Except pharma, all sectoral indices ended in the red. Nifty bank, auto, energy, FMCG, metal and PSU bank were down 1-3 percent
Indian equity benchmarks ended sharply lower on October 3 amid weak global cues and deepening fears of a recession. At close, Sensex was down 638 points or 1.18 percent at 56,788. The Nifty ended the day 207 points or 1.2 percent lower at 16,887.
Nykaa | CMP: Rs 1304.55 | The scrip surged 2.5 percent after the company announced a 5:1 bonus share issue. Those holding one share of Nykaa will be entitled to five shares during the bonus issue. The company has fixed November 3 as the record date for determining members eligible for the bonus equity shares.
ONGC | CMP: Rs 132 | Shares of the oil driller rose 4.5 percent after the government reduced the windfall tax on domestically produced crude oil over the weekend. Earlier, it was Rs 10,500 a tonne and now it is Rs 8,000. For CLSA, the stock remains a top ‘buy’ with 55-65 percent potential upside and double-digit dividend yields.
Gokaldas Exports | CMP: Rs 366 | The scrip advanced 5 percent. On September 30, the Abu Dhabi Investment Authority acquired 15 lakh equity shares in the company at an average price of Rs 349.75 a share. Speaking to CNBC-TV18, managing director Sivaramakrishnan Ganapathi said, “Opportunity for Indian textile sector is huge in the exports market. We are witnessing orders shift from China to India due to low-cost structures and US curbs.”
Lupin | CMP: Rs 722.60 | The company share price added more than 6 percent on October 3 after it received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (US FDA) for its Ankleshwar manufacturing facility in Gujarat, India. The inspection of the facility was conducted from August 16-19, 2022.
Mahanagar Gas | CMP: Rs 806 | Shares of the city gas distributor declined 3 percent after the government hiked natural gas prices by 40 percent over the weekend. This price hike could put pressure on the margins of gas distribution companies and even impact sales volume and the pace of expansion.
Suzlon Energy | CMP: Rs 7.9 | Share price of the wind turbine manufacturer declined over a percent even after the company sought to calm investors by saying that the proposed 5:21 rights issue was on-track. The company’s founder and CMD Tulsi Tanti passed away on October 1.
Bata India | CMP: Rs 1783 | The scrip fell over 2 percent after it announced changes in its board of directors. Kanchan Chehal, who is proposed to take up a global role with Bata Group, has relinquished her position as whole-time Director in Bata India Limited. Vidhya Srinivasan, Director – Finance, and CFO, has decided to relinquish her positions effective November 12, 2022.
Zydus Lifesciences | CMP: Rs 409.50 | The stock gained almost 6 percent after the pharma company received final approval from USFDA and 180-days shared exclusivity for Mirabegron extended-release tablets. Mirabegron is used for the treatment of overactive bladder (OAB).
Maruti Suzuki | CMP: Rs 8569 | The company’s share price slipped 3 percent on reporting a fall in exports in September. Exports dropped 0.4 percent on a month-on-month basis to 21,403. CLSA has maintained its “sell” rating on the stock for a target of Rs 7,374. “Consensus estimates are too bullish on market share gains,” the brokerage said.
Coal India | CMP: Rs 214.80 | The stock gained 1.5 percent after the company reported its output for the first half (April to September period) of the financial year 2022-2023 increased 20 percent to 299 million tonnes of coal production.
Shailaja Mohapatra Senior sub-editor, Moneycontrol
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