Stocks Radar: Bajaj Auto, Capital First, Thermax
Here are the stocks moving the market this morning.
Indian equity benchmarks rose today, led by gains in Oil and Natural gas Corporation Ltd. The S&P BSE Sensex rose as much as 0.5 percent to 33,964.14, while the NSE Nifty 50 Index rose as much as 0.6 percent to 10,495.20.
The market breadth was tilted in the favour of buyers. Seventeen out of the 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 This Morning.
Bank Stocks Decline
The Nifty PSU Bank Index fell as much as 1.95 percent to 3,606.95 led by losses in Bank of Baroda and Bank of India.
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Banks have to refer as many as 24 out of 28 identified large stressed accounts to insolvency proceedings. The Nifty PSU Bank was also one of the top sectors losing on the exchange in the early hours of trading.
Thermax: Order Win
Shares of the Electrical power equipment manufacturer, rose as much as 4.71 percent to Rs 1,280, its highest level in almost three years.
The company won an order from a public sector company for Rs 327 crore in western India, said the company in an exchange filing today.
The stock has given returns of 70 percent in the past 12 months compared to 27.2 percent advance in the country’s benchmark Sensex.
Bajaj Auto: December Sales Boost
Shares of the two and three-wheeler manufacturer rose as much as 1.79 percent to Rs 3,348.
The Pune-based automaker’s sales for December rose 29.7 percent from a year ago period to 2,92, 547 units, driven by a healthy growth in exports, according to its stock exchange notification.
Bajaj Auto trades at 23.5 times trailing 12-month earnings per share and 22 times its estimates for the coming year, Bloomberg data showed.
Eicher Motors: Extends Decline
Shares of the Royal Enfield maker extended decline for the second trading session and fell as much as 2.98 percent to Rs 29,001.
The Royal Enfield sales in the previous month rose 17 percent year-on-year to 66,968 units, missing the consensus estimates of 68,000 units surveyed by BloombergQuint.
The stock trades 9.2 percent below the Bloomberg consensus one-year target price with the analyst consensus rating being equivalent to ‘hold’.
Capital First: Rated New ‘Buy’
Shares of the non banking finance company extended gains for the third trading session and rose as much as 1.73 percent to Rs 698.45.
Brokerage and research firm Angel Broking rated the debt financing service provider with a new ‘Buy’ rating, citing the lender’s sustained focus towards becoming a diversified retail financier from a wholesale centric and that helped the Mumbai-based company reduce its bad loans and raise assets under management. according to its research report.
The stock trades at 17.36 times estimated forward earnings per share, compared to 19.2 times for two-year historical average, Bloomberg data showed.