Stocks Radar: Fortis Healthcare, Mindtree, Trigyn Technologies
Indian equity benchmarks rebounded after a one-day decline, led by strong gains in metal stocks.
The S&P BSE Sensex rose as much as 0.4 percent to 34,478.82, and the NSE Nifty 50 index rose as much as 0.4 percent to 10,568.90. The market breadth was firmly tilted in favour of buyers. All the sectoral gauges compiled by the NSE advanced, led by the NSE Nifty Metal Index's 2.2 percent gain.
Here Are The Stocks Moving The Markets This Morning:
Fortis Healthcare: Gains After Munjals, Burmans Revise Offer
Shares of the Delhi-based hospital chain operator rose as much as 2.87 percent, after Hero Enterprises led by Sunil Kant Munjal and Burman family revised offer for Fortis Healthcare.
Munjals and Burmans have offered to invest Rs 1,500 crore directly into Fortis, according to a stock exchange notification.
The stock is 21 percent below the Bloomberg consensus one-year target price. It declined 8.4 percent so far this year, compared to one percent advance in the country’s benchmark Sensex.
Kirloskar Oil: Gains After Report Blackstone Emerged Front-Runner
Shares of the engine manufacturer rose as much as 10.1 percent, the most in nearly four months to Rs 379.70.
Blackstone emerged as the front-runner to buy Kirloskar Oil Engines, Economic Times reported, citing unidentified people familiar with the matter.
Trading volume was 85.8 times its 30-day average, Bloomberg data showed. Kirloskar Oil Engines trades at 29.9 times trailing 12-month earnings per share.
Bharat Dynamics: Gains After Signing Pact
Shares of the defence equipment maker rose as much as 4.3 percent to Rs 421.90.
The company signed licensing agreement with Defence Research Development Organisation for Astra MK-1 Weapon System, according to its stock exchange notification.
The stock is 8.1 percent below the Bloomberg consensus one-year target price.
Trigyn Technologies: Jumps After Receiving Contracts
Shares of the software developer snapped four-day decline, the longest losing streak in nearly two months. The stock rose as much as 10 percent to Rs 153.20.
The company received three IT services contract in the U.S., it said in an exchange filing.
Trading volume was 12.5 times its 20-day average. The stock returned 9.5 percent so far this year and a gain of 25 percent in the past 12 months.
Stocks Reacting To Earnings
Mindtree (Q4, QoQ)
- Stock rose as much as 3.9 percent to reach a new record at Rs 899.
- Revenue up 6 percent at Rs 1,464 crore.
- Net profit up 29 percent at Rs 182 crore.
- EBIT up 19 percent at Rs 197 crore.
- Margin expanded to 13.5 percent from 12.0 percent.
HDFC Standard Life Insurance (Q4, YoY)
- Stock rose as much as 5.3 percent to Rs 511.
- Net premium income up 24 percent at Rs 8,900 crore.
- Net profit up 40 percent at Rs 347 crore.
- Loss from investment at Rs 937 crore versus income of Rs 4,866 crore.
ACC (Q1CY18, YoY)
- Stock rose as much as 3 percent to Rs 1,620.
- Net profit rose 16 percent to Rs 245.1 crore.
- Revenue rose 14.2 percent to Rs 3,624.6 crore.
- Ebitda rose 18 percent to Rs 491.1 crore.
- Margin At 13.5 percent versus 13.1 percent.