Citi Research has lowered its year-end Nifty 50 target to 27,000, citing escalating Middle East war risks impacting India's growth and corporate earnings. Surging oil and supply shocks are worsening the economic outlook, with potential disruptions to LPG, LNG, fertilizers, and petrochemicals. The brokerage also downgraded the auto sector to 'neutral' due to price spikes and potential semiconductor issues.
Adani Power's shares rose 5% after securing a 1,600 MW thermal power supply deal with MSEDCL. The company will supply power from an upcoming ultra-supercritical project at a tariff of Rs 5.30/kWh, commencing in FY30-31. This win boosts Adani Power's secured capacity and supports India's thermal power expansion goals.
Bajel Projects' shares surged after securing a significant Rs 700 crore order from MSETCL for a 400/220 kV Air Insulated Switchgear substation in Pune. This ultra mega project, the company's largest in power transmission, includes turnkey EPC execution and associated transmission lines, bolstering Maharashtra's grid.
Tejas Networks shares rose sharply on Monday after winning a 4G RAN supply order from a South Asian mobile operator. The deal boosts its global wireless expansion plans. As part of the order, the companys 4G multiband radio products will be deployed at multiple locations across the unnamed mobile operators network.
The Indian rupee weakened by 13 paise to 92.43 against the US dollar in early trade on Monday, pressured by significant foreign fund outflows and rising crude oil prices amidst geopolitical tensions. Volatile domestic equity markets further contributed to the rupee's decline, despite a slight retreat in the dollar's strength.
Quick service restaurant stocks are facing significant declines. Investor interest has waned, and rising fuel costs, particularly LPG, are creating operational challenges. Several major QSR companies have seen their share prices fall considerably over the past year. Experts suggest avoiding immediate investment and waiting for signs of recovery.
