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India's benchmark stock indices swung between gains and losses to be little changed through midday on Tuesday. I.T. and pharmaceutical sectors advanced, whereas realty and non-banking financial companies declined. Nifty Midcap 100 and Nifty Pharma hit fresh all-time high intraday. Shares in Japan and Australia rose while equities in China retraced an early advance. Beyond China, stocks were broadly higher, including in South Korea, where the Kospi benchmark added more than 1%. U.S. and European equity futures were little changed. Mainland China and Hong Kong shares inched lower, heading towards breaking the six-session gaining streak after Caixin PMI figures showed factory activity contracted in July, missing economists’ estimates for a small expansion. The Australian dollar weakened against the greenback after the nation’s central bank held interest rates unchanged. On Monday, the S&P 500 edged higher to around 4,590 points, closing at a 16-month high. The Nasdaq 100 notched its longest streak of monthly gains since August 2020. As of 12:27 p.m., the S&P BSE Sensex Index was down 86 points or 0.13% at 66,441.83 while the NSE Nifty 50 Index was 28 points or 0.14% lower at 19,725.80. HDFC Bank Ltd., NTPC Ltd., TCS Ltd., Infosys Ltd., and Coal India Ltd. were the positively adding to the change in the Nifty 50 Index. Whereas, Reliance Industries Ltd., Power Grid Corp of India Ltd., State Bank of India, Larsen & Toubro Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change. The broader market indices were trading mixed; the S&P BSE MidCap Index was up 0.15%, whereas S&P BSE SmallCap Index was 0.57% higher. Ten out of the 19 sectors compiled by BSE advanced while nine sectors advanced. S&P BSE Information Technology rose the most, while S&P BSE Realty fell the most. The market breadth was skewed in the favour of the buyers. About 2,024 stocks rose, 1,406 declined, while 175 remained unchanged on the BSE. Shares of H.G. Infra Engineering Ltd. hit a record high on Tuesday after its net profit rose 37% in the June quarter. The construction firm's profit increased to Rs 150.4 crore compared to Rs 109.4 crore in the same quarter last fiscal, according to an exchange filing on Monday. Revenue up 22% at Rs 1,351.2 crore vs Rs 1,105.9 crore. Ebitda up 41% at Rs 280.7 crore vs Rs 199 crore. Margin at 20.8% vs 17.9%. Net profit up 37% at Rs 150.4 crore vs Rs 109.4 crore. Shares of the company were trading 0.76% higher at Rs 957.45 apiece as of 11:45 a.m., compared to a 0.05% decline in the benchmark NSE Nifty 50. The stock hit a record high of 3.97% at Rs 988, the most in one week The stock has risen nearly 54.83% year-to-date. The total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index at 68.04 Of the 16 analysts tracking the company, 15 maintain a 'buy' rating and one recommend a 'hold' as per Bloomberg data. The average of 12-month price target given by analysts implies a potential upside of 18.9%. July production at 53.7 million tons, up 13.4% YoY. July sales at 59.5 million tons, up 9.3% YoY. Source: Exchange Filing Shares of Orient Green Power Co. rose over 17% to hit an 18-month high after it repaid all dues to Yes Bank. It has repaid the entire principal and interest amount that was outstanding on the loan taken from Yes Bank Ltd., which has now left the firm with no secured loan obligations. The scrip rose 15.09% to 16.4 apiece as of 11:22 a.m., as compared to 0.11% decline in the NSE Nifty 50. The scrip rose as much as 17.89% intraday at Rs 16.8 apiece, the most since Feb 1, 2022. It has risen nearly 28.4% year-to-date. Total traded volume stood at 9.6 times its 30-day average. The relative strength index at 86, implying that the stock maybe overbought. Source: Bloomberg, Exchange filing Shares of Raymond Ltd. declined after rising in early trade as its Chairman and Managing Director, Gautam Singhania said that the company is targeting a revenue growth of Rs 10,000 crore in the current fiscal. "Being a zero-debt company is the beginning of a new journey for Raymond. As we target Rs 10,000 crore revenue in FY24 - we are extremely confident of the journey that lies ahead of us," said Gautam Singhania in a tweet. He further added that the company's focus lies on "streamlining various verticals" and execute plans to "restructure further". Raymond Ltd. became net-debt free after the demerger of its lifestyle business into Raymond Consumer Care Ltd., which it plans to list separately and focus on making it a pure play business-to-consumer lifestyle firm. Apart from this, it had sold its FMCG business to Godrej Consumer Products Ltd. for Rs 2,825 crore, in April 2023. Shares of Raymond Ltd. fell 0.45% to 1,885.75 apiece as of 11:02 a.m., as compared to 0.07% decline in the NSE Nifty 50. The scrip rose as much as 1.62% to hit an high of Rs 1,925 apiece, intraday. It has risen nearly 28.4% year-to-date. The relative strength index at 65.4. Five analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 16.2%. Source: Bloomberg, Exchange filing, Twitter
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