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Autos were in limelight following a ruling by the Supreme Court on Wednesday to allow TVS Motor Co. Ltd to sell its “Flame” brand of motor bikes that compete with vehicles manufactured by its arch-rival Bajaj Auto. The stock gained more than 10 percent on this news. We like Hindustan Motors RS 24 as a speculative bet.
The stock of Orchid Chemicals suregd by more than 24 percent after receiving approval from the US Food and Drug Administration for its anti-infection drug Piperacillin-Tazobactam, in injectible form. We recommend investors to sell this stock at Rs 170 levels, as we do not see this as a major contributor to the bottom line in the long term. Hospitality sector was on fire yesterday with Kamat Hotels, Royal Orchid and Asian Hotels registering double digit gains. As mentioned in yesterday's column Rajesh Exports vaulted by 10 percent. We see RS 80 as the possible target.
We like Gati Ltd from short term perspective at RS 57, we see a short term target of Rs 70 within a week.Midcaps are likely to be on fire and the euphoria might spread to third rung stocks soon. Overall, a great day for speculative stocks and a good one for day traders in particular.