Stocks Radar: Aditya Birla Capital, Dr. Reddy’s Labs, Justdial, Strides Shasun
Indian shares swung between gains and losses, reflecting the mixed trade in Asian peers, as investors await a U.S. jobs report for clues on the Federal Reserve’s policy-tightening path due Friday.
Both the S&P BSE Sensex and the NSE Nifty rose as much as 0.3 percent to 31,815 and 9,945, respectively. The market breadth was tilted in favour of the buyers. About 1,163 stocks advanced, while 341 declined on the National Stock Exchange.
Here Are The Stocks Moving The Market This Morning
Aditya Birla Capital: Starts Trading On Bourses
The financial service began trading on the exchanges as part of the Aditya Birla group’s restructuring exercise. The stock listed at a price of Rs 248.15 on the BSE and Rs 237.50 on the NSE.
Aditya Birla Capital was hived off after the merger of Aditya Birla Nuvo Ltd. and Grasim Industries Ltd. in a rejig to create a combined entity with a revenue of about Rs 59,000 crore.
Besides unlocking value by listing the financial services businesses separately, the Kumar Mangalam Birla-led group seeks to consolidate fast-growing businesses and simplify the structure by removing cross-holding.
Dr. Reddy’s Lab: Jumps After Favourable Ruling
Shares of the drug maker rose as much as 8 percent, the most in six years, to Rs 2,183, after it won a ruling over three patents for Suboxone drug.
The stock was the best performer on NSE Nifty 50 Index. The stock is 15 percent below the Bloomberg consensus one-year target price. Trading volume was 8.5 times its 30-day average.
Justdial: Completes Buyback
Shares of the local search engine snapped two-day gain and fell as much as 1.6 percent to Rs 385.15.
The company completed the buyback of shares on Thursday at a maximum price of Rs 700 apiece for a total amount not exceeding Rs 83.91 lakh, according to its exchange filing.
Justdial trades at 22.3 times trailing 12-month earnings per share. The analyst consensus price target is Rs 400.53, implying a potential upside of 2.5 percent from the current market price.
Strides Shasun: Unit Acquires Amneal Pharmaceuticals
Shares of the pharmaceutical company rose as much as 4.8 percent, the most since August 16, to Rs 948.50.
The company’s subsidiary Arrow Pharma acquired Amneal Pharmaceuticals for a consideration of 17 million Australian dollar, according to its notification on the exchange.
The stock returned a negative 13 percent so far this year and a loss of 2 percent in the past 12-months.
V-Guard Industries: Gains On Stake Acquisition
Shares of the stabiliser manufacturer extended gains for the third day and rose as much as 1.4 percent to Rs 188.70.
The company acquired 7.82 lakh shares in Guts Electro-Mech Ltd., which increased its shareholding to 74 percent, according to its exchange filing.
V-Guard trades at 52.2 times trailing 12-month earnings per share. The stock returned 62 percent so far this year and a gain of 39 percent in the past 12-months.
Stocks Reacting To Earnings
Kridhan Infra (Q1FY18 YoY)
- Stock fell as much as 6 percent the most since August 10, to Rs 89.30
- Net Profit fell 7.8 percent to Rs 10.7 crore
- Revenue up 28 percent to Rs 185.3 crore
- EBITDA unchanged at Rs 25 crore
- Margin narrowed to 13.5 percent from 17.4 percent
Rane Holdings (Q1FY18 YoY)
- Stock rose as much as 8.8 percent, the most in over a month to Rs 1,714
- Profit grew 120 percent to Rs 33 crore (Exceptional gain of Rs 15.6 crore)
- Revenue flat at Rs 536 crore
- EBITDA down 2.2 percent to Rs 49 crore
- Margins largely flat at 10 percent from 10.2 percent
Stock Reacting To Bulk Deals
- Stock Rose as much as 6.6 percent, the most in five months to Rs 362.45
- Reliance Mutual Fund buys 20 lakh shares (2.2 percent) at Rs 339.99 each
- Promoter Vijay Sankeshwar sold 20 lakh shares (2.2 percent) at Rs 340 each
- Stock rose as much as 5.7 percent to Rs 129
- SBI Small and Midcap Fund bought 7.9 lakh shares (1.2 percent) at Rs 114.11 each
- LTS Investment Fund sold 12.94 lakh shares (1.9 percent) at Rs 114.04 each
- Stock rose as much as 1.8 percent to Rs 63.80
- Promoters Pressman Realty sold 5.8 lakh shares (2.5 percent) at Rs 64 each
- Promoter Pressman Properties sold 6.60 lakh shares (2.8 percent) at Rs 62.56 each
- Pradeep Kumar Saraf bought 11.60 lakh shares (4.9 percent) at Rs 63 each