Wednesday, September 8, 2021

The Indian market closed the volatile session on a flat note, with mid and smallcaps outperforming the benchmarks.Sensex closed 29 points, or 0.05 percent, down at 58,250.26 while the Nifty settled 9 points, or 0.05 percent, lower at 17,353.50.””In a volatile session of trade today, the bulls managed to stage a smart comeback led by the pace of vaccinations and accumulation witnessed in Kotak Mahindra Bank. The broader markets witnessed interest in textile stocks on the back of the PLI scheme announced today. The late afternoon session saw advances gain ground over declines as several midcaps were seen buzzing,” said S Ranganathan, Head of Research at LKP securities.Among the sectors, Nifty Bank, private bank, PSU bank and financial services indices rose about a percent each. On the flip side, IT, media, auto and pharma indices ended in the red.
Telecom stocks have been in the limelight, with Bharti Airtel hitting a record high and Vodafone Idea extending a rally for the second consecutive session, while Reliance Industries, which owns Jio, has been consolidating after a 17.5 percent rally in the past month.The reason is a cabinet meeting scheduled on September 8 to consider a relief package for the financially stressed telcos, according to a Business Standard report, which cited unidentified government officials.
Asian Granito shares spike 10% as the stock turns ex-rights: Asian Granito India share price surged over 10 percent in the afternoon session on September 8. The stock is in focus as the company’s Rights Issue is scheduled to open on September 23.Asian Granito India Limited (AGIL), the manufacturer of one of India’s leading tiles brands, is scheduled to open its Rights Issue on September 23, 2021. The Rights Issue closes on October 7, 2021. The funds raised through the Issue will be used to repay/prepay certain outstanding borrowings, meeting working capital requirements for the company’s business activities and for general corporate purposes.

APL Apollo Tubes‘ shares continued their winning run, jumping over 6 percent to hit their 52-week high of Rs 1,874.95 in intraday trade on BSE on September 8. The stock has gained 112 percent year-to-date (YTD) and brokerages believe it can still go higher. Domestic brokerage firm Motilal Oswal Financial Services has initiated coverage on the stock with a buy call, setting the target price of Rs 2,065.
Olectra Greentech stock hit upper circuit for 2nd consecutive day: Olectra Greentech share price touched 5 percent upper circuit on September 8, surging 10 percent for the second consecutive day. The stock price is in focus after Nomura India Investment Fund Mother Fund – The MTBJ AC Nomura India Investment FD bought 28.2 lakh equity shares in the company.According to bulk deal data available on NSE, Nomura India Investment Fund Mother Fund – The MTBJ AC Nomura India Investment FD bought 28.2 lakh equity shares in the company at Rs 321 per share. However, Goldstone Power sold 28.2 lakh equity shares in the company at Rs 321 per share on the NSE, the bulk deals data showed.

Caplin Steriles Limited, a subsidiary of Caplin Point Laboratories Limited, has been granted final approval from the United StatesFood and Drug Administration (USFDA) for its Abbreviated New Drug Application Labetalol Hydrochloride Injection, a generic therapeutic equivalent version of(RLD), TRANDATE Injection, of Sebela Ireland Limited. Labetalol Hydrochloride Injection USP is indicated for control of blood pressure in severe hypertension. The stock was trading at Rs 836.35, up Rs 15.25, or 1.86 percent. It has touched an intraday high of Rs 854.15 and an intraday low of Rs 810.95.

Asian Granito Shares Rally 11%
Asian Granito India traded ex-rights today. The share price is trading at Rs 154.10 per share, rising 11 percent over previous closing of Rs 138.8 per share.The stock hit an intraday high of Rs 156.05 and low of Rs 143.40 today.
Anand Rathi on Inox Wind: Inox Wind has corrected over 25% from the recent swing high and is currently placed near the 61.80% of the Fibonacci retracement of the recent rally. The last weekly candle has witnessed the early sign of reversal from the fall and even the formation of base near the 61.80 Fibonacci retracement forecasts the same. The stock is comfortably placed above the mean of Bollinger band on weekly chart affirming the overall bullish stance in the counter. The stock can be bought with target of Rs 120 with a stop loss of 95 per share.

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