Indian equity benchmarks edged higher while Indian rupee and bonds fell after the government said it will increase its gross borrowings from the market above the budgeted amount.
The S&P BSE Sensex rose as much as 0.2 percent to 33,975 and the NSE Nifty 50 Index rose as much as 0.2 percent to 10,515.
The market breadth was tilted in the favour of the buyers. Seventeen out of 19 sector gauges compiled by BSE Ltd. rose led by the S&P BSE Metal Index's 1.6 percent gain. On the flipside, the S&P BSE Auto Index was the top sectoral loser, down 0.1 percent.
Here Are The Stocks Moving The Market This Morning
SBI: Board Approves Fund Raising
Shares of the country’s largest bank snapped two-day decline and rose as much as 1 percent to Rs 316.50.
The state-run lender’s board approved raising up to Rs 8,000 crore through tier-1 bonds by March, according to its stock exchange notification.
SBI trades 17.1 times estimated forward earnings per share compared to 13.7 times its two-year historical average. The stock has returned 27.2 percent so far this year compared to 29.1 percent advance in the benchmark Sensex.
Mahindra CIE Automotive: Motilal Oswal Initiates Coverage
Shares of the auto component maker rose as much as 3.6 percent to Rs 259.45.
Brokerage Motilal Oswal initiated coverage on the company with a ‘Buy’ rating and target price of Rs 297, implying a potential upside of 19 percent from yesterday’s close. (Here is the full report)
All 10 analysts tracking the stock have a buy rating, Bloomberg data showed. The analyst consensus price target is Rs 307.38, implying a potential upside of 19.6 percent from the current market price.
Riddhi Siddhi Gluco Biols: Board Approves De-Listing
Shares of the starch and glucose maker extended declines for the second day and fell as much as 4 percent to Rs 605.
The company’s board approved a proposal to de-list shares of the company, according to its exchange filing. The promoters set the offer floor price at Rs 510 apiece, the statement added.
The stock rose 32 percent in the past month, compared to 1 percent advance in the Sensex during the same period.
Kolte-Patil Developers: Pune Township Signs Agreement
Shares of the real estate developer extended gains for the third consecutive trading session and rose as much as 7 percent, the most in a month to Rs 384.50.
KKR and Co. has committed Rs193 crore for a township project being developed by a joint venture between Pune-based Kolte-Patil Developers Ltd and ICICI Venture Funds Management Co. Ltd.
The company said the fund would be utilised to attain financial closure at R1 sector, one of the phases of the township, meet working capital requirements and reduce the cost of outstanding debt attributable to the development.
The stock’s trading volume was six times its 30-day average. It trades at 31.6 times trailing 12-month earnings per share and 29 times its estimates for the coming year.
Stocks Reacting To Bulk Deals
- Stock fell as much as 0.8 percent to Rs 3,311.25.
- Nirav Trust sold 16.69 lakh shares or 0.6 percent equity at Rs 3351.40 each.
JHS Svendgaard Laboratories
- Stock fell as much as 5 percent to Rs 68.
- Sixth Sense India Opportunities-I sold 3.16 lakh shares or 0.7 percent equity at Rs 74.06 each.
- Stock rose 1.1 percent to Rs 5,266.35.
- Anant Bajaj Trust sold 9.19 lakh shares or 0.6 percent equity at Rs 5372.14 each.
- Stock rose as much as 1.3 percent to Rs 493.05.
- Madhu Bajaj bought 7.70 lakh shares or 0.8 percent equity at Rs 475 each.
- Neelima Bajaj Swamy bought 7.90 lakh shares or 0.8 percent equity at Rs 475 each.
- Anant Bajaj Trust sold 21.80 lakh shares or 2.1 percent equity at Rs 475 each.
- Stock fell as much as 0.6 percent to Rs 2,950.10.
- Nirav Trust bought 21.99 lakh shares or 2 percent equity at Rs 3012.40 each.
- Anant Bajaj Trust bought 21.65 lakh shares or 1.9 percent equity at Rs 2963.76 each.
- Kumud Bajaj sold 12.12 lakh shares or 1.1 percent equity at Rs 2987.50 each.
- Madhu Bajaj sold 18.97 lakh shares or 1.7 percent equity at Rs 2987.50 each.
- Stock fell as much as 1.6 percent to Rs 317.95.
- Kuber India Fund bought 6 lakh shares or 2.8 percent equity at Rs 324 each.
- Promoter Priyanka Thakkar sold 8 lakh shares or 3.8 percent equity at Rs 324.23 each.