Stocks Radar: Cadila Healthcare, GMR Infra, Zee Entertainment
Here are the stocks moving the markets this morning.
Indian equity benchmarks erased early gains to trade negative, extending their losing streak to three days. Oil marketing companies led the declines.
The S&P BSE Sensex Index fell as much as 0.3 percent to 33,089.07, while the NSE Nifty 50 Index fell as much as 0.4 percent to 10.157, before recouping some losses.
The market breadth was tilted in favour of sellers, with more than two stocks declining for every stock that gained on the BSE. All the 11 sectoral indices compiled by NSE fell in early trade, led by the NSE Nifty Metal Index's 1.7 percent decline.
Here Are The Stocks Moving The Market This Morning
TV Today Network: Declines After Radio Channel Sale Plans
Shares of the media company fell as much 7.7 percent, the most in nearly six months, to Rs 482.
The company has shelved plans to transfer some of its radio businesses to its unit Vibgyor Broadcast Pvt Ltd. It now plans to sell three radio stations and the brand name ISHQ 104.8 FM to Entertainment Network India Ltd. (ENIL).
Trading volume was 3.9 times its 30-day average. The stock has risen 13 percent so far this year, compared to a 2.6 percent decline in Sensex.
Metal Shares Decline After Iron Ore Prices Decline
Shares of the metal companies extended their fall after prices of iron ore declined in international markets. The NSE Nifty Metal Index declined for a fifth trading session and fell as much as 2.2 percent to 3,585.05 in early trade.
GMR Infrastructure: Gains After New ‘Buy’ Rating
Shares of the construction company rose as much as 3 percent to Rs 18.45.
Homegrown brokerage and research firm IDBI Capital initiated coverage on the stock with a ‘Buy’ rating and a price target of Rs 32, implying a potential upside of 78 percent from the last regular trade, according to its research report.
The price target is the highest among the analysts tracked by Bloomberg. The stock is 34 percent below the Bloomberg consensus one-year target price. It has declined 19 percent so far this year.
Cadila Healthcare: FDA Boost
Shares of the drug maker rose as much as 1.7 percent to Rs 385.45 after it received final approval from the U.S. drug regulator for marketing omeprazole and sodium bicarbonate capsules.
Cadila Health trades at nearly 26 times its trailing 12-month earnings per share and 22 times the estimate for the coming year. The stock has declined 14 percent in the past 12 months.
VA Tech Wabag: Porinju Veliyath’s Firm Buys Stake
Shares of the company rose as much as 3.1 percent to Rs 519 after Porinju Veliyath’s firm Equity Intelligence bought 0.35 percent stake or about 1.9 lakh shares in the company, according to a stock exchange notification.
Trading volume was 5.3 times its 20-day average. The stock has declined 18 percent so far this quarter, compared to a 2 percent decline in Sensex.
