News for HLE GLASCOAT LIMITED (HLEGLAS.BO)

Ambit initiated a "Buy" rating on GMM Pfaudler with a 24-month target of ₹2,400, citing an 89% upside driven by end-user capex rebound and diversification strategies.

Ace investor Ashish Kacholia's portfolio of 38 stocks boasts impressive results, with five multibaggers showing significant growth in the April-June quarter. NIIT achieved the highest PAT increase of 222%, while Garware Hi-Tech Films reported a 102% rise. Other strong performers included Raghav Productivity Enhancers, Aditya Vision, and Gravita India.

The Nifty 50 settled 0.08% lower at 22,434, while Sensex shed 0.04% to 73,877. Nifty 50 formed a small positive candle on the daily chart with a gap down opening and with an upper shadow. Technically this pattern indicates broader range movement in the market near all-time highs, said Nagaraj Shetti, senior technical research analyst at HDFC Securities. The MACD showed bearish signs on the counters of P&G, and Caplin Point among others.

Nifty on Monday ended 32 points higher to form a small positive candle on the daily chart with minor upper and lower shadow. During the day, Nifty managed to hold on to the support zone of 21,900 – 21,850 where support parameters in the form of the 40-day average and the previous swing low were placed.

The BSE smallcap index has crashed about 13.5 per cent from its 52-week high, while the BSE midcap index is down about 7 per cent from those levels.

Around 25 lakh shares of HLE Glascoat had changed hands on both the exchanges by noon on September 27, while 27 lakh were traded on September 26

HLE Glascoat's shares dropped 0.55% after reporting a 39% decrease in profit for Q2 2023. Revenues were down 3.5%. The company is acquiring 70% stake in Kinam Engineering Industries' heat exchanger business. Kinam reported revenue of Rs 122.07 crore and net profit before tax of Rs 24.86 crore. Acquisition should be completed by end of Q2 FY2024. Shares stood at Rs 598 at 10.00 am on BSE.

The 30-share BSE Sensex slipped 68 points or 0.10 per cent to trade at 65,885, while the broader NSE Nifty was down 14 points or 0.07 per cent to trade at 19,583. Although, mid- and small-cap shares were up as Nifty Midcap 100 rose 0.28 per cent and small-cap climbed 0.25 per cent.

This week, 18,650-18,700 is expected to be a crucial hurdle and, if the index decisively surpasses this area, then 18,800-19,000 levels can't be ruled out

BSE Sensex declined 520.25 points, 0.68 per cent, to 59,910.75, while NSE's Nifty50 dropped more than 121 points, or 0.68 per cent, to 17,706.86 for the day.

The domestic indices halted their nine-day winning run today as technology stocks drag. The 30-share BSE Sensex slumped 762 points or 0.26 per cent to trade at 59,669, while the broader NSE Nifty moved 192 points or 1.08 per cent lower to trade at 17,636.

The 30-share BSE Sensex pack jumped 1,031 points or 1.78 per cent to close at 58,992; while the broader NSE Nifty index moved 279 points or 1.63 per cent higher to settle at 17,360.

HCP Plastene Bulkpack (up 65 times), Tata Teleservices (Maharashtra) (up 57 times), Brightcom Group (up 56 times), Hazoor Multi Projects (up 55 times return), Imagicaaworld Entertainment (up 55 times), Cosmo Ferrites (up 54 times) and Adani Green Energy (up 54 times) were other stocks which turned out to be multibaggers.

Stocks owned by the idols of Dalal Street including Rakesh Jhunjhunwala, Dolly Khanna and Ashish Kacholia retreated up to 60 per cent amid the ongoing correction in the domestic equity market since October 19, 2021, when the benchmark equity index BSE Sensex scaled its all-time high of 62245.43.

As per the pivot charts, the key support level for the Nifty is placed at 16,472, followed by 16,375. If the index moves up, the key resistance levels to watch out for are 16,639 and 16,708.

In the next session, if Nifty registers a close below 16,900 levels then the recent corrective swing low of 16,782 can come under threat by opening up more downsides, says Mazhar Mohammad of Chartviewindia.in.

With a rally of 275 times, HCP Plastene Bulkpack emerged as the top gainer in the list. Shares of the company jumped to Rs 660.85 on November 8, 2021 from Rs 2.40 on November 8, 2011.

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Shrikant Chouhan of Kotak Securities says if the Nifty50 trades above 17,700, the uptrend texture will continue up to 17,800-17,950 levels. Contra traders can take a long bet near 17,350 with a strict 17,300 support stop-loss.