Stocks Radar: Bharti Airtel, Vedanta, Castrol India
Here are the stocks moving the market this morning.
Indian equity benchmarks declined for the second straight session, in line with Asian peers, as investors await the outcome of ongoing trade negotiations between China and the U.S., which will also report jobs data later today.
The S&P BSE Sensex Index fell as much as 0.36 percent to 34,977.1, while the NSE Nifty 50 Index fell as much as 0.4 percent to 10,632.9.
The market breadth was firmly tilted in favour of sellers. Eleven out of 19 sectoral gauges compiled by the BSE fell, led by S&P BSE Information Technology Index’s 0.9 percent fall. Among the gainers, the realty index rose the most, up 0.92 percent.
Here Are The Stocks Moving The Markets This Morning:
Bharti Airtel: Surges After Africa Unit Stake Sale Plan
Shares of the Sunil Mittal-led telecom operator rose as much as 3.5 percent to Rs 418.4, after having lost ground for two consecutive sessions.
Bharti Airtel Ltd. plans to raise as much as $1.5 billion by listing the holding company of its Africa operations, according to an Economic Times report. The listing is slated for early next year on the London Stock Exchange, the report added.
Trading volume was 3.6 times the 20-day average. The company has been one of the worst performers on the Nifty so far this year, having lost nearly 22 percent. The telecom index as a whole has also lost a similar amount, 22.7 percent, as the aggressive entrance of Reliance Jio has put pressure on the operational performance of these companies.
Vedanta: Strong Q4
Shares of the metal producer pared early gains and fell as much as 1.5 percent to Rs 282.
Vedanta Ltd.’s profit rose, beating estimates in the January-March quarter, aided by an exceptional gain. The net profit stood at Rs 4,802 crore, an increase of 81.4 percent on a sequential basis.
Earnings Highlight:
- Revenue up 22.7 percent at Rs 27,630 crore.
- Net Profit up 81.41 percent at Rs 4,802 crore.
- EBITDA up 6.6 percent at Rs 7,837 crore.
- Margin at 28 percent vs 33 percent.
Trading volume was two times the 20-day average. The stock has lost around 14 percent so far this year as compared to the 7.5 percent drop in the NSE Nifty Metal Index.
Castrol India: Falls As Q4 Profit Misses Estimate
Shares of the automotive lubricant maker fell as much as 5.9 percent, the most in almost 18 months, to Rs 181.5., extending declines to a second consecutive trading session.
Castrol India Ltd.’s net profit in the March-ended quarter more than halved to Rs 182 crore, missing Bloomberg estimates by Rs 10 crore.
Earnings Highlight:
- Revenue up 5 percent at Rs 927 crore.
- EBITDA up 4 percent at Rs 274 crore.
- Margin at 29.6 percent vs 29.8 percent.
The stock has lost 4.4 percent so far this year, compared with the Sensex's positive return of 2.9 percent. Around 83 percent of the analysts covering this stock have a ‘Buy’ rating, with the rest recommending a ‘hold’.
JSW Energy: Dips On Surprise Loss
Shares of the power generation firm fell as much as 6.7 percent, the most in almost seven weeks, to Rs 76.3. The company reported a loss of Rs 483 crore in the fourth quarter as opposed to the consensus analyst estimate of a net profit of Rs 73 crore.
Earnings Highlight:
- Revenue down 4.7 percent at Rs 1,775 crore.
- Net loss of Rs 483 crore vs net profit of Rs 23.7 crore.
- One-time loss of Rs 418 crore.
- EBITDA down 28.2 percent at Rs 421.4 crore.
- Margin at 23.7 percent vs 31.5 percent.
The stock has been falling for three consecutive sessions. It has lost 16.1 percent so far this year. Trading volume of the stock is 10.3 times the 20-day average.
Stocks Reacting To Block Deals:
Reliance Communications:
- 11.7 lakh shares changed hands in a single block deal
- Shares of Reliance Communications Ltd. rose as much as 5.6 percent to Rs 15.9.