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Stocks Radar: Dr. Reddy’s Laboratories, Reliance Industries, Logistics Companies

Here are the stocks moving the market this morning.

Brokers watch their screens during trading hours inside a dealing room at a bank in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg News)
Brokers watch their screens during trading hours inside a dealing room at a bank in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg News)

The S&P BSE Sensex Index surged as much as 0.59 percent to 33,557.2, while the NSE Nifty 50 Index climbed 0.56 percent to 10,356.75 on Tuesday.

The market breadth was tilted in favour of buyers. All the 19 sector gauges compiled by BSE were gaining led by the S&P BSE Consumer Durable index’s 1.55 percent gain. The S&P BSE Capital Goods index rose the least, 0.07 percent.

Here Are The Stocks Moving The Market This Morning

Dr. Reddy’s Lab: USFDA Issued EIR For Duvvada Facility

Shares of the Hyderabad-based drugmaker rose as much as 9.83 percent to Rs 2,498 after it said the drug regulator issued its facility an Establishment Inspection Report (EIR). The stock soon gave up most of the gains after it added that the unit’s status, however, remains unchanged.

It said the U.S. Food and Drug Administration hasn’t closed the inspection of the site, which was under inspection between Feb 27 and March 8 of this year. After staging a sharp jump of nearly 10 percent, the stock moderated its gains to a 2.1 percent rise to Rs 2,324 apiece.

Reliance Industries: Gains After Goldman Sachs Price Target Hike

Shares of the Mukesh Ambani-led company rose as much as 2 percent to Rs 939.70 after international brokerage Goldman Sachs added the stock to its conviction list.

The brokerage also hiked its target price to Rs 1,205 from Rs 920.8, reflecting a potential upside of nearly 30 percent to Monday’s close. It expects RIL’s operating income to double in the next three years.

Commenting on RIL’s star offering-Reliance Jio, Goldman Sachs maintained that benefits from Jio will start accruing next year onward, and it will be key to the company’s growth trajectory.

MIRC Electronics: Surges On Results

Shares of the Mumbai-based consumer electronic products maker rose as much as 18.21 percent, to Rs 40, its highest level since December 2003, after it reported strong earnings post market hours yesterday.

The stock’s trading volume is up 17 percent, nearly 8.5 times the 30-day average trading volume. MIRC has outperformed the S&P BSE Sensex, having gained 204.6 percent versus the index’s gain of 27.4 percent on a year-to-date basis.

Logistics Stocks Rally Post Getting Infrastructure Status

Logistics stocks rallied a day after the government granted the logistics sector an infrastructure status, allowing companies to borrow larger sums for a longer period.

According to a statement issued by the Ministry of Finance, the move will “boost domestic and external demand, leading to job creation.”

  • Allcargo Logistics rose 1.7 percent to Rs 173
  • TCI Express gained 3 percent to Rs 600
  • VRL Logistics rose 2.4 percent to Rs 399
  • Gateway Distriparks advanced 3.8 percent to Rs 270
  • Navkar Corp jumped 2.1 percent to Rs 194
  • Transport Corporation of India gained 3.7 percent to Rs 303
  • GATI rose 1.4 percent to Rs 143
  • Arshiya International advanced 1.36 percent to Rs 93.5
  • Sical Logistics gained 1.5 percent to Rs 226

Other Stocks Reacting To Earnings

TCPL Packaging (Q2, YoY)

  • Stock gained as much as 2.60 percent to Rs 650
  • Revenue up 13 percent at Rs 181 crore
  • Net profit down 42 percent at Rs 5.9 crore
  • EBITDA down 19 percent at Rs 22.4 crore
  • Margin at 12.4 percent versus 17.2 percent

MIRC Electronics (Q2, YoY)

  • Stock gained as much as 17.47 percent to Rs 40
  • Revenue up 39 percent at Rs 201 crore
  • Profit at Rs 12 crore from a loss of Rs 9.9 crore
  • EBITDA up 177 percent at Rs 21.3 crore vs Rs 7.7 crore
  • Margin at 10.6 percent from 5.3 percent

Balkrishna Paper Mills (Q2, YoY)

  • Stock gained as much as 2.66 percent to Rs 2,125
  • Revenue down 3 percent at Rs 46.7 crore
  • Net loss at Rs 10.4 crore from a loss of Rs 3.9 crore
  • EBITDA loss at Rs 5.9 crore from a loss of Rs 1.5 crore
  • Margin at (12.6) percent versus (3.1) percent