Tata Power shares tumbled 4% on Thursday after the Singapore International Commercial Court dismissed the company's challenge to a $490 million arbitration award in favour of Kleros Capital Partners over a Russian coal project dispute. The stock sharply dropped to ₹349.50 apiece, marking the lowest level seen by the stock since early February this year and putting it on track to record the sharpest single-day fall in nearly 17 months. According to The Economic Times, the company has 28 days to appeal the ruling to the Singapore Court of Appeal, with Tata Power confirming it will file an appeal within this timeframe.
Market experts provided specific recommendations for key Indian stocks during NDTV Profit's Ask Profit show. Shahina Mukadam, Independent Market Expert, and Kush Bohra, Founder of Kushbohra.Com, shared their insights on investor queries regarding stock additions, hold recommendations, and selling decisions for major companies. The experts emphasized that ITC Hotels Ltd. (CMP: ₹164.92) received a hold recommendation with attractive valuations at current levels, while PG Electroplast Ltd. (CMP: ₹596.85) got a buy recommendation due to steady pressure with encouraging uptick and positive volume action.
Tata Power Company Ltd. (CMP: ₹349.50) received mixed expert recommendations amid the arbitration ruling. According to Kush Bohra, the stock should be sold as it hasn't performed well and immediate support at ₹345 has been breached. However, Shahina Mukadam maintains a hold recommendation, citing positive fundamentals and the stock's potential to provide good results. For those choosing to hold, experts suggest a strict stop loss of ₹325-330.
ITC Hotels Ltd. (CMP: ₹164.92) received a hold recommendation from Shahina Mukadam. The expert highlighted attractive valuations at current levels and the company's expansion plans to increase rooms from 13,000 to 18,000 within 2-3 years. With strong management and significant correction in the stock price, she considers it a good level to average positions, noting the stock has probability to give good results.
Reliance Industries Ltd. (CMP: ₹1,291.70) received a hold recommendation from Kush Bohra despite missing momentum. He noted that these are historical long-term support zones but warned that MSCI rejig could affect near-term price action, creating pressure on the stock. The recommendation includes a stop loss of ₹1,250 for position management.
PG Electroplast Ltd. (CMP: ₹596.85) received a buy recommendation from Kush Bohra, who noted steady pressure but encouraging uptick with positive volume action. The expert suggests adding for medium-term investment with a positional stop loss near ₹560-565. Bluestone Jewellery and Lifestyle Ltd. (CMP: ₹809.55) received a hold recommendation from Shahina Mukadam, citing the company's market cap above ₹12,000 crore and expected benefits from rising gold prices. The stock appears to be bouncing back with gold prices going up, making it a good investment opportunity.
