Market Bizzz

The National Stock Exchange (NSE) has changed the methodology for calculating the Price to Book (PB) ratio of the Nifty index, leading to a decrease in its valuation measure. The PB ratio dropped by nearly 20% without the index falling, making Nifty’s valuations cheaper. The change involves factoring in the net worth of each index constituent at the consolidated level in the annual financials, as opposed to standalone earnings. The PB ratio compares market price per share to book value per share and helps investors determine whether a stock is overvalued or undervalued.

Azad Engineering is one of the key manufacturers of their qualified product lines supplying global original equipment manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries, manufacturing highly engineered, complex, and mission and life-critical components.

A decisive decline below this level could potentially drive the index towards 43,800/43,500. On the upside, 45,000 is likely to provide strong resistance,” he said.

The issue comprises offer for sale (OFS) aggregating up to 14,233,964 equity shares where International Finance Corporation l, NYLIM Jacob Ballas India Fund III LLC and Resurgence PE Investments will look to divest their stakes.

The S&P 500 and Nasdaq posted their biggest monthly percentage drops of the year, while all three major indexes had their first quarterly declines in 2023.

New India has been backed by US reinsurer Chubb in this mega insurance deal for the country’s biggest fuel retailer by value, customer touch points and capacity. The policy will be renewed for another year effective October 1.

The company said executive chairperson Vishad Mafatlal will steer the operations till it finds a replacement for Welling. While maintaining its ‘overweight’ rating on the stock with a target price of ₹4,951, Morgan Stanley said it has “taken note of this high attrition in top management” and expects to hear more from the company on plans to tackle the same.

The recent correction in the Indian stock market is relatively mild compared to other major markets. While global factors such as crude oil price spikes can contribute to corrections, India has outperformed many other markets. However, there are concerns in sectors like paints, where increased competition and higher raw material costs could impact profitability. “