State-run oil companies are considering slashing petrol and diesel prices by up to ₹10 per litre next month as the expected profits of ₹75,000 crore in Q3 despite falling crude oil costs.
The 52-week high acts as a significant technical indicator for traders and investors, representing the highest price a stock has reached in the previous year.
Siddhartha Khemka says: “We believe that there are various sectors where the valuations are comfortable, the earnings are picking up. So, if you take the example, earnings for several sectors which have been sluggish for the past several years, have been picking up. These are sectors like automobiles, real estate, capital goods, infra, industrials, utilities, hotels.”
JM Financial has downgraded the stocks of HPCL to a sell from a buy with a revised target price of ₹370, Indian Oil Corporation (IOCL) to a sell from hold with a revised target price of ₹110, and BPCL to a hold from a buy with a revised target price of ₹450.
Prime Minister Narendra Modi is set to inaugurate a trade show as part of the Vibrant Gujarat Global Summit. Over 1,000 exhibitors from 20 countries will participate, with 100 visiting and 33 partners. The 13-hall event will feature themes like Make in Gujarat and Self-reliant India . Around 450 MSME units will participate.