homemarket NewsAxis Bank gains for fourth day; Multiple blocks in PG Electroplast: What kept dealers busy on Monday

Axis Bank gains for fourth day; Multiple blocks in PG Electroplast: What kept dealers busy on Monday

Multiple blocks in PG Electroplast have taken the shares to within touching distance of their 52-week high.

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By Nimesh Shah  Oct 10, 2022 4:06:04 PM IST (Published)

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Shares of private lender Axis Bank Ltd. ended as the top performer on the Nifty 50 index on Monday, closing 3 percent higher. The stock rose for the fourth straight day, during which it has gained over 7.5 percent.

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Sources within the dealing rooms tell CNBC-TV18 that a leading long-only fund has turned an active buyer on the counter recently.
Based on the June quarter shareholding pattern, Government of Singapore, Vanguard, Government Pension Fund Global are some of the leading foreign investors in the bank.
The lender will report its September quarter results on October 20.
Pressure At Higher Levels
Benchmark indices had another volatile start to the trading week. The NSE Nifty 50 index nearly recovered all its losses by mid-day trading but ended 0.4 percent lower on geopolitical concerns.
According to dealing rooms, flows have been mixed but with a negative bias.
Dealers also suggest that rising crude oil prices, along with a depreciating rupee are some of the key macro concerns in the near-term. Brent crude is back towards the $100 per barrel mark while the rupee hit another record low on Monday.
Besides Axis Bank, here are some other stocks that have been part of the dealing room chatter today:
PG Electroplast: Multiple block deals took place in shares of this electronic manufacturing services provider. Close to 0.5 percent equity exchanged hands in the block deals. The stock ended 4 percent higher and also gained for the fourth straight day. Dealing room sources indicate that a leading domestic PMS has been a buyer within these deals.
L&T: Shares of the infrastructure conglomerate ended 0.8 percent lower in today's session after gaining for three straight days last week. Although the stock ended lower, dealers indicate that it is one of the few largecap names where buying interest is returning from foreign investors. The company has won multiple "significant" orders last week.
India Cements: Shares of the south-based cement company ended 0.6 percent higher on Monday. The stock has been in the news recently with the street anticipating a corporate development soon. Dealers suggest that the development may be pertaining to the company's plans of deleveraging the balance sheet. CNBC Awaaz reported a couple of weeks earlier that Ultratech is the front-runner to acquire India Cement's project in Madhya Pradesh. The proceeds from this will be used to pare long term debt worth over Rs 3,000 crore.
Note To Readers

Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.

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