Stock market: India was among the top contributors to the global market cap in January. The top 10 contributors accounted for 81 per cent of the global market cap in January, Motilal Oswal said in a strategy note.
Stock exchanges BSE and NSE have revised the circuit limits for Paytm parent company One97 Communications following a steep price crash caused by RBI s crackdown on Paytm Payments Bank. The circuit limits have been changed to 10%, and the stock cannot fall below the lower limit or rise above the upper limit. The RBI s action against Paytm Payments Bank, which was barred from accepting fresh deposits, has had a significant impact on Paytm s operations. Jefferies and Motilal Oswal Securities have downgraded Paytm s parent shares.
Morgan Stanley Asia Singapore Pte (ODI) acquired 50,00,000 shares of the company at Rs 487.2 each, according to bulk deals data on the National Stock Exchange. The company expects RBIs action to have a worst-case impact of Rs 300-500 crore on its annual EBITDA, going forward. However, it expects to continue on its trajectory to improve its profitability.
PNB target price: Nuvama suggested a target of Rs 105 on the counter. The PNB stock closed at Rs 104.61 on Thursday. Despite lower RoA, PNB is trading at 1.3 times book value FY25E at a premium to peers that trade at time, Nuvama said