Stocks Radar: Tata Steel, Grasim Industries, Torrent Power And More
Shares of Grasim Industries jump 3 percent on inclusion to the MSCI EM index.
Indian shares advanced on Friday, moving in tandem with the Asian equities, led by gains in metal makers and lenders.
The S&P BSE Sensex gained 0.4 percent to 28,456 while the NSE Nifty advanced 0.5 percent to 8,822 as of 9:35 a.m.
Here are the stocks moving the market:
Tata Steel: Seals The Deal With Liberty
Shares of Tata Steel rose 1.7 percent to Rs 467.87 after it agreed to sell its U.K. specialty steels business to Liberty House Group for 100 million pounds ($126 million).
The company has been in exclusive talks with Liberty House since November about the specialty business, which produces steel for the aerospace, automotive, and oil and gas industries.
The sale is part of Tata Steel’s efforts to pare its debt, which is the highest among steel producers in India.
Grasim: Makes It To The MSCI Index
Shares of the Aditya Birla Group company jumped 3 percent to Rs 1,002 after it was included in the MSCI’s Emerging Markets Index. The stock will also be added to MSCI ACWI Value Index.
Inclusion to the MSCI index makes more information available to foreign investors and improves market liquidity as stock’s trading exposure widens.
Shares of the company have risen nearly 13 percent so far this year as of Thursday's close and has a one-year return of about 43 percent.
Aurobindo Pharma: Profit Miss
Shares of the drugmaker fell 1.1 percent to Rs 698.12 after its third-quarter profit missed street estimates.
Aurobindo Pharma’s profit after tax increased to Rs 578.6 crore in the October-December quarter from Rs 544.3 crore in the corresponding period last year.
The Bloomberg consensus estimate of the net profit stood at Rs 611 crore.
Consolidated operating income rose 9.1 percent to Rs 783.7 crore in the third quarter.
Bharat Petroleum: Refining Margins Disappoint
Shares of the state-owned firm dropped 1.2 percent to Rs 716.41, snapping a four-day winning streak despite meeting street estimates with its third quarter earnings.
The average gross refining margin during the quarter stood at $5.90 per barrel against $7.67 per barrel in the corresponding period last year. Gross refining margin is what a refining company makes from turning every barrel of crude oil into fuel.
The oil and gas company saw its net profit grow to Rs 2,271.9 crore, better than the analysts’consensus of Rs 2,212.65 crore.
Torrent Power: Net Revenue Declines
Shares of the company fell 5 percent to Rs 197.88 after reporting a 70 percent decline in consolidated net profit for the December quarter.
Torrent Power said net profit after tax stood at Rs 106.66 crore for the quarter ended December 31, compared with Rs 359.08 crore for the corresponding period last year.
Total income decreased from Rs 3,081.28 crore to Rs 2,378.51 crore for the quarter.
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SAIL: Profit Misses Estimates
Shares of the state-owned Steel Authority of India fell 0.5 percent to Rs 64 after the company surprised the Street with a net loss of Rs 794.8 crore in the October-December quarter, missed analyst estimates.
A Bloomberg consensus of analyst estimates had pegged the loss at Rs 918.2 crore. The steel manufacturer had reported a loss of Rs 1,481.1 crore in the corresponding quarter of the last financial year.
Net sales after excise duty rose 26 percent to Rs 11,687 crore from Rs 8,805.5 crore in the same quarter last year, the company said in a stock exchange filing.