Stocks Radar: Bharat Forge, Himachal Futuristic, Reliance Industries
Here are the stocks moving the market this morning.
Indian equity benchmarks climbed in early Thursday trade, led by realty and auto stocks. The S&P BSE Sensex rose as much as 0.5 percent to 31,814.96 while the NSE Nifty 50 Index gained 0.5 percent as well to 9,964.
Seventeen of the 19 sector gauges compiled by BSE Ltd. advanced led by S&P BSE Realty Index’s 0.9 percent gain. The market breadth was firmly tilted in favour of buyers. About 1,131 stocks advanced and 391 stocks declined on the National Stock Exchange.
Here Are The Stocks Moving The Market This Morning
Reliance Industries: Forays Into Carbon Fibre Market
Shares of the Mukesh Ambani-led firm extended gains for the seventh day and rose as much as 1.2 percent to Rs 832.70 after the stock turned ex-bonus today in the ratio of 1:1.
Besides that, the oil refiner was also in the news after it acquired the assets of Gujarat-based Kemrock Industries & Exports Ltd. in an online auction conducted by lenders, led by Allahabad Bank. The acquisition marks Reliance Industries’ foray in manufacturing composites, including carbon fibre.
Among 40 analysts tracked by Bloomberg, 23 have a 'Buy' rating on the stock, 13 have a 'Hold' and the remaining four have a 'Sell' rating. The stock trades at 16.2 times trailing 12-month earnings per share.
Sagar Cements: Production And Sales Boost
Shares of the cement maker rose as much as 3.5 percent to Rs 839.80. The company’s consolidated output grew 19.9 percent to 1.91 lakh metric tonne while sales grew 15.3 percent to 1.99 lakh metric tonne, according to its exchange filing.
The analyst consensus price target is Rs 1046.80, implying a potential upside of 29.1 percent from the current market price, Bloomberg data showed. The stock has risen 29.2 percent, compared to 11.2 percent gain in the benchmark S&P BSE Sensex Index.
Sasken Technologies: NCLT Nod On Merger
Shares of the software solutions provider rose as much as 2.9 percent to Rs 498.
The National Company Law Tribunal (NCLT) gave its approval to Sasken Technologies’ merger plans with Sasken Network Engineering, according to an exchange notification. The stock rose 1.1 percent in the past month, against 1.6 percent decline in the Sensex Index.
NBCC: Gains After Winning Order
Shares of the public sector undertaking rose as much as 2.6 percent to Rs 213.85.
The construction company bagged an order worth Rs 464 crore from the government, according to its exchange filing. NBCC India trades at 54.0 times trailing 12-month earnings per share. The stock has returned 34 percent so far this year and a gain of 28 percent in the past 12-months.
Bharat Forge: North American Truck Sales Pick Up
Shares of the auto component maker rose as much as 4.4 percent, the most in over two-months to Rs 1,179.95.
The North America Class 8 truck sales for August at 20,683 units, compared to 14,078 units last year (18,255 units in July), according to reports.
The analyst consensus price target was Rs 1217.03, implying a potential upside of 4 percent from the current price. The stock has returned 29.9 percent so far this year.
Stocks Reacting to Earnings
Butterfly Gandhimathi Appliances (Q1FY18, YoY)
- Stock rose as much as 3.3 percent to Rs 176.90
- Net loss narrows to Rs 8.8 crore versus Rs 9.7 crore
- Revenue up 3.3 percent at Rs 95 crore
- Operating loss at Rs 2.5 crore
- Margin stood at -2.9 percent versus -1.2 percent
MT Educare (Q1FY18, YoY)
- Stock fell as much as 4.1 percent to Rs 69.70
- Profit fell 60 percent to Rs 2 crore
- Revenue fell 3.66 percent to Rs 79 crore
- EBITDA grew 22 percent to Rs 11 crore
- Margin at 13.9 percent versus 11 percent
Stocks Reacting To Bulk Deals
Himachal Futuristic
- Stock rose as much as 9.9 percent to Rs 28.15
- GMO Emerging Markets Quality Fund bought 1.1 crore shares (0.9 percent equity) at Rs 23.92 each
Gateway Distriparks
- Stock snapped three-day decline and rose as much as 2 percent to Rs 220
- GMO Emerging Domestic Opportunities Fund sold 12.62 lakh shares (1.2 percent equity) at Rs 219.67 each
Religare Enterprises
- Stock snapped nine-day decline and rose as much as 4.9 percent to Rs 42.10
- Yes Bank sold 9.55 lakh shares (0.5 percent equity) at Rs 40.23 each