Motilal Oswal has initiated coverage on Jubilant Life Sciences with a buy rating and target price of Rs 905, implying 31 percent upside on expectations of strong growth in pharma and life science ingredients segments going ahead. The stock gained more than 5 percent intraday.
Benchmark indices opened flat on Wednesday in absence of major cues as Wall Street remained shut on account of public holiday. Street was on edge as tensions after North Korea fired a missile into Japanese waters kept the global markets subdued. Investors also awaited minutes of the Fed’s June meeting to gauge how committed it was to hiking rates this year.
North Korea said it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead. South Korean and US troops fired missiles into the waters off South Korea to show their deep strike precision capability.
At 10:10 am, the S&P BSE Sensex was trading at 31,256, up 46 points, while the broader Nifty50 was ruling at 9,629, up 16 points. In the broader market, the S&P BSE Midcap and S&P BSE Smallcap index gained 0.6% and 0.7% respectively.
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