1:30 pm Buzzing:
Shares of Bharat Forge jumped 5 percent intraday on Monday after CLSA has
initiated coverage on it with a buy rating. It has set a target price of Rs
1140 per share indicating a 23 percent upside.
The brokerage says that valuations are rich but will stay
elevated given robust growth outlook, strong franchise and diversified business
mix. “The company will not only be a key
beneficiary of the investment cycle recovery in India but also has huge headroom
to grow its industrial exports to US and Europe. Entry into new verticals, such
as aerospace, will provide further boost. We see its industrial business
revenues rising at 29 percent CAGR over FY14-17 driven by strong growth in
India as well as exports,” it said in a note.
The market is listless as the Sensex is down 70.65 points at
27387.73. The Nifty is down 14.15 points at 8270.35. About 1501 shares have
advanced, 1141 shares declined, and 370 shares are unchanged.
HUL, Infosys, Dr Reddy's Labs, Axis Bank and SBI are top
gainers while Coal India, Reliance, Bajaj Auto and Hero are major laggards.
Crude oil futures fell by 0.70 per cent to Rs 2962 per
barrel as speculators trimmed positions amid a weak trend in Asian markets. The
trading sentiment remained weak in futures trade following fall in crude oil
prices with lower demand and a supply glut putting relentless pressure on
prices already at their lowest in five and a half year, analysts said. More information
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