Auto Sector

ABFRL has announced that it has entered into definite agreements to acquire TCNS Clothing. Acquisition would help ABFRL bridge a gap in its current portfolio with addition of strong brands in the Women’s Ethnic Wear category.

Agchem supplies for generic products continued to surge from China, resulting in price corrections in 10-30% range.

Recommendation: Buy; Target Price: Rs 2700

Since April 2023, Brent has seen a 11% decrease. This is despite OPEC+ decision of cutting down Oil production, due to various factors including the global economic conditions, rising interest rates, etc. GRMs have also shown weakness during the same period.

Recommendation: Reduce; Target Price: Rs 182

Analysts at IIFL Capital Services recently analyzed the shareholding movements across companies, market caps and sectors in MSCI and NSE 500. They also analyzed sectoral positioning of FIIs and DMFs.

Recommendation: Add; Target Price: Rs 835

The debt is in the form of dollar-denominated bonds, due for maturity in 2024.

Healthy performance expected from the company

The issue was available for subscription from May 25-27, with QIBs applying for 49.16 times the allotted quota of shares.