Stocks Radar: Alok Industries, Power Grid, Idea Cellular
Indian equity benchmarks traded higher for the ninth straight trading session, set to post its longest streak in nearly three-and-a-half years.
The S&P BSE Sensex Index rose as much as 0.3 percent to 34,402.9. The NSE Nifty 50 Index also rose 0.3 percent at 10, 557.5.
The market breadth was tilted in favour of the buyers. Eight out of 11 sector gauges compiled by the National Stock Exchange gained, led by the Nifty PSU index's 1.2 percent rise. On the other hand, the Nifty Pharma index was the top sectoral loser, down 0.4 percent.
Here Are The Stocks Moving The Markets This Morning:
Alok Industries: Resolution Professional Seeks Liquidation
Shares of the textile manufacturer fell as much as 9.5 percent to Rs 3.4, the lowest intraday level since April 4.
An application has been preferred by the resolution profession for the liquidation of the company with the National Company Law tribunal at Ahmedabad. Yesterday, RIL had said in a notification that its joint resolution plan with JM Financial was not approved by the committee of creditors of Alok Industries Ltd. In the absence of an approved resolution plan at the end of this period, IBC provides for the beginning of a process that will liquidate the company’s assets.
Extending it's two day decline period, the stock has lost 18.3 percent in two consecutive trading sessions. Trading volume was 54 percent of the 20-day average.
Idea Cellular: Block Deal Boost
Shares of the Gujarat-based telecom carrier rose as much as 3.9 percent, most in a little over a month, to Rs 74.
Around 4.23 crore shares, or one percent, of Idea cellular Ltd.’s equity changed hands in two block deals on BSE Ltd.
The stock has gained for the first time since April 5. Trading volume was 46.3 times the 20-day average. The stock has given negative returns of 32 percent so far this year. That compares with S&P BSE Telecom Index’s 22.6 percent decline.
Buyers and sellers were not immediately known.
Power Grid: Moves On High Volumes
Shares of the state-run company rose as much as 3.9 percent, the most in six months, to Rs 207.1, extending a three-day gaining period.
Trading volume of the stock was 11 times the 20-day average. It was the top gainer on the S&P BSE Power Index.
The stock is 14 percent below the Bloomberg consensus one-year target price while the analyst consensus rating is equivalent to ‘buy’.
Around 83 percent of the analysts covering Power Grid Corporation Of India Ltd. have a ‘buy’rating on the stock, 14 percent have ‘hold’and the rest recommend ‘sell’. The stock has given positive returns of 2.2 percent so far this year as compared to losses of 5.9 percent in the power index.
Bajaj Electricals: Order Win Boost
Shares of the electrical equipment manufacturer rose as much as 7.6 percent, to a lifetime high of Rs 665.9.
Bajaj Electricals Ltd. has received orders for ten electrification projects worth Rs 3,577.9 crore from Madhyanchal Vidyut Vitran Nigam Ltd. under the Saubhagya Programme of the central government, the company said in an exchange filing.
Trading volume was 12.1 times the 20-day average. The stock has given positive returns of 33.4 percent so far this year as compared to a gain of 0.9 percent in the Sensex.
Sobha: Gains On New Project
Shares of the Bengaluru-based real estate developer rose as much as 3.3 percent to Rs 568, its highest level in seven weeks.
Sobha Ltd. will make an investment of over Rs 500 crore towards residential development in Gujarat International Finance Tec-City, the company said in an exchange filing.
The stock has risen nearly 44 percent in the last one year, but so far this year, its value has declined 10 percent. That compares with a decline of 10.3 percent in the S&P BSE Realty Index so far this year.