Stocks Radar: Fortis Healthcare, PNB, Welspun Corp
The S&P BSE Sensex rose as much as 0.4 percent to 35,595.35 and the NSE Nifty 50 Index rose as much as 0.4 percent to 10,814.75.
The market breadth was tilted in favour of buyers. All sectoral gauges compiled by the BSE advanced, led by the S&P BSE Telecom index’s 1.2 percent gain.
Here Are The Stocks Moving The Market This Morning
PNB: Rises On Divestment Plans
Shares of the fraud-hit lender extended gains for the fourth straight session today, its longest winning streak since Oct last year. The stock rose as much as 4.4 percent to Rs 92.35 apiece.
The bank plans to divest stake in PNB Housing Finance, ICRA, Crisil and BSE, according to its exchange filing. It also expects a Rs 8,000 crore recovery from bad loans in the first quarter of the current financial year, according to a PTI report.
The stock has declined 47 percent so far this year and fell 41 percent over the last 12 months.
Fortis Healthcare: Swings Ahead Of Earnings
Shares of the hospital chain operator hovered between gains and losses and traded at Rs 146.20 apiece as of 9:20 a.m. ahead of its earnings announcement.
Fortis Health trades at 15.8 times trailing 12-month earnings per share and 74 times its estimates for the coming year, Bloomberg data showed. The stock is 21 percent below the Bloomberg consensus one-year price target.
IndusInd Bank: Rises After Receiving Merger Approval
Shares of the Mumbai-based lender today rose as much as 1.3 percent to Rs 1,912.35 apiece.
The bank received an approval from the Reserve Bank of India to set up a subsidiary as part of the merger with Bharat Financial, according to its exchange filing.
IndusInd Bank trades at 23 times its estimated earnings per share for the coming year, according to Bloomberg data.
Besides, shares of Bharat Financial rose as much as 0.6 percent to Rs 1,162.40.
Welspun Corp: Gains After Order Win
Shares of the pipe manufacturer rose as much as 4 percent in today’s session to Rs 136.10 apiece.
The company was awarded contracts for the supply of 72 KMT of API pipes in to America’s market, according to its stock exchange filing. The current order book, including this contract, stands at Rs 11,000 crore.
The stock rose 40.1 percent over the past year compared with a 14.9 percent advance in the Sensex.
Inox Wind: Slides After Auditor Resigns
Shares of the turbine maker fell as much as 8.6 percent, the most in over four months to Rs 85.10 apiece.
The company’s auditors Patankar & Associates has resigned citing time constraints stemming from its other commitments and engagements, according to its statement on the exchange. The company’s board is scheduled to meet today to propose the name of a chartered account firm, the report said.
Trading volume was 159.8 times its 20-day average. The stock declined 38.3 percent so far this year compared with a 4.6 percent advance in the Sensex.