Shoppers browse food items at a D-Mart supermarket (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Heritage Foods, InterGlobe Aviation, ICICI Bank And More

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Indian shares extended their gains for a second straight session as the last of the opinion polls showed Hillary Clinton ahead of Donald Trump as Americans prepare to cast their ballots in the U.S. presidential election.

Here are the stocks that are moving the market today:

Future Retail and Heritage Foods

Shares of Future Retail fell as much as 3.8 percent to Rs 148 after its board of directors approved the absorption of the "retail and allied businesses" of Heritage Foods, including its stores across Hyderabad, Bangalore and Chennai. The stocks recovered some of its losses within minutes and was trading 0.8 percent lower that the opening price, at Rs 151 as of 9:35 a.m.

Future Retail will transfer 1.78 crore fresh equity shares or 3.65 percent stake in the company, valued at Rs 295 crore, which will be held by Heritage Foods’ retail shareholders.

The transaction is expected to be completed in the next six to eight months and is subject to necessary approvals, the companies said in different exchange filings.

Heritage Foods rose 3 percent to Rs 905 crore on Tuesday morning.

Earnings Reaction

Shares of ICICI Bank rose rose 3.1 percent to Rs 287 after net profit increased 2.4 percent, beating street estimates, on the basis of the spike in treasury income. Its July to September quarter earnings, however, showed worsening asset quality and no growth in net interest income.

As for the outlook on bad loans, Chanda Kochhar, chief executive officer of ICICI Bank refrained from giving out any details.

In the overnight U.S. trade, the lender’s American Depository Receipt rallied, closing 6.6 percent higher at $8.6.

Here are the other companies reacting to their earnings:

  • Britannia Industries (-2 percent to Rs 3,238)
  • CEAT (+2.3 percent to Rs 1,248)

Hindalco

Shares of the aluminium giant rose 2.6 percent to Rs 171 on Tuesday morning.

Hindalco Industry’s international unit, Novelis, reported a net loss of $89 million. The highest in the previous 18 quarters, the loss was due to one-time expenses such as loss on extinguishment of debt and loss on sale of non-core Alcom business.

Net sales dropped 5 percent to $2.4 billion led by lower average aluminium prices and a two percent fall in shipment f rolled aluminium products.

Tata Steel

Shares of the steel giant rose 0.7 percent to Rs 415 after news that its European steel unit could be saved from further writedowns if it ties-up with Thyssenkrupp AG, as proposed by ousted chairman Cyrus Mistry.

This comes a little more than a week after Mistry warned that the company was facing $10 billion in potential writedowns, only parts of which have been reported.

First reported by Bloomberg, the news was disclosed by a person with knowledge of the matter, who asked not to be identified.

Earnings Watch

  • InterGlobe Aviation (+0.9 percent to Rs 934)
  • Bharat Heavy Electricals (+3.1 percent to Rs 143)
  • Ashok Leyland (-1.1 percent to Rs 88)
  • Bharat Forge (+1.3 percent to Rs 870)
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