Nifty touched a new high in the previous session by crossing the 20k milestone. “Nifty covered the 1,000-point journey from 19k to 20k in 52 trading sessions and this positive momentum is likely to continue going ahead as well. Strengthening of India’s positioning in the global arena along with a resilient economy would keep the earnings growth robust and provide fuel to the market," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Recently, large caps seemed to have taken a pause while a rally was seen in the broader market. But now large caps too have slowly started participating and thus going ahead up-move is likely to be led by both large caps and mid-small caps, analysts said. L&T, PowerGrid, Jupiter Wagons, HFCL among stocks to watch on Tuesday.
Shares of infrastructure conglomerate Larsen and Toubro (L&T) will be under the radar on Tuesday, September 12, as the company’s Rs 10,000-crore share buyback offer, the first in the company's history, will open. Under the proposed buyback, L&T will be buying back 3.3 crore shares from shareholders at a maximum price of up to Rs 3,000 apiece through the tender offer route for a maximum consideration of Rs 10,000 crore.
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PowerGrid shares will be in focus on Tuesday as September 12 is the record date for the company’s bonus issue. The company's board has recommended the issue of bonus shares in the ratio of 1:3, which means that for every three shares investors hold, they will get one additional share.
IRB Infrastructure Developers Ltd (IRB) on Monday said its revenue from toll collection grew 24% to Rs 417.2 crore in August 2023. Toll collection stood at Rs 336 crore in the same month last year, IRB said in a statement. Out of its 13 tolls, IRB MP Expressway in Maharashtra contributed the major share of Rs 141.1 crore to the total revenue collection, it said. On a month-on-month basis, the collection was up 14% from Rs 365 crore in July 2023.
UBS has maintained a "buy" rating with a target price of Rs 6,050 on the stock of Apollo Hospitals. UBS's analysts have noted that industry data trends suggest a steady improvement in occupancy rates, which is a key indicator of a healthcare institution's performance.
HFCL has received the purchase orders of Rs 82.60 crore for supply of optical fiber cables to a domestic telecom service provider of the country. “We are pleased to inform all the stakeholders that the company along with its material subsidiary, HTL Limited, has received the purchase orders aggregating to Rs 82.60 crores for supply of Optical Fiber Cables to one of the domestic Telecom Service Providers of the country,” the company said in a regulatory filing.
Shares of Jupiter Wagons will be trading ex-dividend on September 12. The company announced a final dividend of Re 0.5 per equity share.
“Bank Nifty has witnessed positive price action and is on the way to retest the recent swing high of 46,400. The index has been a laggard and hence a divergence is visible among the sectoral indices. Sooner rather than later, it is likely to align with the Benchmark (Nifty) and we expect the positive price action to continue. Momentum indicators on the daily and hourly time frames are in sync with the price action and hence we are likely to see a sustained upmove," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
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