Benchmark indices continued to remain under pressure for the fourth straight session on December 7, after RBI's monetary policy committee raised repo rate for the fifth consecutive time in this calendar year. At close, the Sensex was down 215.68 points at 62,410. Nifty declined 82.30 points to 18,560. But, many stocks managed to gain.
2/11
Bikaji Foods | CMP: Rs 412.65 | The stock gained 4.3 percent on strong Q2 results. The company reported 43.5 percent year-on-year growth in net profit to Rs 40.92 crore. In the same quarter last year, net profit stood at Rs 28.5 crore. Revenue for the quarter grew by 32 percent to Rs 577 crore compared to year-ago period. EBITDA margin came in at 11.4 percent as against 10.6 percent in Q2FY22.
3/11
HDFC AMC | CMP: Rs 2273| Abrdn Investment Management, formerly Standard Life Investments, is planning to sell its entire 10.21 percent stake in the company. Consequent to the stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund, the company said in a regulatory filing. The stock closed 3.7 percent higher today.
4/11
Siemens | CMP: Rs 2907 | Share price of the engineering firm gained over 5 percent after the company said it has emerged as the lowest bidder for 1200 electric locomotives of 9000 HP in Dahod, Gujarat. The cost of the project is reportedly around Rs 20,000 crore. Macquarie has an Outperform call on the stock with a target price of Rs 3,120 apiece.
Dabur | CMP: Rs 601.75 | Foreign brokerage firm Morgan Stanley has upgraded Dabur India stock to Overweight from Equal-weight and has raised the price target from Rs 578 to Rs 660 per share, an upside of 10 percent from the current market price. The stock closed 1.5 percent higher.
6/11
L&T | CMP: Rs 2125 | The minerals and metals (M&M) business of Larsen & Toubro Construction secured an order from Arcelor Mittal Nippon Steel India on December 7, sending L&T shares to a lifetime high of Rs 2,144 on the NSE. The value of the mega project is above Rs 7,000 crore. The stock closed 1.5 percent higher.
7/11
Sobha | CMP: Rs 632.9 | The stock tumbled after Enforcement Directorate provisionally attached certain lands in Kerala valued at Rs 201.60 crore. The real estate company clarified that there has been no wrongdoing from its side. “We currently have no plans to develop these lands. Hence, the said provisional attachment has no short or medium-term impact on operations,” it informed. This did not provide any relief to the stock which closed 5.4 percent lower.
8/11
HCC | CMP: Rs 19.40| The scrip surged after 1.94 crore shares amounting to 1.29 percent equity changed hands at an average of Rs 19.3 per share. The transaction was worth Rs 36.33 crore. It closed over 3 percent higher.
Narmada Gelatines | CMP: Rs 350| The Board of Directors of Narmada Gelatines at their meeting held on December 7 declared a special interim dividend of Rs 100 per equity share (i.e. 1000%) of the face value of Rs 10 each fully paid up, for the FY2022-23. The stock was locked in 20 percent upper circuit after the announcement.
10/11
Oberoi Realty | CMP: Rs 911.95 | The stock, along with its peers, traded lower on December 7 after RBI hiked repo rate by 35 basis points. Nifty Realty index closed 1.19 percent in the red. As the repo rate goes up, interest rates on loans will also rise thus reducing home affordability.
11/11
Amara Raja Batteries | CMP: Rs 647.10 | The stock closed 2 percent lower after Andhra Pradesh High Court extended the suspension of the company’s plants by 8 weeks as ordered by the pollution control board. The plants are situated at Karakambadi, Tirupati, and Nunegundlapalli Village, Chittoor District in Andhra Pradesh. The next hearing is scheduled on January 18, 2023.
