Stocks Radar: Adani Power, Prakash Industries, Welspun Corp
Indian equity benchmarks touched new peaks after long Christmas weekend as investors shift focus to the budget.
The S&P BSE Sensex rose as much as 0.19 percent and inched above the 34,000-mark, while the NSE Nifty 50 Index rose 0.21 percent to Rs 10,515.
The market breadth was tilted towards the buyers. Thirteen of the 19 sector gauges compiled by the BSE Ltd. rose, led by the S&P BSE Metal Index's 1 percent jump. Meanwhile, S&P BSE BankEx was the worst performer.
Here Are The Stocks Moving This Morning:
Prakash Industries: Rises After ‘Dubious’ Status Removed
Shares of the steel maker rose as much as 7.76 percent to Rs 184, the highest in a little more than seven years.
Markets regulator SEBI lifted the curbs imposed on Prakash Industries, which was in the list of 331 suspected shell companies, after finding no "prima facie evidence" of misrepresentation of financials.
Prakash Industries is among the firms against whom SEBI initiated action on August 7 by ordering trading restrictions, following receipt of a list of 331 'suspected shell companies' from the government.
The company’s stock has risen after two days of decline.
Welspun Corp: Rises After Order Win
Shares of the steel pipes manufacturer jumped 13.43 percent, the most in a year, to Rs 155. The stock has risen 90.43 percent this year. It trades 17 percent below the Bloomberg consensus one-year target price.
Welspun Corp Ltd. informed through an exchange filing that along with a large oil and gas order, the company has also received an order for 1.24 lakh metric tonne pipes.
Adani Power: Mundra Unit Transfer Approved
Shares of the power generation company rose as much as 2 percent to Rs 39.5.
Adani Power Ltd. informed through an exchange filing that it has received all required approvals for the transfer of Mundra Power Generation Undertaking.
The company’s stock rose for the fourth straight day. None of the analysts covering this stock have a ‘buy’ recommendation.
TTK Healthcare: NCLT Approves Merger
Shares of the specialty pharma firm fell as much as 1.26 percent to Rs 811.35.
National Company Law Tribunal approved the merger between TTK Protective Devices Ltd. and TSL Techno Services Ltd. Only one analyst has TTK Healthcare Ltd. on their portfolio with an ‘overweight’ recommendation.
Bharat Financial: Completes Third Securitisation
Shares of the consumer finance company fell as much as 0.62 percent to Rs 992.55.
Bharat Financial Inclusion Ltd. completes the third securitisation, sells loan portfolio worth Rs 653 crore. It has sold loans worth Rs 1,710 crore this year.
The analyst consensus rating is equivalent to a ‘buy’ recommendation while it trades 12 percent below the consensus target price.
Maruti Suzuki: Raises Annual Sales Target
Shares of Maruti Suzuki India Ltd. rose as much as 1.03 percent to Rs 9, 800. The relative strength index of the stock is at 78, indicating that the stock may be overbought.
According to a report on Mint, the company has raised its annual car sales target by 25 percent.