Bajaj Auto, Vodafone Idea, Shree Cements, CONCOR, and Hatsun Agro among stocks that shook the most
The BSE Sensex climbed nearly 1,000 points to 59,793, and the Nifty50 rose close to 300 points to 17,833 last week, while the broader markets also traded in line with benchmarks, in fact outperformed the benchmarks. The Nifty Midcap 100 and Smallcap 100 indices climbed 2 percent and 3.3 percent respectively.
Bajaj Auto | CMP: Rs 3851 | The scrip shed over 4 percent after brokerage firm CLSA downgraded the stock to “outperform” from “buy” and cut the target price to 4,343 from Rs 4,677. According to CLSA, the company’s exports remain under pressure. “Lower export volume assumptions lead to 6-9 percent cuts in FY23-24 earnings. Post-festive season demand and rural recovery are key factors to look out for,” its analysts wrote in a note. For August 2022, Bajaj Auto’s total sales surged 8 percent year-on-year, while exports fell 28 percent to 1,44,840.
Vodafone Idea | CMP: Rs 9.60 | The stock price gained over 7 percent in the week gone by. The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, according to an official source. Vodafone Idea board has offered a stake to the government at a par value of Rs 10 per share. “There is a SEBI norm that the acquisition should take place at par value. The department of telecom will clear the acquisition after Vodafone Idea shares stabilise at Rs 10 or above,” an official source told PTI. The finance ministry has approved a proposal to convert Vodafone Idea’s Rs 16,130 crore worth of accrued interest on deferred adjusted gross revenue (AGR)-related dues into equity, The Economic Times reported on September 8, citing officials aware of the development.
Shree Cements | CMP: Rs 24896 | The share price gained over 18 percent in the week gone by. Experts remain of the view that the sector is poised for a re-rating after Adani group’s acquisition of Holcim’s stake in ACC, Ambuja Cements. Krishna Kumar Karwa of Emkay Global has a buy call on Shree Cement with a target price of Rs 23,550. Shrikant Chouhan of Kotak Securities is of the view that on daily and weekly charts, Shree Cements has formed a long bullish breakout candle indicating continuation of uptrend in the near future. For swing traders now, Rs 23,300 or 200-day SMA would be the sacrosanct level. If it trades above the same, we can expect uptrend continuation wave up to Rs 25,500-26,500. On the flip side, below Rs 23,300 uptrend would be vulnerable.
CONCOR | CMP: Rs 751.10 | The scrip added 11 percent as global brokerages offered a positive outlook on the stock, a day after the government lowered the railway land licensing fee. The cabinet on September 7 approved the policy for long-term leasing of Indian Railways land and cut the licence fees from 6 percent to 1.5 percent. The lease period has also been increased from five years to 35 years. Global research firm Nomura has upgraded the stock to “buy” and raised the target to Rs 918 a share, an upside of over 25 percent from the current market price.
Hatsun Agro | CMP: Rs 1111.70 | The stock price rose over 10 percent last week. According to block deals data on BSE, Sundaram Mutual Fund bought 12 lakh shares at Rs 987.8 apiece aggregating to nearly Rs 118.54 crore. SBI Mutual Fund purchased 15.20 lakh shares at Rs 987.8 apiece amounting to Rs 150.15 crore. Hatsun Agro reported the highest ever quarterly sales volumes and crossed the sales mark of Rs 2,000 crore for the first time in the first quarter of FY23.
Angel One | CMP: Rs 1597.45 | The stock price jumped over 20 percent after the broking firm reported a rise of 81.9 percent on yearly basis in the client base to 11.18 million. HDFC Securities has a buy call on Angel One with a target price of Rs 1,865.
RAIN Industries | CMP: Rs 187.35 | The share shed over 4 percent after the company’s wholly-owned subsidiary – Rain Carbon – announced temporary closure of its European unit. After Rain Industries’ arm closed its operating unit in Europe, the company plans to develop other energy-related plans for other European production units to overcome any potential natural gas shortages and price spikes amid an uncertain geopolitical environment.
InterGlobe Aviation | CMP: Rs 1940.10 | The stock price was down over 4 percent after the company’s promoter Rakesh Gangwal and his wife on Thursday divested 2.74 percent stake in InterGlobe Aviation for Rs 2,005 crore through open market transactions. Gangwal had resigned from the board of directors in February 2022, stating that he will gradually reduce his stake over the next five years. According to bulk deal data available with the National Stock Exchange (NSE), Gangwal and his wife sold a total of 1.05 crore shares, amounting to 2.74 percent stake in the company.
Tanla Solutions | CMP: Rs 875.90 | The share price jumped 18 percent after the company said it will buy back 14.16 lakh or 1.04 percent of the total shares at Rs 1,200 apiece. Tender offer route will be used for the buyback process. The company will spend Rs 170 crore on the buyback. As of March 2022, Tanla’s net cash flow stood at Rs 278 crore. Tanla’s promoters and members of the promoter group will not be participating in the buyback which is subject to approval from shareholders.
Birla Corp | CMP: Rs 1085 | The scrip gained 12 percent in the week gone by. The MP Birla Group firm plans to increase its cement production capacity by 50 per cent to 30 million tonnes per annum by 2030, the company said in its latest annual report. The firm, which has commissioned a new unit at Mukutban, Maharashtra with an investment of Rs 2,744 crore, has plans to set up some new units and expand production capacity of existing units. Reports suggest that cement companies have hiked prices by up to Rs 20 per bag in west/east regions for September 2022. The recent hike comes after fall in cement prices by approximately Rs 40 to 60 per bag since May 2022. It is noteworthy to mention here that domestic petcoke prices have fallen 25% from their peak.
Sandip Das
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