A broker monitors stock while sipping tea at a brokerage firm (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Infosys, Wall Street Finance, PNB, Dish TV

Indian equity benchmarks declined led by Infosys Ltd. after Vishal Sikka resigned from the position of the information services major’s chief executive officer and managing director.

Both S&P BSE Sensex and NSE Nifty 50 Index fell as much as 0.9 percent to 31,500 and 9,816, respectively. The market breadth firmly tilted towards sellers. About 1,115 stocks declined compared with 415 that advanced on the National Stock Exchange.

Here Are The Stocks Moving The Market This Morning

Infosys: Tanks After Sikka Resigns

Shares of the I.T. major fell as much as 7 percent, the most in over nine months to Rs 949. The board appointed Sikka as the executive vice-chairman, after he stepped down from the position of MD and CEO.

The company’s board appointed chief operating officer U B Pravin Rao as the interim-MD and CEO, according to an exchange filing.

The stock was the worst performer on both Sensex and Nifty. The stock has given a return of -4.5 percent so far this year, compared to 2.4 percent advance in NSE Nifty IT index.

Wall Street Finance: Jumps To 6-Year High

Shares of the company gain more than 15 percent for a second straight session after Ebix agreed to buy Money Transfer Service Scheme (MTSS) business of Wall Street Finance along with the acquisition of its unit Goldman Securities, for $7.4 million.

Punjab National Bank: Declines On Interest Rate Cut

Shares of the country’s second largest public sector lender extended decline for the second day and fell as much as 3 percent to Rs 141.90. The bank cut interest rates by 50 basis points to 3.5 percent on savings accounts up to Rs 50 lakh, according to an exchange filing.

About 25 percent of the analysts covering the bank have changed their price targets over the past month (six up, six down, 33 unchanged, three dropped.), according to Bloomberg data. The analyst consensus price target is Rs 153.95, a potential upside of 7.2 percent from the current market price.

Mindtree: Snaps Four-Day Gain

Shares of the Bengaluru-based I.T. company snaps four day gains fell as much as 1.7 percent to Rs 467.50.

The company on Thursday announced that the buyback of equity shares starts on August 18 and end on September 1, according to its exchange filing.

About 21 percent of the analysts covering the company have changed their price targets over the past month (two up, six down, 26 unchanged, three dropped), according to Bloomberg data. Mindtree is trading at 19 times trailing 12-month earnings per share.

Somany Ceramics: Declines After Q1 Results Announcement

Shares of the ceramic wall maker snapped four-day increase and fell as much as 3.8 percent to Rs 768.

The company reported a 67 percent decline in its net profit during the quarter ended June, and stood at Rs 6 crore, according to the company’s exchange filing.

Besides, the company has appointed Ghanshyambhai Girdharlal Trivedi as an additional director of the company with effect from September 1, according to a separate exchange filing. The stock has given returns of 60 percent so far this year and a gain of 32 percent in the past 12-months.

Other Stocks Reacting To Earnings

Dish TV (Q1FY18, YoY)

  • Stock rose as much as 5.8 percent to Rs 78.35
  • Reported a net loss of Rs 11.67 crore compared to a profit of Rs 37.7 crore
  • Revenue fell 5.1 percent to Rs 738.9 crore
  • EBITDA declined 23 percent to Rs 201.2 crore
  • EBITDA margin narrowed to 27.2 percent from 33.5 percent

Apcotex Industries (Q1FY18, YoY)

  • Stock fell as much as 4.6 percent to Rs 419
  • Net profit was 37.5 percent lower at Rs 5 crore
  • Revenue fell 12.9 percent to Rs 132 crore
  • EBITDA declined 19.8 percent to Rs 8.5 crore
  • EBITDA margin stood narrowed to 6.4 percent from 9.1 percent

Talbros Engineering (Q1FY18, YoY)

  • Stock fell as much as 7.2 percent to Rs 570
  • Net profit rose 60 percent to Rs 2 crore
  • Revenue grew 20.5 percent to Rs 50 crore
  • EBITDA went up 88.5 percent to Rs 4.9 crore
  • EBITDA margin expanded to 10.7 percent from 8.5 percent
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