Top Gainers & Losers: Bajaj Finance shines on Q3 beat, PowerGrid gives in to selling pressure

Top Gainers & Losers: Indian equity benchmarks finished a volatile session on Monday 0.3 per cent higher, snapping a two-day losing streak and rising from three-month lows in the previous session.

The Sensex swung between gains and losses in a 945-point range before settling at 59,500.4, up 169.5 points from its previous close. The Nifty50 finished one point shy of the 17,650 mark, adding 44.6 points to its previous close.

A total of 29 stocks in the Nifty50 basket finished higher, with Bajaj Finance, Bajaj Finserv, Adani Enterprises, UltraTech, Asian Paints, HCL Tech and NTPC were the top gainers.

On the other hand, PowerGrid, Bajaj Auto, IndusInd, Larsen & Toubro, JSW Steel, ONGC and Tata Steel were the top laggards.

Here are three blue-chip stocks that saw big moves on January 30:

Bajaj Finance

Bajaj Finance shares ended with a gain of Rs 265.6 or 4.6 per cent at Rs 6,021.6 apiece on BSE. The NBFC's stock was the top gainer in the Nifty50 and Sensex baskets, boosted by the company's strong quarterly numbers.

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ICICI Direct maintained a ‘buy’ rating on Bajaj Finance with a revised target price of Rs 7,250 per share, implying a 20 per cent upside potential.

Positive on Bajaj Finance’s omnipresence strategy and organic momentum, which offer comfort on growth sustainability, the brokerage believes the company's long-range strategy to reach 4-5 per cent of retail credit in India is believable given its management’s proven track record.

The Bajaj Finance valuation may stay at a premium, according to the brokerage.

UltraTech Cement

The cement maker's stock finished the day with a gain of Rs 168.4 or 2.5 per cent at Rs 6,885.2 apiece on BSE. The stock was among the top gainers in the Sensex and Nifty packs.

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According to ICICI Direct, UltraTech's strategic growth plan, prudent approach in generating higher cash flows, capex and strong balance sheet will keep it ahead in the league.

The brokerage retained a ‘buy’ on UltraTech with a target of Rs 8,050 apiece, implying upside potential of 17 per cent.

PowerGrid

The PSU power transmission company's stock weakened by Rs 7.4 or 3.4 per cent at Rs 211.8 apiece on BSE. The company will report its financial results on Tuesday, January 31.

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According to Zee Business research, the state-run company is expected to report a nine per cent year-on-year increase in net profit to Rs 3,580 crore with revenue growth of 3.4 per cent to Rs 10,798 crore.

Emkay Research maintained a ‘buy’ rating on the stock with a target price of Rs 250 apiece (18 per cent upside).