Brokerage calls and August auto sales numbers featured prominently among the triggers, with UBS and HSBC weighing in on Coal India even as Hero MotoCorp and Eicher Motors posted mixed monthly sales figures.
Top gainers at market open
IFCI shares rose up to 5% at market open. The company’s shares had risen more than 72% since the beginning of the year and more than 72% in the past year. The stock was at a 4.6% decline from its 52-week high of ₹95.80. Over 5 crore shares of the company were traded on the stock market at 1.07 times the stock’s 10-day average.
Coal India shares rose up to 4% at market open after UBS maintained a Buy call with a target price of ₹550 a share, citing strong thermal coal demand and lower pithead inventories, down 55 million tonnes, supporting higher e-auction premiums, even as production declined 6% year-on-year in August.
HSBC also maintained a Hold call with a target of ₹440 a share, citing coal inventories at three-year lows and potential upside risk to dividend per share.
The company’s shares had risen over 4% since the beginning of the year and more than 9% in the past year. The stock was at a 17.9% decline from its 52-week high of ₹491.25. Over 1 crore shares of the company were traded at 1.63 times the stock’s 10-day average.
New India Assurance Company shares rose up to 4% at market open. The company’s shares had risen over 24% since the beginning of the year and about 0.07% in the past year. The stock was at a 12.9% decline from its 52-week high of ₹218. Over 32 lakh shares of the company were traded at 0.80 times the stock’s 10-day average.
Top losers at market open
Hero MotoCorp shares fell up to 5% at market open after the company reported August auto sales, with motorcycle sales down 1.53% year-on-year to 4.94 lakh units from 5.02 lakh units, and export sales down 24.6% year-on-year to 26,093 units from 34,588 units.
The company’s shares had fallen more than 9% since the beginning of the year and about 0.27% in the past year. The stock was 13.4% away from hitting its 52-week low of ₹4,671.50. Over 3 lakh shares of the company were traded at 0.73 times the stock’s 10-day average.
Eicher Motors shares fell over 4% at market open despite the company reporting August auto sales, with total VECV sales up 17.7% year-on-year to 8,434 units from 7,167 units. The company’s shares had risen about 4% since the beginning of the year and over 20% in the past year. The stock was at a 7.7% decline from its 52-week high of ₹8,230. Over 3 lakh shares of the company were traded at 0.80 times the stock’s 10-day average.
Ola Electric Mobility shares fell over 3% at market open. The company’s shares had risen about 5% since the beginning of the year and fallen over 36% in the past year. The stock was at an 80.9% decline from its 52-week high of ₹71.25 and 76.9% away from hitting its 52-week low of ₹22.25. Over 1 crore shares of the company were traded at 0.30 times the stock’s 10-day average.
Also Read: Stocks to Watch for September 2: Hero MotoCorp, Adani Green, NMDC and more
