Except metal and PSU Bank, all sectoral indices ended in the green with auto and realty indices rising 2 percent each
Indian equity benchmarks ended on a positive note on August 16 on buying in most sectors and wholesale prices dropping to their lowest in five months. At close, the Sensex was up 379.43 points, or 0.64%, at 59,842.21, and the Nifty was up 127.10 points, or 0.72%, at 17,825.30.
HDFC AMC | CMP: Rs 2,184.55 | The scrip surged over 11 percent after a large block trade took place on the counter. As many as 11.95 million shares, or 5.6 percent stake, in the company changed hands on the BSE at Rs 1,944.3 per share. Currently, only Life Insurance Corporation of India, Housing Development Finance Corporation and Aberdeen Investment Management hold more than 5.6 percent stake in the asset management firm. A report by CNBC-TV18 said that Aberdeen Investment could likely be the seller of the large stake in the asset manager. The block deal in the stock comes after a strong rally in the counter over the last three months. Shares of the asset manager have risen 21.5 percent in the past 90 days on the back of visible signs of recovery in its earnings.
Life Insurance Corporation of India | CMP: Rs 697 | The stock price added over 2 percent after Macquarie Capital Securities’ analyst Suresh Ganapathy upgraded the stock following its June quarter earnings. Macquarie upgraded the stock to ‘outperform’ from ‘neutral’ earlier arguing that cheap valuations of the scrip drove the upgrade in rating. However, the brokerage firm sees less upside in the stock than before as it cut its price target by 15 percent to Rs 850 to account for discount valuation because of the company’s government ownership.
DFM Foods | CMP: Rs 302.85 | The stock hit a 20 percent upper circuit after private equity firm Advent International, which holds a majority stake in DFM Foods via its subsidiary AI Global Investments, on August 15 announced the proposal to delist the snack maker from the stock exchanges. In a regulatory filing, Advent expressed AI Global’s intention to “acquire all the equity shares that are held by public shareholders, either individually or collectively, as the case may be.” Consequently, the Crax-maker will “voluntarily delist the equity shares” from the BSE and the NSE, the two stock exchanges where it presently listed, the filing stated.
Navkar Corp | CMP: Rs 70.80 | The share price fell over 16 percent after Adani Logistics, a wholly owned subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), signed a definitive agreement to acquire the ICD “Tumb” (Vapi) from Navkar Corporation for an enterprise value of Rs 835 crore.
Dilip Buildcon | CMP: Rs 242 | The stock shed over 3 percent after the company posted a consolidated loss of Rs 55.1 crore for the quarter ended June FY23, against a profit of Rs 32.86 crore in the year-ago period. Sequentially, the loss widened from Rs 41.09 crore in the previous quarter on weak operating performance.
ITD Cementation | CMP: Rs 84.90 | The share ended in the green on August 16. The firm recorded a 68.2% year-on-year increase in consolidated profit at Rs 30.2 crore for the quarter ended June FY23 on strong operating income and top-line growth. The revenue from operations during the quarter at Rs 1,098 crore grew by 33% YoY. The company secured orders worth over Rs 6,000 crore in Q1FY23, taking the order book to an all-time high of Rs 20,641 crore as of June FY23.
Apollo Tyres | CMP: Rs 250.25 | The scrip jumped 6 percent after the tyre-maker clocked a 49% year-on-year growth in consolidated profit at Rs 190.7 crore for the quarter ended June 30, 2022 on a low base. Strong operating income and topline lifted the bottomline. Revenue grew by 30% to Rs 5,942 crore compared to the year-ago period.
Zee Entertainment Enterprises | CMP: Rs 237.75 | The share ended in the red on August 16. The firm recorded a 49% year-on-year decline in profit at Rs 106.6 crore for the quarter ended June FY23, dented by dismal operating performance and tepid top-line growth. Revenue, however, grew 4% to Rs 1,846 crore compared to the year-ago period with a 5.4% YoY increase in advertising revenue and a 5% fall in the subscription segment.
SpiceJet | CMP: Rs 46.75 | The scrip was up 2 percent on August 16. The airline has entered into an agreement with aircraft lessor Goshawk Aviation Limited and its affiliated leasing entities Wilmington Trust SP Services (Dublin) Limited, Sabarmati Aviation Leasing Limited and Falgu Aviation Leasing Limited related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft. Goshawk Aviation Limited is one of the main lessors of the MAX aircraft of SpiceJet.
Singer India | CMP: Rs 69.15 | The stock hit a 20 percent upper circuit after reports that Rakesh Jhunjhunwala’s firm RARE Enterprises bought over a 10 percent stake in the company through bulk deal.
Sandip Das
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