Stocks Radar: ICICI Prudential Life, Punj Lloyd, Vakrangee, Sundram Fasteners
Indian equity benchmarks remained flat after losses in early trade. The S&P BSE Sensex Index was trading 0.1 percent higher at 35,624 as of 10.20 a.m. and the NSE Nifty 50 index was trading at 10,818, up 0.1 percent.
Thirteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Power Index's 0.75 percent drop. On the other hand, the S&P BSE Healthcare index was top gainer, up over 1.5 percent.
Here Are The Stocks Moving The Market This Morning
ICICI Prudential Rises As OFS Opens For Retail Subscribers
Shares of the life insurance service provider snapped a two-day decline and rose as much as 1.3 percent to Rs 406.
The company opened its offer for sale for retail investors at a price of Rs 390 per share, according to to its stock exchange notification. The insurer’s OFS for non-retail investors had garnered a 206 percent demand.
Trading volume was 12.3 times its 30-day average, according to Bloomberg data. The stock returned 5.9 percent so far this year compared to compared to 5.1 percent advance in Sensex.
Vakrangee Resumes Lower Circuit Trading After Six Days
Shares of the retail banking and financial services provider were trading down 5 percent at Rs 41.20 after six days of gains.
The company announced that it plans to change the capital allocation policy based on the current capex plan for the ATM business and increased spending in marketing expenses, according to a notification to the stock exchanges.
The stock has declined 90 percent so far this year and 82 percent in the past 12 months, according to Bloomberg data. The benchmark Sensex has risen 4.6 percent in 2018 and 15 percent int he last 12 months in comparison.
Punj Lloyd Gains As Lenders Favour Debt Recast
Shares of the construction company pared early losses and rose as much as 5.4 percent, the most in over two weeks to Rs 15.65.
The company said that more than 90 percent of the lenders have agreed to support a resolution plan under the leadership of the State Bank of India for restructuring the outstanding debts of the company halted, according to its stock exchange notification. (more details here).
The stock has declined 37 percent so far this year and fell 18 percent in the last 12 months.
Sundram Fasteners Surges To Record High
Shares of the auto components maker rose as much as 6.7 percent, the most in over two weeks to hit a new high at Rs 668.45.
Trading volume was 19.7 times its 20-day average, Bloomberg data showed. The stock trades at 35.6 times trailing 12-month earnings per share and 29 times its estimates for the coming year.