U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.
U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. WTI was at $94.60 a barrel, up 92 cents, or 1%, by 0145 GMT.
Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November.
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“The oil market is quickly coming to terms with the fact that the OPEC+ cuts announced in the summer are having a deep effect on crude availability,” said S…
Jefferies see 28% upside potential in Sunteck Realty stocks on account of Improved growth and governance prospects. The share price of Sunteck Realty surged nearly 7% to hit a 52-week high of Rs 481.90 during the intra-day trade on Wednesday. Jefferies has maintained ‘Buy’ rating on the scrip with a revised upside target or Rs 555.
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“Sunteck’s deal with IFC comes as a boost to perceived Corporate Governance for the company. The platform, alongside any affordable housing policy benefits, raise visibility on growth and land monetization. We roll forward our NAV to Sep’23 and cut our target discount to 10% from 30%, implying a target price of Rs 555,” said Jefferis in its report.
Jefferies highlighted Sunteck’s recent endeavour to create a joint platform with the IFC for an affordable and mid-income housing pl…
The benchmark equity indices ended Wednesday’s trading session in positive territory. The NSE Nifty 50 gained 215.15 points or 1.01% to settle at 21,453.95 points. While S&P BSE Sensex closed 689.76 points higher or 0.98% to settle at 71,060.31 points. The sectoral indice Nifty Bank gained 67.35 points or 0.15% to settle at 45,082.40 points.
On the sectoral front, Media and Metal stocks end higher among their peers. The broader indices ended in the green, with midcap stocks gaining the most.
The laggards include ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life. The Indian Volatility Index (India VIX) closed 3.23% lower.
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