Stocks Radar: Vakrangee, ONGC, Atlanta
Here are the stocks moving the markets this morning.
Indian equity benchmarks extended gains for the second straight session amid a mixed start from its Asian peers. Trump’s tariffs on imports from key allies sent U.S. and European stocks into a tailspin and the dollar climbed against most major peers.
The S&P BSE Sensex rose as much as 0.33 percent to 35,438.2 and the NSE Nifty 50 rose as much as 0.27 percent to 10,764.7.
Sixteen out of the 19 sectoral gauges were trading higher led by the S&P BSE Metal index’s 1 percent rise. On the other hand, the S&P BSE Power index was the top loser, down 1.05 percent.
Here Are The Stocks Moving The Markets This Morning:
Vakrangee: Rises After 28 Sessions
Shares of the consumer finance firm rose as much as 4.9 percent, most in six weeks, to Rs 34.2. The stock has risen after losing for 28 straight trading sessions.
As many as 13 lakh shares of Vakrangee Ltd. changed hands in a single block deal on the BSE. The relative strength index of the stock dipped to nine, indicating that the stock may be oversold. Trading volume of the stock was 45.3 times the 20-day average.
Only three analysts have a coverage on this stock and a consensus rating of ‘Buy’. The 12-month Bloomberg consensus target price is Rs 34.2.
Price Waterhouse had resigned as the company’s auditor on April 27.
Atlanta: Extends Decline
Shares of the Mumbai-based construction company fell as much as 12.3 percent to Rs 44.9, lowest in a little less than 2 years. The stock has extended its losing streak to the fourth consecutive session today.
Atlanta Ltd. also led losses among the small cap stocks after Price Waterhouse resigned as the company’s auditor earlier this week citing unavailability of requested data.
The relative strength index of the stock was 17, indicating that the stock may have been oversold. The stock has lost over 59 percent so far this year as compared to Sensex’s gains of 3.8 percent.
May Auto Sales:
Bajaj Auto:
- Bajaj Auto Ltd.’s sales rose for the tenth straight month in May, driven by the healthy performance of the commercial vehicles segment.
- Shares of the company rose as much as 2.6 percent to Rs 2,822.9.
Escorts:
- Escorts Ltd. sold 8,325 tractors in May, an increase of 20.9 percent from the year-ago period, according to its stock exchange filing.
- Shares of the company rose as much as 2.8 percent to Rs 958.8.
Follow the live auto sales blog here.
ONGC: Falls As Ex-Officials Booked For Fraud
Shares of Oil and Natural Gas Corporation Ltd. fell as much as 4.1 percent to Rs 170.6 after soaring to a four-year high in yesterday’s session.
The Central Bureau of Investigation has booked 13 senior serving retired officials of the company for their alleged role in an Rs 80 crore scam, according to a PTI report. CBI claimed that the officials used their power to illegally give contracts to private company Deep Industries.
Trading volume of the stock was 2.4 times the 20-day average.
Stocks Reacting To Block Deals
Tech Mahindra:
- 10 lakh shares changed hands in a single block deal
- Shares of Tech Mahindra Ltd. rose as much as 1.3 percent to Rs 721.5.