Indian benchmark indices ended lower for the fourth consecutive session on September 26 with Nifty closing near 17,000 amid selling across the sectors barring IT. At close, the Sensex was down 953.70 points or 1.64% at 57,145.22, and the Nifty was down 311 points or 1.79% at 17,016.30.
Hindalco Industries | CMP: Rs 373.15 | The share tumbled close to 6 percent after one of the biggest clients of subsidiary Novelis Corporation cut its earnings outlook due to ongoing slowdown in the global economy. Ball Corporation, one of the largest beverage can makers in the US, slashed its five-year volume growth outlook for North America citing weak demand conditions. The company also highlighted that volumes for beverage cans could get weaker in the short term due to the impending recession in the US and falling aluminium prices.
Harsha Engineers | CMP: Rs 485.90 | The stock price surged 47 percent against issue price as it debuted today. The momentum in the stock is backed its IPO subscription numbers, strong financials, and robust growth prospects. Harsha Engineers has raised Rs 755 crore through its public issue that had seen a strong 74.70 times subscription during September 14-16.
Forbes & Company | CMP: Rs 694.90 | The stock price jumped 5 percent after the Board of Directors of Forbes & Company at their Board Meeting held on September 26, 2022 approved the Scheme of Arrangement between Forbes & Company Limited and Forbes Precision Tools and Machine Parts Limited and their respective shareholders.
Hester Biosciences | CMP: Rs 2,173.45 | The share jumped over 10 percent after the company informed investors it has been able to meet demand for goat pox vaccine in the country. The goat pox vaccine is used to immunise cattle against the lumpy skin disease. A total of 97,435 cattle have died in the country due to the viral infection, showed government data as of September 23.
Sterlite Tech | CMP: Rs 159.25 | The scrip was down over 7 percent after the company said its chief financial officer has resigned. “This is to inform that Mr. Mihir Modi, Chief Financial Officer and Key Managerial Personnel of the Company has tendered his resignation and will be relieved from his duties with effect from close of business hours of Friday, October 14, 2022,” said the company in a regulatory filing.
PI Industries | CMP: Rs 3,010 | The stock ended in the red on September 26. Promoter Mayank Singhal offloaded 0.6% stake or 10 lakh shares in PI Industries via open market transactions. These shares were sold at an average price of Rs 3,150 per share.
Mahindra & Mahindra Financial Services | CMP: Rs180.30 | The stock price fell over 7 percent on September 26. Jefferies has kept underperform rating on Mahindra & Mahindra Financial Services with a target at Rs 155 per share. It believes that RBI ban on outsourcing collections & recovery could lead to 75-80% drop in recoveries. This could lead to higher loan losses/LGD till it readjusts its processes.
Fortis Healthcare | CMP: Rs 258.50 | The share price ended in the red amid weak market conditions. Foreign research house Nomura has kept buy rating on Fortis Healthcare with a target at Rs 319 per share. “The legal overhang have limited impact on operations. The company has recorded improvement particularly in the hospital business in recent past,” it added.
Alicon Castalloy | CMP: Rs 893.05 | The scrip ended in the red on September 26. The company said it has been selected by Jaguar Land Rover in the United Kingdom to supply the eAxle Housing, a critical product for their eMobility platform. This component is an integrated eMotor and Transmission Housing. The order win is a large, multi-million dollar order for deliveries over five years and is the highest ever order win from a single customer for a single product in the Company’s history. The product will be manufactured at Alicon’s facility at Pune, India, it added.
Embassy Office Parks REIT | CMP: Rs 350.86 | The scrip ended in the red on September 26. Blackstone Inc will sell a stake worth up to $ 400 million in Embassy Office Parks REIT, India’s biggest real estate investment trust, via block deals, and Abu Dhabi’s sovereign wealth fund is likely to pick up at least half of the stake that Blackstone is to sell, reported Reuters quoting sources.
