Trading desk: The mover and shakers on D-street
The Sensex gained 0.19%, or 40 points, to close at 20,890, while the broader index CNX Nifty rose 0.23%, or 14 points, to close at 6,203.
By ET Bureau |
Both the BSE Sensex and CNX Nifty rose for the third consecutive session before closing at a two-week high. The Sensex gained 0.19%, or 40 points, to close at 20,890, while the broader index CNX Nifty rose 0.23%, or 14 points, to close at 6,203.
>> Jindal Steel was the top gainer, rising by 4.37% to close at Rs 255. Hindalco Industries gained 4.25% to close at Rs 124 and State Bank of India closed up 3.18% at Rs 1,823.
>> FIIs bought shares worth Rs 1,014 crore, while DFIs sold Rs 726 crore worth of shares according to provisional data. Bank of America-Merrill Lynch has recommended a ‘Buy’ rating for Jaiprakash Power Ventures with a price target of Rs 36. The stock rose 2.82% to close at Rs 18.20. The bank said the catalysts were the start of its captive coal mines in Q2 of FY14, commissioning of Nigrie plant in Q4 of FY14, normal generation at Karcham Hydro and turn in profits at Bina in Q4FY14 on tariff approval, leading to 67% CAGR in EPS over FY13. “Buy JPP as it scales up capacity 2.4x by FY15E through a diversified model across fuel mix, regulated vs merchant mix, and quality asset built.”
>> HDFC Securities said ONGC was a better reform play due to its sensitivity to both diesel and gas price deregulation. ONGC shares fell 0.47% to close at Rs 277. “The recent announcement of gas price hike will improve sentiments in the domestic upstream sector and companies may show more interest to develop discovered fields. The exploration and development activities should pick up and the future NELP rounds should see relatively better response.”
>> While the upstream sector would be a key gainer of the gas price hike, however, the upside for ONGC would be limited if Government of India decides to impose a higher subsidy burden or levy higher cess,” HDFC said.
>> Jindal Steel was the top gainer, rising by 4.37% to close at Rs 255. Hindalco Industries gained 4.25% to close at Rs 124 and State Bank of India closed up 3.18% at Rs 1,823.
>> FIIs bought shares worth Rs 1,014 crore, while DFIs sold Rs 726 crore worth of shares according to provisional data. Bank of America-Merrill Lynch has recommended a ‘Buy’ rating for Jaiprakash Power Ventures with a price target of Rs 36. The stock rose 2.82% to close at Rs 18.20. The bank said the catalysts were the start of its captive coal mines in Q2 of FY14, commissioning of Nigrie plant in Q4 of FY14, normal generation at Karcham Hydro and turn in profits at Bina in Q4FY14 on tariff approval, leading to 67% CAGR in EPS over FY13. “Buy JPP as it scales up capacity 2.4x by FY15E through a diversified model across fuel mix, regulated vs merchant mix, and quality asset built.”
>> HDFC Securities said ONGC was a better reform play due to its sensitivity to both diesel and gas price deregulation. ONGC shares fell 0.47% to close at Rs 277. “The recent announcement of gas price hike will improve sentiments in the domestic upstream sector and companies may show more interest to develop discovered fields. The exploration and development activities should pick up and the future NELP rounds should see relatively better response.”
>> While the upstream sector would be a key gainer of the gas price hike, however, the upside for ONGC would be limited if Government of India decides to impose a higher subsidy burden or levy higher cess,” HDFC said.
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