Stocks Radar: Adani Power, India Grid Trust, Strides Shashun
Here are the stocks moving the market this morning.
Indian shares climbed, with key equity benchmarks opening above fresh records highs on hopes that the central bank will ease interest rates in its policy meet due Wednesday.
The S&P BSE gained as much as 0.4 percent to 31,430 – a new all-time high for the 31-share index. The NSE Nifty 50 Index rose 0.3 percent in opening trades to 9,709 – its first time above the level – before pairing some of the gains.
Here Are The Stocks Moving The Market This Morning:
India Grid Trust: IPO Listing
The infrastructure investment trust (InvIT), sponsored by Sterlite Power Grid Ventures Ltd., listed at a discount of 0.3 percent on the National Stock Exchange. The shares listed at their issue price of Rs 100 on the Bombay Stock Exchange.
Adani Power: Majority Stake Pick Up
Shares of the Gautam Adani-led firm rose 0.93 percent to Rs 27.05 after the company said the board will meet to consider hiving off its flagship Mundra power station to a new subsidiary in which a Gujarat government entity may take a majority stake.
According to a PTI report, the company discontinued 1,250 MW power supply last month to Gujarat Urja Vikas Nigam Ltd. (GUVNL) in a phased manner, primarily due to the unviability of running its power plant at Mundra on imported coal.
The stocks remained unchanged on high trading volume, according to Bloomberg data. The stock returned a negative 11 percent so far this year and a loss of 7.9 percent.
Strides Shashun: Issue of Form 483
Shares of the pharmaceutical company fell 2.45 percent to Rs 933.55 after the U.S. FDA issued Form 483 for its South-Bengaluru plant.
The stocks returned a negative 11 percent so far this year and a loss of 15 percent. Bloomberg data showed that about 54 percent of analysts covering the company have changed their price targets over the past month.
Cadila Healthcare: Receives EIR From U.S. FDA
Shares of the drug maker rose as much as 3.95 percent to Rs 510 after it received Establishment Inspection Report (EIR) from U.S. FDA for its Baddi facility.
The stock returned 42 percent so far this year and a gain of 57 percent in the past 52 weeks. About 40 percent analysts covering the company have changed their price target over the past month, according to Bloomberg data.
Wipro: Bonus Shares Approval
Shares of the IT firm fell 0.72 percent to Rs 551.55 after the a media report surfaced stating that the company is evaluating sale of their holding in the firm.
Wipro Chairman Azim Premji however in a letter denied the report, stating it as “baseless and malicious” and that there is not truth to such rumors.
The Relative Strength Index (RSI) is 73, indicating that the stock may be overbought, according to Bloomberg data. The stock returned 17 percent so far this year and a gain of 3.9 percent in the past 52 weeks.
Raymond: Proposal Rejected
Shares of the fashion retailer rose 1.03 to Rs 759 after its shareholders rejected proposal to sell JK House to promoters and extended family at substantial discount.
The shareholders further approved reappointment of the company's Chairman and Managing Director Gautam Singhania as a director despite proxy advisory firm Institutional Investor Advisory Services’ (IiAS) recommendation against the proposal.
About 45 percent of the company's shares traded at the ask price and 37 percent was at the bid. The stock returned 52 percent so far this year and a gain of 59 percent in the past 52 weeks.
SBI: Capital Raising Boost
Shares of the country’s largest lender rose 1.98 percent to Rs 292.95. The bank’s QIP was oversubscribed three to four times, according to an investment banker aware of the transaction.
The bank will not offer any discount for its Rs 15,000 crore qualified institutional placement, the investment banker, aware of the transaction, told BloombergQuint on terms of anonymity.
NDTV: Drops Further
Shares of the news media company decline as much as 4.6 percent to Rs 57.1. On Monday, the Central Bureau of Investigation (CBI) carried out searches at different properties owned by the company, and its promoters Prannoy and Radhika Roy.
The CBI searches were based on a complaint by a former employee related to a loan from ICICI Bank, according to the media firm’s exchange filing, which it claimed was repaid more than seven years ago.
The stock returned a negative 16 percent so far this year and a loss of 37 percent in the past 52 weeks. Bloomberg data showed that the stocks were down 2.3 percent on a high trading volume with 1.7 times average volume at time.
ICICI Bank: To List ICICI Lombard
Shares of the private bank rose 0.55 percent to Rs 1.75 after the company’s shareholders approved the listing and part stake sale of its general insurance arm. The stock returned 25 percent so far this year and a gain of 34 percent in the past 52 weeks.
Bharat Petroleum: Bonus Issue Approval
Shares of the state-controlled refiner rose 0.7 percent to Rs 733.6 after the company sought shareholders’ approval for bonus issue. The stock has risen 0.6 percent in the last one month, compared to a decline of 1.1 percent in the S&P BSE Oil & Gas index.
Bharat Forge: Decline In Class 8 Truck Sales
Shares of the chassis component manufacturer fell as much as 2.1 percent intraday, the biggest fall since May 23, to Rs 1,162.1. The company’s class 8 truck orders declined 31 percent on month-on-month basis -- the lowest in 2017.
About 65 percent of analysts covering the company have changed their price targets over the past month. The stock trades at 32.0 times estimated forward earnings per share compared to 24.3 times for two-year historical average.
Jet Airways: Nears 50-Jet Order
Shares of the airline company rose 1.38 percent to Rs 504 after the company was said to be in talks to buy 50 single-aisle jets worth at least $5.6 billion.
The carrier operates an all-Boeing narrow-body fleet and already has an order for the Max 8, the most popular of the planemaker’s revamped 737 models.
The stock returned 43 percent so far this year and a loss of 12 percent in the past 52 weeks.
Indiabulls Real Estate: Issues NCDs
Shares of the real estate firm fell 2 percent to Rs 166.6 after the company said that it will issue non-convertible debentures (NCD) at face value Rs 10 lakh each, aggregating to Rs 75 crore on a private placement basis, according to its exchange filing.
The stock trades at 18 times estimated forward earnings per share compared to 7.5 times for two year historical average.
Coral India Finance And Housing: Stock Split
Shares of the housing development firm fell as much as 5 percent intraday, the biggest fall since May 25, to Rs 246.6 after the company announced a 5:1 stock split.
The company has also appointed Kishor Mehta as the additional director and chief financial officer. The stock returned 61 percent so far this year and a gain of 333 percent in the past 52 weeks.
Alankit: Share Purchase Agreement
Shares of the IT service firm fell as much as 8 percent intraday, the biggest fall since May 26, to Rs 33.15 after the company’s promoters entered into share purchase agreement to acquire 37.78 percent stake in the company.
With this, promoters have triggered open offer to acquire 26 percent.
About 37 percent of the company's shares traded at the ask price and 49 percent was at the bid. The stock returned 7.4 percent so far this year and a gain of 11 percent in the past 52 weeks.
For live market updates, click here