- The Sensex increased by 51.23 points, or 0.08 percent, to 67,178.31.
- Home care volume growth will likely face short-term hurdles in FY24 as volume.
- The 125-crore rupee investment will be completely financed from internal accruals.
The Sensex increased by 51.23 points, or 0.08 percent, to 67,178.31, while the Nifty dropped by 11.00 points, or 0.06 percent, to 19,985.30. Before the announcement of the US CPI data on Wednesday and a further output cut by OPEC+, crude oil prices stayed constant.
On the intraday chart, the 20-EMA level at 7200 is the immediate support level, and the previous week’s high at 7315 is the important resistance level.
Sensex and Nifty
Hindustan Unilever has a neutral rating from Goldman Sachs and a target price of Rs 2,725 per share. Home care volume growth will likely face short-term hurdles in FY24 as volume and profitability trends are expected to remain below peers.
As price growth is predicted to turn negative for the remainder of FY24, revenue growth is anticipated to be modest. Growth in the QoQ EBITDA margin is unlikely since rising advertising costs will offset the gross margin.
A new Direct Reduced Iron Kiln with a 1,65,00O MTPA capacity would be built at Gallant Ispat’s manufacturing facility in Gorakhpur, Uttar Pradesh. The 125-crore rupee investment will be completely financed from internal accruals.
After the floor price of L&T’s Rs 10,000 crore mega-buyback scheme was increased by 7%, the company’s shares soared to a record high of Rs 3,008 on September 12. Only a 3.7% premium over Monday’s closing price of Rs 2,894.20 was offered to investors at the previous floor price.
On 61 First Mile Connectivity (FMC) projects, Coal India Limited (CIL) intends to invest over Rs 24,750 Crores in capital over the next years. The Sensex fell 63.63 points, or 0.09 percent, to 67,063.45, and the Nifty down 41.80 points, or 0.21 percent, to 19,954.50.
