Stock Market Live: Sensex jumps over 400 points, Nifty around 14,850 led by banks, metals

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CLSA gives ‘buy’ rating for Sunteck Realty after Borivali project deal

CLSA has given a ‘buy’ rating for Sunteck Realty, stating that the company has acquired an accretive land parcel of seven acres in Borivali West in Mumbai on favorable terms and via an asset-light approach. CLSA has a price target of Rs 460 for the stock. The brokerage firm says that revenue share in the project is likely to be 72 percent. Considering the high selling price of Rs 16,000 per square foot in the Borivali micro-market, it is also more favorable than the Naigaon, Vasai, and Vasind acquisitions, it said. Read more.

Ashok Leyland | The company reports total sales of 17,231 units in March against CNBC-TV18 poll estimates of 15,500 units. The company had reported total sales of 2,126 units YoY, and 13,703 units MoM.

Coal India | The company’s production in March fell 3.8 percent at 81.2 mt against 84.4 mt, YoY. March offtake grew 11.9 percent at 59.7 mt against 53.4 mt, YoY.

Alembic Pharmaceuticals | The company said that its joint venture Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Nystatin and Triamcinolone Acetonide Cream USP, 100,000 units/gram and 1 mg/gram.

Market Watch: Himanshu Gupta of Globe Capital

– The first recommendation is a buy on Apollo Tyres, the stock can be bought for a target price of Rs 240 and the stock below Rs 227 can be placed.

– Second is a buy on RBL Bank, we have seen some kind of base formation around the lower levels and the charts pattern is suggesting that the stock is poised to move up from the current levels so RBL Bank can be bought for target price of Rs 220 and then stop loss below Rs 209 can be placed.

– Finally, from a cash segment, there is a base strong formation on the charts as far as Nava Bharat Ventures is concerned and from a one to two day perspective one can initiate longs here for a target price of Rs 90 and keep a stop loss below Rs 72.

Eicher Motors | The company reported total sales at 7,037 units in March 2021 as against 1,499 units in the year-ago period, registering a growth of 369 percen.

Bharat Electronics Ltd | The company has achieved a turnover of about Rs 13,500 crore (Provisional & Unaudited) during Financial Year 2020-21, against the previous year turnover of Rs 12,608 crore in spite of the challenges posed by COVID19 Pandemic & intense competition in business. Its order book as on April 1, 2021, is around Rs 53,000 crore. In the year 2020-21, BEL secured significant orders worth Rs 15,000 crore, the company said.

Steel Strips Wheels | The company said it achieved highest ever wheel rim sales of 16.73 lakh in March 2O2L versus 7.88 lakh in March 2020 representing a growth of 112.44 percent YoY. The company has achieved gross turnover of Rs 307.38 crore in March 2021 versus Rs 102.28 crore in March 2020, there by recording a growth of 200.52 percent YoY and achieved net turnover of Rs 253.29 crore in March 2021 versus Rs 84.73 crore in March 2020, recording a growth of 798.92 percent.

Future Supply Chain Solutions | The company said that Reliance Retail has extended the timeline for the long-stop date to September 30 from March 31, 2021.

APL Apollo Tubes | The company reported a sales volume of 435,348 ton in Q4FY21 compared to 400,616 ton in Q4FY20. The company registered sales volume of 1,640,353 ton in FY21 compared to 1,633,310 ton in FY20, despite Covid-19 disruption in FY21.

Reliance Infra sells Reliance centre at Santacruz in Mumbai to Yes Bank for Rs 1,200 cr

Reliance Infrastructure Limited (RInfra) and Yes Bank Limited (Yes Bank) on Thursday announced a sale transaction of Reliance Centre, Santacruz, Mumbai to Yes Bank. The transaction value is Rs 1,200 crore, Reliance said in a stock exchange release today. The entire proceeds from the sale of Reliance Centre, Santacruz will be utilized only to repay the debt of Yes Bank, it added. As per the company, Reliance Infra has reduced exposure by 50 percent in the last 90 days. It has closed three major transactions in the last 90 days namely sale of road asset – Delhi Agra toll road, transmission asset – Parbat Koldfam Transmission Company Limited and sale of Reliance Centre, Santacruz. More here

PFC pays interim dividend of Rs 1,182.63 cr to govt for 2020-21

 

State-run Power Finance Corporation (PFC) has paid an interim dividend of Rs 1,182.63 crore to the government for the financial year 2020-21. ”Power Finance Corporation has paid an interim dividend of Rs 1,182.63 crore to government of India for the financial year 2020-21 on March 31st, 2021 on 1,47,82,91,778 number of equity shares (56 percent) held by the government,” a PFC statement said. The interim dividend RTGS (real-time gross settlement) intimation bank advice was presented to Power Minister R K Singh by Ravinder Singh Dhillon, CMD, PFC in the presence of Power Secretary Alok Kumar on Wednesday.

M&M reports total tractor sales of 30,970 units Vs CNBC-TV18 poll of 30,000 units. 

JUST IN: Tata Chem says Nandakumar Tirumalai replaces John Mulhall as CFO effective April 1

NIIT shares locked in 20% upper circuit as company’s announces buyback offer to start on April 12 

 

Shares of NIIT were locked in a 20 percent upper circuit of Rs 165.35 per share on the BSE on Thursday after the firm said its buyback offer would open on April 12, 2021. On December 24, 2020, the company’s board had approved an up to Rs 237 crore (around 98 lakh shares) buyback proposal at Rs 240 per equity share. The closing date for the buyback offer has been set for April 28. In a filing to BSE, the company said it has received final observations from Sebi on the draft letter of offer.

JSW Steel shares hit 52-week high on starting of production in Dolvi Facility, Moody’s upgrade 

Shares of JSW Steel jumped 7 percent to hit a new 52-week high on Thursday after the company announced the commencement of production at Dolvi Works facility. The sentiment was also lifted after credit rating agency Moody’s Investors Service upgraded the outlook on the company’s ratings to stable from negative, led by a strong recovery in operating performance. The stock rose as much as 7 percent to its 52-week high of Rs 500.85 per share on the BSE.

Market Watch: Aditya Agarwala of Yes Securities

 


“First buy recommendation is on Larsen & Toubro Infotech (LTI), the IT space has been buzzing and specially the midcap IT space take a look at Mindtree, LTI so all these stocks have been buzzing. So I have picked up LTI, stock has broken out from the resistances on good volumes so one can go ahead and buy at current levels for targets of Rs 4,350 keep a stop loss at Rs 4,080.”






 

“The second stock recommendation is Aarti Drugs, after a good breakout on very good volumes stock went into a sideways consolidation, you can call it a bullish flag pattern and in trade today it has broken out from that pattern and then on very good volumes so one can go ahead and buy Aarti Drugs at current levels for a targets of Rs 785 keeping a stop loss at Rs 680 on the downside.”

Amarjeet Maurya – AVP – Mid Caps, Angel Broking

In March 21, Escorts reported auto sales growth of 127 percent YoY to 12,337 tractors on back of strong growth in domestic and export. For the period FY21, the company has reported 24 percent YoY growth in overall tractor sales number. The tractor demand is expected to continue to be strong led by higher Rabi output, favourable crop prices, and initial positive forecast of the 2021 monsoon season, all supporting rural customer sentiments. Hence we are positive on stock with buy rating.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

The supports for Nifty are placed around 14,600 and 14,300 (rising trendline support) while resistances are around the above mentioned levels. We are now trading at the mid of this broad range and a move beyond the above mentioned levels would only lead to a directional move. Until we surpass these levels on either side, it is prudent to trade with a stock specific approach and avoid taking undue risks as we even have a long weekend ahead.

Currency Market shut | Indian currency market will remain shut today on account of annual bank closing. The rupee ended at 73.11 per dollar on Wednesday versus Tuesday’s close of 73.38.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Index is struggling to keep above 14,800 which was yesterday’s high. We need to get past 14,950 for an upward directional move to commence. If we can do that, we should achieve 15,300 as the next target. If we break 14,500, the markets will drift southwards and retest the recent lows of 14,200. Until either levels are not taken out, the Nifty will be sideways.





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