Stocks Radar: ICICI Prudential, Bharti Airtel, Raymond
Indian equity benchmarks declined tracking their global peers lower, after the U.S. 10-year Treasury yield hit 3 percent, sparking concern about the global economic growth outlook.
The S&P BSE Sensex index fell as much as 0.33 percent to 34,501, while NSE Nifty 50 Index fell as much as 0.4 percent to Rs 10,576.
The market breadth was tilted in favour of the sellers. Nine out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty Media Index’s loss of 1.4 percent. On the flipside, NSE Nifty IT Index was the top sectoral gainer, up 1.4 percent.
Here Are The Stocks Moving The Markets This Morning:
Bharti Airtel: Surprises Street
Shares of the country's largest telecom operator rose as much as 3.35 percent, the most in a month, to Rs 419.70
Bharti Airtel Ltd. surprised the street with a profit in March quarter led by improvement in Africa business and a deferred tax credit of Rs 464 crore. Analysts had expected the company to report a loss of Rs 25 crore.
The company also approved the merger of Indus Towers Ltd. with Bharti Infratel Ltd. in a deal that will create the largest tower company in the world outside of China. (To read more on this story, click here)
The stock has been rising for seven consecutive trading sessions. Trading volume was 7.9 times the 20-day average. The stock continues to be one of the five worst performing on the 50-stock Nifty so far this year, with declines of close to 20 percent.
Raymond: Rises On Thane Land Development Plans
Shares of the Mumbai-based textile company rose as much as 4.5 percent to Rs 1,113, the highest in almost three months. The company’s board approved a development plan for 20 acres of land in Thane worth Rs 300 crore.
- Revenue up 11 percent at Rs 1,630 crore.
- Net profit up 61 percent at Rs 53 crore.
- Ebitda up 32.5 percent at Rs 151 crore.
- Margin at 9.3 percent versus 7.7 percent.
The stock has gained 3.7 percent so far this year as compared to a 1.5 percent rise in the Sensex. The relative strength index of the stock was 73, indicating that the stock may have been overbought.
ICICI Prudential: Rating Boost
Shares of the private life insurance company rose as much as 4.5 percent to Rs 437, its highest level in three months.
Brokerage firms revised their recommendations and price targets on the company’s stock on the back of its fourth quarter financial results.
CITI upgraded its recommendation on ICICI Prudential Life Insurance Company Ltd. to ‘Buy’ from ‘Neutral’. The price target was raised to Rs 525 from Rs 450 implying a 26 percent upside potential from the last close. Credit Suisse maintained its ‘Outperform’ rating and raised its price target to Rs 515 from Rs 495.
Zensar Technologies: Falls On Stock Split
Shares of the application software firm swung between gains and losses in early trade. It fell as much as 7.9 percent, the most in two months, to Rs 1,057.
The board of Zensar Technologies Ltd. approved a stock split of equity shares in the ratio 5:1. The company also announced its results for the March-ended quarter post market hours yesterday.
- Revenue up 3 percent at Rs 815 crore.
- Net profit up 24 percent at Rs 73 crore.
- Other income of Rs 27 crore in the current quarter.
- EBIT down 8 percent at Rs 83 crore vs Rs 90 crore.
- Margin at 10.2 percent vs 11.3 percent.
Trading volume was 4.4 times the 20-day average. The stock snapped a four-day gaining streak.