Jio Financial Services Ltd (Jio Financial), ZEE, Shree Renuka Sugar, Power Grid, Federal Bank, and NBCC were among the stocks on the NSE that witnessed increases in both share price and trading volumes.
YES Bank Ltd, ZEE Entertainment Enterprises Ltd, Zomato Ltd, Dish TV Ltd, Shree Renuka Sugars Ltd, and Snowman Logistics were among the stocks experiencing high trading volumes in Tuesday's session. According to data on active NSE stocks, HDFC Bank Ltd, NHPC Ltd, Coal India Ltd, Power Grid, Deepak Fertilisers, and Whirlpool of India Ltd witnessed significant turnover.
YES Bank's shares declined by 0.74 percent to Rs 26.90 on the BSE. The trading activity on the YES Bank counter witnessed 14,24,06,036 shares, valued at Rs 344 crore, exchanging hands. The private lender is scheduled to hold an institutional investor conference on February 21. Following closely was Vodafone Idea, with 14,08,49,239 shares worth Rs 228 crore traded, marking a 1.88 percent increase to Rs 16.30 per share. Dish TV shares surged by 6.74 percent to Rs 25.35 as 12,97,10,663 shares, amounting to Rs 326 crore, were traded. NHPC shares rose by 0.83 percent to Rs 97.60, with 6,17,39,437 shares, valued at Rs 603 crore, changing hands. HFCL shares witnessed a 3.26 percent increase, reaching Rs 110.80, with a total of 5,52,66,621 shares, valued at Rs 610 crore, traded.
Zomato Ltd registered a trading volume of 5,51,24,969 shares, with its stock rising by 1.49 percent to Rs 159.85. CLSA recently reaffirmed its 'BUY' rating on Zomato but revised its target price upwards to Rs 227 from Rs 181. Despite lowering its FY24 PAT estimate to Rs 430 crore and making slight adjustments to FY25-26 estimates due to changes in other income, tax, and EBITDA assumptions, CLSA remains optimistic about the company's growth prospects.
The statement further emphasized the importance of benchmarking Zomato's valuation against Indian QSRs and consumer coverage due to similar growth drivers and profit potential. Comparing with global peers was deemed more complex due to differing drivers and wider valuation ranges within a limited set.
Additionally, Jio Financial Services Ltd (Jio Financial), along with ZEE, Shree Renuka Sugar, Power Grid, Federal Bank, and NBCC, were among the stocks listed on the NSE that experienced both an increase in share price and trading volumes.
Nuvama commented on NBCC, stating that they have adjusted the P/E multiple upwards to 40x from 25x due to factors such as improved order intake/margins and progress in real estate monetization. However, with the stock witnessing a significant ~115% increase over the past three months, they believe there is limited potential for further gains. Consequently, they have downgraded the stock from 'BUY' to 'HOLD' with a target price (TP) of INR143 (previously INR76) for Q3FY26E.
Regarding ZEE, the stock grabbed attention following media reports indicating the media group's renewed engagement with Sony Group in an effort to salvage the terminated $10-billion mega merger. Meanwhile, Federal Bank shares experienced an approximate 8% decline in Tuesday's trading session as Kotak Mahindra Bank appointed KVS Manian as joint MD. Manian was reportedly one of the three shortlisted candidates for the CEO position by Federal Bank.
In terms of turnover, HDFC Bank Ltd led with bank shares worth Rs 1,518 crore changing hands. Zomato, Jio Financial, Coal India, and Power Grid were also among the stocks with significant turnover on the NSE.
Motilal Oswal provided insights on the coal sector, anticipating a 7.7% growth in domestic power generation to 1,750bu in FY24, which would drive coal demand. They adjusted their forecasts for e-auction premiums for FY26E, resulting in a 1% increase in revenue, 9% increase in EBITDA, and 7% increase in APAT. They maintain a 'BUY' rating with a target of Rs 520 (5.5x EV/EBITDA), believing COAL is well-positioned to capitalize on future growth opportunities.
