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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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 Welspun Corp | CMP: Rs 280.80 | The scrip added over 13 percent last week. The company and its unit Nauyaan Shipyard Pvt Ltd secured some assets belonging to ABG Shipyard Ltd. The pipes manufacturer in an exchange filing said it has paid Rs 659 crore to secure assets belonging to ABG Shipyard which is undertaking an insolvency resolution plan. "We are now pleased to inform that the liquidator of ABG Shipyard Ltd has declared Welspun as a successful bidder...for the private sale of specified assets...under the provisions of the Insolvency & Bankruptcy Code (IBC)," it said in the filing. The company has received the sale certificate in terms of the IBC for transfer of the specified assets.

PAGE Industries | CMP: Rs 53078.15 | The share price was up eight percent in the week gone by. An uptick in consumer consumption and increase in fashion or brand consciousness is making consumers more aspirational and discerning. Going forward, the company expects that the growing urban women population and women corporate workforce present better growth opportunities. The management said tier two and three centres are also becoming an important marketplace for the company given the increased awareness of healthier lifestyle and availability of quality, functional innerwear and athleisurewear.

Hindustan Unilever | CMP: Rs 2682.05 | The stock added six percent last week. FMCG companies are betting big on the festival season by ramping up supply chains, investing in marketing campaigns, and lining up new packs. Managements are also expecting rural demand to make a robust comeback. A recent report by Bizom says India’s FMCG market increased six percent in value in August compared to July, reversing the past three months of consecutive decline. Global brokerage firm Nomura expects HUL’s volumes to grow by four to five percent in the second quarter of FY23. They have a "buy" rating on the stock with a target price of Rs 2,975. “We expect the company to benefit from demand uncoiling in out-of-home categories. And benefits of softening input cost will drive meaningful margin improvement from the third quarter,” it said. Macquarie has an "outperform" rating with a target of Rs 3,000. "Our channel checks suggest steady demand. The demand strength should sustain volume growth momentum. Downside risks to margins are limited," its analysts said in a note.

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