Stocks Radar: Glenmark Pharma, Vakrangee, Banking Stocks
Here are the stocks moving the market this morning.
Indian stocks declined tracking as the sell-off in global equity markets resumed as traders adjust to Treasury yields at four-year high. Worries over the unwinding of bets against volatility in stocks also kept markets in check.
The S&P BSE Sensex slumped 1.6 percent or 563 points to 33,849 and the NSE Nifty 50 Index plunged 1.7 percent or 179 points to 10,398. The market breadth was tilted in the favour of sellers.
All sector gauges compiled by BSE were trading lower led by the S&P BSE Bankex Index’s 1.7 percent drop.
Here Are The Stocks Moving The Market This Morning:
Glenmark Pharmaceuticals: Profit Declines
Shares of the drugmaker slumped as much as 8.86 percent to Rs 528, the most in nine months, after its third quarter profit declined 78 percent.
The stock has tumbled thrice in the last five trading sessions. It was trading at an unusually high 43 percent discount versus its peers, compared to an average discount of 29 percent over the last two years.
Key Q3 Earnings Highlights:
- Net profit down 78 percent at Rs 105 crore
- Revenue down 13 percent at Rs 2,204 crore
- Ebitda up down 58 percent at Rs 322 crore
- Margin at 14.6 percent versus 30.2 percent
Andhra Bank: Posts Weak Q3 Earnings
Shares of the state-owned lender fell as much as 7.72 percent to Rs 43.6 apiece, the lowest in the last two years, after it reported a weak set of financials yesterday.
The Relative Strength Index was 21, indicating that it may be oversold.
Key Earnings Highlights:
- Net interest income up 37.3 percent at Rs 1,672 crore.
- Net loss of Rs 532 crore versus profit of Rs 57 crore.
- Gross NPA at 14.26 percent versus 13.27 percent (QoQ).
- Net NPA at 7.72 percent versus 7.55 percent (QoQ).
Vakrangee: Losing Streak Snapped
Shares of the e-governance service provider hit upper circuit after falling 62 percent in the last nine sessions.
The stock rose as much as 5.15 percent to Rs 202, the most since Jan. 23, after falling for 16 trading sessions. The trading volume was 22.6 times the 30-day average.
The company has been in the news after a report suggested it was was being investigated by market regulator SEBI for alleged share price manipulation and equity investments in PC Jew+eller Ltd. The management has denied any such wrongdoing.
Banking Stocks Among Top Losers On NSE
Shares of the public and private sector lenders were witnessing selling pressure. The Nifty Bank Index fell as much as 1.9 percent or 504 points to 25,416 dragged down by ICICI Bank, Kotak Mahindra Bank and Axis Bank.
More Stocks Reacting To Earnings
SAIL Q3 (YoY)
- Stock was up nearly 7 percent to Rs 92
- Revenue up 21 percent at Rs 15,324 crore.
- Net profit at Rs 43.2 crore versus net loss of Rs 794.8 crore.
- Ebitda at Rs 1,440 crore versus loss of Rs 42.8 crore.
- Margin at 9.4 percent versus -0.4 percent.
Talwalkars Better Value Fitness Q3 (YoY)
- Stock was down 4.8 percent to Rs 296.5
- Revenue up 10 percent at Rs 55 crore.
- Net profit up 24 percent at Rs 6.3 crore.
- Ebitda up 10 percent at Rs 25 crore.
- Margin at 45.2 percent versus 45.2 percent.
Coffee Day Enterprise Q3 (YoY)
- Stock was up 1.72 percent to Rs 339.3
- Revenue up 27 percent at Rs 965 crore.
- Net profit up 91 percent at Rs 22 crore.
- Ebitda up 11 percent at Rs 156 crore.
- Margin at 16.1 percent versus 18.5 percent.
Brigade Enterprise Q3 (YoY)
- Stock was down 6.6 percent to Rs 280
- Revenue down 24 percent at Rs 424 crore.
- Net profit up 61 percent at Rs 48.9 crore.
- Ebitda up 22 percent at Rs 159 crore.
- Margin at 37.6 percent versus 23.2 percent.
Petronet LNG Q3 (YoY)
- Stock was down 2.37 percent to Rs 243
- Revenue down 0.2 percent to Rs 7,757 crore.
- Net Profit down 10 percent to Rs 529 crore.
- Ebitda down 6 percent to Rs 847 crore.
- Margin at 10.9 percent versus 11.6 percent.
Manappuram Finance Q3 (YoY)
- Stock was down 5.2 percent to Rs 103
- Revenue down 6 percent at Rs 742 crore.
- Net profit down 9 percent at Rs 173 crore.
- Net interest income up 4 percent at Rs 546 crore.