homemarket Newsstocks NewsCG Power sees buying interest; Pressure on IndusInd: What kept dealers busy on expiry?
CG Power sees buying interest; Pressure on IndusInd: What kept dealers busy on expiry?
Shares of CG Power gained for the third straight day.
Shares of CG Power ended 1.3 percent higher after its quarterly results. The stock has risen over 30 percent this year.
Sources within the dealing rooms tell CNBC-TV18 that a leading domestic mutual fund is looking to actively accumulate the stock.
The management told CNBC-TV18 in an interview that the second half of the current financial year will turn out to be better than the first half. The company also plans to achieve 13 percent EBITDA margin during the current financial year.
Expiry Recovery
Benchmark indices staged a recovery in the last hour of trade as the rupee recouped losses from Wednesday. The NSE Nifty 50 index ended above the 17,550 mark.
Dealers indicate that stock-specific reaction to earnings will continue to determine the market direction going forward. Market heavyweight Reliance Industries will report results on Friday while ICICI Bank will come out with its numbers on Saturday.
Leading FII desks are buying in selective midcap names, according to feedback from dealers. Select financials and technology stocks have received healthy bids on Thursday.
Besides CG Power, here are some other stocks that have been part of the dealing room chatter today:
IndusInd Bank: Shares of the private lender were the top laggard on the Nifty 50 index, ending 5 percent lower. Dealers suggest that the stock is under pressure due to sell flows from the FII desk. They are anticipating high delivery volumes today. The stock also reacted to its quarterly results, which were mostly above estimates.
RCF: Stock is buzzing in a weak market on the back of strong flows from the FII desk. Shares ended higher for the third straight day and are trading close to the Rs 100 mark. The state-run company has gained close to 30 percent this year so far.
UPL: The stock ended as the top gainer on the Nifty 50 index on Thursday, ending 5.3 percent higher. Dealers are anticipating a potential corporate development where the company is likely to unlock value through one of its subsidiary.
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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