a slightly long term, Coal India is a good buy even at Rs 220,” he adds.
Investors cautious ahead of US inflation data: Geojit's Vinod Nair
Vinod Nair, Head of Research at Geojit Financial Services, says the incoming US inflation data will set the tone for the next Fed policy meeting.
"The US CPI inflation is projected to remain high in July, in line with the previous month. This along with strong jobs data will compel the Fed to keep taking a tough approach to rein in high inflation levels," he says.
Market At Close | Sensex and Nifty50 near flatline
Here are some highlights:
--ICICI Bank, Reliance, L&T help Nifty hold on to 17,500
--Metal stocks rise following strong Hindalco earnings — Nifty Metal up 1.5 percent
--Bharti Airtel gains two percent after mixed earnings — brokerages maintain positive views
--Apollo Hospitals and Coal India gain two percent ahead of earnings
--ONGC slips two percent as crude oil remains under pressure
--Bajaj Finance, NTPC, HCL Tech, Adani Ports top Nifty losers
--Hindalco, Tata Chemicals, City Union Bank, IGL rise after better-than-expected earnings
--Balrampur, Motherson, MRF, Granules, Ipca slip following earnings
--Market breadth favours the bears — advance-decline ratio at 3:4
Go Fashion reports Q1 earnings
Go Fashion posts a net profit of Rs 24.43 crore for the April-June period, as against a loss of Rs 18.99 crore for the corresponding period a year ago. Its revenue for the quarter under review stood at Rs 165.19 crore.
The stock is down 0.3 percent at Rs 1,092.1 apiece on BSE.
Hindalco announces Q1 earnings
Aluminium and copper manufacturing company Hindalco reported a record high net profit of Rs 4,119 crore for the quarter ended June. Hindalco's profit for the quarter under review jumped 48 percent from Rs 2,787 crore in the corresponding quarter last year. Its consolidated revenue rose 40 percent on a year-on-year basis to Rs 58,018 crore against Rs 41,358 crore in the first quarter of the previous fiscal. (Read more here)
Shares of Tata Chemicals rose over 10 percent on Wednesday after the company reported a whopping 86 percent rise in its net profit for the first quarter of the financial year 2023 mainly on higher realization. Read more here.
Mahindra & Mahindra launches the All-New Bolero MaXX Pik-Up
M&M have launched the All-New Bolero at an ex-showroom price of Rs 7.68 lakh. The stock is currently one percent down at Rs 1,263.05.
Zydus Life 1.2% up post earnings announcement
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