in

Market Movers: Two retail investor favourites light up D-Street ahead of Dussehra

Market Movers: Two retail investor favourites light up D-Street ahead of Dussehra thumbnail

MUMBAI: Indian Railway Catering and Transportation Corporation lit up Dalal Street as the stock celebrated the two-year anniversary of its listing with a record high. The mind-bending rally in the stock continued as it has now risen 44 per cent in October so far, and it’s not even half a month yet.

The general perception is that the company is benefitting from the reopening of the economy and better certainty on earnings as a high vaccination rate recedes the threat of a third wave of the pandemic. The reality, though, is that

has gone over to the territory where fundamentals are less important and momentum more.

Nonetheless, retail investors are gleeful as their bet on the company has played out well, but institutional investors must be feeling that FOMO really hard.



shoots itself in the foot



Just as investors were getting jubilant over Coal India’s stock performance, the company’s actions today has resulted in an abrupt halting of the same.

Shares of the coal miner sank nearly 3 per cent after the company told its subsidiary to halt non-power e-auction of coal till the time the ongoing coal shortage subsides. Nearly two-thirds of the coal auctioned by Coal India via e-auction method was for non-power use.

The halting of non-power coal e-auction is likely to have an adverse impact on the company’s earnings going ahead.



ITC may get an Amazon boost



ITC at Rs 256? Yes, a laughable idea just 45 days ago is now a reality. Shares of the company jumped another 3 per cent today and ended near their 52-week high.

The gains were driven largely by speculation that the company may tie-up with Amazon for its e-chaupal portal. The e-chaupal is ITC’s own innovative platform created by ITC to leverage its decades-old relationship with farmers. Now, Amazon reportedly wants a piece of it.

From investors’ point of view, if ITC does go ahead with the partnership it will represent a sign that the company is willing to unlock value in other businesses like hotels, paper and infotech.





No pressure HDFC Bank



Shares of the private sector lender have risen sharply in recent weeks and today closed nearly 3 per cent higher. The record closing ahead of its September quarter earnings announcement on Saturday suggested that investors are hoping for strong numbers.

The lender is expected to report more than 16 per cent year-on-year growth in net profit and over 11 per cent rise in net interest income. But the action in the stock price suggests investors are betting on an even stronger show. No pressure then, HDFC Bank!





South-based cement stock rise



Shares of cement companies that cater to the southern Indian market saw gains today after media reports suggested that they are likely to take a price hike soon.

A price hike just as the demand environment is improving due to greater construction activity post lockdown is likely to boost these companies operating performance in the December quarter. Shares of India Cements, Ramco Cements, Burnpur Cement and JK Cements rose 1-8 per cent.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

GIPHY App Key not set. Please check settings

Taking Asprin to prevent heart attack or stroke? Here's why you should not thumbnail

Taking Asprin to prevent heart attack or stroke? Here’s why you should not

KKR के तीसरे IPL FINAL के बीच जिंदगी की सबसे बड़ी जंग लड़ते शाहरुख खान thumbnail

KKR के तीसरे IPL FINAL के बीच जिंदगी की सबसे बड़ी जंग लड़ते शाहरुख खान