Auto Sector

Consumer prices increased 0.8% in the June quarter, below expectations of 1.0% and the lowest increase since the third quarter of 2021, according to Australian data.

Recommendation: Buy; Target price: Rs 1650

The product is bioequivalent and therapeutically equivalent to the reference-listed medicine, Mozobil Injection, 24 mg/1.2 mL (20 mg/mL) of Genzyme Corporation.

The L&T board also gave the green light for a Rs 10,000 crore share buyback program

Analysts of IIFL Capital Services see COFO continuing on this trajectory by delivering 15%/25% USD revenue/EPS Cagr over FY23-25, driven by execution of strong deal wins and improving margins.

The reorganization will allow the company to capitalize on shared AFS.

Spot gold was unchanged at $1,964.14 per ounce, while U.S. gold futures moved up 0.1% to $1,965.90.

Despite the recent price run-up, analysts of IIFL Capital Services estimate distribution yield of 6.8%/7.3% over FY24/25 and 11% discount to NAV, implying a healthy total return of 17-18% over the next 12 months.

As of May 1, 2023, the company's order book was at 292,000 units due to the strong demand for its line of recently introduced SUVs.

Brent crude futures had fallen 32 cents, or 0.4%, to $83.32 per barrel. American West Texas Intermediate (WTI) crude was down 28 cents or 0.4% at $79.35 per barrel.