Nifty above 10,850, Sensex up over 200 points; Bharti Airtel, Tata Motors major gainers
The firm has maintained a buy rating on the stock but cut target price to Rs 150 from Rs 170 per share.
According to the firm, the commercial vehicle cycle downturn is transient in nature and growth is likely to come back in FY20. Shares of Transgene Biotek locked at 5 percent upper circuit after the United States of America granted a patent on technology for oral delivery of insulin and insulin analogs. The Indian rupee erased all its morning gains as it is trading at day's low level at 70.38 per dollar, down 18 paise. Shares of Jet Airways fell over a percent in morning trade on Wednesday as investors reacted to multiple developments.
The Naresh Goyal-led airline flew 14.7 lakh passengers in November 2018, down by about 1.5 lakh passengers from January.
In January 2018, the airline had flown 16.2 lakh passengers, show statistics from the DGCA.
Additionally, investors turned wary of State Bank of India (SBI) seeking progress of turnaround plan by the airline, CNBC-TV18 reported, quoting banking sources.
Further, the report added that banks want Goyal to give up majority control and step down from the Board of the carrier. It has suggested that his son, Nivaan Goyal replace him on the Board. Shares of HT Media, Jagran Prakashan, and DB Corp rose 8-17 percent as investors cheered government hiking ad rates by 25 percent.
The government on Tuesday hiked by 25 percent the rates at which the Bureau of Outreach and Communication releases its advertisements to the print media.source- www.moneycontrol.com
The government said the decision will be of great benefit especially to the medium and small newspapers, including a large number of such papers in regional and vernacular languages.
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