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Havells India Ltd, part of the consumer electronics industry, has rallied by more than 20% in the last 3 months which helped the stock to breakout from 29-month consolidation on the monthly charts.Short-term traders can look to buy the stock now for a target of 1700 levels in the next few months, suggest experts.The stock rose from Rs 1312 as on 1st December 2023 to Rs 1576 recorded on 2nd March 2024 which translates into an upside of over 20% in the last 3 months.The stock hit a fresh record high of Rs 1590 on 2nd March 2024.The stock hit a high of Rs 1503 in October 2021 and since then it has been consolidating where levels above 1000 acted as a strong support while on the upside 1500 acted as a stiff resistance on the monthly charts.Havells India stock finally broke out from the said range last month. The stock ended a 29-month long consolidation to hit a fresh record high in March 2024.In terms of price action, the stock is now trading above crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts which is a positive sign for the bulls.108197238The daily Relative Strength Index (RSI) is placed at 72.5. RSI above 70 is considered overbought. This implies that stock may show pullback. The daily MACD is above its center and signal Line, this is a bullish indicator.“Havells India gave consolidation breakout on monthly scale after twenty-nine months and formed a strong bullish candle. On the weekly scale, it gave a range breakout with a good surge in volumes,” Arpit Beriwal, Analyst, Equity Derivatives & Technicals, MOFSL, said.“On the daily scale the stock is forming higher lows from past two sessions in spite of market weakness and managed to close above 1500 zones,” he said.Momentum indicator Relative Strength Index (RSI) is holding at higher zones which suggests momentum to continue in coming sessions.“Thus, looking at the overall chart structure we are recommending to buy the stock with keeping stop loss below 1460 levels on a closing basis for a new lifetime high target towards 1700 zones,” recommended Beriwal.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

Brokerage houses such as CLSA downgraded Tata Steel to sell and M&M to outperform from a buy rating earlier. Morgan Stanley maintained an overweight rating on Apollo Hospitals and HSBC gave a buy tag to HDFC Bank.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:CLSA on Steel stocks: Tata Steel, JSW Steel and JSPLCLSA downgraded Tata Steel to sell from outperform and has also slashed the target price to Rs 135 from Rs 145. The global investment bank also downgraded JSW Steel to a sell from underperform and has also slashed the target price to Rs 730 from Rs 810.CLSA maintained an underperform rating on JSPL but raised the target price to Rs 840 from Rs 820.The profit pool in India should incrementally move towards miners from converters as steel capacity addition picks up pace. The valuations for steel stocks have risen, while spreads are at a trough. Consensus estimates are not factoring in spread compression.The brokerage believes that JSPL is relatively better off, as weaker industry spreads will be more than offset by the margin expansion projects. A broad-based demand-driven stimulus in China is a key risk to our thesis, said the note.CLSA on M&M: Outperform | Target: Rs 2,115CLSA downgraded M&M to outperform from a buy earlier but raised the target price to Rs 2,115 from Rs 2,074 earlier. The downgrade is followed by a recent rally seen in the stock price. Over the longer term, it should flourish owing to greater exposure to premium products.Morgan Stanley on Apollo Hospitals: Overweight | Target: Rs 7,181Morgan Stanley maintained an overweight rating on Apollo Hospitals with a target price of Rs 7,181. A pan-India price cap on surgical procedures is unlikely because of the complexity and challenges involved in implementing such a cap. The global investment bank remains positive on Apollo Hospital's long-term growth story.For most private players, cash and insurance account for -70% of the payor profile. High-end tertiary care contributes to more than half of total revenues. Apollo derives 60% of its revenues from high-end tertiary care and 80% are cash and insurance patients, the brokerage note said.HSBC on HDFC Bank: Buy | Target: Rs 1,750HSBC maintained a buy rating on HDFC Bank with a target of Rs 1,750. Lower loan growth might be a catalyst. Expectations of high loan growth, not deposits, are at the core of recent disappointments. Therefore, lowering loan growth may be beneficial for the stock.It would be positive for the NIM/RoA outlook. HDFC Bank's stock offers possible returns of a 15-29% CAGR over FY24-27e from current levels.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

Global rating agency Moody's on Monday raised India's GDP growth projection for 2024 calendar year to 6.8 per cent, up from the 6.1 per cent earlier. The increase in estimate was attributed to India's robust economic performance in 2023 and diminishing global economic challenges, reported PTI, citing the Moody's report. Surpassing the analysts' expectations of 6.6 per cent, India's economy grew 8.4 per cent during the October-December quarter. Moody's attributed this strong growth to the government's capital spending and vigorous manufacturing activity.However, the gross value added (GVA), which is a measure of the total value of goods and services produced in the economy and excludes indirect taxes and subsidies, grew 6.5 per cent, prompting economists to say that GDP data overstated growth trends."The wide divergence between the GVA and GDP in the October-December quarter was mainly due to a sharp fall in subsidies in that quarter largely because of lower payouts on fertilizer subsidies like Urea," reported Reuters, citing a senior government official.The divergence was at a 10-year high, said Neelkanth Mishra, chief economist at Axis Bank, who does not expect this to continue and sees the economy growing 6.5 per cent in the next financial year.India's GDP growth is estimated at 7.6 per cent for the year ending March 31, 2024.Fastest growing among G-20 economiesMoody's said in its Global Macroeconomic Outlook for 2024 that the Indian economy is likely to remain the fastest growing among G-20 economies. "India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent. India is likely to remain the fastest growing among G-20 economies over our forecast horizon," said the report. For 2025, the GDP growth is estimated at 6.4 per cent.The agency said high-frequency indicators show that the economy's strong September and December quarter momentum carried into the March quarter of 2024."Robust goods and services tax collections, rising auto sales, consumer optimism and double-digit credit growth suggest urban consumption demand remains resilient. On the supply side, expanding manufacturing and services PMIs add to evidence of solid economic momentum," PTI quoted Moody's report.This year's interim budget targets capital expenditure allocation of Rs 11.1 lakh crore or 3.4 per cent of GDP in 2024-25 (fiscal year 2025), 16.9 per cent above the 2023-24 estimates."We expect policy continuity after the general election and continued focus on infrastructure development," Moody's said.The agency said while private industrial capital spending has been slow to pick up, it is expected to pick up with ongoing supply chain diversification benefits and investors' response to the government's Production Linked Incentive scheme to boost key targeted manufacturing industries.The year 2024 is an election year for several G-20 countries including India, Indonesia, Mexico, South Africa (Ba2 stable), the UK and the US.Implications of elections can go beyond borders and economic and public policy in today's increasingly fractious world, it said."Leaders elected this year will influence domestic and foreign policies for the next four to five years. Businesses are accordingly responding to evolving geopolitical dynamics by reorganizing supply chains and capital sources," Moody's said.It said geopolitical realities will be influencing international trade flows, capital flows, international migration trends and international organizations in the years to come. Domestically, industrial and trade policies of several countries are intertwined with foreign policyQ3 GDP at a glanceIndian industries fared well in the December quarter, with manufacturing and construction growing 11.6 per cent YoY and 9.5 per cent YoY respectively, reflecting the public capex support push.The services sector too fared well, with recovery seen in the Trade, Hotel, Transport, and Communication segments, in addition to Financial, Real Estate, and Professional Services.However, in line with the narrative, private consumption growth in India leaves much to be desired, having grown 3.5 per cent in Q3."Although a pickup in private consumption was anticipated, owing to the festive season buoyancy that proxy indicators had pointed towards, the extent of upside was underwhelming for sure," news agency Reuters reported Yuvika Singhal, an economist at QuantEco Research as saying.Interestingly, the government's spending declined sharply as it contracted 3.2 per cent in Q3FY24, having grown 13.8 per cent in Q2.Gross Fixed Capital Formation (GFCF), or fixed investment, continued to drive growth, up 10.6 per cent in Q3. The reading in Q2 stood at 11.6 per cent. Monsoon disappointment meant that agriculture GVA growth contracted 0.8 per cent in Q3, down from 1.6 per cent in Q2.Economists at Nomura have said that India's economic growth will continue to remain resilient. However, if one considers 'core GDP', which is GDP excluding valuables, discrepancies and inventories (volatile components), then India's underlying growth has in effect slowed to 4 per cent in Q3 from 4.7 per cent in Q2.“The Q4 GDP growth reading, while superlative, should not be interpreted as evidence of strong growth. The moderation in core GDP growth and in GVA growth suggests growth remains uneven,” wrote Sonal Varma and Aurodeep Nandi, economists at Nomura in a note.They note that the Indian economy continues to be primarily supported by strong public capex growth, while private consumption and private capex remain subdued.“The sustainability of investment growth in the medium-term hinges significantly on the imperative need to strengthen consumption growth. The escalation of global geopolitical tensions and slowing external demand can further add to the downside risks to external sector,” said Rajani Sinha, Chief Economist at CareEdge.(With inputs from agencies)

After a successful IPO, the shares of Owais Metal and Mineral Processing debuted on the NSE SME platform on Monday with a premium of 187.4%. The stock was listed at Rs 250 as against an issue price of Rs 87.Ahead of the debut, the GMP of Owais Metal was robust at Rs 140.The IPO, which was completely a fresh equity issue of Rs 42.6 crore, received bumper response from investors with an overall subscription of over 200 times at close.Net proceeds from the public offer will be used for purchase of plant and machinery for manufacturing, working capital requirements and general corporate purposes.The company is engaged in the manufacturing and processing of Manganese Oxide, MC Ferro Manganese, Wood Charcoal as well as minerals such as Ferro Alloy, Quartz and Manganese Ore.Also Read: RK Swamy IPO. 10 things to know before subscribing to the issueIts products like Manganese Oxide are used in the fertilizer industry and are also employed by the Manganese Sulphate Plants. Manganese Ore is used in manufacturing of Ferro Manganese, Silico Manganese among others.Meanwhile MC Ferro Manganese is deployed in steel and casting industries as it assists in removing sulphur from steel and improving properties like durability, machinability and malleability.On the other hand, Wood Charcoal is used in furnaces of industries which require heat for their manufacturing process. The company's research team is currently developing a plan to automate its furnaces of producing wood charcoal, which will help in increasing the capacity.Industry wise, the production level of important minerals in February 2023 were - Coal: 86.1 million tonnes, Lignite: 4.1 million tonnes, Iron Ore: 24.5 million tonnes and Manganese Ore: 2.7 lakh tonnes, respectively.For the period ended December 2023, the company clocked revenues of Rs 39.77 crore and net profit of Rs 7.65 crore.Gretex Corporate Services acted as the lead manager to the issue and Bigshare Services was the registrar.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The probe into the blast at a cafe in Bengaluru has been handed over to the National Investigation Agency (NIA), according to news wire agencies.At least nine people were injured when a blast took place at Rameshwaram Cafe in Brookfield in East Bengaluru on March 1. A man wearing a cap, mask and glasses is the prime suspect in the case and is still untraceable, newswire agency PTI claimed quoting its sources.Karnataka Chief Minister Siddaramaiah had on Sunday said his government may consider handing over the Rameshwaram Café blast case to the NIA if the need arises. Karnataka Police was probing business rivalry angle in the case as well.Karnataka Home Minister Dr G Parameshwara on Sunday said one of the angles being probed was to see if it was to terrorise Bengaluru in view of the impending elections. "Elections are approaching. If any organisation is behind it, or if there are some other motives behind it to terrorise people to make Bengaluru look unsafe...," the Minister added."As many investors are coming here in view of a stable government, this might have been done either to stop investors from coming to Bengaluru or due to some other unknown reasons," Parameshwara said.The Minister said business rivals might have done it out of jealousy. That is one of the angles, which is also being discussed.To a question related to a pressure cooker blast in Mangaluru on November 19, 2022, Parameshwara said there was similar assemblage of explosives and other equipment as was in the incident in Mangaluru but that comparison doesn't mean the same gang was behind the blast at Rameshwaram Cafe.With PTI Inputs