A man gestures in front of electronic boards displaying stock information at a securities brokerage in Beijing, China (Photographer: Qilai Shen/Bloomberg)

Stocks Radar: NALCO, Hindalco, Vedanta, Sugar Stocks, Bharti Infratel 

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Indian equity benchmarks extended a two day decline led by gains in Yes Bank ltd., Dr Reddy’s Laboratories Ltd. and ICICI Bank Ltd.

The S&P BSE Sensex index rose as much as 0.5 percent to 34,606.8 while NSE Nifty 50 Index rose as much as 0.2 percent to 10,609.8..

The market breadth tilted in favour of the buyers. Eight out of 11 sectoral gauges compiled by NSE rose, led by NSE Nifty Pharma Index’s gains of 1.5 percent. On the flipside, NSE Nifty Metal Index was the top sectoral loser, down 2.7 percent.

Here Are The Stocks Moving The Markets This Morning:

Aluminium Stocks Slump

Shares of the aluminium makers fell as much as 9 percent in early trading, pulling down the NSE Nifty Metal Index more than 2.5 percent.

  • Hindalco Industries Ltd. fell as much as 9.4 percent to Rs 231.5
  • Vedanta Ltd. fell as much as 5.6 percent to Rs 288.
  • National Aluminium Company Ltd. fell as much as 10.6 percent, most in a little over 11 months to Rs 75.8.

Aluminium slumped 7 percent on London Metal Exchange, the most since 2010, following a softening of the U.S. government’s stance on sanctions against Russian metals giant United Co. Rusal. This has eased concerns of a shortage of supply.

Also Read: Alcoa Pummeled as U.S. Sanction Softening Calms Supply Shocks

Indian Sugar Mills Rise On Expectation Of Cane Subsidy

Shares of the sugar mill operators surged on expectations that the government may introduce a subsidy on sugarcane.

An informal ministerial panel yesterday explored the possibility of providing a production-linked subsidy, imposing a sugar cess, and reducing goods and services tax on ethanol to help sugar mills clear dues worth Rs 19,000 crore to sugarcane farmers. (To read more on this story, click here)

  • Balarampur Chini Mills Ltd. rose as much as 4.3 percent to Rs 71.6
  • Dhampur Sugar Mills Ltd. rose as much as 4.5 percent to Rs 101.7
  • Bajaj Hindusthan Sugar Ltd. rose as much as 3.9 percent to Rs 9.3
  • KCP Sugar and Industries Corporation Ltd. rose as much 3.4 percent to Rs 25.9

Bharti Infratel Falls As Operating Performance Dips Marginally

Shares of the Gurugram-based telecom infrastructure company fell as much as 3.77 percent to Rs 315.65 after its operating profit saw a marginal dip in March quarter.

Bharti Infratel's operating profit or EBITDA fell 0.4 percent to Rs 1,606 crore in March quarter from Rs 1,613 crore in the previous quarter.

Earnings Highlights:

  • Revenue up 0.2 percent to Rs 3,662 crore versus Rs 3,655 crore
  • EBITDA down 0.4 percent to Rs 1,606 crore versus Rs 1,613 crore
  • EBITDA margin at 43.8 percent versus 44.1 percent
  • Tenancy ratio at 2.3 times versus 2.38 times

Also Read: Bharti Infratel Net Profit Meets Estimates In March Quarter

The scrip extended a four-day losing streak. Trading volume was 3.8 times the 20-day average.

Indiabulls Ventures Hits Lifetime High As Revenue Surges

Shares of the New Delhi-based wealth management firm rose as much as 9.6 percent to a lifetime high of Rs 428.

Earnings Highlights:

  • Revenues up 131 percent at Rs 273 crore versus Rs 118 crore
  • Net profit up 13 percent at Rs 61 crore versus Rs 54 crore
  • EBITDA down 60 percent at Rs 16 crore versus Rs 40 crore
  • Margin at 5.9 percent versus 34 percent

The relative strength index of the stock is 82, indicating that the stock may have been overbought. Trading volume was 4.3 times the 20-day average. The stock has given positive returns of 60.5 percent so far this year as compared to Sensex’s gain of 1.5 percent for the same time period.

3i Infotech Drops As Profit Falls

Shares of the information technology solutions firm fell 10.2 percent, the most in over 17 months, to Rs 5.3.

The company’s net profit in the quarter ended March dropped to Rs 23 crore from Rs 32.4 crore a year earlier. Although it’s net profit on a sequential basis remained unchanged.

The stock snapped a three-day gaining streak and has lost 34.2 percent so far this year. Trading volume was 4.9 times the 20-day average.

Reliance Naval At Record Low As Loss Widens In Fourth Quarter

Shares of the Mumbai-based Anil Ambani-led defence equipment maker fell as much as 9 percent, the most in over two months, to a record low of Rs 24.50 after its loss widened in the March quarter.

Earnings Highlights:

  • Revenue down 85.5 percent at Rs 33 crore versus Rs 228 crore
  • Net loss widens to Rs 409 crore versus loss of Rs 140 crore

The stock has been declining for the past five consecutive trading sessions and has lost over 48 percent so far this year. Trading volume was 4.3 times the 20-day average.

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