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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Suzlon to raise Rs 1,200 crore via rights issue

 Suzlon Energy on Sunday said its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares.
The Securities Issue Committee of the Board, at its meeting held on Sunday, approved the rights issue, the company said in a regulatory filing.
The company will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share. The number of outstanding equity shares will increase from 1007,30,87,083 to 1247,30,87,083 after the issue (assuming full subscription).
Five rights equity shares will be issued for every 21 fully paid-up equity shares held by the eligible shareholders of the company. If the shareholding of any of the eligible equity shareholder is five or more, such shareholders will be entitled to at least one one equity share, it added.

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 KRBL | CMP: Rs 373.20 | The scrip rose six percent after CARE Ratings reaffirmed the ‘CARE A1+’ rating on the commercial paper limits of the company. The ratings agency has reviewed commercial paper worth Rs 500 crore. The reaffirmation of the rating granted to KRBL’s commercial paper instrument continues to draw strength from the experienced promoters with a lengthy track record of operations in the rice business. In both local and foreign markets, the firm has a well-established brand name and market position in the basmati rice sector.

Schaeffler India | CMP: Rs 3240.50 | The share shed eight percent last week. Kotak Institutional Equities downgraded the stock to 'sell' from 'add' but maintained its target price of Rs 2,600 apiece— an implied downside of 23.98 percent. The brokerage in a note said the strong medium-term growth opportunities are priced in. The company's growth potential in export market remained optimistic but achieving 19 percent domestic revenue compound annual growth rate (CAGR) over calendar years 2021-35 will be a challenge. Schaeffler India exports industrial bearings to its parent entities.

Delta Corp | CMP: Rs 209.55 | The stock price slipped seven percent after the company denied reports of receiving a casino licence in Daman. The scrip closed Rs 10 or 4.7 percent lower at Rs 215 on the National Stock Exchange (NSE). In an exchange filing on September 16, the company said: "We have been made aware that there are various online articles and social media posts claiming that Daman and Diu has granted casino licences inter alia to Deltin Hotel, Daman."

Triveni Engineering | CMP: Rs 262 | The scrip was up over six percent in the week gone by. Triveni Engineering and Industries has launched a block deal to sell 11.85 percent stake in industrial steam turbine manufacturer Triveni Turbine, CNBC Awaaz reported on September 20. The company is aiming to raise Rs 875 crore via the block deal sale. Up to 3.82 crore shares are targeted for offloading by Triveni Engineering at a price range of Rs 226.5-229 apiece.

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