In the coming truncated week, experts largely expect the benchmark indices to remain rangebound unless there is substantial growth in earnings of companies. Global cues (US non-farm payrolls, US bond yields etc) and domestic economic data points will also be closely watched by the street for direction.
The BSE Sensex closed above 60,000 mark again, rising 1,293.48 points or 2.20 percent to 60,059.06, and the Nifty50 jumped 363.15 points or 2.07 percent to 17,895.20, while the broader markets continued to outshine with the BSE Midcap and Smallcap indices gaining 2.43 percent and 3.95 percent respectively during the week.
Nazara Technologies: The stock jumped over 34 percent in the week gone by. The board has approved a preferential allotment of fresh equity to raise Rs 315.3 crore from marquee institutional investors that includes Singapore sovereign wealth fund GIC-managed investment firm Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management. Plutus Wealth Management will pump in Rs 55.5 crore to increase its stake in the company to 6.92 percent stake.
Tata Motors | The share price gained 15 percent after private equity firm TPG is reportedly in talks with the Tata Group to invest at least $ 1 billion in the electric vehicles (EV) venture of Tata Motors. TPG’s investment may even be raised to $ 1.5 billion and may value the Tata Motors’ EV division at $ 8-9 billion, according to media reports. Moneycontrol could not independently verify the report.
Titan Company | The scrip was up 9 percent after the firm reported a strong recovery across its divisions of jewellery, eyewear, watches, and wearables in the second quarter of the financial year 2022. The company witnessed a 78 percent year-on-year (YoY) growth in the jewellery segment in Q2, while watches and wearables grew 73 percent; eyewear clocked 74 percent growth and its online jewellery platform grew 95 percent YoY. Shrikant Chouhan of Kotak Securities feels that on a short-term time frame, the stock has formed strong price volume breakout pattern. The texture of the pattern suggests breakout action will continue in the near term if it succeeds to trade above Rs 2,300 level. For the breakout, Rs 2,300 would be the sacrosanct level and with trading above the same, we can expect, uptrend continuation wave up to Rs 2,425-2,575. On the flip side, below Rs 2,300 uptrend would be vulnerable.
Tata Power | The stock price added 8 percent last week. The power firm has formed partnership with TVS Motor Company for the implementation of electric vehicle charging infrastructure (EVCI). As part of the MoU, the two companies agreed to drive the comprehensive implementation of EVCI across India and deploy solar power technologies at TVS Motor locations, as per the company’s press release.
Tata Elxsi | The share gained over 7 percent in the week gone by. Consistent revenue growth, large and strategic deals, robust demand from overseas, strategic diversification and de-risking initiatives, and the improving outlook for the IT sector are some of the key factors that boosted investor confidence in the Tata Elxsi stock. According to Pushkaraj Kanitkar, VP equities at GEPL Capital, strong financial performance aided by a strong deal pipeline across newer high-growth industries and newer capabilities are reflected in superior margins.
IndusInd Bank | The stock rose over 6 percent after the private sector lender posted a 10 percent growth in advances at Rs 2,21,821 crore for the second quarter ended September 30. Net advances stood at Rs 2,01,247 crore at the end of the second quarter of the last financial year, IndusInd Bank said in a regulatory filing. The bank’s deposits also rose by 21 percent (year-on-year) to Rs 2,75,486 crore in the quarter under review, from Rs 2,28,279 crore in the same period a year ago, it said. Mazhar Mohammad of Chartviewindia.in feels that on weekly charts, a long-term trend line which is in progress from the highs of Rs 2,038 registered in the year 2018 is likely to offer resistance around Rs 1,211. Therefore, for a fresh breakout and sustainable upswing, it needs to clear the hurdle in the Rs 1,190–1,211 levels. On such a close, a higher target of Rs 1,297 can be expected. But for the time being, traders who hold this counter are advised to exit if it fails to close above Rs 1,190 by the end of this week and better buying opportunity shall arise only on a close above Rs 1,211.
Hindustan Copper | The share price jumped over 15 percent after mining giant Vedanta Group will look to bid for buying the government’s stake in Hindustan Copper Ltd as when the state-owned firm is put up for privatisation, its billionaire founder Anil Agarwal has said.
Chambal Fertilisers | The scrip jumped over 29 percent as the exchanges announced inclusion of these stocks in the futures & options (F&O) or derivative segment from October 29, 2021.
Trident | The stock was up over 15 percent after the company launched its direct-to-consumer website, myTrident.com on October 7. The firm in an exchange filing said that a Direct-to-Consumer website was launched on October 7 on the occasion of the first Navratri.
Philips Carbon | The scrip shed over 4 percent in the week gone by. The company closed its qualified institutional placement (QIP) issue and raised Rs 400 crore by issuing over Rs 1.63 crore shares at Rs 244 per share. “The Fund Raising Committee of the Board of Directors of the company at its meeting held on October 5, 2021, approved the issue and allotment of 16,393,442 equity shares to 20 qualified institutional buyers at the issue price of Rs 244 per equity share (including a premium of Rs 242 per equity share), aggregating to Rs 399.99 crore,” the company said in a filing.
Sandip Das
