Indian indices ended at record close on Wednesday, extending gains for the third straight session led by gains in banking, metal and pharma indices. Meanwhile, Asian shares and US stock futures also rose as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programs accelerated.
Among sectors, all except FMCG and realty indices ended the day in the green. Nifty Pharma index rose the most, up 3 percent followed by Nifty Metal, which added 1.5 percent. Nifty Bank, Nifty Auto and Nifty Fin Services indices were also up over 1 percent each for the day.
Here are the key stocks that moved today:
Home First Finance: The shares of Home First Finance Company listed at a premium of 19.45 percent at Rs 618.80 per share as against the issue price of Rs 518 on the NSE. The shares were listed at Rs 612.15 on the BSE. The Rs 1,153 crore-IPO of the mortgage lender a massive response from investors until the last day of subscription and was subscribed 27 times. According to data from the stock-exchanges, the issue received bids for 41.64 crore equity shares against the offered size of 1.56 crore equity shares. However, the stock pared listing gains to settled at around a 1 percent premium.
Ajanta Pharma: Shares of Ajanta Pharma rallied 3.5 percent after the company reported strong earnings for the quarter ended December 2020. Ajanta Pharma’s consolidated net profit in Q3FY21 rose 64 percent to Rs 177 crore from Rs 108 crore led by robust sales. The company’s consolidated revenue from operations during the quarter increased 15 percent to Rs 749 crore from Rs 651 crore, YoY.
IndusInd Bank: The stock rose over 7 percent after global brokerage Morgan Stanley raised the target price on the stock by 14 percent. "We value IndusInd using a base-case price to adjusted book value valuation methodology (vs. probability-weighted price to adjusted book value valuation methodology previously). We have revised our price target from Rs 1,075 to Rs 1,225," the brokerage said.
Tata Motors: The share price of Tata Motors rallied nearly 3 percent after the company valued its passenger vehicle business at Rs 9,417 crore. The stock price of Tata Motors has gained over 22 percent in the last one week, while it has jumped more than 144 percent in the last three months on the back of strong sales growth and recovery in the commercial vehicle business. The stock is up 78.27 percent YTD.
Pharma stocks: The Nifty Pharma index surged nearly 3 percent in trade on February 3, with all constituents trading in the green and Cipla and Sun Pharma hitting fresh highs in intra-day deals. Divis Labs, Torrent Pharma, Dr Reddy's, Cipla, and Sun Pharma rose 3-5 percent during the day.
(Edited by : Pranati Deva)
