Mid-day Nifty gainers and losers: Eicher Motors, Hero MotoCorp soar; Tata Motors, Cipla fall

Indian benchmark indices were trading with firm gains on October 6. At 12:20 pm, the Sensex was up 350.87 points or 0.55 percent at 64,714.65, and the Nifty was up 112.10 points or 0.58 percent at 19,342.70. About 2,223 shares advanced, 998 declined and 125 shares unchanged.

Eicher Motors: Shares of the auto company jumped around 3 percent to Rs 3,535.95 after the company on November 2 reported a 3 percent on-year sales growth for October. It sold a total of 84,435 units compared to the 82,435 units sold during the same month last year.

Hero MotoCorp: Shares of the two-wheeler manufacturer rose over 2 percent to Rs 3,158.85 as Prabhudas Lilladher put a ‘accumulate’ rating on the stock with a target price of 3,575 per share. The brokerage expects the company’s margins to improve in the near term from operating leverage, premiumisation, cost controls and stable commodity costs.

Axis Bank: The share of private sector bank jumped over 2 percent to Rs 1,009. As many as 35 lakh shares changed hands, up 34 percent compared to the one-week average of 26 lakh.

Grasim: Shares of the Aditya Birla Group flagship firm rose 1.5 percent to Rs 1,925. The increase comes after the company selected five investment banks as advisors for its proposed rights issue to raise up to Rs 4,000 crore.

L&T: Shares of the infra major rose 1.56 percent to Rs 2,956.8 after one of the company’s arm L&T Infrastructure Development Projects said it would divest its entire stake in the wholly-owned subsidiary Interise Investment Managers Limited.

Tata Motors: Shares of the auto major fell half a percent to Rs 644. The company recently reported robust September quarter (Q2 FY24) performance as its consolidated net profit came in at Rs 3,764 crore against a net loss of Rs 944 crore in the same period a year ago.

Cipla: Shares of the pharma giant fell 0.4 percent to Rs 1,200.7 on November 6. It is one of Kotak Securities’ top picks for Samvat 2080. The brokerage has an ‘add’ call on stock with a raised target price of Rs 1,320.

SBI: Shares of the public sector bank were trading marginally lower at Rs 575.5 after it recorded 8 percent on-year growth in standalone profit at Rs 14,330 crore on lower provisions and higher other income but its pre-provision operating profit dropped 8 percent. The lender’s NII grew by 12.3 percent while the net interest margin declined 3 bps YoY to 3.29 percent.

Titan: Shares of the Tata Group firm were trading marginally lower at Rs 3,265.35 even as its strong revenue and profit growth in the July-September quarter beat Street estimates. The management’s healthy guidance for the upcoming quarters and festival season trends are keeping analysts bullish on the counter.

LTIMindtree: Shares of the IT company were trading 0.17 percent down at Rs 5,126. Around 50,000 shares changed hands on bourses compared to a one-week average volume of 3 lakh.