Stocks Radar: JP Associates, AU Small Finance, Coal India
Here are the stocks moving the market this morning.
Indian equity benchmarks rose today, after it snapped an eight day gaining streak in the previous session.
The S&P BSE Sensex Index rose as much as 0.22 percent to 33,690.92, while the NSE Nifty 50 Index also rose as much as 0.21 percent to 10,391.9.
The market breadth was tilted in favour of the buyers. Seventeen of the 19 sector gauges compiled by the BSE Ltd. rose led by the S&P BSE Realty Index rising 1.63 percent. On the flipside, the S&P BSE Finance Index fell 0.16 percent, making it the worst performer.
Here Are The Stocks Moving The Market This Morning:
Coal India: Rises On ratings Upgrade
Shares of Coal India Ltd. rose as much as 2.82 percent to Rs 282.1, and was trading as a top gainer on S&P BSE Sensex in early trade.
The Indian miner was raised to 'Outperform' from ‘Neutral’ by Macquarie. It also announced a salary hike for company executives, according to a PTI report.
The report further added that this hike would cost the company close to Rs 800 crore.
The company’s shares extended a four-day gaining streak. Trading volume of the shares was four times the 20-day average in early trade.
AU Small Finance bank: Rises On AMC-Tie Ups
Shares of the Jaipur-headquartered bank rose as much as 2.77 percent to Rs 698.4, which compared to yesterday’s closing price is a fresh record high.
The company announced yesterday that it will begin offering mutual fund distributions, for which AU Small Finance Bank Ltd. is partnering with 11 asset management companies (AMC).
Shares of the company extended a three-day gaining streak today and the relative strength index of the stock is at 74, indicating that it may be overbought. The company trades at 70 times it estimated earnings per share for the coming year.
Swaraj Engines: Falls On Buyback
Shares of the diesel engine manufacturer fell as much as 2.18 percent to Rs 1,952.1, swinging between gains and losses this week.
Yesterday, Swaraj Engines Ltd.’s board approved a buyback of 2.94 lakh shares (2.37 percent of the stake) at a price of Rs 2,400, for an aggregate amount not exceeding Rs 70.7 crore, according to the company’s exchange filing. The company’s promoters will participate as well.
Trading volume of the company’s stock was 11.2 times the 20-day average in early trading today.
JP Associates: Rises On Exchange Offer
Shares of the industrial conglomerate rose as much as 2.14 percent to Rs 19.05.
Jaiprakash Associates Ltd. announced yesterday that it has completed the exchange of its $150 million foreign currency convertible bonds, according to the company's exchange filing.
It also said that the company has made upfront payment for the 5.75 percent bond that matured last year.
The company's shares have returned 132.3 percent this year as compared to Sensex'returns of 27.9 percent.
Technofab Engineering: Rises After Order Win
Shares of the infrastructure construction firm rose as much as 20.2 percent, most in nearly 1.5 years, to Rs 289.2.
Technofab Engineering Ltd. won an order for Rs 281 crore which could be funded by Asian Development Bank.
The relative strength index of the stock was at 79, indicating that it may have been overbought. Trading volume of the stock was 32.2 times the 20-day average.
Jet Airways: Rises On Tie-Up with Air France
Shares of the Indian airlines company rose as much as 2.68 percent to Rs 665.9.
Jet Airways (India) Ltd. announced a tie-up with Air France-KLM for India-Europe routes according to a report in Business Standard.
It has returned 91.78 percent so far this year as compared to S&P BSE Sensex’s returns of 26.47 percent.