Stocks Radar: L&T, Om Metals, Kalindee Rail And More
Kalindee Rail and Om Metals rose more than 8% on new projects.
Indian shares swung between gains and losses, tracking weak trade in global equities, after local benchmarks posted their best weekly gains since May of last year.
The S&P BSE Sensex slipped 0.1 percent to 27,847 while the NSE Nifty too fell 0.1 percent to 8,627.
Here are the stocks moving the market this morning:
Larsen & Toubro: Earnings Reaction
The company rose 1.9 percent to Rs 1,467 after reporting a 38.5 percent increase in net profit for the third quarter of the financial year 2016-17. However, the company cut its revenue growth guidance for the year to 10 percent from 15 percent.
We are at about 6 percent at the 9 month level (FY17) in terms of growth. There are a lot of pending orders that the government places in Q4 (of FY17) to exhaust the budget. We do hope Q4 of this year is no different. Factoring that surge in Q4, we do think that we will possibly reach the 10 percent growth.R Shankar Raman, Chief Financial Officer, Larsen & Toubro
Maruti Suzuki: Hikes Prices
Shares of the car maker fell 0.3 percent to Rs 5,899 after it joined its peers in hiking prices in 2017.
Maruti Suzuki raised prices across its entire range of offering by up to Rs 8,014 ex-showroom Delhi, with immediate effect, citing a rise in commodity, transportation, and administration costs as the reason. The price rise ranges from Rs 1,500 and goes up to Rs 8,014, the company said in a release.
The automaker had last hiked vehicle prices in August 2016, when its high-selling compact sports utility vehicle (SUV) Vitara Brezza saw the highest jump at Rs 20,000.
Bharat Electronics: Share Split
The company rose 3.8 percent to Rs 1,599 after its board approved a share split in the ratio of 1:10.
One share of Rs 10 will now be issued against 10 shares of Rs 10, the company specified in a notification to the exchanges. Bharat Electronics also declared a dividend of Rs 3 for the financial year of 2016-17.
ONGC: To Invest $5 Billion in Andhra
Shares of the government owned company rose 0.7 percent to Rs 206 after it inked a pact with the Andhra Pradesh government for investing more than $5 billion in oil and gas fields.
The company pledged to invest the amount into deploying 10 oil and gas fields in the Bay of Bengal block by 2019-20, according to a report by the Press Trust of India.
Hindustan Petroleum (HPCL) and Gail India also signed an MoU with the state pledging to set up a Rs 40,000 crore petrochemical plant in the state. The 50:50 joint venture will set up a 1.5 million tons Ethylene Derivatives plant, which will produce a wide range of petrochemical raw materials for the manufacture of detergents, paints and coatings, cosmetics, textiles and adhesives. HPCL fell 1 percent to Rs 530 while Gail India rose 0.7 percent to Rs 485, on Monday morning.
Om Metals: Bags Project
Shares of the infrastructure company jumped 8.1 percent to Rs 48 after its joint venture received a letter of intent from the director general of Rwanda Agriculture Board for work related to irrigation and watershed development. The company will receive $ 16.6 million for the project, it said in a statement to the exchanges.
Kalindee Rail: Receives Construction Order
The engineering company rose as much as 8.2 percent to Rs 124 after it secured a Rs 197 crore order from the Dedicated Freight Corridor Corporation of India.
The project involves design, supply and construction of track and related work for the eastern dedicated freight corridor, the company said in a filing.
Earnings Watch
- HDFC (-0.9 percent to Rs 1,280)
- Bajaj Finance (+2.9 percent to Rs 1,024)
- Grasim Industries (+1.7 percent to Rs 946)
- Godrej Consumer Products (+1.2 percent to Rs 1,567)
- Tech Mahindra (-0.8 percent to Rs 463)
Sensex, Nifty: Movers & Shakers
