Benchmark indices ended higher in the volatile session on July 7 with Nifty above 15,850. At close, the Sensex was up 193.58 points or 0.37 percent at 53054.76, and the Nifty was up 61.40 points or 0.39 percent at 15879.70.
Tata Steel | CMP: Rs 1,225 | The stock jumped 5 percent after global broking house CLSA maintained its buy rating on it and raised the target price to Rs 1,450 per share. The company reiterated its focus on capacity expansion in India. The deleveraging remains crucial, while comfortable with 2x net debt-to-EBITDA. The risk-reward is attractive at the current levels, while current market prices imply a sharp correction in prices, which looks unlikely, it added.
Reliance Infra | CMP: Rs 78.35 | The scrip shed over 4 percent on July 7. In an exchange filing to the BSE, the company said, “The shareholders of Reliance Infrastructure Limited, through postal ballot, have approved the raising of funds up to Rs 550.56 crore by preferential allotment of up to Rs 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoters and VFSI Holdings PTE. Limited, an affiliate of Värde Investment Partners, LP.
Sobha | CMP: Rs 521 | The share price jumped over 6 percent after the company announced the operational numbers for the first quarter of the current fiscal. The company achieved a total sales volume of 8,95,539 square feet of super built-up area valued at Rs 682.9 crore in Q1 FY22, against 6,50,400 square feet of super built-up area worth Rs 487.7 crore sold in Q1 FY21.
Redington India | CMP: Rs 316.85 | The strock added 3 percent after the Board of Directors have considered, approved and recommended a bonus issue of one equity share of Rs 2 each fully paid up for every one equity share of Rs 2 each held as on the record date decided for this purpose. This bonus issue will be subject to the approval of shareholders and other approvals, consents, permissions, conditions and sanctions, as may be necessary, the company said in a filing to the BSE.
ONGC | CMP: Rs 120.10 | The scrip ended in the red after Morgan Stanley retained its underweight stance on the stock but has raised the target to Rs 126 per share. The brokerage firm has raised FY22 and FY23 EPS estimates by 23 percent and 31 percent. ONGC is its least preferred stock, the firm added.
Natco Pharma | CMP: Rs 1,083.95 | The stock price fell over 6 percent after the High Court of Delhi has today orally pronounced judgment in the interim injunction application filed by FMC Corporation on CTPR. The court said that it has allowed the application of FMC Corporation, Natco Pharma said.
Tata Motors CMP: Rs 317.25 | The stock managed to close in the green on July 7. The conference call with senior management of Tata Motors and Jaguar Land Rover to update on JLR Q1FY22 sales volumes and the semiconductor supply situation will start from 5:30 PM India time today, the company said.
ISGEC Heavy Engineering | CMP: Rs 853 | The stock price added over 2 percent after Isgec Hitachi Zosen Limited received an order for the supply of four reactors of Vanadium Modified Low Alloy Steel, for a renewable energy project in the US. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment. This is the first order for Isgec Hitachi Zosen Ltd., India — a joint venture of Isgec Heavy Engineering Ltd., India and Hitachi Zosen Corporation, Japan –for supplying such reactors to the US.