All the sectoral indices ended in the green with auto, power, capital goods, bank, realty and metal up 1-2 percent. BSE Midcap and Smallcap indices added 1 percent each.
Indian benchmark indices ended sharply higher on September 30 with Nifty closing above 17,000 after the Reserve Bank of India (RBI) announced a repo rate hike by 50 bps. At close, the Sensex was up 1,016.96 points or 1.80% at 57,426.92, and the Nifty was up 276.20 points or 1.64% at 17,094.30.
Hindalco Industries | CMP: Rs 391.90 | The scrip rose over 5 percent after brokerage firm CLSA reiterated buy rating on Hindalco Industries with a target at Rs 525 per share. The concerns were overdone with share price indicating aluminium price of USD 1,850/tonne. Any uptick in metal prices or clarity on Novelis’ outlook would likely to lead to a re-rating, it added.
Power Grid | CMP: Rs 212.50 | The stock was up 2 percent on September 30. Research firm Jefferies has maintained buy rating on Power Grid Corporation with a target at Rs 260 per share. The reported RoE should improve to 19% from 17-18% and move higher as payout increases, it added.
L&T Tech | CMP: Rs 3,590 | The share price added 2 percent after the firm announced it is collaborating with Qualcomm Technologies, Inc. to deploy end-to-end solutions for the global 5G private network industry utilising their combined core expertise in the hi-tech & telecommunication domain.
Rail Vikas Nigam | CMP: Rs 33.70 | The stock added over 2 percent on September 30. The company received contract for construction of 4-lane highway from Samarlakota to Achampeta Junction, from National Highways Authority of India (NHAI). The contract is a part of Kakinada port to NH – 16 connectivity in Andhra Pradesh under Bharatmala Pariyojana on EPC mode at a cost of Rs 408 crore.
Heritage Foods | CMP: Rs 340 | The stock price gained over 9 percent on September 30. The company announced 1:1 Rights Issue through a regulatory filing. “The Board of Directors of the Company at the meeting approved to issue equity shares in the ratio of 1:1 by way of Rights Issue basis at the face value of Rs 5 each per shares to the existing shareholders,” the company said in an exchange filing.
Adani Green | CMP: Rs 2,253.30 | The share price surged over 12 percent after the firm commissioned 600 MW World’s largest co-located Wind-Solar Hybrid power plant ‘’Hybrid Power Plant’’ at Jaisalmer, Rajasthan. The plant has Power Purchase Agreements (PPA) with SECI at Rs 2.69/kwh for 25 years.
Dilip Buildcon | CMP: Rs 219.90 | The stock jumped over 3 percent after the company was declared as L-l bidder for the tender floated by the Gujrat Metro Rail Corporation (CMRC) Limited.
Tejas Networks | CMP: Rs 673.50 | The share price ended in the green on September 30. The company announced the merger of Saankhya Labs Private Limited and Saankhya Strategic Electronics Private Limited through a process approved by the National Company Law Tribunal (NCLT). Tejas Networks acquired 64.40 percent of shares of Saankhya Labs Private Limited in July 2022.
Kalyan Jewellers | CMP: Rs 96 | The stock managed to end in the green on September 30. S&P Global Ratings withdrew its preliminary B issuer credit rating on Kalyan Jewellers as the company has delayed its plans to access the international debt capital markets.
Motherson Sumi Wiring | CMP: Rs 87.15 | The scrip ended in the green on September 30. The Board of Directors of Motherson Sumi Wiring approved increase in Authorised Share Capital of the company from Rs 333,00,00,000 to Rs 900,00,00,000 and recommended issue of bonus shares in the ratio of 2 bonus (fully paid up) equity shares against 5 equity shares of Re 1 each held in the company.
Sandip Das
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