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POST-MARKET REPORT
Indian benchmark indices ended lower for the third consecutive session on October 1 with Nifty below 25,800 amid a widening current account deficit and weak manufacturing data.
At close, the Sensex was down 33.49 points or 0.04 percent at 84,266.29, and the Nifty was down 13.95 points or 0.05 percent at 25,796.90.
Tech Mahindra, M&M, Britannia Industries, Adani Enterprises, and Infosys were among the Nifty’s top gainers, while the losers were IndusInd Bank, ONGC, Asian Paints, Bajaj Auto and Titan Company.
Among sectors, buying was seen in media, auto, and IT, while selling was seen in the telecom, power, FMCG, Oil & Gas, and realty sectors.
BSE Midcap index was up 0.3 percent, and Smallcap index was up 0.5 percent.
STOCKS TODAY
Paytm: The stock surged 5.7 percent as Dolat Capital maintained a buy rating and increased the target price by 30 percent to Rs 920 a share from the previous close. The brokerage believes Paytm is on track to achieve adjusted EBITDA breakeven by Q4FY25 (excluding UPI incentives), with positive cash flow expected. The business is resilient and positioned for strong growth.
Vipul Organics: Shares of the company surged 20 percent to a fresh lifetime high in trade after its board announced a rights issue. The issue offers investors one share for every three held as of the record date at Rs 54 per share. The record date for the rights issue is expected to be announced later, said the company.
National Aluminium Company: The stock surged 6.5 percent to hit a record high of Rs 218.72 after Kotak Institutional Equities upgraded its rating on the stock to ‘add’, citing an attractive risk-reward. Alongside the rating upgrade, KIE also raised its price target for the stock by a whopping 58 percent to Rs 235, suggesting a 12 percent upside potential.
PB Fintech: Shares of Policybazaar parent gained 6.6 percent as Jefferies issued a ‘buy’ call on the stock with a target price of Rs 1,800 per share, following management’s clarification regarding a planned investment of $100 million for acquiring a 20-35 percent stake in a new healthcare venture.
Muthoot Finance: The stock slipped 4 percent, a day after the Reserve Bank of India directed gold financiers to review processes, identify lapses, and take remedial measures within three months, which according to brokerages may weigh on their growth.
Jubilant FoodWorks: The stock fell 3.36 percent after the Dominos’ operator announced that it received a final assessment order from the Income Tax Department, raising a tax demand of Rs 71 crore for 2016-2017. This tax demand is related to certain Transfer Pricing Adjustments.