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India's Securities and Exchange Board (SEBI) has published a consultation paper seeking responses from the public on proposed guidelines on additional public disclosures by foreign portfolio investors with INR250bn ($3.7bn) of assets under management in equity. SEBI estimates that high-risk FPI assets under management of around INR2.6tn ($38.3bn), about 6% of total FPI equity AUM and less than 1% of India's total equity market capitalisation, may be affected by the proposed regulations.
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In the NSE list of stocks with market cap of over Rs 10,000 crore, 4 stocks crossed their previous 5-year high value at the close on May 30, suggesting bullishness in counters, according to stockedge.com's technical scan data. Take a look.
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Top brokerage firms have shared their recommendations on some Indian companies. BofA Securities maintained a buy rating on SBI with a target price of Rs 1030, while Jefferies downgraded JK Cement to hold with a target price of Rs 3260. JPMorgan remained overweight on Coal India with a target price of Rs 290. CLSA maintained a buy rating on Tata Motors with a target price of Rs 624 and Citi maintained a buy rating on Policybazaar with a target price of Rs 820.
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Adani Ports and Special Economic Zone's Q4FY23 earnings beat estimates, leading to buy ratings from top brokerages. The company clocked a 5% YoY rise in net profit to INR 1,159 crore for Q4FY23, and a 9% YoY growth in net profit to INR 5,310 crore for FY23. Consolidated revenue for the reporting quarter grew 40% YoY to INR 5,797 crore. Despite this, the stock traded nearly 2% lower at INR 722.60 in early trade on Wednesday. Kotak Institutional Equities and Nuvama recommend buy ratings on the company's shares with target prices of INR 835 and INR 956, respectively.
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Four consistent performers in the Indian stock market have been identified through a screener search, each having delivered over 25% annual return over the last four financial years. Among the firms is Mumbai-based water and environment management specialist Ion Exchange, whose shares have risen by 892% over the four years, while Gujarat Themis Biosyn has surged by 1,904%. Also featured are Timken India, which rose 386% in the four years, and JB Chemicals and Pharmaceuticals, whose shares have risen by over five times.
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News and Media
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