Since the beginning of 2024, the Nifty index has exhibited a cyclical pattern of ascent and descent. TCS reported a 2% rise in net profit to Rs 11,058 crore, while Infosys saw a 7% decline to Rs 6,106 crore for the December quarter. Despite Infosys' setback, investors view the IT sector optimistically, leading to a sharp rally in all IT stocks on January 12, with Infosys shares surging by about 8%. Consequently, the Sensex and Nifty indices marked over a 1% increase, reaching new highs.
IKIO, a company manufacturing LED lights, refrigerator lights, ABS pipes, etc., concluded its IPO last year with shares listed at Rs 392.50. Currently trading below this price, Anand Rathi suggests buying IKIO Lighting shares, setting a target price of Rs 390 per share. The company recorded the fastest export earnings growth in the last four years and is expanding to new international markets, reflected in a 3% surge in Uiyo Lighting's share price on January 12.
Wipro, a leading IT major, reported a 12% decline in net profit to Rs 2,694 crore, with total revenue down by 4.4% to Rs 22,205 crore for the December quarter. Despite the disappointment, the results met expectations, and Wipro declared a dividend of Re 1 per share. The company secured new contracts worth $3.8 billion in the quarter, a growth of 0.2%. Wipro's share price rose by around 4% on January 12, buoyed by the overall surge in IT stocks.
On the same day, shares in the railway sector witnessed a significant rally, with IRFC, IRCTC, IRCON International, Rail Vikas Nigam reaching new 52-week highs. Investors are anticipating key announcements related to railway infrastructure in the Budget 2024, contributing to the surge in railway stocks.
Bank of India's share price soared over 7% on January 12, prompted by HDFC Securities' recommendation to buy shares with a target price of Rs 132. Trading below its book value, HDFC Securities predicts a further rise in share price given the bank's growth prospects, leading to the 7% surge in Bank of India's shares in a single day.
Data in this section is not a buy/sell recommendation but only a compilation of information on various technical/volume-based parameters
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