Indian equity benchmarks declined after a volatile opening, as heavyweights Reliance Industries and ITC dragged. Losses were capped by a surging Tata Consultancy Services, which managed to beat analysts’ earnings forecast in March quarter.
The S&P BSE Sensex Index fell as much as 0.3 percent to 34,336, while the NSE Nifty 50 Index fell as much as 0.2 percent to 10,539.
The market breadth was tilted in favour of the buyers. Ten out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty PSU Bank Index's 1.5 percent decline. On the flipside, NSE Nifty IT Index was the only lone sectoral gainer, up 2.9 percent.
Here Are The Stocks Moving The Market This Morning
TCS: Gains After Profit Beat, Bonus Issue
Shares of the country's largest software exporter extended gains for the second day and rose as much as 4.3 percent to a record high at Rs 3,326.
The company’s net profit in the fourth quarter rose 5.7 percent sequentially to Rs 6,904 crore, TCS said in a stock exchange filing. The Bloomberg consensus had pegged the bottomline at of Rs 6,810 crore. (More details here)
Besides, the company’s board recommended a 1:1 bonus share issue.
Trading volume was over 18 times its 20-day average. TCS trades at 24.6 times trailing 12-month earnings per share and 22 times its estimates for the coming year, Bloomberg data showed.
Eveready Industries: Declines After CCI Imposes Penalty
Shares of the battery maker extended declines for the sixth straight trading session, the longest losing streak in over two months. The stock fell as much as 10.6 percent, the most since August 2017, to Rs 328.
The Competition Commission of India imposed a penalty on the company and asked it to pay Rs 215 crore, according to PTI report.
Trading volume was 82.5 times its 20-day average. The stock declined 24.9 percent so far this year, compared to the gain of 1.1 percent in Sensex.
Jamna Auto Industries: Surges To Record High
Shares of the auto components maker rose as much as 3.3 percent to surge to a record high at 97.50.
Homegrown brokerage KR Choksey Securities recommended a buy rating on the stock, according to its research report. The research firm expects its shares to touch Rs 112 in the next twelve months, implying a potential upside of 19 percent from the last regular trade.
Trading volume was 11.5 times its 20-day average. Jamna Auto Industries trades at 36.8 times trailing 12-month earnings per share and 34 times its estimates for the coming year, according to Bloomberg data.
Other Stocks Reacting To Earnings
Reliance Power (Q4, YoY)
- Stock fell as much as 3.5 percent to Rs 38.50.
- Revenue down 2 percent at Rs 2,428 crore.
- Net profit up 16 percent at Rs 250.5 crore.
- Ebitda up 2 percent at Rs 1,084 crore.
- Margin at 44.6 percent from 43.2 percent.
Mahindra CIE (Q1, YoY)
- Stock rose as much as 7.5 percent to Rs 249.80.
- Revenue up 32 percent at Rs 612 crore.
- Net profit up 132.5 percent at Rs 38.6 crore.
- Ebitda up 69 percent at Rs 74.5 crore.
- Margin at 12.2 percent from 9.5 percent.
Cyient (Q4, QoQ)
- Stock rose as much as 9.7 percent to Rs 709.60.
- Revenue up 8 percent at Rs 1,062 crore.
- Net profit up 34 percent at Rs 118 crore.
- Ebitda up 4.5 percent at Rs 117 crore.
- Margin at 11 percent from 11.4 percent.
Stocks Moving On Heavy Volumes
Tata Investment Corp
- Stock rose as much as 4.2 percent to Rs 849.
- Trading volume was 19.9 times its 20-day average.
- Stock rose as much as 4.6 percent to Rs 1,064.80.
- Trading volume was 5.3 times its 20-day average.
- Stock rose as much as 7.3 percent to Rs 452.
- Trading volume was 11.8 times its 20-day average.