Stocks Radar: Nifty Metal, ICICI Bank, Ashoka Buildcon
Here are the stocks moving the market this morning.
Indian equity benchmarks fell amid a mixed performance by its Asian peers. U.S. stock futures declined after White House economic adviser Gary Cohn’s resignation.
The S&P BSE Sensex fell as much as 0.4 percent to 33,172.25 and the NSE Nifty 50 Index was down 0.5 percent at 10,193.65.
In early trade, 13 of the 19 sector gauges compiled by the BSE were trading lower with S&P BSE Metal index losing the most at 1.08 percent. Worries over tariffs on imports of steel and aluminium into the U.S. resurfaced on Tuesday after President Donald Trump reiterated his intention to push ahead with the measures he proposed last week.
Here Are The Stocks Moving The Market This Morning:
Nifty Metal: Index Declines For Sixth Day
The NSE Nifty Metal Index fell for the sixth straight session today, down as much as 1.56 percent to 3,757.35, hitting its lowest in a month.
That comes even as Gary Cohn, U.S. President Donald Trump’s top economic adviser, is resigning as the administration prepares to impose steep tariffs on steel and aluminium that he opposed.
ICICI Bank: No Exposure To Nirav Modi Scam
Shares of the country's largest private lender initially swung between gains and losses in early trade. It fell as much as 3.3 percent to Rs 285.3 before reclaiming some ground. It is down for the sixth session in a row.
After the CEO of ICICI Bank Ltd. was reportedly summoned by the Serious Fraud Investigation Office in connection with the Punjab National Bank fraud, the company sent a clarification to the exchanges. It said it was not affected by the fallout of the fraud since it had no exposure to Nirav Modi’s companies, or those that are part of the Gitanjali Group.
The bank’s stock has now fallen 9.26 percent since Feb. 14, when the scam first came to light.
Axis Bank: Discloses Exposure To PNB Fraud
Shares of the private lender fell as much as 1.4 percent to Rs 510.15, falling for the sixth consecutive session.
The bank’s exposure to Nirav Modi and Gitanjali group of companies stands at Rs 200 crore, Axis Bank Ltd. said in an exchange filing.
Trading volume was almost the same as the 20-day average. The stock has fallen 5.3 percent since Feb. 14, when the scam was disclosed.
Sharon Bio-Medicine: Falls On Operations Suspension
Shares of the Navi Mumbai-based specialty pharma company fell nearly 5 percent to Rs 5.8, the lowest in six months.
The company has temporarily suspended operations at a plant in Taloja district of Maharshtra following directions of the Central Pollution Control Board, Sharon Bio-Medicine Ltd. said in an exchange filing.
The stock has fallen 19.64 percent so far this year.
Ashoka Buildcon: Rises On Order Wins
Shares of the Nashik-based road builder rose as much as 2.9 percent to Rs 231.8.
Ashoka Buildcon ltd., through its subsidiary Ashoka Concessions Ltd., has emerged as the lowest bidder for three road projects worth Rs 2,991.7 crore in Karnataka, the company said in an exchange filing.
Trading volume was higher than usual at three times the 20-day average.
Stocks Reacting To Block Deals
Harrisons Malyalam:
- 13 lakh shares or seven percent of the equity changed hands in a block deal
- Shares of Harrisons Malyalam Ltd. rose as much as 4.43 percent to Rs 82.5.