Top 5 stocks that moved the most on October 12

IndusInd Bank | CMP: Rs 1,190.15 | The stock price added over 2 percent after Goldman Sachs Investment (Mauritius) acquired 69,66,712 equity shares in IndusInd Bank via open market transactions at an average price of Rs 1,167.53 a share. However, Route One Fund I LP sold 1.2 crore shares at an average price of Rs 1,168.26 a share.

Coal India | CMP: Rs 232.05 | The scrip rose over 2 percent on October 12. State-owned Coal India Ltd has signed agreements with three public sector undertakings—Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd, and GAIL (India) Ltd—to set up four surface gasification projects. It aims to gasify 100 million tonnes (mt) of coal into syngas for use in downstream production of value-added chemicals in the next eight years to reduce the import of crude oil, which is used to produce syngas.

Wipro | CMP: Rs 408.55 | The share price ended in the green. The company said after market hours that its consolidated net profit for the quarter ended September 30, 2022 fell 9.27 percent to Rs 2,659 crore from Rs 2,930 crore in the year-ago period. The Bengaluru-based company's revenue from operations stood at Rs 22,539.7 crore, a 14.60 percent growth over Rs 19,667.4 crore in the year-ago quarter. Sequentially, the revenue increased 4.69 percent from Rs 21,528.6 crore in the previous quarter. Profit was up 3.71 percent from Rs 2563.6 crore in the previous quarter.

PVR | CMP: Rs 1,723 | The stock ended in the green after the company's shareholders approved the merger with Inox Leisure. The announcement was notified in a regulatory filing by Inox Leisure. The two boards of the country's largest multiplex chain operators approved an all-stock merger to create a film exhibition entity with a network of more than 1,500 screens.

Delta Corp | CMP: Rs 217 | The stock ended in the red on October 12 even though the company recorded its highest consolidated revenue of Rs 651 crore and net profit of Rs 125 crore for the half year of FY 2022-23. Investors believe a 28 percent GST consideration on casino business is a key overhang on the stock, however, Delta Corp's management clarified in Q1FY23 earnings call that "the casino business operating out of Goa right from July 1, 2017, has been paying a 28 percent GST. So as far as we are concerned, there will not be any impact from GST perspective".

Marksans Pharma | CMP: Rs 48.40 | The scrip jumped 4 percent after the company entered into a business transfer agreement with Tevapharm India Private Limited on October 12 for acquire business relating to the manufacture and supply of bulk formulations in Plot No. Al, Phase l-A, Verna Industrial Estate, Verna in  Goa as a going concern on a slump sale basis.

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Stocks to Watch Today | D-Mart, KEC International, NCC, HDFC

KEC International: The infrastructure EPC company has secured orders worth Rs 1,407 crore across segments. The transmission and distribution segment received orders from the Middle East, while the railways business has bagged an order for signaling and telecommunication works. Its year-to-date order intake now stands at Rs 8,400 crore.

Dilip Buildcon: The road construction company through its joint venture RBL-DBL has received a letter of acceptance (LOA) for its Surat Metro Rail Project in Gujarat. The order is worth Rs 1,061 crore.

Vedanta: The company said its alumina production at Lanjigarh refinery decreased 11 percent YoY to 4.54 lakh tonnes due to scheduled maintenance, and at Zinc India, reported the highest-ever second quarter mined metal production at 2.55 lakh tonnes, up 3 percent YoY, driven by better grades and improved mill recoveries. In the steel segment, its total saleable production increased by 11 percent YoY to 3.25 lakh tonnes on account of the completion of debottlenecking activities in Q1FY23.

Avenue Supermarts: The D-Mart operator announced standalone revenue for the quarter that ended September 2022 at Rs 10,384.66 crore, up significantly by 36 percent from Rs 7,649.64 crore in the same period last year. The total number of stores as of September 2022 stood at 302.

NCC: The company received a new order for Rs 393 crore in September, which is related to its building division. The company received this order from state government agencies.

Bank of Maharashtra: The PSU bank recorded 7.86 percent YoY growth in deposits at Rs 1.95 lakh crore, while gross advances grew by 28.65 percent to Rs 1.48 lakh crore in the quarter ended September 2022. The total business during the quarter increased by 15.93 percent to Rs 3.44 lakh crore.

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Fwd: ONGC leads oil stocks on a joyride as crude prices rebound, India lowers levy

ONGC led oil drillers and refineries on a demand wave on October 3 after crude oil prices climbed and the government slashed windfall tax on production and diesel exports. ONGC, India's largest oil marketing company, was trading up 4 percent around 12.50 pm.

Oil prices in the international market jumped more than 3 percent in early Asian trade on Monday, as OPEC+, which is a group of oil producing nations, weighed output cuts by more than 1 million barrels a day for its biggest reduction since the pandemic, in a bid to support the market.

Brent crude futures rebounded $2.51, or 3 percent, to $87.65 a barrel by 0206 GMT, after settling down 0.6 percent on Friday. US West Texas Intermediate crude was also up 3 percent, or $2.39, at $81.88 a barrel, after the previous session's loss of 2.1 percent.

India on Sunday slashed the windfall tax on domestically produced crude oil to Rs 8,000 per tonne from Rs 10,500 in the face of the prevailing downslide in global oil prices. It also scrapped the export tax on jet fuel and halved export duties on diesel to Rs 5 a litre. The developments mean higher revenue for upstream as well as downstream companies.

ONGC, which drills oil well, was up over 5 percent at Rs 133.50, Oil India was up 3 percent at 179, while Indian Oil, Bharat Petroleum, Hindustan Petroleum and Reliance Industries were trading in green with up to 1 percent gains.

The momentum was also because prices of natural gas were hiked by a steep 40 percent to record levels, in step with the global firming up of energy rates. Natural gas is used to generate electricity, make fertilizers and is converted into CNG to run automobiles. Hence, all companies involved in these sectors are set to feel the cost pressure.

Oil stocks came under pressure recently because of falling crude oil prices and relatively higher taxes compared to last year.

Top Stocks to Buy and Watch Today

Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Harsha Engineers makes a bumper listing with 36% premium

Harsha Engineers International clocked gains on listing as expected before rising further but most analysts advise booking profits amid market turmoil. The stock started off the first day's trade with a whopping 36 percent premium over issue price despite nervousness in equity markets. It climbed further six percent as the day progressed to take total gains to 43 percent over issue price.

Analysts said high premium at listing is justified with the IPO generating stronger than expected demand as qualified institutional investors' portion got subscribed over 178 times. Also, the ask price is fairly valued compared to industry peers.

"We recommend booking partial profits while remaining can be kept for the long term as the company is a comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele," said Astha Jain, senior research analyst at Hem Securities.

Rajnath Yadav, research analyst at Choice Broking, urged investors to exit given the market volatility. Although Prashanth Tapse, senior vice president of research at Mehta Equities, sounded "very optimistic" on Harsha Engineers with its dominant position, he too advised booking profits in the current market scenario. "Risk takers can hold with a long-term perspective," he added.

Santosh Meena, head of research at Swastika Investmart, termed the company as a proxy play on India becoming a global manufacturing hub: "Those who applied for listing gains can maintain a stop loss at Rs 400. Our recommendation for investors is to hold the allotted shares and long-term investors can accumulate the stock on dips."

Harsha Engineers, which is the largest manufacturer of precision bearing cages in India, raised Rs 755 crore from the public issue with a strong 74.70 times subscription during September 14-16. Of the total issue size, Rs 455 crore was raised through fresh issuance which will be used in repayment of debts, capital expenditure towards the purchase of machinery, and existing production facilities.

Sensex was down 860.62 points or 1.48 percent at 57,238.30, and the Nifty down 285.50 points or 1.65 percent at 17041.80 following weak global cues. This is the fourth straight day of selling on Dalal Street.

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Nifty fall for third straight session: Key factors weighing on the market

On the BSE, capital goods, power, realty, bank, auto, metal and oil & gas were down 1-3 percent each.
The broader indices BSE midcap and smallcap shed 2 percent each.
A short build-up was seen in Mahindra & Mahindra Financial Services, Power Grid Corporation and Indiabulls Housing Finance, while a long build-up was witnessed in Dr Lal PathLabs, ITC and Sun Pharma.
Among individual stocks, a volume spike of more than 600 percent was seen in Escorts, PVR and Mahindra & Mahindra Financial Services.
Matrimony.com, Biocon, Indian Energy Exchange, IOC, Hindustan Oil Exploration, Hester Biosciences, Gland Pharma were among the stocks which touched their 52-week low on the BSE.
However, more than 100 stocks hit 52-week high, including PC Jeweller, Page Industries, Omax Autos, Maruti Suzuki, ITC, Escorts Kubota, Hercules Hoists, Aditya Birla Fashion and Butterfly Gandhimathi Appliances.
The Indian market witnessed a sharp fall due to weak global cues. The level of 112 on the dollar index and the level of 82 in USDINR spooked the market.
FIIs have started selling again, therefore we are seeing selling pressure in large-cap stocks. Global markets are nervous after the recent 75 basis rate hike and hawkish commentary by the US Fed.
Technically, Nifty closed below the 50-DMA with a breakdown of a bearish head and shoulder formation that may lead to further weakness.

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Third straight day of losses, market squanders 2022 gains

 The Indian market extended losses to the third day on September 23 on weak global cues as the US Federal Reserve’s hawkish stance continued to roil sentiment and added to worries about global economy outlook.
Intensive selling across sectors and rupee plunging to a new low saw the market erase all the gains made this year.
At close, the Sensex was down 1,020.80 points, or 1.73 percent, at 58,098.92, and the Nifty was down 302.50 points, or 1.72 percent, at 17,327.30.
For the week, the Sensex and Nifty shed more than a percent each.
"A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term," said Vinod Nair, Head of Research at Geojit Financial Services.
"With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection."
The volatility may persist for a while. Investors are advised to wait and watch until the dust settles, he added.
Power Grid Corporation, Apollo Hospitals, Hindalco Industries, Adani Ports and SBI were among the top losers on the Nifty. Gainers included Divis Laboratories, Sun Pharma, Tata Steel, Cipla and ITC.

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