Sensex, Nifty Edge Higher; Dalmia Bharat Sugar, UPL, CONCOR Top Gainers
The Sensex and the Nifty edged higher on September 14, tracking gains in global markets. The Sensex was up 52.01 points or 0.08% at 67,519.00, and the Nifty was up 33.10 points or 0.16% at 20,103.10. About 2302 shares advanced, 1243 shares declined, and 145 shares were unchanged.
The top gainers on the Sensex were Dalmia Bharat Sugar (8.5%), UPL (3.9%), CONCOR (3.2%), and IRCTC (1.5%). The top losers were Bajaj Healthcare (1.1%), ONGC (0.8%), and PowerGrid (0.7%).
Dalmia Bharat Sugar shares rose after Dam Capital initiated coverage on sugar stocks, with a ‘buy’ rating on all four. It projected strong growth for the sugar companies on the back of expected higher prices. Decline in production, El-Nino, and ethanol blending are key triggers for the bullish sentiment.
UPL shares traded higher after brokerages revised the rating to “Buy”. Antique Stock Broking has revised its rating on UPL to a Buy due to the stabilising of product price and receding channel inventory. UPL has also seen a correction in stock price by 18 percent since March 2023.
CONCOR shares gained after Jefferies raised the target price to Rs 825 from Rs 775 earlier. This is because the road-to-rail cargo shift is seeing traction due to the Dedicated Freight Corridor (DFC) and Container Corporation of India should start to regain lost market share as its DFC network presence pays off.
Here are some other notable stocks that moved on the day:
- Kirloskar Ferrous shares traded higher after the company said that its resolution plan for corporate debtor Oliver Engineering had been approved by the National Company Law Tribunal, New Delhi Bench.
- Bajaj Healthcare shares gained after the company received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) for its plant in Savli, Vadodara, Gujarat.
- IRCTC shares soared after the company signed a Memorandum of Understanding (MOU) with Maharashtra State Road Transport Corporation (MSTRC) to enable MSRTC’s online bus booking services via IRCTC’s bus booking portal/website.
- NBCC shares were up after the company signed a quadripartite MoU with Ministry Of Steel, RINL & NLMC and receiving order worth Rs 180 crore.
- Bombay Dyeing shares zoomed after the company board approved to sell 22 acres of land parcel situated at Worli, Mumbai.
- Suven Pharma shares surged after the Cabinet Committee on Economic Affairs approved a foreign investment of up to Rs 9,589 crore by Cyprus-based Berhyanda Ltd to acquire up to 76.1 percent stake in the company.
- KPI Green Energy shares traded higher after the company commissioned a hybrid power project at Surat.
Overall, the market sentiment was positive on September 14, tracking gains in global markets. Investors were encouraged by the positive news flow from corporate earnings and economic data. However, some concerns remain about the rising inflation and the potential impact on global growth.
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