Top Gainers, Losers: IndusInd Bank gains on better revenue projection; Divi’s Labs cracks on Q3 miss — Check brokerage recommendation, target price
Top Gainers and Losers: Meanwhile, a mixed trend on the sectoral front and selective buying on the broader front kept the participants busy.
Top Gainers and Losers: Indian benchmark indices started the week on a subdued note and lost nearly half a percent, tracking feeble global cues. The Nifty 50 index hovered in a narrow range to close at 17764.60 levels. BSE Sensex closed at 60,506.90, down 334.98 points or 0.55 per cent on Monday.
Meanwhile, a mixed trend on the sectoral front and selective buying on the broader front kept the participants busy.
On NSE Nifty 50, Adani Ports, IndusInd Bank, BPCL, Apollo Hospital Enterprise and Hero Motocorp were the top gainers. While Divi’s Laboratories, JSW Steel, Hindalco Industries, Tata Steel and Infosys were among the top laggards.
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According to Ajit Mishra, VP- Technical Research, Religare Broking, the recent price action on the benchmark front indicates uncertainty among the participants, which might continue in the near term as well.
He said that traders should maintain their focus more on identifying opportunities in the sectors that are showing resilience.
However, it’s easier said than done as we’re seeing restricted participation. Also, managing overnight risk is equally important citing the prevailing volatile scenario, Mishra noted.
Here are some blue-chip stocks that saw maximum buzz today:
IndusInd Bank
IndusInd Bank stock rallied by Rs 27.45 or 2.49 per cent at Rs 1,131 apiece on NSE.
Brokerage firm, Phabhudas Lilladher has raised FY23E Profit After Tax (PAT) by 6 per cent due to better revenues and lower provisions. It has retained ‘Buy’ for a target price of Rs 1,500 from Rs 1,450 apiece. (32 per cent upside)
BPCL
BPCL stock rose 2.19 per cent or Rs 7.15 at Rs 333.85 apiece on NSE.
Brokerage firm, Prabhudas Lilladher in a report said that ban on import of Russian oil product from February 23 will likely support refining product spreads.
Global recessionary pressure along with high interest rates will keep oil prices range bound, despite increased demand from China, besides, OMCs are well placed to benefit from improving marketing and healthy refining profitability, it added.
The brokerage firm has maintained a ‘Buy’ rating with a target price of Rs 420 based on 7x EV/E FY24E. (26 per cent upside)
Divi’s Laboratories
Shares of Divi’s Laboratories ended in red by 3.58 per cent or Rs 103.35 at Rs 2,781 apiece.
Brokerage firm, ICICI Direct has maintained a ‘Hold’ on Divi’s Laboratories for target price of Rs 2945 per share, given the share price has grown at 13.47 per cent CAGR over the past three years. (5.9 per cent upside)
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