Stocks Radar: Dr. Reddy’s Lab, Dr. Lal PathLabs, Idea Cellular, Vedanta
Indian equity benchmarks swung between gains and losses amid rising trade war concerns between two of the world’s largest economies – U.S and China.
The S&P BSE Sensex fell as much as 0.1 percent to 35,585 and NSE Nifty 50 Index declined as much as 0.1 percent to 10,803. Both the equity benchmarks were little changed in early afternoon trade thereafter.
Six of the 11 sector gauges compiled by the National Stock Exchange fell, led by a 1.4 percent decline in the Nifty Metal Index. The NSE Nifty Auto Index was the top sectoral gainer, up 0.4 percent.
Here Are The Stocks Moving The Market This Morning
Vedanta Set For Its Longest Losing Streak In Over Three Months
Shares of the metal maker extended its decline for the seventh straight session today, its longest losing streak since March 9. The stock fell as much as 3.3 percent to hit a 52-week low at Rs 230.65 apiece.
The company halted operations at its Zambia mine after a worker was killed on Friday at the Nchanga underground mine in Chingola that is part of Vedanta’s Konkola
Copper Mines, Bloomberg reported quoting the company’s emailed statement.
The mining major will replace the Dr. Reddy’s Laboratories in the 31-stock index from today.
Shares of Dr. Reddy’s Laboratories Ltd. today snapped its longest winning streak in six months and fell as much as 2.6 percent, the most in nearly a month, to Rs 2,290 apiece. The pharmaceutical company is restrained from selling the generic variant of Suboxone, according to its exchange filing.
ICICI Bank Gains On Report To Name New Interim CEO
Shares of the Mumbai-based bank rose as much as 1.7 percent today to Rs 287.30 apiece.
The board of the private lender may name Sandeep Bakshi as its interim chief executive officer, according to a report by Economic Times.
ICICI Bank trades at 23.7 times trailing 12-month earnings per share, Bloomberg data showed. Its Bloomberg peers are priced at an average of 23.1 times trailing per-share earnings.
Dr. Lal PathLabs Gains On New ‘Buy’ Rating
Shares of the clinical laboratories operator gained nearly a percent in today’s session to Rs 875 apiece.
International research firm Goldman Sachs initiated a coverage on the stock with a ‘Buy’ rating and a price target of Rs 1,100, according to its research report.
The target price implies a potential upside of 26.8 percent from the last regular trade. It is also the second highest among the analysts tracked by Bloomberg.
Idea Cellular: Gains On Anticipation Of Merger Nod
Shares of the telecom operator rose as much as 4.2 percent today to Rs 63.20 apiece.
The Department of Telecommunications is likely to approve the merger of Vodafone India and Idea Cellular that will create the country’s largest mobile service operator with proposed name of Vodafone Idea, according to a PTI report.
The trading volume was 2.3 times its 20-day average, Bloomberg data showed. The stock is 13 percent below the Bloomberg consensus one-year price target.
HCL Infosystems Falls As Unit Sales Conclude
Shares of the information technology company declined as much as 1.8 percent today to Rs 38.50 apiece.
The company concluded the sale of the entire stake in HCL Services to Karvy Data Management Services, according to its exchange filing.
The stock declined 34 percent so far this year and fell 15 percent in the past 12 months.