Century Textiles Soars on Land Acquisition, Bharti Hexacom Surges on JPMorgan Rating, One97 Communications Drops on SEBI Warning

Written by - Fisdom Research

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July 16, 2024 3 minutes

Indian markets:

The Indian market extended its winning streak for the third consecutive session on July 16, with benchmarks hitting fresh record highs amid buying in IT, realty, and FMCG stocks.
After a positive start, Indian equity indices continued to gain momentum, reaching new milestones in the first half. However, selling pressure in the second half erased most of the day’s gains, resulting in only marginal gains by the end of the session.
Among sectors, the Realty index surged 1.6%, while FMCG, IT, Metal, and Telecom sectors were up 0.3-0.9%. On the other hand, the Media index shed 1%, and the Power and Capital Goods indices were down 0.5% each.
The BSE midcap index declined by 0.3%, while the smallcap index rose by 0.3%.

Asia-Pacific markets were mixed on Tuesday as investors assessed Federal Reserve Chair Jerome Powell’s dovish comments on rate cuts, which had sent Wall Street higher overnight.
Mainland China’s CSI 300 climbed 0.63%.
Led by consumer stocks, Hong Kong’s Hang Seng index gained 0.2%, and Japan’s Nikkei 225 rose 0.34% as markets resumed trading after a public holiday. Shares of Japan’s TDK Corporation, the sixth largest stock on the Nikkei by weight, jumped more than 5.4%.
South Korea’s Kospi climbed 0.18%, while the Kosdaq moved in the opposite direction, falling 1.56%.
Australia’s S&P/ASX 200 slipped 0.23%, retreating from the index’s all-time closing high on Monday.

One97 Communications shares fell 2.5% after the Vijay Shekhar Sharma-led company announced that it received an administrative warning from SEBI. The warning was issued due to related-party transactions with Paytm Payments Bank (PPBL) in FY22, which were conducted without the required approvals from either the audit committee or the shareholders.

Century Textiles shares soared 5% a day after its wholly-owned subsidiary, Birla Estates, acquired a 5-acre land parcel in Gurugram. The land parcel offers a development potential of around 1 million square feet and is expected to generate revenue of over Rs 1,400 crore, the company stated.

Bharti Hexacom shares surged over 7% after global brokerage JPMorgan initiated coverage on the stock with an ‘overweight’ rating. The brokerage assigned a price target of Rs 1,280, foreseeing a 20% upside potential from the previous closing level. JPMorgan also highlighted Bharti Hexacom as the best pure-play in the Indian market for communication solutions. “Bharti Hexacom is the best play on the market repair thesis, given its presence in wireless compared to Bharti Airtel and Vodafone Idea,” JPMorgan stated.

Sanstar’s Rs 510-cr IPO to open on July 19; sets price band at Rs 90-95 per share
Swiggy announces $65 million ESOP programme for employees ahead of IPO
Insurer Niva Bupa plans $360 million IPO.

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