Last week, FIIs sold equities worth Rs 36.55 crore, while domestic institutional investors (DIIs) invested Rs 1,024.09 crore into the market.
The Indian equity market gained 1 percent in the truncated week ended October 7 amid FII and DII support, higher than before GST collection and mixed global markets ahead of the US non-farm payroll data, ignoring the depreciating rupee. For the week, BSE Sensex rose 764.37 points or 1.33 percent to close at 58,191.29, while the Nifty50 added 220.3 points or 1.28 percent to end at 17,314.65 levels.
Titan Company | CMP: Rs 2730.50 | The share price was up over 7 percent after the company reported strong growth in sales for the September quarter, springing a positive surprise for investors. “The Company witnessed healthy double-digit growth across most businesses with overall sales growing 18 percent YoY (year-on-year),” Titan said in a regulatory filing. The jewellery division of the company grew 18 percent YoY on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid disrupted Q1FY22. Gold jewellery clocked low double digit growth whereas studded sales were higher than the overall division driven by good activations and better contribution from high value purchases, the company said.
Dabur India | CMP: Rs 540.15 | The scrip shed over 6 percent in the week gone by. The FMCG company in its business update for Q2 FY23 said that the geopolitical environment continued to have an unusually high inflationary impact on its business. Operating margin is seen 150 to 200 basis points lower than in Q2FY22 due to inflationary input costs but will increase sequentially, it said. Dabur said that its business in the country has been steady and it expects to report revenue growth in mid-single digit despite challenges posed by the macro-economic situation.
Godrej Consumer Products | CMP: Rs 829.85 | The scrip declined over 8 percent after the FMCG firm came out with a disappointing quarterly update which dragged the stock down by 5 percent on October 6. The company said that it expects mid-single-digit volume drop, with a low single-digit 3-year volume CAGR, as the FMCG industry continued to remain soft during the quarter. In India, the company expects to deliver high single-digit sales growth. “Meanwhile in Indonesia, with hygiene performance waning after Covid-19 and a large hygiene comparator in the base, we expect early double-digit constant currency sales decline. We expect close to high single-digit sales growth (excluding hygiene),” the company said in a stock exchange filing. Godrej Consumer’s growth momentum across key regions like Africa, the US, and the Middle East (GAUM) continued. “We expect to deliver constant currency sales growth in the low-teens,” it added.
Suzlon Energy | CMP: Rs 7.65 | The stock fell over 9 p[ercent in the week gone by. Suzlon Energy said, that Dilip Shanghvi, the founder of Sun Pharmaceuticals, had conveyed to the promoters of the company his intentions to fully participate in the firm’s upcoming Rs 1,200-cr rights issue. The rights issue will open on October 11 and closing on October 20. Shanghvi had bought a 23 percent stake in Suzlon for Rs Rs 1,800 crore in 2015, helping the company to return to profitability after it became India’s largest convertible-bond defaulter in 2012. In a letter to the Suzlon promoters, Shanghvi said that he would subscribe for additional shares as part of the rights issue.
Mahindra CIE Automotive | CMP: Rs 317.25 | The stock price jumped over 16 percent last week. The management of Mahindra CIE said that it is aiming to take the revenue share of India’s operations to about 60 percent from 50 percent currently. Further, the domestic passenger vehicle segment is seeing increased traction, which has prompted Mahindra CIE to add capacity across stamping, magnetics and warm forging operations. Also, the commercial vehicle segment is benefiting from a cyclical upturn, which is a plus, according to media reports.
JSW Energy | CMP: Rs 345 | The share gained over 15 percent after its subsidiary entered into a Memorandum of Understanding (MoU) with Maharashtra to set up a hydro pumped storage project in the state. JSW Energy, through its wholly owned subsidiary, JSW Neo Energy, has entered into the Memorandum of Understanding for setting up a 960 MW capacity hydro PSP, company said in its press release.
RattanIndia Infra | CMP: Rs 53.85 | The scrip rose over 14 percent in the week gone by. RattanIndia Enterprises Ltd will acquire a 100 percent stake in Electric motorcycle maker Revolt Motors. The company had earlier acquired 33.84 percent of the shares with an option to further increase the shareholding. RattanIndia, which already owns a 33.84 percent stake in Revolt, said Revolt was the highest selling electric motorcycle in the country, with bike owners clocking in more than 100 million km on Indian roads so far.
Bharat Forge | CMP: Rs 767.35 | The share added over 11 percent as preliminary data suggests Class 8 truck orders in North America were at a record high in the month of September. According to ACT Research, preliminary Class 8 net orders were 53,700 units, while NA Classes 5-7 net orders were 26,600 units. Class 5 and classes 6-7 are trucks, buses, recreational vehicles, and step van configurations, while Class 8 is trucks and tractors. According to Eric Crawford, ACT Vice President and Senior Analyst, “The strength in orders reflects OEMs having fully opened their order books for 2023 a bit earlier than normal, as the seasonally weak period for truck orders typically runs from May-September.”
HFCL | CMP: Rs 79.40 | The share price gained over 9 percent after the company announced that it has entered into an agreement with Qualcomm Technologies Inc, for HFCL’s design and development of 5G Outdoor Small Cell products. HFCL’s investment in 5G Outdoor Small Cell products will enable faster rollout of 5G networks, improved 5G user experience, and more efficient utilisation of the 5G spectrum, the company said in an exchange filing.
Sterlite Tech | CMP: Rs 181.80 | The stock price added over 12 percent after the company sold its stake in Impact Data Solutions, UK (IDS UK) to Hexatronic Group AB. The divestment of the company’s stake in IDS UK was completed on October 4.
Sandip Das
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