Market Movers: TVS, Bajaj Auto crack; 450 stocks hit 52-week lows; 30 give ‘buy’ signals

Market Movers: TVS, Bajaj Auto crack; 450 stocks hit 52-week lows; 30 give ‘buy’ signals thumbnail
Shares of Godrej Consumer advanced 5 per cent on Monday after global brokerage Credit Suisse upgraded its call. Gujarat Gas also gained as Macquarie raised its target price. February auto sales numbers were mixed. Shares of Eicher Motors gained on an improvement in sales but TVS Motor and Bajaj Auto cracked, as they continued dismal…

Shares of Godrej Consumer advanced 5 per cent on Monday after global brokerage Credit Suisse upgraded its call. Gujarat Gas also gained as Macquarie raised its target price.
February auto sales numbers were mixed. Shares of Eicher Motors gained on an improvement in sales but TVS Motor and Bajaj Auto cracked, as they continued dismal show.
Benchmark indices continued their downfall for the seventh consecutive session, longest since May 2019. BSE flagship Sensex slipped 153 points to 38,144 while its NSE counterpart Nifty fell 69 points to 11,132.
“The market witnessed a sharp selloff from higher levels after a first-half rally. The pullback was weak towards the 11,400 mark on Nifty as the news of new coronavirus cases in India led to a sharp fall,” said Santosh Meena, Senior Analyst at TradingBells.
Here is a lowdown of the movers and shakers of Monday’s session on Dalal Street:
Kotak PMS picks stake in Jindal Stainless
Kotak Investment Advisors on Monday said its Kotak Special Situations Fund invested Rs 500 crore in Jindal Stainless in the form of debt and equity. Shares of the company gained 1.67 per cent to Rs 39.65.
IGL to set up meter factory
Indraprastha Gas plans to set up a factory to manufacture gas meters used to bill households and industries for the consumption of the environment-friendly fuel, as it looks to cut reliance on imports. Meanwhile, Macquarie raised the price target on the scrip, but it dipped 1.94 per cent to Rs 433.
Mindtree gets new COO
Mindtree said it has appointed Dayapatra Nevatia as its Chief Operating Officer. The former Accenture executive will be based in Bangalore, it said. Shares of the company jumped 5.49 per cent to Rs 1,005.30.
Piramal receives Rs 6,500 cr
Piramal Enterprises said it has received $900 million (around Rs 6,500 crore) on completion of divestment of stake in its healthcare insights and analytics business to US-headquartered Clarivate Analytics. Shares of the company jumped 3.87 per cent to Rs 1,357.95.
RE sales grow marginally
Royal Enfield, the two-wheeler division of Eicher Motors, reported 1 per cent growth in total sales at 63,536 units in February. Shares of Eicher Motors, which controls the company, gained 2.38 per cent to Rs 17,000.
M&M tractor sales jump
Mahindra & Mahindra reported a 19 per cent increase in total tractor sales at 22,561 units in February as compared to 18,978 units in the same month last year. Shares of M&M gained 0.50 per cent to Rs 458.70.
IOC to test metal-air batteries
Indian Oil, which has picked up a minority stake in high-tech battery maker Phinergy earlier this month, is in talks with leading domestic electric vehicle makers to start field trials for the metal-air batteries that the Israeli company specialises in. Shares of the oil marketer fell 1.56 per cent to Rs 104.
Ashok Leyland surges
Shares of Hinduja flagship firm Ashok Leyland advanced 5.87 per cent to Rs 73.95 even though the firm reported a 37 per cent decline in total sales in February at 11,475 units against 18,245 units sold the same month last year.
Bajaj Auto sales decline 10 per cent
Bajaj Auto reported 10 per cent decline in total sales at 3,54,913 units in February as against 3,93,089 units in the same month last year. The stock fell 3.21 per cent to Rs 2,797.70.
TVS Motor drops 4 per cent on weak sales
TVS Motor Company reported 15.39 per cent decline in total sales at 2,53,261 units in February on account of BS-IV reduction and impact of parts supply disruption due to coronavirus outbreak. Shares of the company fell 3.55 per cent to Rs 420.10.
NBCC gets order from BHEL
State-owned construction firm NBCC (India) said it has bagged an order worth 64.83 crore from Bharat Heavy Electrical Limited (BHEL) in Jharkhand. Shares of the builder slipped 0.38 per cent to Rs 26.30.
Gujarat Gas gains as Macquarie raises target
Macqaurie said it remains positive on Indian city gas space. Hence, it raised its target price on Gujarat Gas from Rs 240 to Rs 330 per share. The stock closed up 0.81 per cent to Rs 278.40.
Godrej Consumer jumps 5 per cent
Godrej Consumer Products rallied 4.87 per cent to Rs 588.05 after global brokerage Credit Suisse upgraded the stock to ‘outperform’ from ‘neutral’. The broker has pegged the target price at Rs 680.
Volatility gauge goes through the roof
India VIX, the barometer of fear in the market, soared further 8.46 per cent to 25.20 level. This means traders expect relatively more volatile movements going ahead.
IT index sole gainer
Nifty IT index was the sole sectoral gainer on NSE, gaining 1.41 per cent to 15,427 as dollar gained during the day. Nifty Media was the biggest loser, tumbling 4.55 per cent to 1,594. Nifty PSU Bank followed with a plunge of 4.52 per cent to 1,857.
SBI, RIL drag Sensex
State Bank of India was the biggest negative contributor to Sensex, shedding 55 points. Reliance Industries bled 41 points, followed by Axis Bank (31 points), Bajaj Finance (23 points) and Kotak Mahindra Bank (23 points).
Rs 13L cr gone in 7 sessions
Equity investors have lost about Rs 13 lakh crore in the seven-day long market slump. The total market cap of BSE-listed firms stood at Rs 145.80 lakh crore.
346 stocks hit 52-week lows
Nearly 350 shares hit their 52-week lows during Monday’s trade. They included ACC, Bank of Baroda, BHEL, Exide Industries, GAIL, Hero Moto, HPCL, IndusInd Bank, NTPC, ONGC, Wipro, PNB, Marico and Tata Power, among others.
30 shares give ‘buy’ signals
Even though the market got a whiff of coronavirus, as many as 30 stocks flashed ‘buy’ as they crossed above the signal line of MACD indicator. They include UFO Movies, Ugro Capital, Raw Edge Industrial, Oberoi Realty, NRB Industrial Bearings, Jindal Cotex and Hipolin, among others.
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