Midcap index outperforms; Shriram Transport, MRF, Muthoot Finance gain 6%

At 02:44 pm, the S&P BSE Midcap index was up 1.3 per cent, as compared to a 0.73 per cent rise in the S&P BSE Sensex and 0.58 per cent gain in the S&P BSE Smallcap index.

Shares of midcap companies were in focus with the S&P BSE Midcap index outperforming the market by gaining more than 1 per cent on the back of strong rally in Shriram Transport Finance Company, MRF and Muthoot Finance, which were up more than 6 per cent on the BSE on Tuesday.

Colgate-Palmolive India, ACC, Zee Entertainment Enterprises and Adani Green Energy were up in the range of 5 per cent to 6 per cent, while, ABB, Tata Consumer Products, ICICI Securities, Ashok Leyland, Indraprastha Gas, Ramco Cements and Apollo Hospital Enterprises were up between 3 per cent to 4 per cent on the BSE.

At 02:44 pm, the S&P BSE Midcap index, the top gainer among broader indices, was up 1.3 per cent, as compared to a 0.73 per cent rise in the S&P BSE Sensex and 0.58 per cent gain in the S&P BSE Smallcap index.

Most of these stocks were in focus after Morgan Stanley Capital Investment (MSCI) said it will implement the new regime on foreign ownership limits (FOL) in the MSCI Global Indexes containing Indian securities coinciding with the November 2020 Semi-Annual Index Review.

Shares of MRF rallied 7 per cent to Rs 67,666 after its peer company Ceat reported four-fold jump in consolidated net profit at Rs 182 crore in the September quarter. The tyre maker had profit of Rs 44 crore in the year-ago quarter. It posted net loss of Rs 35 crore in the June quarter.

Ceat’s Ebidta (earnings before interest, taxes, depreciation, and amortisation) grew 75 per cent year-on-year (YoY) to Rs 306 crore, while margins improved 510 basis points to 15.5 per cent from 10.4 per cent in the previous year quarter. Net revenues from operations rose 17 per cent at Rs 1,978 crore on YoY basis. The stock of Ceat soared 11 per cent to hit a fresh 52-week high of Rs 1,249 on the BSE in intra-day trade today.

Cement shares were in limelight on the expectation of improved demand. Analysts expect the cement industry to witness positive growth in the second half (October-March) of the current fiscal (H2FY21) led by strong demand from the sustainable rural trade segment. ACC rallied 7 per cent to hit a fresh 52-week high of Rs 1,670 on the BSE in intra-day trade. The stock surpassed its previous high of Rs 1,637 hit on October 22, 2020.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
SHRIRAM TRANS.	738.35	690.20	7.0
MUTHOOT FINANCE	1264.50	1183.80	6.8
MRF	67463.50	63280.70	6.6
ACC	1669.05	1578.70	5.7
COLGATE-PALMOLIV	1539.05	1457.75	5.6
ZEE ENTERTAINMEN	185.75	176.65	5.2
ICICI SECURITIES	468.00	445.70	5.0
ADANI GREEN	739.75	704.55	5.0
A B B	926.85	887.45	4.4
APOLLO HOSPITALS	2129.00	2049.55	3.9
TATA CONSUMER	494.70	476.80	3.8
INDRAPRASTHA GAS	406.80	392.90	3.5
ASHOK LEYLAND	81.25	78.60	3.4
THE RAMCO CEMENT	779.70	755.40	3.2
REC LTD	101.90	98.80	3.1
CONTAINER CORPN.	395.55	384.00	3.0