In the broader market, the S&P BSE MidCap index ended at 14,706, up 0.58 per cent.
The domestic stock market ended around one per cent higher on Monday on the back of gains in financial and FMCG stocks. Positive global cues also boosted investor sentiment.
Among headline indices, the S&P BSE Sensex settled 449 points, or 1 per cent higher at 40,432 levels and the Nifty50 index topped the 11,850-mark to settle at 11,873, up 111 points, or 0.94 per cent. ICICI Bank (up 5 per cent) ended as the biggest gainer on Sensex while Bajaj Auto (down nearly 2 per cent) was the biggest loser.
In the broader market, the S&P BSE MidCap index ended at 14,706, up 0.58 per cent while the S&P BSE SmallCap index ended at 14,851, up 0.43 per cent.
European stocks rallied on Monday as rising hopes of a coronavirus vaccine by the end of the year and a US fiscal package before elections offset concern over record daily infections in the region.
Wall Street futures rose 0.9 per cent.
In commodities, oil prices fell as concerns over surging coronavirus cases globally dampened the prospects for demand recovery while China’s third-quarter economic growth was weaker than expected.
MARKET AT CLOSE | Gainers and losers on the BSE Sensex
The S&P BSE Sensex gained 449 points, or 1.12 per cent to settle at 40,432 levels while the NSE's Nifty50 index ended at 11,873, up 111 points, or 0.94 per cent.
FM asks 14 CPSEs to spend 75% of Rs 1.15 trillion capex by December end
Finance Minister Nirmala Sitharaman on Monday asked officials to ensure that 14 state-owned companies spend 75 per cent of their capital outlay for the year by the end of December. This is because the government looks to maintain the pace of capital and infrastructure projects in a bid to soften the economic blow from the pandemic. READ MORE
BSE PSU index surges 2.5%
Amber Enterprises zooms 28% in 2 days after govt ban on import of ACs with refrigerants
Shares of Amber Enterprises India rallied 17 per cent to Rs 2,545 on the BSE on Monday, zooming 28 per cent in two days after the government banned the import of air conditioners with refrigerants. The consumer electronics company's stock was trading at its fresh record high level. READ MORE
Index contributors at this hour
Sept Quarter Result | CSB Bank's Q2 net profit grow to Rs 68.9 cr from Rs 24.7 cr YoY
>> NII improves 55% YoY to Rs 229.3 cr from Rs 147.1 cr
>> Gross NPA reduces to 3.04% Vs 3.15% QoQ
>> Net NPA at 1.30% vs 1.74% QoQ
Q&A :: We've increased cash in portfolio to guard against event risks, says J Jaipuria
Though increased restrictions in Europe and the pending outcome of the US presidential election will keep the markets choppy, JYOTIVARDHAN JAIPURIA, founder of Valentis Advisors, tells Puneet Wadhwa the markets will see positive returns in the second half of the financial year and the year after. READ FULL INTERVIEW HERE
Jyotivardhan Jaipuria, Founder and managing director, Valentis Advisors
MARKET CHECK | Sensex trades over 1% higher
HUL Q2 preview: Revenue may rise up to 19% YoY on GSK Consumer acquisition
Hindustan Unilever (HUL), the fast-moving consumer goods (FMCG) bellwether, is slated to announce its September quarter results (Q2FY21) on Tuesday, October 20. In the FMCG sector, analysts expect a strong recovery in both essentials and discretionary categories. However, products focused on premium price and out-of-home consumption will continue to face growth headwinds, they say. READ MORE
Bharti Airtel hits seven-month low in a strong market; down 20% in 1 month
In the past one month, the stock has slipped 20 per cent, as compared to 3.8 per cent rise in the S&P BSE Sensex. Notably, Bharti Airtel's share price has declined sharply, by around 30 per cent, since the Adjusted Gross Revenue (AGR) verdict on September 1, 2020. READ MORE
Centre asks at least eight state-run companies to consider buybacks: Report
Indian government has asked at least eight state-run companies to consider share buybacks in the current fiscal year that runs through March, 2021, two government officials said. READ MORE
Rupee ends mildly lower at 73.37 per US dollar vs Friday's close of 73.34/$
Equitas Small Finance Bank IPO: Near-term risks may limit listing gains
After two hiatuses, the initial public offer (IPO) of Equitas Small Finance Bank is set to open on Tuesday, October 20 with a price band of Rs 32-33 per share. At the upper price limit, the bank intends to raise up to Rs 517.6 crore to augment its tier-I capital base to meet the future capital requirement. Equitas SFB had earlier planned to raise Rs 1,000 crore through the IPO, but later reduced the size due to its “comfortable capital adequacy ratio” and “in view of the current market condition”. READ MORE
NEWS ALERT :: Finance Minister holds meeting on capex plans for FY21
Finance Minister Smt.@nsitharaman emphasised on close monitoring of the performance of the CPSEs to ensure that the CAPEX to the tune of 75% of capital outlay is made by the end of the Q3 of 2020-21. (5/6)
Sept Quarter Result | Hatsun Agro's Q2 profit jumps from Rs 25 cr to Rs 66 cr YoY
>> Board approves issue of bonus shares
Cosmo Films surges 9% as Board to consider share buyback plan
Rs 468 on the BSE on Monday after the company announced a share buyback plan. "A meeting of board of directors of the Company is scheduled to be held on Monday, October 26, 2020 to consider the proposal for buy-back of equity shares of the Company and other matters necessary/incidental thereto," Cosmo Films said in a exchange filing today. READ MORE
Sept Quarter Result | Bank of Maharashtra posts net profit at Rs 130 cr
>> Loan growth at 21.3% YoY
>> Net interest income at Rs 1,120 cr
>> NNPA at 3.3%, GNPA at 8%
European indices start on a strong footing
RESULTS TODAY:: Here's what analysts expect from Britannia's Q2FY21 results
Analysts at Edelweiss Securities estimate Britannia’s revenue, earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net profit (PAT) to jump 15 per cent, 31.8 per and 23.8 per cent year-on-year (YoY), respectively. It expects the company to post volume growth of nearly 12 per cent YoY on a base of 3 per cent (Q1FY21 saw 21.5 per cent volume growth on a base of 3 per cent). "On the margin front, raw material trend is benign and that combined with operating leverage and cost efficiencies will aid EBITDA margin; hence, we estimate 240bps YoY margin expansion," the brokerage said in a result preview note. READ MORE
DMart sales recover from June lows though volumes remain sub-par
While sales were down 12 per cent lower than year ago quarter it was better than the 34 per cent dip reported in the June quarter. Led by sales of staples and fast moving consumer goods (FMCG), the company achieved over 87 per cent of the sales in September as compared to the year ago period. READ MORE
Consistent revenue growth to remain key for Mindtree stock: Experts
The Mindtree stock was one of the biggest losers among mid-cap IT companies, shedding nearly 7 per cent in trade on Friday. The dip in stock value was due to lower-than-expected revenue performance in the September quarter, weak deal wins, and higher exposure to Covid-19-hit verticals. Though dollar revenue growth of 3.1 per cent on a sequential basis in the quarter was broad-based, it was lower than Street estimates. READ MORE
NEWS ALERT | Blackstone looks set to acquire L&T MF for approx Rs 3,200 cr
Blackstone looks set to acquire L&T MF for approx Rs 3,200 cr after both Blackstone & L&T Fin resolve valuation mismatch
(As per CNBC-TV18 report)
Jet Airways extends gain after CoC nod for revival plan; up 47% in 8 days
Shares of Jet Airways (India) hit the upper circuit of 5 per cent at Rs 42.15 on the BSE on Monday, after the committee of creditors (CoC) of the company approved the resolution plan of consortium of Kalrock Capital–Murari Lal Jalan. The stock was trading higher for the eight straight day and has rallied 47 per cent as compared to 2 per cent decline in the S&P BSE Sensex during this period. Till 11:19 am, a combined around 24,000 shares changed hands and there were pending buy orders for 2.28 million shares on the BSE and NSE. READ MORE
Top losers on the BSE at this hour
Recovery of shadow banks in doubt as lenders take a hit from Covid-19
Signs of a recovery for India’s troubled shadow banks have taken a step backward as concerns reemerged about the true impact of the pandemic on the lenders. Average spreads on the lenders’ AAA rated five-year bonds rose for the first time in four months in September. Of three other gauges tracking shadow bank sector health compiled by Bloomberg, two including banking system liquidity and outstanding debt weakened, while a share performance index stayed put. READ MORE
MARKET UDATE | GAIL up over 3%
MARKET UPDATE:: Sensex off highs, but still up 300 pts
ONGC gains over 3%
HAL, BEL: Stocks of these Navratanas can add sparkle to your portfolio
The festive season has begun and the market seems to have got its mojo back. The benchmark indices have rallied over 55 per cent from the March-lows, though there have been intermittent sessions of profit-booking. On Monday, the S&P BSE Sensex traded over 1 per cent higher at 40,414 levels while the NSE's Nifty50 index was quoting nearly a per cent higher at 11,872 levels. READ MORE
NEWS ALERT :: Cosmo Films Board to meet on Oct 26 to consider share buyback
BROKERAGE VIEW | Emkay Global Financial Services on Tata Power
RATING: BUY | TARGET PRICE: Rs 73
Renewable InvIT and non-core asset sales will significantly de-risk the balance sheet, with net debt/equity estimated at 1:1 by FY23E. Earnings growth will be super-charged – rising 41% through FY23 with significant and sustainable improvement in ROEs. We initiate coverage on Tata Power with a Buy rating and a SoTP-driven TP of Rs 73.
L&T is seeing gradual but regular improvement in biz prospects: Analysts
The lockdown-related disruption has significantly affected investor sentiment towards Larsen & Toubro (L&T). The concerns over labour availability, project execution, and new order flows meant that the stock continued underperforming.
But, analysts now feel concerns are overdone and L&T is seeing gradual but regular improvement in business prospects. The project execution is picking up with improved labour availability. READ MORE
Oil prices decline after China September quarter growth disappoints
Oil prices fell on Monday after reports that China's third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world's largest oil importer. The world's second-largest economy in the third quarter expanded by 4.9% from a year earlier, missing analyst expectations, government data showed. Refiners in China, the world's second-largest oil user, slowed their processing rates in September and industrial metal imports were lower. READ MORE
Bank stocks in focus on good operational show by Federal, HDFC Bank in Q2
ICICI Bank, Axis Bank Federal Bank, Bandhan Bank and RBL Bank from the Nifty Bank index were up more than 4 per cent on the National Stock Exchange (NSE). State Bank of India (SBI), HDFC Bank, IndusInd Bank, City Union Bank, IDFC First Bank and Punjab National Bank (PNB) were up in the range of 1 per cent to 3 per cent. READ MORE
Britannia trades nearly 1% higher ahead of Q2 nos; here's what to expect
Shares of Britannia Industries, the fast-moving consumer goods (FMCG) major, gained nearly a per cent on the BSE on Monday ahead of its September quarter (Q2FY21) results due later in the day. According to a recent Business Standard report, the FMCG sector is sector is upbeat on the second quarter numbers, pointing towards the demand revival driven by the relaxation in restrictions as well as consumers adjusting to the new normal. READ MORE
DHFL hits 10% upper circuit on report of Adani, Piramal submitting bids
According to Business Standard report, four entities — Adani Group, Piramal Group, US-based asset management company Oaktree Capital Mangement, and SC Lowy — have submitted bids for DHFL. While Oaktree submitted a bid for the entire company, others bid for select portfolios. READ MORE
SRF hits a fresh record high on successful fundraising through QIP issue
Shares of SRF hit a fresh record high of Rs 4,523.80, up 2 per cent on the BSE in the early morning deal on Monday after the company successfully raised Rs 750 crore from the institutional investors through qualified institutional placement (QIP). The stock surpassed its previous high of Rs 4504 touched on Friday. In the past two weeks, it has outperformed the market by gaining 10 per cent, as compared to a 3.3 per cent rise in the S&P BSE Sensex last week. READ MORE
NEWS ALERT :: Cadila Health gets tentative US FDA nod for Tofacitinib tablet
>> Zydus Cadila has received tentative approval from the US FDA to market Tofacitinib Extended-Release Tablets, 11 mg. It is recommended for the once-daily treatment of adult patients with moderately to severely active ulcerative colitis (UC).
>> The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.
>> The group now has 308 approvals and has so far filed over 390 ANDAs since the commencement of the filing process in FY 2003-04
Rupee opens lower at 73.38/$ vs Friday's close of 73.34 against the US dollar
ALERT :: Nifty Bank tops 24,000-mark
HDFC Bank gains 2.5% on improved asset quality in Q2, 18% YoY jump in PAT
HDFC Bank shares advanced 2.5 per cent to Rs 1,229 apiece on the BSE on Monday after the bank reported healthy September quarter (Q2FY21) results on Saturday, October 17. The country's largest private lender clocked an 18.4 per cent year-on-year (YoY) growth in its net profit on substantial growth in interest earnings and other income. READ MORE
Avenue Supermarts falls 2% as profit dips 38% YoY in September quarter
Shares of Avenue Supermarts, which runs the DMart chain of stores in the country, slipped 2 per cent to Rs 1,949 on the BSE on Monday after the company reported a 38.4 per cent year on year (YoY) fall in consolidated net profit at Rs 199 crore in the September quarter (Q2FY21). The company had reported a profit of Rs 323 crore in the same quarter of last year. READ MORE
Top gainers on the BSE at this hour
DLF surges over 3%
>> Realty major DLF's rental arm DCCDL has raised Rs 2,400 crore debt from India's largest lender SBI to refinance its existing debt and fund future expansion plans, a senior company official said.
Jet Airways locked in 5% upper circuit
Oberoi Realty gains 2% in early trade
HDFC Bank up over 1%
Avenue Supermarts trades mildly in the red
Sectoral trends at Open
Top gainers and losers on the S&P BSE Sensex at Open
NEWS ALERT :: China's economy grew 4.9% YoY in Q3CY20
>> Economists had expected growth of 5.3%
>> Q3 GDP up 2.7% QoQ
>> Sept industrial output up 6.9% YoY
>> Sept retail sales up 3.3% YoY
BROKERAGE VIEW :: YES Securities on Avenue Supermarts
After the recent underperformance, the stock is currently trading at 55x FY22E P/E and 35x EV/EBITDA. While we have been negative on the stock given the risks to FY21 earnings and medium-term risk of multiple de-rating, the better than expected recovery trajectory and the correction in valuation multiples makes us turn more constructive on the stock. Increased focus and increasing traction in DMart Ready is another positive sign. Notwithstanding the medium term disruption risk from players like Reliance Jio, Amazon and Flipkart, we believe the company is in a good position to lock in real estate for the next 3-4 years at attractive terms given its cash rich position. Its core advantage of owning its stores, lowest cost of operations and best-in-class execution should help it remain a relevant player going forward. Current valuations look reasonable given the best-in-class earnings visibility among in the large cap consumption space.
Top gainers and losers on the S&P BSE Sensex at Pre-open
>> NII at Rs 158bn (+17% yoy) was marginally below our expectations due to lower NIM at 4.1% (-20bp qoq). Fee income was lower by 2% yoy at Rs 45bn, but grew 70% sequentially on higher economic activity compared to 1Q21.Impact of lower retail origination, lower credit and debit card usage on Fee income was c.Rs 8bn. Operating expenses increased 8.8%. Pre-provision profits at Rs 138bn were better than our expectations due higher treasury income at Rs 102bn (Rs 4.8 bn in 2Q20).
>> Provisions at Rs 37.0 bn include contingent provision of Rs 23 bn and NPA provision of Rs 12.4 bn. As of Sep 2020, bank has total contingent provision of Rs 63 bn.
>> Loan growth of 16% yoy driven by wholesale growth of 26.5%. Retail book grew by +5.3% yoy largely driven by personal loan and credit cards.
>> GNPA/NNPA (on Proforma basis in absence of any SC injunction) was flat qoq at 1.37% / 0.37%. Annualised credit cost on Proforma basis was 0.91% lower 17bps qoq. Slippage ratio for the quarter was 0.8% (1.98% on Proforma basis).
BROKERAGE VIEW :: IDBI Capital on Avenue Supermarts
>> Avenue Supermarts (DMART) 2QFY21 result was better than our estimates. Overall business reached c. 88% pre-covid level led by strong recovery in FMCG and staples while general merchandise and garment continues to face headwinds due to lower foot-fall. As a result, Inferior revenue mix led to decline in gross margins. Store addition rate remain robust (added 6 stores during 2Q vs 2 stores in 1Q). Interestingly; DMART shut down 2 stores (in Mira Road and Kalyan each) and converted them into fulfillment centers to support its online business. DMART also expanded online footprint to Pune. We have introduced FY23E in our estimates and upgrade our rating to BUY with a revised TP of Rs 2,471 (40x FY23E EV/EBITDA).
BROKERAGE VIEW :: Kotak Institutional Equities on Prestige Estates
CMP: Rs 260 | Fair value: Rs 275 | Reco: Add
>> Prestige Estates has entered into a non-binding letter of intent with Blackstone group for sale of specified assets in the office, malls and hotel segment. While the company has not disclosed any further specifics on the transaction, unconfirmed media reports peg the transaction value at Rs120 bn, compared to our own valuation of Rs135 bn. We would view the development favorably, as it would help de-leverage the balance sheet. However, the street has in recent times ascribed richer multiples to annuity businesses compared to pure development portfolios of companies. Maintain ADD rating with fair value estimate of Rs275/share.
BROKERAGE VIEW :: Kotak Institutional Equities on Federal Bank
CMP: Rs 52 | Fair velue: Rs 80 | Reco: Buy
>> Federal Bank reported ~25% yoy earnings decline despite a solid 40% yoy operating profit growth primarily on account of higher provisions, strengthening the balance sheet ahead of the Covid-related slowdown. The balance sheet is well-positioned to handle the Covid stress, in our view. Maintain BUY (Fair Value unchanged at Rs80) but we see near-term business performance relatively volatile. Our view that it is likely to emerge stronger post Covid remains unchanged.
BROKERAGE VIEW :: Kotak Institutional Equities on Avenue Supermarts
CMP: Rs 1,984 | Fair value: Rs 1,475 | Reco: Sell
>> Dmart’s 2QFY21 revenue decline of 12% yoy was in line with our estimates. Yoy revenue decline was due to sporadic lockdowns, weak footfalls and sluggish recovery in general merchandise sales. EBITDA of Rs3.25 bn missed estimates due to weaker-than-anticipated GM of 14%. We cut FY2021-23E earnings by 11-18% as we bake in a prolonged pandemic and slower recovery in revenues. SELL with revised DCF-based FV of Rs1,475 (Rs1,530 earlier).
BROKERAGE VIEW :: Kotak Institutional Equities on HCL Technologies
Fair value: Rs 945 | Reco: Add
>> HCLT impressed with strong sequential broad-based growth backed by margin expansion. The company has raised FY2021E revenue guidance to a growth of 0.5-1.3% from decline of 0.8-2.3% earlier, ex DWS contribution. HCLT is well-positioned to grow led by capabilities in digital foundation, consistent mega deal wins and improving digital competencies. We raise FY2021-23E revenue estimate by 2-4%, EPS by 2-4% and SoTP-based Fair Value to Rs945 (Rs900 earlier).
BROKERAGE VIEW :: Kotak Institutional Equities on HDFC Bank
CMP: Rs 1,199 | Fair value: Rs 1,300 | Reco: Add
>> HDFC Bank reported 18% yoy earnings growth on the back of similar operating profit growth. A strong commentary on business momentum (closer to pre-Covid and likely to surpass soon) and solid performance on asset quality imply that HDFC Bank has a sizeable lead as compared to all banks. Strong operating profits gives adequate cushion to manage stress, a risk that still remains. Maintain ADD with FV revised to Rs1,300 (Rs1,200 earlier) as we upgrade earnings to reflect this change.
BROKERAGE VIEW :: MOFSL on Trident
CMP: Rs 8 | TP: Rs 10 (+29%) | Reco: Buy
>> Trident (TRID) witnessed robust demand revival in the Textiles segment during 2QFY21 due to high demand from big retailers (selling essentials). Big retailers saw their inventory pipeline running dry on account of huge demand build-up due to COVID-19. Thus, demand for TRID’s Textiles segment should remain robust in the near term due to strong order book. However, recovery in the Paper segment is expected to be gradual depending on offices and educational institutions completely opening up.
>> Factoring the beat to our earnings estimates and improved visibility for demand in the textiles segment, we have increased our PAT estimates for FY21/FY22E by 38%/15%. We value the company at 11x FY22E EPS and arrive at TP of Rs 10
Stocks to watch out for
HDFC Bank: Country’s largest private lender HDFC Bank’s net profit rose by 18.4 per cent to Rs 7,513.1 crore for second quarter ended September 2020 (Q2Fy21) on substantial growth in interest earnings and other income. The net interest income (NII) grew by 16.7 per cent year-on-year (YoY), from Rs 13,515 crore in Q2FY20 to Rs 15,774.4 crore in Q2FY21.
Avenue Supermarts: The company's consolidated net profit declined 38.46 per cent to Rs 198.55 crore in the quarter ended September 2020. Sales declined 11.43 per cent to Rs 5306.20 crore in the quarter ended September 2020 as against Rs 5990.78 crore.
Earnings today: As many as 21 companies, including names such as ACC, Britannia Industries, and HDFC Life are slated to report their Q2 numbers today. READ MORE
BROKERAGE VIEW :: MOFSL on Federal Bank
CMP: Rs 52 | TP: Rs 70 (+34%) | Reco: Buy
>> Federal Bank (FB) posted strong 2QFY21 operating performance on healthy NII growth aided by (a) margin expansion, (b) recovery in core fees, and (c) improvement in provisioning coverage. Higher provisions toward Covid-19 though affected PAT. Overall, the bank holds ~50bp provisions toward the Covid-19 impact. PCR has improved to 66% and FB expects restructuring of up to 3% of loans as collection efficiency improved to 95% for Sep’20.
>> We have fine-tuned our estimates for FY21 and increased it for FY22E by ~10% owing to an increase in our margin and credit cost estimates.
BROKERAGE VIEW :: MOFSL on Oberoi Realty
CMP: Rs 389 | Reco: Buy
>> OBER reported revenue decline of -36% YoY to INR3,161m (est. INR2,595m) in 2QFY21.
>> EBITDA was down 12% to INR1,865m YoY (est. INR983m). EBITDA margins expanded 1,570bp to 59.0% (est. 37.9%) in 2QFY21.
>> PBT was down 12% YoY to INR1,672m (est. 746m). Adj. PAT came in flat YoY at INR1,377m (est. INR696m) in 2QFY21.
>> Net debt stood at INR9.8b, with net debt to equity at 0.11x.
>> For 1HY21, revenue / EBITDA / adj. PAT declined 60%/45%/43% YoY.
>> DMart has witnessed sequential revenue recovery (up 37% QoQ) with consistent MoM growth in 2QFY21. However, numbers are still weak YoY (down 11%) with -12.5% SSSG.
>> Gross Margin has improved, but is still down 90bp YoY due to lower mix of the margin-accretive discretionary business.
>> We expect DMart to deliver FY20-22E revenue/EBITDA CAGR of 20%/18%. We have factored in -7%/15% SSSG and 15/40 store adds for FY21/22E. Unlike other retailers, grocery retailers catering to essentials have seen swift recovery from Covid-19. We believe the gradual unlocking of the nation would lead to positive sales from 3QFY21, supported by improving sales from the general merchandise and apparel category.
>> However, growing scale of online retailers with strong sales in recent months and the prominence of players like Amazon and Reliance Retail with deep pockets poses risk of moderation in DMart’s growth and return profile, which may in turn restrict re-rating. Thus, we value DMart at ~20% discount to its three-year average EV/EBITDA multiple of 54x, implying 6% upside. We retain our Neutral recommendation.
BROKERAGE VIEW :: MOFSL on HDFC Bank
CMP: Rs 1,199 | TP: Rs 1,400 (+17%) | Reco: Buy
>> HDFC Bank (HDFCB) reported a strong performance, with advances growth driven by corporate; select retail segments also showed signs of recovery, with credit card growing at 6% QoQ. Operating performance remained stable, led by steady business growth and cost control. However, margins moderated 20bp QoQ on account of higher liquidity and a change in the asset mix.
>> The bank further shored up provisions as it provided for INR23b toward potential NPA (not declared due to the SC order) and other contingent provisions.
>> We maintain our earnings for FY21/FY22 and also introduce FY23 estimates. We expect an earnings CAGR of 19% over FY20–23E. Maintain Buy
The stock has formed a base near 153 levels and has picked up momentum with stability seen at current 170 levels. The RSI indicator has recently indicated a decent rise to imply strength and we anticipate further upward movement in the coming days. We suggest to buy and accumulate this stock for an upside target of Rs 215-225 levels, keeping the stop loss of Rs 160. READ MORE