All sectoral indices ended in the green with FMCG, metal, power, oil & gas indices up 1-2 percent. BSE midcap and smallcap indices rose nearly 1 percent each.
Benchmark indices snapped a three-day losing streak and ended higher with Nifty above 17,700 after RBI’s monetary policy committee kept the key rates unchanged. At close, the Sensex was up 412.23 points or 0.70% at 59,447.18, and the Nifty was up 144.80 points or 0.82% at 17,784.30.
Dr Reddy’s Laboratories | CMP: Rs 4,430 | The stock was up 2 percent on April 8. Brokerage firm Morgan Stanley has kept ‘overweight’ rating on Dr Reddy’s Laboratories with a target at Rs 5,202 per share, reported CNBC-TV18. The brand stickiness has been strong for methylprednisolone and estimate a USD 10-15 million sales opportunity for company with a high margin, Morgan Stanley said.
Orchid Pharma | CMP: Rs 419 | The stock jumped 10 percent after the firm was recognised as a Three Star Export House by the Ministry of Commerce & Industry, Government of India and felicitated with a Three Star Export House Recognition Certificate in accordance with the provisions of the Foreign Trade Policy 2015-2020. The aforesaid certificate shall be valid for a period of five years. The aforesaid recognition will aid in easier facilitation of various export licensing norms, various export-related benefits and self-recognition among the category of export Houses.
Hester Biosciences | CMP: Rs 2,805 | The share price added over 3 percent after the company approved the execution of Grantin-Aid Letter Agreement for grant of Rs 600 million (in phased manner) to the company by Biotechnology Industry Research Assistance Council (BIRAC), a Government of India enterprise to support COVID vaccine manufacturing under Mission Covid Suraksha.
Bandhan Bank | CMP: Rs 325 | The scrip added almost 3 percent on April 8. HDFC sold 3 percent stake in the lender through block deals. Shares of Bandhan Bank Ltd recorded a series of block deals on Friday with around 49.7 million shares or 3 percent stake in the bank changing hands in bunched trades, Bloomberg reported. HDFC likely to have sold part stake in Bandhan Bank as it had to sell the stake in the lender post the merger announcement, CNBC-TV18 reported quoting sources.
Bharat Dynamics | CMP: Rs 715.85 | The scrip spiked 15 percent as the government expands local procurement. Defence Minister Rajnath Singh released the third positive indigenisation list of 101 equipment and platforms, which the Services can procure only from the domestic industry. The list includes naval utility helicopters, light tanks, small Unmanned Aerial Vehicles, anti-ship missiles, among others.
JSW Steel | CMP: Rs 756.30 | The stock price was up over 3 percent after the firm reported group combined crude steel production at 5.98 million tonnes for Q4 FY’22, including the production at jointly controlled entity viz. JSW Ispat Special Products Ltd. (JISPL). The capacity utilisation of existing operations at standalone level improved from 94% in Q3’22 to 98% in Q4’22.
Angel One | CMP: Rs 1,701 | The stock added 2 percent on April 8. It registered tremendous growth throughout FY’22 to expand its client base to 9.21 million, marking a 123.7% YoY growth. It added 0.48 million clients in March 2022 and more than doubled its gross client acquisition in FY’22 to 5.29 million, a 123.7% YoY growth.
Adani Transmission | CMP: Rs 2,560 | The stock gained over 4 percent after the board approved issuance of 15,682,600 equity shares of face value of Rs. 10/- each of the company to IHC Capital Holding LLC incorporated under the laws of Abu Dhabi, UAE or to a subsidiary or an affiliated special purpose vehicle of IHC Capital Holding LLC on a preferential basis. The shares will be issued at a price of Rs. 2,454.95/- per equity share aggregating to Rs 3,850 crore, subject to the approval of regulatory/ statutory authorities.
Cholamandalam Investment | CMP: Rs 743.40 | The stock price jumped over 8 percent after broking firm Jefferies maintained a buy rating on Cholamandalam Investment with a target at Rs 820 per share. The company has reported strong disbursement growth of 58%, YoY and new business formed 12% of Q4 disbursements. The increasing collection efficiency should lead to better asset quality QoQ.
Future Retail | CMP: Rs 30.45 | The scrip ended in the red on April 8. Fitch Ratings has affirmed Indian retailer Future Retail Limited’s (FRL) Long-Term Issuer Default Rating (IDR) at ‘RD’ (Restricted Default). Fitch has also affirmed FRL’s USD 500 million 5.6% senior secured notes due 2025 at ‘C’, with a Recovery Rating of ‘RR5’.
Sandip Das
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