Indian equity benchmarks extended gains for the tenth consecutive trading session. The S&P BSE Sensex Index is set to post its longest winning streak since October 2007.
The 31-stock index opened 0.1 percent higher at 34,436.22 before rising as much as 0.3 percent. The NSE Nifty 50 Index opened at 10,578.70, up 0.3 percent
The market breadth was tilted in the favour of buyers. Seven out of 11 sectoral gauges compiled by NSE advanced, led by NSE Nifty FMCG Index’s 0.5 percent gain. On the flip-side, NSE Nifty PSU Bank Index was the top sectoral loser, down 0.3 percent.
Here Are The Stocks Moving The Markets This Morning:
Indian Hume Pipe Jumps 9% On Order Win
Indian Hume Pipe Company Ltd. surged nearly 9 percent to Rs 369 after it bagged a work order worth over Rs 100 crore from the Gujarat government.
The intraday gain was the most since March 27. The order, from Narmada Water Resources, Water Supply & Kalpsar Department, Gujarat, is for a lift irrigation project, according to an exchange filing.
Traded volume is 142 times the 30-day average. The gains today notwithstanding, the stock has lost over 20 percent so far this year. This compares with the benchmark S&P BSE Sensex Index’s gain of 1.4 percent on a year-to-date basis.
Tata Sponge Iron Climbs On Profit Jump
Tata Sponge Iron Ltd. rose as much as 2.7 percent to Rs 1,181 in early trade after its profit more than doubled to Rs 47 crore, from the same period a year ago.
Trading volume in the stock is currently 14 times the 30-day average. So far this year, the stock has risen 17.6 percent. The consensus price target of analysts tracked by Bloomberg suggests a potential upside of 3.5 percent from the current market price.
Other Key Highlights:
- Revenue up 46 percent at Rs 243.5 crore
- Net profit at Rs 47 crore versus Rs 21 crore
- Ebitda at Rs 61.5 crore versus Rs 25.5 crore
- Margin at 25.3 percent versus 15.3 percent
Lupin Gains After Receiving Green Signal From FDA
Shares of the drug maker extended gains for the fourth straight trading session, the longest winning streak in over two months. The stock rose a much as 1 percent to Rs 813.05.
The pharmaceutical company received a tentative U.S. FDA approval for the generic version of testosterone gel, AndroGel, according to its stock exchange notification.
The stock has declined 42.5 percent over the past year, compared to an 18.9 percent rise in the country’s benchmark Sensex.
ICICI Bank Erases Gains After A Block Deal
Shares of the private sector lender gained early, but then quickly erased gains and fell as much 0.8 percent to Rs 289.55 on block deal alert.
About 20 lakh shares changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately. Trading volume was 33 percent its 20-day average. The stock has declined 7.2 percent so far this year, most of which took place after loans to the Videocon Group were called into question.
Stocks Reacting To Earnings Announcement
Orchid Pharma (Q4, YoY)
- Stock was up 3.9 percent to Rs 13
- Revenue down 20 percent at Rs 144 crore.
- Net loss of Rs 77 crore versus net loss of Rs 65 crore.
- Ebitda down 31 percent at Rs 13.5 crore.
- Margin at 9.4 percent versus 10.8 percent.