Monday, October 26
Mumbai: Bajaj Finserv and its subsidiary Bajaj Finance were among the top gainers in Thursday's trading after Kotak Institutional Equities reinitiated coverage on the stocks citing strong business prospects.Bajaj Finserv surged 7.9%, with the brokerage rating the stock a 'buy' with a price target of ₹1,930. This implies an upside of 13.6% over Thursday's closing price of ₹1,700."Strong expansion across business lines with moderate-to-high margins and a focus on profitability are long-term value drivers. The new business lines will likely generate value over time," said Kotak in a client note.Kotak rated Bajaj Finance an 'add' with a price target of ₹8,000, suggesting gains of 8.3% over Thursday's closing level of ₹7,387. The stock jumped 6.5%."We expect Bajaj Finance to deliver 25%
Mumbai: Automobile shares emerged as the top gainers in Thursday's trading as stronger-than-expected auto sales in December reported by three companies eased concerns over demand slowdown. Nifty's Auto index soared 3.8% on Thursday, its best single-day performance since June, after gaining as much as 1.2% the previous day.Eicher Motors jumped 8.6%, Ashok Leyland soared 6.2%, Maruti Suzuki advanced 5.6% and Mahindra and Mahindra gained 4.2%."We have seen strong December sales numbers reported by Eicher Motors, Maruti and Mahindra & Mahindra, which have lifted the stocks on Thursday," said Arun Agarwal, vice president, fundamental research, Kotak Securities.Auto shares have been under pressure in the October-December period as worries about falling demand for vehicle sales prompted inves
India's foreign exchange reserves dipped by $4.1 billion to $640.28 billion as of December 27, 2024, according to the data shared by the Reserve Bank of India. The country's forex reserves had dropped by $8.4 billion for the week ending December 20 and had settled at $644.39 billion.The Weekly Statistical Supplement released by the RBI showed that the primary contributor to this decline was the drop in Foreign Currency Assets (FCAs), which fell by $4.6 billion to $551.92 billion.116819359Meanwhile, gold reserves were up by $541 million, bringing the total to $66.26 billion.The Special Drawing Rights (SDRs) dipped by $12 million, now totalling $17.87 billion, while the reserve position in the International Monetary Fund (IMF) did not have any changes and continued at $42.17 billion.India's
