Market this week 24-6-2022

Market this week 24-6-2022

Reliance shares maintain a “buy” rating from Jefferies, with a potential gain of 16% and improved profitability.

On June 22, a sluggish market caused Reliance Industries’ share price to trade in the negative. Despite only seeing a 13 percent return over the previous year, the stock has stayed muted. The stock was down Rs 45.05, or 1.74 percent, to Rs 2,539.05 as of the morning of June 22. It reached a high of Rs. 2,558,30 during the day and a low of Rs. 2,538,80 during the day.

With a target price of Rs 2,950 per share, up 16% from the current market price, global research and brokerage firm Jefferies has maintained its buy rating on the stock. According to the research company, the stock’s drop presents an opportunity, and there are positive factors affecting the refining margin in CY22.

According to Jefferies, the refining margins in CY22 will be negatively impacted by multi-year low stocks, dropping Russian exports, muted Chinese exports, decreased diesel output in Europe, and delays in the commissioning of ME refineries.

Brokerages reduce their projections of Tata Steel’s operational profit.

After Citi kept a buy call on the stock, the share price of Tata Steel came into focus. Amid worries about export taxes, interest rate increases, and inflation, the stock has fallen more than 32% in the past three months. At Morning June 21, the stock was up Rs 15.80 or 1.83 percent, trading at Rs 877. It reached a high of Rs. 882.00 and a low of Rs. 865.10 during the day.

Lockdowns and the Chinese economy’s slump have put pressure on metal equities. Other significant factors for the fall include central banks boosting interest rates to combat inflationary pressures and an anticipated economic slowdown.

The government unexpectedly imposed an export tariff on the sector on May 22. Iron ore of all grades is subject to a 50% charge, pellets to a 45% duty, and non-alloy steel, with the exception of some semi-finished steel, to a 15% duty.

On receiving orders worth Rs. 1,092 crore, KEC International’s share price increased by more than 5%.

After the company received new orders totaling Rs 1,092 crore across its various businesses on June 21, KEC International’s share price jumped by more than 5% in early trading. Orders for transmission and distribution (T&D) projects in India, the Middle East, and the Americas have been placed with KEC International’s T&D division.

For speed upgradation (Mission Raftaar) in India, the railroads business has obtained an order for 2 x 25kV Overhead Electrification (OHE) and related works. In India, the residential, industrial, and defence sectors have all placed orders with the civil business. Additionally, the cable industry has received orders for a variety of cables both in India and abroad.

On a work order from the Rajasthan government, the share price of Indian Hume Pipe increases by 6%.

On June 20, after it revealed receiving a Rs 110-crore order from the public health engineering department of Rajasthan, Indian Hume Pipe Company’s share price increased by more than 6% intraday.

The Jal Jeevan Mission (JJM) awarded Indian Hume Pipe Company a work order for the cluster water supply project package-VII of Chambal Bhilwara Water Supply Project Phase II in Jahajpur-Kotri tehsils of Bhilwara district. The project will be operated and maintained for ten years. The contract for the project, which must be finished in 15 months, will be signed soon.

On June 20, after the business put its copper facility in Tamil Nadu up for sale, Vedanta’s share price fell by 12% intraday. In response to a state government order, Vedanta has issued an Expression of Interest (EoI) request for its Tuticorin-based smelter, which has been closed since mid-2018.

Vedanta shares plummet after it lists its copper plant in Tamil Nadu for sale.

On June 20, after the business put its copper facility in Tamil Nadu up for sale, Vedanta’s share price fell by 12% intraday. In response to a state government directive, Vedanta has issued an Expression of Interest (EoI) request for its Tuticorin-based smelter, which has been closed since mid-2018.

The EoI must be submitted no later than July 4; Axis Capital has jointly invited bids.

The sale offer also includes residential properties as well as plant units, such as an oxygen producing facility. Due to alleged environmental standards violations, the factory has threatened closure. Vedanta has published an advertisement seeking offers for the Sterlite Copper facility, which produced 40% of India’s copper before it was shut down. It had 5,000 direct employees at the time of closure and another 25,000 indirectly.

are included in the sale offer as well. Due to alleged environmental standards violations, the factory has threatened closure. Vedanta has published an advertisement seeking offers for the Sterlite Copper facility, which produced 40% of India’s copper before it was shut down. It had 5,000 direct employees at the time of closure and another 25,000 indirectly.

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