Rally in financial stocks, a strong US labour market data were among the factors that drove the Sensex and Nifty up as much as 2 percent.
2/11
Adani Group Stocks | Most of the Adani Group stocks turned positive, and climbed as much as 3-4 percent, after the previous day’s massive sell-off triggered by bribery charges in the US against Gautam Adani and other group executives. Adani Enterprise was among the top gainers and top positive contributors to NSE Nifty 50.
3/11
Nifty IT | The index surged nearly 3 percent buoyed by robust labour market data from the US. Initial jobless claims in the US fell by 6,000 to a seasonally adjusted 213,000 for the week ended November 16, marking a seven-month low. This data suggests that US job growth likely rebounded in November after last month's slowdown caused by hurricanes and strikes. A stronger labour market in the US bodes well for Indian IT firms, which derive a significant portion of their revenue from the region.
4/11
Protean eGov Technologies | CMP: Rs 1,720.2 | Shares of the IT-enabled solution company fell nine percent intraday as the National Stock Exchange (NSE) announced it would offload a stake in the company. NSE Investments will sell up to 20.3 percent stake in the company through an offer for sale (OFS) at floor price of Rs 1,550 per share. The OFS includes base issue of 10.16 percent equity and has a green shoe option of 10.16 percent equity.
Sobha | CMP: Rs 1,614.95 | Shares rose up to seven percent in trade after brokerage firm Investec initiated coverage on the stock with a 'Buy' rating. Investec has a price target of Rs 2,150 on the stock, which implies a potential upside of nearly 42 percent from Thursday's closing levels.
6/11
SJVN | CMP: Rs 107.5 | Shares rose up to seven percent after the company announced that it has signed a Memorandum of Understanding (MoU) with the Energy Department, Government of Rajasthan for the development of renewable energy in the state.
7/11
Reliance Industries | CMP: Rs 1,264 | International brokerages Morgan Stanley and JPMorgan reaffirmed their bullishness on diversified conglomerate Reliance Industries, reiterating 'overweight' tags, as the petrochemical producer saw its refining margins improve. RIL shares jumped 3.5 percent intraday.
8/11
Godrej Properties | CMP: Rs 2,857 | Shares of Godrej Properties surged nearly 5 percent after Bank of America (BofA) upgraded the stock to a 'Buy' rating from 'Neutral' and raised its target price to Rs 3,600 from Rs 3,500, citing an attractive risk-reward profile following the recent correction.
One97 Communications | CMP: Rs 893.75 | Shares of Paytm parent One97 Communications rose 6 percent, extending its rally for the fifth trading session in a row after Bernstein recently dished out a positive call on the fintech player. International brokerage Bernstein reaffirmed its bullishness on Paytm as the narrative for the beleaguered fintech player changes from survival to optimism. Bernstein hiked its target price on Paytm to Rs 1,000 per share, up from Rs 750 earlier.
10/11
State Bank of India | CMP: Rs 814.55 | Shares of State Bank of India (SBI) surged over two percent, snapping a two-day losing streak after Jefferies reiterated its "buy" rating with a target price of Rs 1,030. This suggests a potential 29 percent upside from current levels. Jefferies identified SBI as its top sector pick, emphasising scope for improvement in the loan-to-deposit ratio (LDR) as deposit mobilisation gains momentum.
11/11
Raymond | CMP: Rs 1.659.3 | Raymond Ltd. shares surged over 7 percent following the receipt of a 'no objection' letter from BSE and NSE for the demerger and listing of its realty business, Raymond Realty. This milestone comes two months after the company completed the demerger of its lifestyle business, marking another restructuring within the Raymond Group.
![State Bank of India | CMP: Rs x | Shares of State Bank of India (SBI) surged over two percent, snapping a two-day losing streak after Jefferies reiterated its "buy" rating with a target price of Rs 1,030. This suggests a potential 29 percent upside from current levels. Jefferies identified SBI as its top sector pick, emphasising scope for improvement in the loan-to-deposit ratio (LDR) as deposit mobilisation gains momentum.](https://images.moneycontrol.com/static-mcnews/2024/08/20240814125207_SBI-reuters.jpg "State Bank of India | CMP: Rs x | Shares of State Bank of India (SBI) surged over two percent, snapping a two-day losing streak after Jefferies reiterated its "buy" rating with a target price of Rs 1,030. This suggests a potential 29 percent upside from current levels. Jefferies identified SBI as its top sector pick, emphasising scope for improvement in the loan-to-deposit ratio (LDR) as deposit mobilisation gains momentum.")
