Overnight Digest: Stocks to keep a watch on March 29
The broader indices underperformed the benchmarks with BSE midcap and smallcap indices settling on a lower note.
On Monday, the benchmark indices reversed the morning losses on the back of optimistic global cues and eyeing on RBI opting for the status quo at its policy meet which is scheduled during first week of April 2022.
At close, the Sensex was up 231.29 points or 0.40 per cent at 57,593.49, and the Nifty was up 69 points or 0.40 per cent at 17222 level. About 1051 shares have advanced, 2268 shares declined, and 123 shares are unchanged.
On the sectoral front, bank and oil & gas indices gained a per cent each, and auto and metal indices advanced 0.5 per cent each. However, selling was seen in the capital goods, IT and pharma names. The broader indices underperformed the benchmarks with BSE midcap and smallcap indices settling on a lower note.
Keep a watch on these stocks for Tuesday's trading session:
Gail India - The share gained 4 per cent on an intraday basis on Monday after the company announced that its board will consider buyback of shares in its board meeting on Thursday, March 31, 2022. The stock traded higher for the fourth straight trading day and zoomed 7 per cent during the past four trading sessions. The primary objective of a share buyback programme is to restrict the decline in the value of a stock by lowering the supply of the stock, which eventually pushes up the share price via a better price to earnings (P/E) multiple.
Emami - The shares of Emami hit a 52-week low of Rs 442.50, contracting 2 per cent in Monday's trading session after the company announced the acquisition of "Dermicool", one of the leading brands in the Prickly Heat Powder and Cool Talc category from Reckitt, for a total consideration of Rs 432 crore excluding taxes and duties. The brand "Dermicool" is popular for providing cooling and respite from prickly heat caused during the summer season. It holds around 20 per cent market share in the high growth and low penetrated category.
Ruchi Soya - The shares of this Patanjali backed company rattled 10 per cent to Rs 783.45 per share on Monday ahead of the closure of its follow-on public offering (FPO). The stock of this company traded lower for the fourth straight day, down 14 per cent during the period. The issue has subscribed 1.35 times with the FPO garnering bids for 66 million equity shares against the size of 48.9 million equity shares, so far. The stock has closed 6.4 per cent down at Rs 811.2 per share.
Larsen & Toubro - The company's buildings business has set a record by constructing the storey, state-of-the-art Flight Control System (FCS) Integration Facility for the Defence Research and Development Organization (DRDO) in just 45 days using Integrated Hybrid Modular Construction Technology (IHMCT). It is constructed on a total built-up area of 130,000 sq. feet. The site team had to coordinate with 21 off-site locations to integrate design, structure, architecture, and MEP services. Going forward, this hybrid system will help to increase productivity, optimise resource utilization, reduce losses due to wastage and speed up the pace of construction.
Motherson Sumi Wiring India - The company was listed on Monday after demerger and the shares of the company locked in the lower circuit of 5 per cent at Rs 62.70 per share. BSE Sensex was up 0.19 per cent at 57,469 points as compared to the 5 per cent dip in the debuted share. The stock had hit an intraday high of Rs 69.30 after it got listed at Rs 66 on the BSE.