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MARKET FATAFAT: Stocks that are making news today

Market Fatafat is designed for viewers to know what stocks are buzzing in trade today. We take up a handful of stocks that are showing sharp movements and discuss why they are the newsmakers for today.

Shaoni Choudhury

Updated Jun 29, 2022, 15:16 IST

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Photo : iStock

KEY HIGHLIGHTS

Credit Suisse initiates coverage on AU SFB
Tejas Networks rises on pact with Renesas for semiconductors
Singapore GRMs fall from highs

New Delhi: Let's talk about a few stocks that are in focus today.

1 - AU SMALL FINANCE BANK

Credit Suisse has initiated coverage on AU Small Finance Bank with an underperform rating, keeping the target at ₹510 per share. The house expects growth to be moderate from historical levels.

2 - TEJAS NETWORKS

Shares of Tejas Networks have risen after the Tata Group companies agreed to partner with Renesas Electronics for semiconductors. Tajas will work on advanced wireless network solutions with Renesas, including the design and development of semiconductors for telecom networks.

3 - SINGAPORE GRMs FALL FROM HIGHS

Chennai Petro, MRPL, BPCL, HPCL, and RIL are in focus as Singapore GRMs are off nearly 23% from their record highs. Brent Crude has surged back again to the $118/barrel mark. Higher crude oil prices indicate that these companies that will not incur these inventory losses will be in focus.

4 - J&K BANK

J&K Bank board approved the FY23 capital raising plan of ₹2,000 Cr and equity share capital of up to ₹500 Cr. The board also approved the raising of capital via NCDs up to ₹1,500 Cr.

5 - HDFC AMC

CLSA has maintained a Buy call on HDFC AMC, with a target of ₹2230 per share. They have cut their estimates by 10-11% for FY23-25CL.

6 - TATA MOTORS

Morgan Stanley has rated Tata Motors as overweight with a target price of ₹530. The house says that the Indian automaker has announced a price hike of 1.5%-2.5% in its commercial vehicle's portfolio from July 1.

7 - MARUTI

CLSA has maintained Sell on Maruti with a target of ₹7053. The house has stated that massive market share gains are needed to achieve 50% of the market share along with the SUV segment. The house has also stated that margin tailwind could be offset by airbag regulations.

8 - ZOMATO

Zomato has lost close to ₹9000 Cr in its value and the rationale of its deal with grocery-delivery platform Blinkit is being questioned by investors. Zomato shares are down almost 15% since the deal was announced. The stock has been down close to 50% since its listing in July 2021.

9 - ROUTE MOBILE

Route Mobile is in focus due to its share buyback. The buyback price has been set at ₹1700 per share and the size has been set at ₹120 Cr. The company has cash levels of more than ₹1000 Cr.

10 - STEEL STOCKS IN FOCUS

Steel stocks - Tata Steel and JSW Steel are in focus in trade today. JSW Steel says that they view the export duties imposed on steel in May 2022 as a short-term headwind. On the other hand, Tata Steel says that demand levels across sectors continue to remain robust despite supply-side constraints.

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