Buying demand emerging at the rising demand line joining last two months lows and 50 day EMA signaling continuation of up move.

Strong rebound from one-year major support zoneof 2,300, daily and weekly RSI bullish.

Strong uptrend forming a series of higher tops andbottoms with rising volumes.

“Multiple resistance” breakout at 3,100 levels alongwith huge volumes.

Tech Mahindra, incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 104330.67 Crore) operating in IT Software sector.

Strong non-IT sector hiring, healthy demand in home sales, demand revival in the Study abroad business, and the management’s continued efforts in cost optimisation should boost future performance.

Fine Organic Industries., incorporated in the year 2002, is a Mid Cap company (having a market cap of Rs 14642.59 Crore) operating in Chemicals sector.

Ahluwalia Contracts (India), incorporated in the year 1979, is a Small Cap company (having a market cap of Rs 3166.17 Crore) operating in Construction sector.

Thermax, incorporated in the year 1980, is a Mid Cap company (having a market cap of Rs 25166.41 Crore) operating in Engineering sector.

The brokerage maintains Buy on Va Tech Wabag (Va Tech) with an unchanged PT of Rs. 420, considering a robust order pipeline with improving margin profile and attractive valuation.

The stock trades at decent valuations of 13.7x/12.1x its FY2023E/FY2024E earnings. We maintain a Buy recommendation on the stock with an unchanged PT of Rs. 425.

Promoters held 49.21 per cent stake in the company as of 31-Dec-2022, while FIIs owned 29.85 per cent, DIIs 9.79 per cent.

The B2B e-commerce business would be launched in a phased manner from H1FY2024.

International patient footfall continues to grow. increase its FY24/25 earnings by 4%/5% to factor in faster ramp up and higher margins.

The brokerage likes the growth story of Lumax Ind based on: its strong relationship with the majority of auto OEMs; healthy demand in the PV segment; recovery in 2W sales; upcycle in the CV segment; localization of electronic facility levers for margin expansion; addition of new clients and models; and strong order book with front loaded capex.

The brokerage ascribe 25x 1-yr forward PE for RE and 12x 1-yr forward EV/EBITDA for VECV to arrive at TP of Rs 4,100.

Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 38571.69 Crore) operating in Auto Ancillaries sector.

The brokerage remains positive on the industry opportunity & Campus’s execution machinery to capitalise on the same.

Price breakdown below last two months trading range and sustaining below 200 days EMA signalling continuation of the corrective bias in coming sessions.

The brokerage retains BUY rating on the stock amid Royal Enfield (RE) driving premiumisation play in 2-W space with healthy double digit volume growth on anvil driven by new launches including affordable Hunter 350 & ongoing CV cyclical upswing.