5 hrs ago
Trent, Kotak, Sugar Stocks and Meesho Lead Midday Moves
Indian shares were higher around midday, with the Sensex up about 550 points.
The Nifty was above 22,700, and smaller-company shares also saw buying.
Trent shares jumped after it said it opened 30 stores in the second quarter.
Kotak Mahindra Bank shares rose after reporting growth in loans and deposits.
Sugar-company shares climbed as global sugar prices rose and festive demand in India supported sentiment.
Meesho shares also gained.
Jefferies said it expects further potential in Meesho and set a target price of Rs 240.
The article says Meesho’s user base grew 30% year over year and its seller count rose 80% over the past 12 months.
The Sensex rose about 550 points in midday trade, while the Nifty stayed above 22,700.
Trent shares gained 13% after the company reported 30 store openings in the second quarter.
Kotak Mahindra Bank shares rose 4% following strong quarterly advances and deposit growth.
Sugar stocks climbed as global sugar futures reached 19-month highs, with weather disruption and festive demand cited as factors.
Meesho shares gained; Jefferies maintained a Buy rating with a Rs 240 target price.
- Who
- Trent, Kotak Mahindra Bank, sugar-sector companies and Meesho were among the stocks highlighted.
- What
- Their shares rose during a midday market rally, with company updates and sector factors cited.
- Where
- Indian stock markets.
- When
- Midday trade; the article does not give a calendar date.
- Why
- Reasons cited include Trent's store openings, Kotak's advances and deposit growth, higher global sugar futures and festive demand, and positive commentary on Meesho.
Key facts
- Sensex
- Up about 550 points in midday trade.
- Nifty
- Holding above 22,700.
- Trent share move
- Rose 13% intraday.
- Trent store additions
- Added 30 stores in Q2; its total fashion-format store count reached 1,342.
- Kotak Mahindra Bank share move
- Rose 4% intraday.
- Sugar futures
- Global sugar futures reached 19-month highs.
- Meesho recommendation
- Jefferies rated the stock Buy and set a target price of Rs 240, described as 10% upside from current levels.
Quotes
Meesho management
Meesho management, quoted in Jefferies’ assessment.
“addressable market remains substantial, with value-commerce still underpenetrated relative to its long-term potential”
financialexpress.com
Jefferies
Brokerage cited for its analysis of Meesho’s user base and market growth.
“over 85% of users originate beyond the top eight cities, although the management indicated that growth in metros and T1 markets is now outpacing rural”
financialexpress.com
Sources
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