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Stocks Radar: Coal India, Vedanta, Future Supply Chain

Here are the stocks moving this morning. 

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

Indian equity benchmarks recovered after posting their worst losses of the year as Narendra Modi-led BJP was set to form government in two key states: Gujarat and Himachal Pradesh.

(Click here for live updates on Gujarat and Himachal Pradesh results)

The S&P BSE Sensex rose as much as 0.83 percent to 32,595.63 after dropping 2.6 percent intraday. Meanwhile, the NSE Nifty 50 Index climbed 0.9 percent to 10,424 after a decline of 2.5 percent earlier. All 19 sector gauges compiled by the BSE Ltd. rose led by the S&P BSE Metal Index's 1.86 percent jump.

Vedanta: Rises On Ratings Upgrade

Shares of the Goa-based base metals exporter rose as much as 3.72 percent to Rs 309.1

Brokerage firm ICICI Securities upgraded Vedanta Ltd. to ‘Buy’ from ‘Add’ predicting that the stock will trade at Rs 386 within a year.

The stock is 18 percent below the Bloomberg consensus one-year target price.

Coal India: Hike In Dry Fuel Price

Shares of the coal miner rose as much as 1.31 percent to Rs 274.55 after falling below 3 percent in early hours of today’s session.

According to a report in Financial Chronicle, Coal India Ltd. may raise the price of dry fuel by 8 to 10 percent.

HDFC And HDFC Bank Recover

Shares of HDFC Bank rose as much 1.42 percent to Rs 1,900.1 while shares of its mortgage finance arm HDFC Ltd. rose as much as 1.06 percent after both stocks fell more than 2.5 percent in early trading today.

KKR and GIC may invest Rs 200 crore in HDFC. HDFC on the other hand will raise Rs 12,800 crore by selling shares and will use around Rs 100 crore in invest in HDFC Bank Ltd.

Future Supply Chain Solutions:Begins Trading Today

Shares of Future Supply Chain Solutions Ltd. opened at Rs 674 on the Bombay Stock Exchange in early trading. This is against the issue price of Rs 664. The stock rose as much as 4.8 percent to Rs 696.

Also Read: Future Supply Chain IPO: Here’s All You Need To Know

Sensex Rebalance

IN:

  • IndusInd Bank: Shares of IndusInd Bank Ltd. rose as much as 1.06 percent to Rs 1,694.9 after falling more than 2.7 percent in the morning.
  • Yes Bank: Shares of Yes Bank Ltd. rose as much as 0.73 percent to Rs 318.2 after falling more than 3 percent.

OUT:

  • Cipla: Shares of Cipla Ltd. rose as much as 3.2 percent to Rs 594.9
  • Lupin: Shares of Lupin Ltd. rose as much as 1.35 percent to Rs 871.9

Stocks Reacting To Block Deals

ICICI Bank:

  • 52 lakh shares changed hands in a block deal
  • Shares of ICICI Bank Ltd. rose as much as 1.86 percent to Rs 308.8 after falling more than 5.3 percent in the morning.

Petronet LNG:

  • 52 lakh shares changed hands in a block deal
  • Shares of Petronet LNG Ltd. rose as much as 3.99 percent to Rs 257.75