US Stocks Focus

Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the Government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.

Target: ₹415

Indian benchmark indices Sensex and Nifty are expected to open with a downward bias on Thursday amid weak global cues. With the Budget being negative for markets (due to taxes on investments and STT) and weaker-than-expected results reported by India Inc. so far, analysts expect the correction to set in sooner. Gift Nifty at 24,142 points to a weak start as Nifty August futures are ruling at 24,492.

Budget 2024 proposal to scrap buyback tax for companies and in turn tax the payouts as ‘deemed dividends’ at the hands of recipients is set to reduce interests in share repurchase programmes among promoters, say tax experts.

Axis Bank's stock tumbled nearly 7 per cent on Thursday morning trade after the company's June quarter earnings failed to cheer investors.

Dabur remains a top pick in the Consumer Goods sector for Emkay Global due to its diversified portfolio and strong execution. The company’s focus on rural growth remains firm, with distribution expansion showing robust progress. Dabur’s strategy of expanding the Total Addressable Market (TAM) across brands with well-supported category extensions through distribution and marketing continues to yield positive results. Emkay Global maintains a BUY rating on Dabur, with a target price of ₹700 per share by June 2025, based on a 46x P/E multiple. The brokerage expects Dabur to achieve a compound annual growth rate (CAGR) of 10% in sales and 15 per cent in earnings over FY24-27.

Emcure Pharmaceuticals Ltd on Wedneday made a fabulous listing with a premium of 31 per cent.

Target: ₹800

Quant Mutual Fund, under SEBI lens in a front-running case, has appointed Shashi Kataria as Chief Financial Officer.

2024 China Enterprise Future Star Annual Conference will be held in Shanghai from July 26th to 28th