Edelweiss Sees 45% Upside in JSW Steel
Edelweiss Financial has a buy call on JSW Steel with a target price at Rs 433, implying a 45 percent potential upside from Thursday's closing levels. The stock gained more than half a percent in morning.
The research house visited company's Vijayanagar plant and reaffirmed its belief in the value the stock offers.
It expects EBITDA per tonne to remain in excess of Rs 11,000.
Rupee Update
The rupee depreciated by 5 paise to 71.73 on the forex market as the American currency strengthened, while the domestic equity market traded marginally higher.
Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit.
On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar.
Infosys Announces Joint Venture with Hitachi, Panasonic and Pasona in Japan
Infosys announced the formation of a joint venture with Hitachi Ltd., Panasonic Corporation and Pasona Inc, strategically enhancing its presence in Japan.
Executing on its strategy to help clients navigate their digital journey, the entity formed by complementary, iconic companies coming together, will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations, the IT firm said.
Infosys will acquire 81 percent of the shareholding in Hitachi Procurement Service Co., Ltd., Hitachi’s fully owned subsidiary that currently handles indirect materials purchasing functions for the Hitachi Group. Hitachi, Panasonic and Pasona will be minority shareholders of the entity.
Asian Markets Under Pressure
Asian markets fell, putting the region on course to end a broadly positive week on a sour note, as traders took a step back and their profits off the table.
There was also some unease after the head of the European Central Bank raised concerns about the growth outlook for the eurozone owing to issues within and outside the bloc.
Japan's Nikkei, Hong Kong's Hang Seng and South Korea's Kospi were down over a percent while China's Shanghai Composite slipped half a percent.
Market Update
Benchmark indices continued to consolidate in morning, which was on expected lines said technical analysts.
The 30-share BSE Sensex rose 14.52 points to 35,944.16 and the 50-share NSE Nifty gained 1.50 points at 10,793.
The market breadth was in favour of bulls as about 780 shares advanced against 661 declining shares on the BSE.
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Source: Moneycontrol
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