Category: Stocks

The Indian rupee depreciated to its lowest level on Friday, September 19, 2023, due to a combination of factors, including a stronger dollar, higher crude oil prices, and a widening trade deficit. The rupee is likely to face resistance near 83.30 in the near term, but growing optimism of a Fed pause in its next policy could restrict its upside.

Sansera Engineering (SEL) is on track to meet its revenue and profitability targets for FY24, driven by strong growth in exports and aerospace. The company is also confident of crossing ~20% pre-tax RoCE by FY25. SEL's mid-year update is positive, with the company well-positioned to benefit from the long-term growth trends in the automotive and aerospace industries.

Capacite Infraprojects shares surged 5% on September 18th after the company announced a repeat order-win of Rs 280 crore from Raymond. The company's managing director said that they are confident of delivering good growth in the coming quarters. Capacite Infraprojects is a construction company that specializes in building and real estate projects.

Karnataka Bank is a south-based private sector bank with a focus on the retail, MSME, and agri segments. It has a pan-India presence with 901 branches and a large customer base of 1.3 crore. The stock is currently trading at a relatively lower valuation, with a potential upside of 28%.

Tata Steel is setting up a 3mtpa EAF at its Port Talbot steel making facility in the UK, with a capex of GBP 1.25 billion. The project is expected to be EPS accretive for the company due to various benefits such as reduced cash losses, lower volatility in earnings, and lower energy costs. We maintain a ‘Buy’ rating on Tata Steel at a revised target price of Rs 144.

Panacea Biotec shares surged to a 52-week high on September 18, buoyed by high-volume trade and positive quarterly results. The stock price rose sharply after Serum Institute of India offloaded 4 lakh shares in the company. Panacea Biotec is a pharmaceuticals and biotechnology company that specialises in the development and manufacturing of vaccines and biosimilars.

Zomato shares saw a 1.7% increase in trading on the NSE on September 18, fueled by investors' growing confidence in the company's ability to deliver visible revenue growth and margin expansion. Jefferies, which has a ‘buy’ rating on the food delivery platform with a target price of Rs 130, says that with only ~20mn monthly transacting users currently, Zomato has a long runway for customer acquisition and revenue growth.

Lemon Tree Hotels is expanding rapidly, opening new properties in India and Nepal.

Brigade Enterprises, a South Indian property developer, acquired over 5 acres of land in Bengaluru to build a residential project. This is the company's second major land acquisition in recent months, and it is seen as a positive sign for the Indian real estate market.

HFCL shares rose 6% after the company won a Rs 1,015 crore order to provide EPC services for a drinking water supply network in Madhya Pradesh. This is the third major order that HFCL has won in recent months, following orders from a telecom player and the Delhi Metro Rail Corporation. HFCL's expansion plans are seen as a positive sign for the Indian telecom and infrastructure sectors.