DCX Systems Secures Rs 187 Crore Order, NBCC India Eyes Bonus Issue, IndusInd Bank Gets CLSA ‘Outperform’ with 28% Upside

Written by - Fisdom Research

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August 28, 2024 3 minutes

Indian markets overview:

Indian indices closed higher on August 28, with Nifty crossing its previous record high of 25,078.30 and surpassing 25,100 for the first time.
Gains were led by Information Technology and Pharma stocks, though profit booking occurred towards the end of the session.
IT, Pharma, and Healthcare sectors were each up more than 1%, while the Telecom index rose by 0.5%.
The Media index declined by 1.4%, and FMCG and PSU Bank indices were down 0.4% each.
Broader indices, including BSE Midcap and Smallcap, touched record highs but ended the day flat.

The benchmark index closed above 25,000, reaching a new high of 25,130 but ended flat, forming a DOJI candlestick.
The index is in a higher high-higher low pattern on the 75-minute chart.
On the daily chart, RSI (14) crossed over 55 and touched the falling trend line, while the index closed above its 10- and 20-day moving averages.
MACD remains above polarity, indicating potential for continued upward momentum.
Short-term outlook is negative to sideways, with support at 24,950 and 24,850, and resistance at 25,200 and 25,300.

The banking index closed nearly flat, dipping 0.30%, and is trading near its falling trend line.
It has a higher low structure on the daily chart and traded in a narrow range.
The index resumed its short-term upward trend, closing above key DEMA and the 10, 20, and 50-day moving averages.
RSI (14) on the weekly chart found support on the rising trend line, staying above 55.
The daily MACD shows a positive crossover.
Resistance levels for the upcoming sessions are 51,400 and 51,650, with support at 50,950 and 50,650.

DCX Systems surged 5% after securing a Rs 187 crore order from an overseas customer for the supply of electronic kits, to be executed within 12 months. Earlier this month, the company also received a Rs 107 crore order from domestic and overseas customers for electronic kits, cables, and wire harness assemblies, also to be completed within 12 months.

NBCC India shares surged nearly 10% after the company announced plans to consider a bonus issue of shares. The board will discuss the proposal at its meeting on August 31. If approved, this will be the second time NBCC issues bonus shares, following a similar move in February 2017, when it issued two bonus shares for each one held.

IndusInd Bank shares rose 2% after CLSA reiterated an ‘Outperform’ rating, with a potential 28% upside and a target price of Rs 1,800. CLSA noted that IndusInd Bank is well-positioned for growth amid interest rate reductions, with shares trading at a 20-40% discount compared to peers and stable asset quality.

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