Stocks Radar: Petronet LNG, Reliance Industries, TCS And More
TCS fell after the company decided on a date to seal Mistry’s fate as director.
Indian shares swung between gains and losses as extended decline in consumer durable and select auto stocks countered a rally in energy producers.
The rupee weakened past the 68-per dollar mark for the first time since June as rising possibility of a U.S. interest-rate increase triggered outflows from Indian assets.
Here are the stocks in focus for the day:
Earnings Reaction
Shares of Petronet LNG rose as much as 7.6 percent to Rs 374 after it posted an 84.7 percent jump in net profit to Rs 460 crore in the July to September quarter for the financial year of 2016-17. This jump, however, was driven by a spike in other income and growing EBITDA margins despite a fall in revenue.
The total income declined by more than 12 percent.
Tata Consultancy Services
Shares of the information technology company fell 1.5 percent to Rs 2,105 after its board decided to convene an extraordinary general meeting (EGM) on December 13, seeking to pass a resolution for removal of Cyrus Mistry as the director of the company.
The filing came after a Tata Sons board meeting that was held ealier in the evening.
Cyrus Mistry was removed as chairman of TCS on November 10, but remained a director on the board of the company.
Also Read: Tata-Mistry War: The End Game
Reliance Industries
Shares of the Mukesh Ambani-led company rose 1.1 percent to Rs 988 after it announced a partnership with General Electric "to drive digital transformation into the industrial world".
The two companies will work on building out joint applications of GE's Predix platform and will also provide IoT solutions to customers in the oil &gas, power, healthcare and telecom sectors. The market opportunity by 2022 stands at $25 billion, according to Gartner.
India needs to rapidly move to the next level of smart manufacturing which leverages big data, algorithms, and sensor technology. The presence of ubiquitous high bandwidth connectivity and cloud services enabled by Jio will be a key enabler for the rapid growth of IIOT within India. Indians have been in the forefront of creating smart and innovative solutions in a number of fields. It’s time we brought smart manufacturing capability into India by providing value added IIOT solutions for the industry that will enable India’s economic growth.Mukesh Ambani, Chairman and Managing Director, Reliance Industries
Cadila Healthcare
Shares of the healthcare company fell 2.4 percent to Rs 360 after it approved the proposal to transfer the Indian Human Formulations Undertaking of Cadila to Zydus Healthcare on a "slump sale on the basis of lump sum cash." The deal will take place for Rs 69.3 crore, according to the company exchange filing.
IL&FS Engineering & Construction Company
Shares of the engineering and construction company rose 3.9 percent to Rs 45 after its joint venture emerged as the lowest bidder for road projects in Madhya Pradesh, the company said in an exchange filing.
The two road projects funded by the Asian Development Bank include reconstruction and widening of two stretches in Madhya Pradesh.
The joint venture quoted an amount of Rs 375.2 crore for the two construction projects.
Pratibha Industries
Shares of the infrastructure company rose as much as 14 percent to Rs 13.4 after it bagged a contract worth Rs 97.8 crore for capacity expansion of a water treatment plant in Nepal, awarded by the water supply board of the Nepal government.
The company is also expecting to receive a Rs 370 crore contract for the contrcution of office building in North Block and academic buildings in North IIT, both in Delhi.
Wockhardt, Sun Pharma
The Indian generic drug-makers expect heat from sergeants of the New York Police Department in the form of civil penalties.
With the generic drug industry readies itself for charges from a two-year U.S. Justice Department antitrust investigation, a union representing the NYPD has filed a pair of lawsuits against Novartis, Perrigo and India-based Wockhardt and Taro (a unit of Sun Pharmaceuticals), according to a report by Bloomberg.
- Wockhardt (+1.4 to Rs 737)
- Sun Pharma (+2.7 to Rs 687)
Earnings Watch
- Gujarat Gas (+1.3 percent to Rs 528)
- NBCC India (+1.8 percent to Rs 220)
- NHPC (+0.8 percent to Rs 25)
- Rashtriya Chemicals & Fertilizers (+0.8 percent to Rs 42)
- JB Chemicals and Pharmaceuticals (-0.7 percent to Rs 345)
- 3M India (-0.1 percent to Rs 12,125)
- Precision Camshafts (+0.5 percent to 154)
- Sarda Energy & Minerals (-1.2 percent to Rs 213)
- Visa Steel (+2.3 percent to Rs 15.5)