On the sectoral front, the power index was down 1.3 percent, while FMCG, metal and pharma indices were up 1 percent each. BSE Midcap and Smallcap indices gained 0.3-0.6 percent each.
Indian benchmark indices ended a highly volatile session on September 29 in the negative territory ahead of the Reserve Bank of India policy announcement. At close, Sensex was down 188.32 points or 0.33% at 56,409.96, and the Nifty was down 40.50 points or 0.24% at 16,818.10.
Godrej Consumer Products | CMP: Rs 909.40 | The stock was up over 2 percent after research firm Credit Suisse maintained outperform rating on the stock with a target of Rs 975 per share. The structural improvements in the sales engine continue. However, recent quarters were hampered by raw material inflation & currency depreciation in Africa, it said. Brokerage firm Morgan Stanley has kept an overweight rating on Godrej Consumer Products with a target of Rs 1,101 apiece.
Jindal Steel & Power | CMP: Rs 417.05 | The scrip was up over 3 percent on September 29. Around 13.92 lakh shares (0.14 percent equity) worth Rs 58.34 crore changed hands at an average of Rs 419.5 per share. Also, the firm’s Australian arm repaid the final instalment of debt raised from a clutch of special-situation funds and Indian lenders, media sources said.
CE Infosystems | CMP: Rs 1,358.30 | The stock price added over 2 percent after The Government of National Capital Territory (NCT) of Delhi and MapmyIndia Mappls signed a Memorandum of Understanding to develop a web application which will be a geospatial decision-making tool to ensure effective sighting of EV charging stations. The tool will supplement the planning and deployment of an accessible and connected network of EV charging stations within the city, the company said in an exchange filing.
Blue Dart | CMP: Rs 8,704 | The stock ended in the green after the company said it will be raising prices for its services from next year. The price increase will likely bring more revenue to the firm. The company in a filing said the average shipment price will increase by 9.6 percent from 2022, depending on the shipping profile.
Chemcon Specialty Chemicals | CMP: Rs 451.80 | The share price jumped over 8 percent on September 29. The company announced that commercial production at its P9 plant in Manjusar, Gujarat, has begun successfully. At the P9 plant, the corporation has added a capacity of 2,400 MTPA of Bromo Benzene. The business is also considering adding a pharma chemical, Guanine, to the same plant, it added.
Fsn E-Commerce Ventures (Nykaa) | CMP: Rs 1,290 | The stock ended in the green on September 29. Shares of cosmetics-to-fashion retailer rose after its parent company FSN E-Commerce Ventures informed stock exchanges that its board will be considering approving the issuance of bonus shares to investors on Monday. Brokerage firm JM Financial has a buy rating on the stock with a September 2023 target of Rs 1,780.
HCL Tech | CMP: Rs 923 | The stock ended in the green on September 29. HCL Technologies will consider the payment of the third interim dividend for the financial year FY23 on October 12. It has also fixed record date for determining eligible shareholders for the interim dividend. The company will also announce its financial performance for the second quarter ending September 30, 2022 period.
Vodafone Idea | CMP: Rs 8.50 | The stock tumbled over 5 percent after Indus Towers, the country’s largest mobile tower company, asked the telecom firm to clear 80 percent of its outstanding dues immediately or face the risk of being taken off the grid. In addition, Indus has asked VIL to pay monthly dues on time from November for business continuity.
Uno Minda | CMP: Rs 557 | The share price was up 2 percent after the firm said it will form a JV with Japanese company Tachi-S for manufacturing and marketing of 4-wheeler passenger vehicle seat recliners.
Hero MotoCorp | CMP: Rs 2,540.75 | The scrip shed 2 percent on September 29. Global research and broking firm Morgan Stanley has maintained its underweight call on the stock with a target of Rs 1,937 per share. It feels that rising sales incentives are likely to offset commodity-led gains. “The company is set for an EV launch but based on peer experience, expect slow volume ramp up. Limited margin upside and market share pressures keep us underweight,” it added.
Sandip Das
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