scorecardresearch
Tata Motors shares gain on Sensex entry, Dr Reddy's down after exit

Tata Motors shares gain on Sensex entry, Dr Reddy's down after exit

Tata Motors rose 0.64 per cent to hit a high of Rs 426.30 on BSE. The scrip has risen 16 per cent from 52-week low of Rs 366.05 apiece hit in May this year

Dr Reddy's Labs, on the other hand, fell to a low of Rs 4,318.30 on the exchange, down 2.12 per cent. This stock has recovered 18 per cent from its 52-week low of Rs 3,655 hit on March 4 this year Dr Reddy's Labs, on the other hand, fell to a low of Rs 4,318.30 on the exchange, down 2.12 per cent. This stock has recovered 18 per cent from its 52-week low of Rs 3,655 hit on March 4 this year

Shares of Tata Motors were trading marginally higher in Monday's trade as the homegrown auto major will replace pharma major Dr Reddy's Labs as a Sensex constituent. Dr Reddy's Labs, on the other hand, fell over 2 per cent, tracking the development.

Asia Index Private Limited on Friday announced the reconstitution results for the index, which included changes to Sensex, BSE100,  Sensex Nifty 50, among others. The changes would be effective at the open of Monday, December 19.

Following the development, Shares of Tata Motors rose 0.64 per cent to hit a high of Rs 426.30 on BSE. The scrip has risen 16 per cent from 52-week low of Rs 366.05 apiece hit in May this year.  The scrip has an average target price of Rs 521.62, as per Trendlyne, which suggests 23 per cent potential upside on the counter.

Also Read: Stocks to buy: HUL, Cyient, Indiabulls Realty & Escorts Kubota can deliver healthy returns in next 12 months

Dr Reddy's Labs, on the other hand, fell to a low of Rs 4,318.30 on the exchange, down 2.12 per cent. This stock has recovered 18 per cent from its 52-week low of Rs 3,655 hit on March 4 this year. Dr Reddy's Labs has an averae target price of Rs 5150.52, as per Trendlyne, which suggests a 17.50 per cent potential upside from here on.

Asia Index is a 50-50 partnership between S&P Dow Jones Indices LLC, the world’s largest provider of financial market indices, and BSE. The Company is best known for calculating, publishing, and maintaining a diverse family of Asian indices under the umbrella brand, S&P BSE Indices.

Adani Power and Indian Hotels will replace Adani Total Gas and Hindustan Petroleum Corp Ltd in the BSE 100 index and the Sensex Next 50 index. Adani Power was trading 1.86 per cent lower at Rs 330.25. Indian Hotels was up 0.81 per cent at Rs 316.45.  HPCL climbed 2.08 per cent to Rs 213.45 while shares of  Adani Total Gas were trading 1.27 per cent lower at Rs 3,596.25 on BSE.  

Also Read: Archean Chemical eyes 30% listing gain, Five Star Business may see flattish market debut 

Published on: Nov 21, 2022, 9:43 AM IST
Posted by: Priya Raghuvanshi, Nov 21, 2022, 9:39 AM IST