Indian benchmark indices ended lower for the fourth consecutive session on March 14 with Nifty around 17,050. At close, the Sensex was down 337.66 points or 0.58% at 57,900.19, and the Nifty was down 111.00 points or 0.65% at 17,043.30.
Sun Pharmaceutical Industries | CMP: Rs 959.60 | The share price ended in the green after Jefferies maintained its ‘buy’ rating on the stock with target of Rs 1,200 per share, an upside of around 26 percent from current market price. According to Jefferies, Sun Pharma’s acquisition of Concert adds a complementary derma product to the existing specialty portfolio. It feels that strong efficacy against competing drugs and leveraging existing infrastructure should result in peak global sales of $850 million by 2031 translating into pre-tax net present value (NPV) of Rs 64 per share. Incremental R&D spend is unlikely to be a major drag on FY24-25 profitability, the brokerage firm said.
Sona Blw Precision Forgings | CMP: Rs 434.60 | The stock price jumped 7 percent on March 14. Funds affiliated with Blackstone have sold their balance 20.5 percent stake in company via bulk deals in the open market. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and HDFC MF bought shares from Blackstone in the bulk deal.
Lemon Tree Hotels | CMP: Rs 77.95 | The scrip rose over 3 percent after brokerage firm CLSA recommended a buy rating on the company at a target price of Rs 102 apiece. The brokerage firm expects the company’s demand to grow at 12 percent CAGR (Compounded Annual growth rate) and believes it will scale up to 25,000 rooms in five years.
Surya Roshni | CMP: Rs 679 | The scrip gained over 3 percent after the company received an order from Hindustan Petroleum Corporation for supply of 3LPE Coated steel pipes. The company has obtained total order amounting to Rs 96.39 crore (including GST) for supply 3LPE Coated steel pipes from Hindustan Petroleum Corporation Limited for City Gas Distribution (CGD) projects in the state of Rajasthan, Bihar, Jharkhand and West Bengal.
Bharti Airtel | CMP: Rs 770.65 | The share price ended in the green after Morgan Stanley retained its ‘overweight’ stance on the stock. The global research firm expects the telecom stock to reach a target of Rs 860 per share, an upside of 11 percent from the current market price. The telecom service provider has rolled out higher minimum recharge plans in the remaining three circles and has been the first mover in taking entry-level tariffs higher, noted Morgan Stanley.
Bannari Amman Sugars | CMP: Rs 2,532.50 | The stock price tumbled 8 percent after the workmen union at Sugar Unit-II situated at Mysore and Sugar Unit-Ill situated at Chamarajnagar Karnataka called for strike with effect from March 10, 2023, regarding wage settlement and other related demands, the company said in an exchange notification.
BL Kashyap | CMP: Rs 28 | The stock ended in the green after B L Kashyap & Sons secured two new orders for construction, civil and structural works. The order worth Rs 89 crore (excluding GST) is for the construction of the Business Park Campus at Bengaluru and the order worth Rs 69 crore (excluding GST) is for the residential complex at Bengaluru.
Hindustan Construction Company | CMP: Rs 15.20 | The scrip jumped over 5 percent after Hindustan Construction Company in a joint venture with Megha Engineering & Infrastructures Ltd (MEIL) was awarded a Rs 3,681 crore contract by National High-Speed Rail Corporation Limited (NHSRCL) for the construction of the Sandra Kurla Complex Station of the 508.17 km long Mumbai-Ahmedabad High-Speed Rail.
Apollo Pipes | CMP: Rs 555 | The stock price ended in the green after the Board of Directors of Apollo Pipes considered and approved the issue and allotment of up to 47,20,000 fully convertible warrants of the face value of Rs 10 each carrying a right exercisable by the Warrant holder to subscribe to one equity share per warrant to persons belonging to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ Category on preferential basis at an issue price of Rs 550.
Cipla | CMP: Rs 873 | The share price ended in the red after the company reportedly came under the lens of the income-tax department over potential tax violation and tax avoidance, according to a CNBC-TV18 report. The tax department is investigating alleged wrong claims made by the drug major worth Rs 400 crore under Section 80-IA as well as alleged wrongful deductions worth Rs 1,300 crore claimed for Research and Development, the report stated.