Hindalco Industries rallied as CLSA reiterated buy rating

The Markets Today in a nutshell

• Domestic benchmark indices settled with robust gains snapping a seven-day losing streak.
• The relief rally came after the Reserve Bank of India (RBI) today raised benchmark repo rate by 50 basis points, along expected lines. RBI projected real GDP growth rate for FY23 at 7 percent down from the 7.2 percent estimated earlier and expect inflation to remain elevated at around 6% in the second half. Positive global cues also supported buying. 

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?Hindalco Industries rallied as CLSA reiterated buy rating
Brokerage firm CLSA reiterated buy rating on Hindalco Industries. The concerns were overdone with share price indicating aluminium price of USD 1,850/tonne. Any uptick in metal prices or clarity on Novelis’ outlook would likely to lead to a re-rating said CLSA.

?Power Grid Corporate as Jefferies remains bullish on the stock
Research firm Jefferies has maintained buy rating on Power Grid Corporation. The reported RoE should improve to 19% from 17-18% and move higher as payout increases the brokerage firm noted.

?L&T Tech rallies on collaboration with Qualcomm Technologies
The firm announced it is collaborating with Qualcomm Technologies, Inc. to deploy end-to-end solutions for the global 5G private network industry utilising their combined core expertise in the hi-tech & telecommunication domain.

News from the IPO world?

• Sterlite Power postpones IPO plans on current market
• Kanpur based Lohia Corp files IPO papers with SEBI
• Enviro Infra Engineers, Udayshivakumar Infra file IPO papers with SEBI

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