Stocks Radar: MindTree, Max Financial Services, Radico Khaitan
Here are the stock moving the market this morning.
Indian shares opened higher on the last trading day of the week, amid positive trade in Asian markets, led by shares of energy companies.
Here are stocks that are moving the market:
MindTree: Earnings Reaction
Shares of the software firm rose 2.2 percent to Rs 452 percent after the company's revenue beat street estimates. Revenue rose 1.7 percent to Rs 1,318 crore led by revenue from its technology and media services segment.
However, its profit declined 5.7 percent to Rs 97.2 crore, sequentially. The lower net income was mainly on account of a Rs 228 crore foreign exchange loss, the company said in its exchange filing.
Reliance Industries: Jamnagar Projects On Track
The company rose 1.1 percent to Rs 1,384 after it reassured that its Jamnagar project is going as per schedule.
"These projects will add significant value to Reliance’s Refining & Petrochemical business and enable Jamnagar complex to achieve energy self-sufficiency", the company said in a filing.
Radico Khaitan: Madhuri Kela Buys Stock
Shares of the company jumped 9.9 percent to Rs 132 after Madhuri Madhusuman Kela bought 7 lakh shares for Rs 117 per share in a bulk deal.
The stock has seen a 2.9 percent fall in the past month compared to an average of 3.9 percent fall among its peers, according to Bloomberg data.
Max Financial Services: Block Deals
Shares of the financial services firm dropped as much as 5.5 percent, the most since March 9, after about 1.3 crore shares changed hands on BSE.
The shares changed hands in three block deals, according to Bloomberg data.
- 1.34 lakh shares at Rs 625 each
- 48.4 lakh shares at Rs 615 each
- 81.4 lakh shares at Rs 621.2 each
The floor prce for the stake sale was set at Rs 607 per share, as per the term sheet. The stock, down for a second day, was the worst performer on S&P BSE200, BSE 500 indexes.
Buyers, sellers were not immediately known.
Vedanta: Trouble With Plants
Shares of the company rose 1.1 percent to Rs 236 despite it announcing that its Jharsuguda plant saw a pot outage incident earlier this week. "228 out of the 608 pots were damaged and taken out of production," the company said in a statement to the exchanges.
Its power plant in Punjab, meanwhile, saw a fire around the same part of the week. This has resulted in a shut down of all three units of power plant for roughly 60 days, it said in a statement to the exchanges.
Housing Development & Infrastructure: New Project
Shares of the company rose 1.7 percent to Rs 91.5 after it launched a new project in Mulund, Mumbai, under its affordable housing brand.
Dubbed as 'The Nest', the property will have 263 units open for sale in the first phase of the project, the company said in a filing.
Earnings To Watch
- HDFC Bank (+0.9 percent to Rs 1,474)
- ACC (-0.6 percent to Rs 1,501)
Sensex, Nifty: Movers & Shakers
