Stocks Radar: Sobha, Jaypee Infratech, NBCC
Here are the stocks moving the markets this morning.
Indian equity benchmarks made fresh highs in early Monday trade on expectations of a good earnings season commencing later this week, coupled with positive cues from Asian peers.
The S&P BSE Sensex rose as much as 0.62 percent to 34,367, while the NSE Nifty 50 Index rose as much as 0.6 percent to 10,621.
The market breadth was tilted in the favour of buyers. Eighteen of the 19 sector gauges compiled by BSE Ltd. rose, led by the S&P BSE Healthcare Index’s 1.86 percent gain. On the flip-side, the S&P Telecom Index was the worst performer, falling 1.78 percent.
Here Are The Stocks Moving This Morning:
NBCC: Rises On Contract Win
Shares of the construction company rose as much as 2.73 percent in early trading to Rs 257.45.
NBCC (India) Ltd. received a contract from Ecotourism Development Corporation of Uttarakhand under the 'Green Road Project', amounting to Rs 2,000 crore approximately, according to the company's exchange filing.
The stock has been gaining for three consecutive days.
Sobha: Rises On High Sales Volume
Shares of the Bengaluru-based real estate developer rose as much as 14.76 percent, the most in a little over two months, to Rs 694.9, which is the highest value attained in almost 10 years.
The company’s new sales were up 52 percent at 9.33 lakh square feet, compared to 6.12 lakh square feet a year ago. In value terms, these grew 64 percent to Rs 610.5 crore as against Rs 373.2 crore in the year ago period, Sobha said in an exchange filing on Friday.
The stock is trading 17 percent above the Bloomberg consensus one-year target price, the consensus rating being equivalent to ‘Buy’.
Sagar Cements: Rises On High Sales Volume
Shares of the Hyderabad-based cement maker rose as much as 5.23 percent to Rs 1,140.1.
December sales up 65 percent to 2,54,348 million tonnes from a year ago period.
The stock has risen for all trading sessions, except one, since the start of the new year.
Jindal Steel: Rises On Report Of QIP, Unit IPO Plan
Jindal Steel and Power Ltd. rose as much as 13.2 percent to Rs 270.6, highest value in almost three and a half years.
The company will raise Rs 1,000 crore through a qualified institutional placement in the next month, according to a report by newswire PTI. The report further added that the company plans yo raise as much as Rs 2,000 crore by listing one of its units, Oman Operations, in the next four months.
The relative strength index of the stock is 86, indicating that the stock may have been overbought.
Jaypee Infratech: Rises On Reports Of Bidders
Shares of Yamuna Expressway’s owner, road project connecting Noida and Agra, rose as much as 10.11 percent to Rs 25.6, highest value in a little over three years.
Real estate developers, Tata Housing and Lodha Group, have filed bids for Jaypee Infratech Ltd. and are also keen to own the expressway, according to a report in Economic Times.
The stock is presently on a two-day gaining streak.
Hindustan Construction: Rises On Contract Win
Shares of the infrastructure construction company rose as much as 5.13 percent to Rs 44.1.
The company informed through an exchange filing that it is a lead partner in the joint venture with AL Fara’a and has been awarded with a Rs 484-crore contract by the Maharashtra Metro Rail Corporation Ltd. for the Pune Metro Rail Project. The company’s share in the joint venture will come to 51 percent.
Out of the six analysts covering this stock, one has a sell recommendation, rest all have a ‘Buy’ rating, trading 15 percent below the Bloomberg consensus target price.
Goa Carbon: Rises After Posting Profit In Third Quarter
Shares of the Goa-based pet-coke manufacturer rose to a lifetime high of Rs 1,063.25, after rising as much as 5 percent.
Goa Carbon Ltd. clocked a net profit of Rs 22.7 crore as compared to a loss of Rs 1 lakh, in the year ago period.
The stock has extended its gains to the second session.
Menon Bearings: Rises After Shares Traded In Bulk
Shares of the auto parts manufacturer rose to a lifetime high of Rs 123.75, after rising the most in almost 6 months, 16.14 percent.
Menon Bearings Ltd. has risen after eight percent of its equity was traded in bulk, according to Bloomberg.
The stock has gained for all six trading sessions this year, longest gaining streak in almost seven months.
