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

Stocks Radar: PC Jeweller, BASF India, Wockhardt

Indian equity benchmarks joined most of their Asian peers to trade higher at the start of the week. The Nifty Bank gained after government bond yields declined sharply at the start of trade, lending support to the benchmarks.

The Reserve Bank of India said it would buy Rs 10,000 crore of debt through open market operations next week. As a result, the yield on the 10-year government bond fell over 10 basis points to 7.61 percent.

The S&P BSE Sensex Index rose as much as 0.4 percent to 35,061.6, while the NSE Nifty 50 Index rose as much as 0.39 percent to 10,659.8.

The market breadth was tilted in favour of the buyers. Only one out of the 19 sectoral gauges compiled by the BSE fell. S&P BSE Healthcare Index was down percent 0.98. Among the gainers, the realty index rose the most, up 1.2 percent.

Here Are The Stocks Moving The Markets This Morning:

PC Jeweller: Gains After Block Deal

Shares of the Delhi-based jewellery retailer rose for a third straight day after it gained as much as 37.6 percent to Rs 240.

Around 22 lakh shares changed hands in two block deals. The buyers and sellers were not immediately known.

Meanwhile, the board PC Jeweller Ltd. brought forward a board meeting to May 10 from May 25 to discuss a proposal to buy back shares, the company announced in an exchange filing.

Over the past three trading sessions, the stock has surged 113 percent. The recent run up in the stock comes after frenetic selling, which is why despite recent gains, the stock is down 50 percent so far this year.

BASF India: Slumps After March Quarter Earnings

Shares of the Mumbai-based chemical maker fell as much as 7.7 percent to Rs 2,052 after it reported a deterioration in operating income in the quarter ended March.

Stocks Radar: PC Jeweller, BASF India, Wockhardt

Earnings Highlights:

  • Revenue up 5.5 percent at Rs 1,344 crore
  • Net profit up 53.5 percent at Rs 66 crore
  • Other Income of Rs 11 crore in current quarter
  • EBITDA down 18 percent at Rs 100 crore
  • Margin at 7.4 percent versus 9.6 percent

Trading volume was 14 times the 20-day average. The stock has given negative returns of 3.3 percent so far this year.

Wockhardt: Loss Reported In Q4

Shares of the Mumbai-based drug maker fell as much as 11 percent to Rs 715.

Stocks Radar: PC Jeweller, BASF India, Wockhardt

Wockhardt Ltd. reported a loss of Rs 155 crore in the March-ended quarter, Rs 20 crore less than the loss it reported a year ago.

Earnings Highlights:

  • Revenue up 18 percent at Rs 1,018 crore
  • Net loss of Rs 155 crore versus net loss of Rs 175 crore
  • Other income of Rs 56 crore in base quarter

Trading volume was 7.2 times the 20-day average. The stock has declined 21.3 percent so far this year.

Deepak Nitrite: Q4 Profit Disappoints

Shares of the Vadodara based fertiliser manufacturer fell as much as 3.7 percent, the most in two months, to Rs 248.2.

The company’s net profit fell 5 percent to Rs 20 crore in the fourth quarter of the last financial year.

Earnings Highlights:

  • Revenue up 19.5 percent at Rs 393 crore
  • Net profit down 5 percent at Rs 20 crore
  • EBITDA up 21.25 percent at Rs 48.5 crore
  • Margin at 12.3 percent versus 12.2 percent

The stock has risen 6.9 percent so far this year, compared with a 2.9 percent rise in the Sensex. Trading volume on the counter was 3.6 times its 20-day average.

Great Eastern Shipping: Loss Widens In Q4

Shares of the cargo ship operator fell as much as 4.5 percent to Rs 331.3, extending declines to a fourth day.

The Great Eastern Shipping Company Ltd. fell as the company’s net loss widened in the fourth quarter to Rs 418 crore from Rs 34 crore a year earlier.

Earnings Highlight:

  • Revenue up 3 percent at Rs 769 crore
  • Net loss of Rs 418 crore versus net loss of Rs 34 crore
  • EBITDA down 95.5 percent at Rs 7 crore
  • Margin at 0.9 percent versus 20.8 percent
  • Other income down 64 percent at Rs 46 crore
  • Total expenses up 21 percent at Rs 1074 crore

Trading volume was 38.2 times the 20-day average. The stock has given negative returns of 15.4 percent so far this year.