Stocks Radar: Jyothy Labs, MOIL, Reliance Industries
Indian shares began the new fiscal year on a positive note.
Indian shares began the new fiscal year on a positive note, with a key benchmark making a new all-time high, led by automakers following robust March sales.
Here are the stocks moving the markets this morning:
Reliance Industries: Extends Offer
The Mukesh Ambani-led company rose 4.5 percent to Rs 1,380, its highest intraday level since May 2008. The company’s telecom unit Reliance Jio extended its prime membership application deadline for a extra 15 days till April 15, 2017.
The membership offers unlimited data, voice and SMS services for Rs 303 per month and a one-time Rs 99 membership fee.
The operator has signed up 7.2 crore subscribers through its customer privilege programme, it said in a press release.
Oil Companies: Fall On Price Cuts
Oil companies fell after petrol and diesel prices were lowered over the weekend, marking the first change in two-and-a-half months.
Price of petrol was reduced by Rs 3.8 per liter while diesel will now be cheaper by Rs 2.9 per liter. The price cut was enforced due to lower global crude prices and a strengthening rupee, according to Indian Oil Corp.’s statement.
- Bharat Petroleum (-1.2 percent to Rs 642)
- Hindustan Petroleum (-1 percent to Rs 520)
- Indian Oil Corporation (-1.1 percent to Rs 382)
Gas Companies: ONGC, OIL India
The companies swung between gains and losses after the price of natural gas was reduced by $2.48 per unit, leading to lower input costs for the gas and petroleum giants.
The cut was announced by the government on Friday evening and will stand for the coming six months, according to a PTI report.
- ONGC (+1 percent to Rs 186)
- Oil India (-0.8 percent to Rs 331)
MOIL: Drops On Price Cut
The mining company fell as much as 4.4 percent to Rs 300 after it slashed the rates of manganese by 10-15 percent. These prices will now remain fixed for the April to June quarter of financial year 2017-18, the company said in an exchange filing.
Trading volumes more than tripled this morning, compared to its 20-day average, according to Bloomberg data.
Indoco Remedies: Receives Warning Letter
The drug maker fell as much as 16.3 percent to Rs 208 after it received a warning letter from the U.S. Food and Drug Administration on March 27, 2017.
The letter was regarding two observations at the company's Verna plant in Goa, according Indoco's notification to the exchanges.
Jyothy Labs: Falls On Extended Option
The company fell 2 percent to Rs 345 after it extended its period for exercising of an option by Henkel AG. The board extended the option date till October 31, 2017 on a request from the German company.
Jyothy labs also commenced production of drugs in three new factories in Guwahati, according to a different statement to the exchanges.
Magma Fincorp: Sells NPAs
Shares of the company rose 2.1 percent to Rs 108 after it sold its non performing assets worth Rs 679 crore. The sale will result in a reduction of consolidates profit after tax by RS 135 to Rs 145 crore.
At the same time, gross non performing assets will be reduced by 3.6 percent from 10.5 percent as of December 31, 2016.