Market Fatafat: Stocks buzzing in trade today

Let's talk about a few stocks that were in focus today and the ones you should be keeping on your radar.

1. ZEE ENTERTAINMENT-

Zee was buzzing in trade today almost up 3.7% on the back of two reasons. First, CLSA has maintained a "Buy" on the stock with a target of Rs. 316 per share. The bullish stance of the brokerage house has sent the stock buzzing in trade today. Also, CCI has given a conditional nod to the Zee-Sony Merger, which is key rerating catalyst in CLSA's view. Zee's stock valuation is compelling, currently at 15x PE for FY24CL.

2. HEG LTD-

Strong demand commentary from Graftech, the largest producer of graphite electrodes has sent the stock skyrocketing in trade today, up almost about 10%! The stock has surpassed the 20 and 100-day moving average, but trades below 50 and 200-DMA.

3. PERSISTENT SYSTEMS-

The stock was a performer in trade today as it surged almost 7% on the back of a note from JPMorgan. The brokerage house has upgraded Persistent to "Overweight" from "Neutral," with a target price of Rs. 4,100 per share. The note also said that the company derives its highest share of revenues in USD, which has been strengthening for the stock.

4. OIL STOCKS-

Oil Stocks such as ONGC, Oil India, IOl, HPCL, and BPCL were on the buzz today as after the news flow that OPEC+ has decided to slash the supply of crude by 2 million barrels per day, the biggest ever cut since 2020.

5. DEFENCE STOCKS-

Defense were abuzz in trade today, with names like Garden Reach and Mazagon Dock reaching their all-time high levels, and Cochin Shipyard reaching its 52-week high level. Garden Reach saw its biggest single-day gain since April 12, 2022; and HAL was up almost 4% in trade today. We also had market veteran Ravi Dharamshi of ValueQuest Investment Advisors who is very bullish on the defence pack.

6. STERLITE TECHNOLOGIES-

Another major buzzer in trade today was Sterlite Tech, up about 8% today on the back of the news flow that said that the company has completed the sale of its stake in Impact Data Solutions Limited, UK, to Hexatronic Group AB. The stock saw its sharpest intraday gain since September 14.

7. CEMENT STOCKS-

Cement names such as Ambuja Cements, Dalmia Bharat, Shree Cement, Ultratech were buzzing on the back of a brokerage note coming in from JPMorgan. The brokerage house sees pressure on Shree Cement and prefers Ultratech over it. While JPMorgan is bullish on Ambuja and "Overweight" on Dalmia Bharat, it has maintained a "Neutral" on Ultratech, with a target price of Rs. 5,850 per share.

8. SPICEJET:

SpiceJet was a news-maker today as sources say that the company may receive an additional Rs. 1,000 crore as part of the modified ECLGS scheme, which will be used for adding new MAX planes to its fleet. SpiceJet will also use this money to clear statutory dues and lessor payments.

9. HINDALCO-

Hindalco was another stock that saw an uptick in trade today. The stock was up about 4%, based on Investec's "Buy" Rating, but it reduced the target price for the stock to Rs. 575 to reflect sustained cost curve pressures. Investec said in a note that the company's defined capital allocation framework, management walking the talk on execution and recent capital allocation in line with sustainability goals for downstream assets such as aluminium products are "encouraging."

10. DLF-

CLSA channel check suggests that DLF's new launch "The Grove" in Gurgaon has sold out all 292 residential units just within 8 days of its launch, at a price of Rs 21,000-25,000 per sq ft, with units ranging from Rs 5-10 crore.