Market this week 15-9-2023

Market this week 4
Market this week 4

Titagarh Rail gains on positive outlook, HSBC raises the target price to Rs 750

On September 15, Titagarh Rail Systems stock was trading 3 percent higher, boosted by the company’s strong development prospects.

On the company’s shares, which has increased by over 64 percent year to date, HSBC Securities has advised a ‘Buy’ recommendation.

The brokerage increased the target price from Rs 750 per share to Rs 900 per share by accounting for a potential increase from the current levels.

The business has a sizable order backlog, which gives it clear visibility into its growth prospects. Private sector demand for railroad wagons is on the rise.

Plans by Oil India to invest Rs 25,000 crore to reach their aim of net zero are successful.

On September 15, news that the state-owned company’s Chairman and Managing Director Ranjit Rath had stated that it planned to invest Rs 25,000 crore in renewable energy helped Oil India shares trade 4 percent higher. He claimed that doing this would help the country reach its 2040 net zero emissions target.

In addition to the money required to switch its diesel-fired engines to gas ones, the company plans to invest Rs 8,000 crore of the aforementioned sum in a 2G ethanol facility, he said.

The business sought a way to “repatriate its $150 million in dividends from Russia.” According to the article, the company is supposed to have acquired the sum through its operations in Russia. Due to the current sanctions against Russia, the company has been unable to withdraw the funds from the State Bank of India branch in Moscow.

Gains on the intentions to start a paint business

Following the textile manufacturer’s announcement that it would be entering the paint industry, shares of Grasim Industries marginally increased in value by 0.5 percent on the NSE. The shares continued to rise on September 15 at 11:10 am and were trading at Rs 1,931.60, up 1.8 percent from the previous day’s closing. Asian Paints, Berger Paints, and Dulux Paints are further significant companies in the paint industry.

Birla Opus will be the brand name used by Grasim Industries as they enter the paint industry. It is planned to launch the market in Q4FY24. A press statement states that Grasim has already introduced a variety of imported wood finishes and successfully piloted the first-of-its-kind painting services in major metro areas. In Maharashtra, a state-of-the-art R&D center has already been established. The maker of textiles has pledged to invest Rs. 10,000 crore in the launch of the paints industry.

Shares of Abbott India rise after the firm pledges to address problems at the Goa Plant

Following the company’s disclosure that corrective actions were being taken at its Goa factory, Abbott India’s shares initially struggled until rising on September 15.

At 10:45 a.m., the stock was trading at Rs. 23,120, up 0.91 percent from its previous close. The stock had fallen to a low of Rs 22,911.25 earlier this morning.

Digene Gel shouldn’t be consumed, the Drugs Controller General of India (DCGI) said earlier this month, citing safety concerns. Prior to the DCGI order, the drug manufacturer voluntarily recalled a number of batches of the medication made at the company’s Goa facility. On September 14, Abbott announced that it would begin taking corrective measures at its Goa facility.

3% growth for Mishra Dhatu Nigam on upbeat management commentary

On September 15, Mishra Dhatu Nigam’s shares increased by 3% as a result of the management’s upbeat remarks. On the BSE, business shares were trading 2.7 percent higher at Rs 421.75. In one month, the stock increased by 21%, and over the last three months, it increased by 68%.

Sanjay Kumar Jha, Chairman & Managing Director, Mishra Dhatu Nigam, said CNBC-TV18 in an interview that the company, which has been aiding ISRO since the beginning of the Chandrayaan-3 project, has already booked orders of Rs 600 crore with a target revenue of Rs 1,200 crore in FY24.

Approximately 30% of the FY24 contribution will come from the space segment, he continued, and newly-commissioned facilities will provide additional revenue of Rs 300 crore.

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