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"However, our recent channel checks in Africa indicate a massive slowdown in the region due to sharp decline in consumer spending amid high inflation, sharp increase in vehicle prices and currency devaluation," it said, expecting huge pressure on exports over the near to medium term.
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News and Media
The stock with a market capitalisation of more than Rs 63,000 crore hit a 52-week high of Rs 1241 on 28 October 2021 but failed to hold on to the momentum. It closed at Rs 806 on 24 June 2022 which translates into a downside of over 35 per cent.
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News and Media
Michelin suspended its manufacturing activities in Russia on March 15 due to supply difficulties following Moscow's invasion of Ukraine. "It is technically impossible to resume production, due in particular to supply issues, amid a context of general uncertainty," the company said in a statement.
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News and Media
Amfi's forthcoming list of stock categorisation is due, which will take into account data from January- June 2022, a period that saw record FPI outflows and high volatility on Dalal Street. ICICI Securities believes the type of stocks that will get upgraded from small to midcap and from midcap to largecap categories do not indicate a risk-off environment as most of them belong to cyclical and capital-intensive sectors, such as financials and industrials.On the flip side, quite a few of the downgrades are from growth, quality and defensive buckets, ICICI Securities said. Below are the stocks which are likely to enter or exit various mcap categories.
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News and Media
JP Morgan has kept its overweight view on Zomato intact after the Blinkit acquisition, which is being seen as an attractive strategic move by the brokerage firm. It has a target price of Rs 115 on Zomato, signalling a 75 per cent rise over its last close.
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News and Media