Stocks Radar: Telecom Stocks, Bhushan Steel, Amtek Auto
Here are the stocks moving the market this morning.
Indian equity benchmarks rose, snapping its longest losing streak in a month, as easing concerns over trade tensions drove stocks across Asia higher.
Both benchmark indices, the S&P BSE Sensex Index and the NSE Nifty 50 Index rose as much as 0.8 percent before paring of their gains.
The market breadth was tilted in favour of the buyers. Thirteen of the 19 sectoral gauges compiled by BSE slid, led by S&P BSE Metal Index’s 1.03 percent decline. On the flipside, S&P BSE Information Technology Index rose the most, up 0.69 percent.
Here Are The Stocks Moving The Market This Morning:
India Telecom Stocks Gain As Spectrum Payment Timeline Extended
The S&P BSE Telecom Index rose as much as 2.04 percent, snapping a five-day decline, after the government extended the time limit for payment of spectrum-related charges to provide relief to telecom operators.
- Idea Cellular Ltd. was up 4.27 percent to Rs 83.1
- Reliance Communications Ltd. rose 4.56 percent to Rs 26.35
- Bharti Airtel Ltd. was up 2.7 percent to Rs 414.1
Bhushan Steel: Surges After Tata Steel Emerges Highest Bidder
Shares of the New Delhi-based steel producer rose as much as 20.1 percent, most in a nearly four months, to Rs 48.7, whereas Tata Steel was up two percent to Rs 660.95.
Tata Steel Ltd. said that it has been identified as the highest evaluated compliant resolution applicant for Bhushan Steel Ltd. under the insolvency and bankruptcy process. (Read more on this story here)
The stock is down 35 percent so far this year, as compared to Sensex’s decline of 2.7 percent.
Amtek Auto: Liberty House Says It Is Preferred Bidder
Shares of the Gurugram-based auto parts maker rose as much as 5.3 percent to Rs 23.8. The stock rose after falling for five consecutive sessions.
U.K.-based Liberty House says it is a preferred bidder for Amtek Auto Ltd., according to Bloomberg. Amtek Auto is among the distressed companies that the Indian government has put for sale.
The stock has fallen more than 20 percent this year.
Jaiprakash Associates: Falls On Contract Termination
Shares of the Noida-based industrial conglomerate firm fell as much as 6.8 percent to Rs 13.75, falling for the sixth straight day.
The coal ministry ordered for the termination of a development pact for a coal mine in Madhya Pradesh on violation of the contract terms by Jaypee Cement, according to Bloomberg.
The stock fell almost 47 percent so far this year.
Aegis Logistics Halts Six-Day Fall On Getting Most Bullish Price Target Yet
Shares of the LPG distributor halted six-day decline and rose as much as 9.1 percent to Rs 249.20.
Homegrown brokerage Motilal Oswal expects its shares to reach Rs 342 in the next 12 months in best case scenario, according to its research report, the price target implies a potential upside of 50 percent form the last regular trade.
This is the highest price target that Aegis Logistics Ltd. has received so far, among the analysts tracked by Bloomberg.
Sugar Stocks Continue To Tumble
Shares of the leading sugar makers fall after the country is expected to export more sugar than previously forecast as higher yields in some key growing regions are seen boosting output in the world’s top consumer.
Mills will attempt to ship about 2 million metric tonnes of sugar this year as domestic production is likely to climb to a record, leaving enough surplus for exports, said Abinash Verma, director general of the Indian Sugar Mills Association. That would be highest since 2013-14 when India shipped 2.13 million tonnes.
Last month, Verma said that millers will try to export 1.5 million tonnes in six to eight months, raising his estimate from January forecast of 1 million tonnes.