I'm LongbridgeAI, I can summarize articles.Indian stocks reacted to corporate developments on September 8. GE Vernova shares rose 8% after winning a 6,000 MW HVDC project bid. Sansera Engineering hit a 52-week high following an 'outperform' rating from CLSA. Adani Power gained on acquiring GVK Energy's hydro plant, while Hindustan Aeronautics added 3% due to DAC approval for aircraft procurement. Sectoral indices showed mixed performance, with media and metals up, while broader indices traded slightly lower amid negative market breadth.
Stock-specific action remained in focus on Dalal Street on September 8, with investors reacting to corporate developments.
Shares of Hindustan Aeronautics added 3% after broking house CLSA maintained an ‘outperform’ rating with a target price of Rs 5,481, citing the DAC’s approval to procure 138 ALHs from the company, which could add 13% to its USD 27 billion backlog, along with USD 600 million in cash advances. The brokerage sees a healthy USD 48 billion decadal pipeline, with Mk1A deliveries in H2 and the GE engine production deal as key catalysts, while viewing HAL as the cheapest pure-play defence stock despite its sector-leading position.
GE Vernova T&D share price rose 8% after company emerged as the L1 bidder for the design and establishment of a 6,000 MW, ±800 kV High Voltage Direct Current (HVDC) LCC terminal station (2x3,000 MW) for the evacuation of renewable power from Barmer II to South Kalamb.
Share price of Adani Power gained on receiving a Letter of Intent (LOI) from the Resolution Professional for the acquisition of GVK Energy, which owns and operates a 330 MW hydroelectric power plant located in Uttarakhand, through its subsidiary Alaknanda Hydro Power Company.
Share price of Sansera Engineering rose more than 3% to hit 52-week high after CLSA initiates an ‘outperform’ rating with a target price of Rs 4,954, viewing its aerospace, defence and semiconductor segment as the key growth engine. The brokerage expects strong ADS order book and India’s emergence as an aerospace manufacturing hub to support growth, while the margin-accretive segment and superior asset turns should improve capital efficiency. It expects EPS to more than double over three years and sees Sansera as a compelling 2x-in-three-years story.
On the sectoral front, Nifty Media index up 1%, and Metal index rose 0.5%, while selling was seen in the auto, banking, infra, oil & gas and realty names.
The broader indices were trading marginally lower, with the Nifty Midcap and the Smallcap indices don 0.15% each.
However, market breadth on the BSE remained slightly negative, with 1,656 shares advancing, 1,677 declining and 174 remaining unchanged, indicating a mixed trend beneath the headline gains.