Top Stocks to Buy and Watch Today

Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Harsha Engineers makes a bumper listing with 36% premium

Harsha Engineers International clocked gains on listing as expected before rising further but most analysts advise booking profits amid market turmoil. The stock started off the first day's trade with a whopping 36 percent premium over issue price despite nervousness in equity markets. It climbed further six percent as the day progressed to take total gains to 43 percent over issue price.

Analysts said high premium at listing is justified with the IPO generating stronger than expected demand as qualified institutional investors' portion got subscribed over 178 times. Also, the ask price is fairly valued compared to industry peers.

"We recommend booking partial profits while remaining can be kept for the long term as the company is a comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele," said Astha Jain, senior research analyst at Hem Securities.

Rajnath Yadav, research analyst at Choice Broking, urged investors to exit given the market volatility. Although Prashanth Tapse, senior vice president of research at Mehta Equities, sounded "very optimistic" on Harsha Engineers with its dominant position, he too advised booking profits in the current market scenario. "Risk takers can hold with a long-term perspective," he added.

Santosh Meena, head of research at Swastika Investmart, termed the company as a proxy play on India becoming a global manufacturing hub: "Those who applied for listing gains can maintain a stop loss at Rs 400. Our recommendation for investors is to hold the allotted shares and long-term investors can accumulate the stock on dips."

Harsha Engineers, which is the largest manufacturer of precision bearing cages in India, raised Rs 755 crore from the public issue with a strong 74.70 times subscription during September 14-16. Of the total issue size, Rs 455 crore was raised through fresh issuance which will be used in repayment of debts, capital expenditure towards the purchase of machinery, and existing production facilities.

Sensex was down 860.62 points or 1.48 percent at 57,238.30, and the Nifty down 285.50 points or 1.65 percent at 17041.80 following weak global cues. This is the fourth straight day of selling on Dalal Street.

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Market Outlook and Expiry Express

  Expects market to open on a negative note on account of sharp decline across the global markets after the US Fed hiked interest rate by 75bps for a third consecutive time and signaled further aggressive tightening. US Dow Jones slipped over 500 points after the US Fed chairman said that the interest rate will continue hike till the inflation will cool down to 2% level from 8% currently. Moreover, the US Federal Reserve forecast showing rates at 4.4% by the end of 2022 and 4.6% in 2023 caught some off guard (current rate at 3.2%) which is ahead of previous expectation. European bourses closed higher (before US Fed rate decision) on Wednesday amid expectations of interest rate increases in the US and UK. Germany, France and UK Index gained over half percent each. Share market declines deepened from the open in Asia on Thursday amid diminishing odds of a soft economic landing after the US Federal Reserve hiked interest rates by 75 basis points and signalled further aggressive tightening. Japan, Taiwan, South Korea, Australia Index slipped 1% each. SGX Nifty declined 1% and traders likely to stay cautious in the market ahead of weekly Nifty and Bank Nifty F&O expiry today.

Nifty September future closed at 17731.45 with a premium of 13.10 point v/s 9.40 point premium in the last session.

·         Nifty futures OI decreased by 0.34% to 1.24 Cr and Bank Nifty futures OI increased by 9.60% to 22.18 Lakhs.

·         Nifty Put/Call Ratio (OI) decreased from 1.15 to 0.95 level.

·         India VIX was up by 2.79% from 18.79 to 19.32 levels. Volatility spiked ahead of global uncertainties and a tug of war between the bulls and bears.

·         On Options front, Maximum Call OI is at 18000 then 18500 strike while Maximum Put OI is at 17500 then 17000 strike. Call writing is seen 17800 then 18000 strike while Put writing is seen at 17800 then 17600 strike. Option data suggests a broader trading range in between 17200 to 18200 zones while an immediate range in between 17500 to 18000 zones

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Housing.com to hire about 200 people in FY'23

 Realty portal Housing.com will hire about 200 people this fiscal to strengthen its team, besides investing in technology as well as brand promotion to become the clear market leader, its CEO Dhruv Agarwala said. REA India, part of Australia’s REA Group and US-based News Corp, owns three real estate portals — Housing.com, PropTiger and Makaan.com.

In an interview with PTI, Agarwala highlighted that the turnover of REA India rose 92 per cent during 2021-22 fiscal (July-June) to nearly Rs 300 crore. Housing.com — one of the leading real estate classified platforms in India — contributed around 80 per cent to the total revenue, and housing brokerage platform PropTiger.com the balance 20 per cent. Makaan.com’s revenue was negligible.

REA India will continue to invest in technology, brand promotion and talent acquisition to grow Housing com business. It has already announced Rs 40 crore investment in FY’23 for Housing.com and could raise it further looking at competitors. At present, Agarwala said the company has around 1,500 staffers.

We have plans to get to around 1,700 people by the end of FY’23. So we are hiring. We have clear ambitions of making Housing.com the clear market leader. We have already achieved audience leadership. We crossed our closest competitor in terms of revenue for the quarter ended June," he said. Housing.com would primarily be hiring for the product, tech and design teams.

On the financial performance in FY’22, Agarwala said: "Last (fiscal) year was a very good year for us. We grew our total revenue by 92 per cent and for the first time, on Housing.com, we achieved market leadership in October 2021 and that leadership position has continued."

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