Category: Stocks

Electronics Mart India shares climbed over 4% in opening trade on September 21 after 96.2 lakh shares of the firm changed hands in a block deal worth Rs 137.6 crore. The buyers and sellers could not be immediately ascertained. Electronics Mart India is a retailer of electronics home appliances and consumer durables. It is headquartered in Hyderabad, Telangana. The company's revenue jumped 19.95% year-on-year to Rs 1,691.56 crore in Q1 FY24. Its net profit climbed 48.2% to Rs 60.26 crore. Shares of the company are up 70% this year to date. The stock price is around 11% down from its 52-week high of Rs 166.50.

West Coast Paper Mills shares were trading 3% higher in the morning trade on September 21 after the paper-maker announced having received approval for its resolution plan to acquire Uniply Decor from the National Company Law Tribunal (NCLT). The company's stock has been on an upward trend since July 27th.

Zydus Lifesciences shares rose nearly 1% on September 21 after the company received final approval from the USFDA for Clindamycin Phosphate Gel USP, a skincare gel used to treat acne. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. This is the latest in a series of approvals for Zydus Lifesciences from the USFDA. The company is expected to continue to do well in its current business operations, with new drivers for growth based on vaccines, biosimilars, and complex generics.

TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth TCS, India's largest IT services company, has reported robust deal wins over the past few quarters. The company is also well-positioned to grab market share during the current challenging environment due to its strong domain expertise, global presence, and proven ability to cross-sell its services. The recent organizational restructuring is expected to alleviate concerns and aid in driving growth. Analysts maintain a Buy rating on TCS with a revised price target of Rs. 4,200, as they believe the company is well-placed to grab cost takeout as well as digital transformation programs along with opportunities arising from vendor consolidation.

hares of NTPC, Power Grid, and JSW Energy surged on September 20, buoyed by a robust growth outlook for the power sector. Jefferies recommended these stocks as its top picks, citing India's capex-driven GDP growth, which is expected to lead to a rise in power intensity. The brokerage firm also expects the capex CAGR in the power sector to rise 9x at 20 percent in the period of FY23 to FY26. The robust growth outlook for the power sector is supported by a number of factors, including India's growing economy and population, the government's focus on renewable energy and infrastructure development, and the government's various initiatives to promote electric vehicles and smart grids.

Jefferies downgraded BPCL to Underperform and cut its target price to Rs 310, citing increased marketing losses in diesel. The brokerage firm expects BPCL to incur an EBITDA loss in the second half of FY24 and has cut its EBITDA margin by 22 percent for FY24. Jefferies' report comes at a time when OMCs are facing significant losses on diesel. The brokerage firm estimates that OMCs are currently losing approximately Rs 9 per litre on diesel, which could lead to a combined loss of around Rs 450 billion in the second half of FY24. Jefferies expects Indian Oil Corporation Limited (IOC) to be the least affected among OMCs due to its favourable refining-to-marketing ratio.

Harley Davidson India's sales momentum is building up ahead of the festive season, with the company receiving over 25,000 bookings for its new HD X 440 motorcycle. Analysts maintain a Buy rating on the stock, citing attractive valuation and strong fundamentals.

Tata Motors, Biocon, RR Kabel, BHEL, Wipro, Prakash Industries, Blue Star, LTIMindtree, BL Kashyap and Sons, NBCC (India), HDFC Bank, JK Lakshmi Cement, Zydus Lifesciences, Sasken Technologies, DCM Shriram, Jindal Steel & Power, Union Bank of India, Central Bank of India, Indian Railway Finance Corporation, and ADF Foods announce various business updates, including new appointments, partnerships, product launches, and investments.

Radico Khaitan, the largest IMFL manufacturer in India, commissioned a new distillery in Sitapur, Uttar Pradesh. The distillery has a capacity of 350 kilo-liters per day and is expected to be fully operational within 2-3 weeks. The new facility will help to secure the company's ENA supplies and support the growth of its branded business for the next 7-10 years. While the development is positive, investors should carefully consider the company's fundamentals and investment outlook before making any investment decisions, given its premium valuation.

The recent rally in PSU bank stocks is being driven by a number of positive factors, including strong credit growth, relatively lower valuations, and commendable work on the asset quality front. Analysts remain positive on the outlook for PSU bank stocks, expecting further gains in the coming months.