Short covering is the purchase of stocks to settle an existing short position, indicating a shift from severe bearishness to bullishness. Four equities experienced short covering during the trading session on Wednesday. Here’s the list of the four stocks with short covering.
1. Indiamart Intermesh
Indiamart Intermesh provides a platform and tools for over 12.5 crore buyers to browse from over 10 crore products and interact with over 78 lakh reputable and competitive suppliers. Just 2.52% of trading sessions over the previous five years experienced intraday drops greater than 5%. After the last five years, the company has no debt. In the year ending March 31, 2024, it allocated 45.46% of its operational revenues to staff costs and less than 1% to interest charges. The OI change as of August 14 is -1.98%. The stock price is changed by 0.23%.
2. Cummins India
Cummins India Limited is the country’s leading maker of diesel and natural gas engines. Cummins India Limited, one of the Cummins Group’s seven legal organizations in India, operates three business units: Engine, Power Systems, and Distribution. The company reported a Consolidated Total Income of Rs 2,419.29 Crore for the quarter that ended on June 30, 2024. This is an increase of.02 percent from the previous quarter’s Total Income of Rs 2,418.92 Crore and 4.86% from the same quarter last year’s Total Income of Rs 2,307.23 Crore. In the most recent quarter, the company generated net profit after tax of Rs 395.27 crore. OI change as of August 14 is -1.4%. The stock price is increased by 0.4% only.
3. NTPC
NTPC’s main businesses include power plant construction and power generating using coal and gas. In addition to power trading and distribution, the company has expanded into the construction and generation of hydroelectric power facilities. The OI change as of August 14 is -0.68%. The rise in stock price is 0.1% only.
4. Asian Paints
Based on market share, Asian Paints is the biggest paint company in India. The corporation operates production facilities in fifteen countries worldwide, including India, and has a significant presence in the Middle East and the Indian subcontinent. With 27 paint manufacturing sites, it serves customers in more than 60 nations. The largest paint maker in India has responded to the expanding presence of new competitor Biral Opus with an ambitious capital expenditure target of Rs 2,200 crore over the following four years. The OI change as of August 14 is -0.43%. The stock price is increased by 0.28%
