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Shares of Dilip Buildcon Ltd. rose to an intra-day high of 6.2% on Thursday as the company announced the completion of the NH5 section project. The project included rehabilitation and a six-lane highway upgradation of the Chandikhole-Bhadrak Section of NH5: new NH-16 in Odisha. The project was carried out by Buildcon's subsidiary, DBL Chandikhole Bhadrak Highways Ltd. The Rs 1522-crore project was carried out under a hybrid-annuity mode under the National Highways Development Project Phase V. Dilip Buildcon's shares gained 3.90% to Rs. 234.70 apiece compared to the 0.17% rise in the NSE Nifty 50 as of 10.23 am. The stock hit the intra-day high of 6.2%, the highest it has been in two weeks. The total traded quantity so far in the day stood at 1.5 times the 30-day average. The relative strength index of the stock stands at 77, indicating that the stock may be overbought. Out of the six analysts tracking the stock, three hold a 'buy' call, two maintain a 'hold' and one recommends a 'sell'. Shares of SJVN Ltd. hit a six month high on Thursday after it signed a memorandum of understanding with Maharashtra State Power Generation Company, to develop 5,000 MW renewable energy projects in the state. The partnership, announced late on Wednesday, will explore the feasibility of establishing various renewable projects, including hydro, pumped storage, wind, solar, hybrid and green hydrogen projects in Maharashtra. Shares of SJVN rose as much as 5.72% intraday, before paring gains to trade at a 3.90% high as of 10:20 a.m., compared to a 0.13% advance in the benchmark Nifty 50. The share price rose to Rs 40.65, higher than any close since Dec. 6, 2022, when it was priced at Rs 38.45. Total traded volume so far in the day stood at 8.2 times its 30-day average. The relative strength index was at 71, implying that the stock may be overbought. All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.8% Shares of Varun Beverages rose the most in nearly three weeks on Thursday, June 15, as it was the ex and the record date for stock split announced by the FMCG company in an exchange filing. Franchisee of PepsiCo, Varun Beverages' stock was split into shares with face value of 5 each today from Rs 10 apiece. Company said that the split was being done to enhance the liquidity of the its shares and to encourage the participation of small investors. On May 2 this year, the board of Varun Beverages decided to split its shares in the proportion of 1:2. For every existing share an investor holds, two additional shares were issued by the company. Shares of Varun Beverages Ltd. advanced 3.43% to Rs 1,011.9 apiece as of 10:33 a.m., compared to a 0.01% advance in the NSE Nifty 50. The scrip has rose as much as 6.75%, the most in nearly three weeks since May 26, 2023. The average traded volume so far in the day stood at 1.6 times its monthly average. The relative strength index was at 61. Out of the 20 analysts tracking the company, 18 maintain a 'buy' rating and two recommend a 'hold' on the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 3.5%. Source: Bloomberg, Exchange filing Shares of Information Technology services firms declined in trade on Thursday after JPMorgan said in its note that the demand environment for I.T. services has likely weakened further in June. The brokerage reiterates its negative view across the I.T. services universe and downgraded the sector to underweight. It further expects I.T. services firm to disappoint street expectations in the first quarter of the current fiscal and the growth expectations in the second half of the fiscal. Deferred project starts, project halts and cancellations appear likely to persist, the brokerage says. Increased competition for a smaller pie could trigger falling win-rates, pricing and deteriorating deal terms, it adds. Shares of infomation technology companies were trading lower on Thursday as the NSE Nifty IT Index dropped 0.49%, as compared to a 0.02% advance in the NSE Nifty 50. Seven out of the 10 constituents compiled by the gauge declined, whereas HCL Technologies Ltd., Mphasis Ltd., and Persistent Systems Ltd. advanced in trade. Infosys Ltd., L&T Technology Services Ltd., Coforge Ltd., Wipro Ltd., Tech Mahindra Ltd., LTIMindtree Ltd., and TCS Ltd. declined. Source: Bloomberg The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.15%, whereas S&P BSE SmallCap Index was higher by 0.17%. Nine out of the 19 sectors compiled by BSE declined with S&P BSE Information Technology falling the most, while ten sectors advanced. The market breadth was skewed in the favour of the buyers. About 1,588 stocks rose, 1,020 declined, and 111 remained unchanged on the BSE. Source: BSE
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