Stock Market Live: Nifty Hits 16,000 Led By Titan, Sun Pharma; Steel Stocks Drag

Shares of Steel Strips Wheels Ltd. hit 10% upper circuit after the company crossed Rs 300 crore monthly sales for the first time ever.

• Exports segment volume rose by 164% YoY as sales crossed Rs 100 crore -- it's highest on record.

• PV segment volume grew by 66% YoY

• Tractor volumes rose by 21% YoY

• Commercial vehicles segment volumes increased by 188% YoY

• 2 & 3 Wheelers segment volume grew by 89% YoY

Shares of Steel Strips Wheels advanced over 225% in 2021. The relative strength index is 86 suggesting that the stock may be in overbought territory.

Shares of NCC added 3.29% to Rs 89.50 apiece after the company said it bagged four orders worth Rs 1,679 crore (exclusive of GST) in July.

• Out of the total orders, one order valuing Rs 732 crore pertained to Building Division.

• Two orders valuing Rs 730 crore pertained to Water & Environment Division.

• One order valuing Rs 217 crore pertained to Electrical Division.

'The orders are received from state government agencies and do not include any internal orders’, AAV Ranga Raju, Managing Director of NCC was quoted as saying in the exchange filing.

Out of the 18 analysts tracking the company, 16 maintained ‘buy’ and 2 maintained ‘hold’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 24.4%. The company is scheduled to report its June quarter earnings on Thursday.

Shares of Balaji Amines Ltd. gained 9.06% to hit a new record high of Rs 3,619 apiece after the company reported sequential growth in revenue and net profit in the June quarter.

June Quarter Numbers (Consolidated)

• Net profit at Rs 97.40 crore vs Rs 88.80 crore QoQ.

• Revenue from operations at Rs 450.68 crore vs Rs 414.03 crore QoQ.

• Total expenses at Rs 320.46 crore vs Rs 297.36 crore QoQ.

• Other income at Rs 1.26 crore vs Rs 3.60 crore QoQ.

All the four analysts tracking the company have maintained a ‘buy’ recommendation. The overall consensus price of analysts tracked by the company implied a downside of 8.6%. Shares of Balaji Amines have gained over 270% in 2021 so far. The relative strength index is 72 suggesting that the stock may be in overbought territory.

Shares of Britannia Industries Ltd. gained as much as 1.76% in early trade after foreign brokerage Jefferies upgraded its rating from ‘hold’ to ‘buy’ citing the food company’s “decent revenue performance” in Q1 and its stock’s correction that has underperformed several of its peers.

The company’s revenue rose 8.7% sequentially to Rs 3,403.5 crore, while profit attributable to owners was up 6.9% sequentially to Rs 389.6 crore in the quarter ended June, according to its exchange filing. Ebitda margin remained flat at 16.3% compared with 16.1% in the preceding quarter.

Jefferies said that while margins have started to normalise, revenue trend has been better in the quarter. “Focus remains on growth and gross margin is close to bottoming-out, with likely product price hikes in coming quarters. Pandemic did impact progress on launches but ambition of being 'total food company' stays intact,” it said.

It added that Britannia's stock has corrected more than 10% from its peak last year, underperforming several of its peers. “After an earnings-per-share decline in FY22 due to a high revenue base & margin normalisation, Britannia is likely to see 15% CAGR in earnings-per-share over the next couple of fiscal years,” it said in a note.

The brokerage also raised its target price on the biscuits manufacturer from Rs 3,800 to Rs 4,150, implying a potential upside of around 21.3%.