Stocks Radar: InterGlobe Aviation, Majesco, Gayatri Projects, Kwality

Indian equity benchmarks remained volatile in early trade today, mirroring its Asian peers, even as the U.S. futures advanced and investors shifted their focus from escalating trade wars between the U.S. and China.

The S&P BSE Sensex traded flat at 35,559.19 as of 10:30 a.m. The NSE Nifty 50 Index, too, remained unchanged at 10,770.05.

The market breadth was tilted in favour of sellers. Seven of the 11 sector gauges compiled by the National Stock Exchange fell, led by a 1.2 decline in the NSE Nifty PSU Bank Index. The NSE Nifty Media Index was the top sectoral gainer, up 0.6 percent.

Here Are The Stocks Moving The Market This Morning

InterGlobe Aviation Gains After News Clarification

Shares of the low-cost carrier rose the most in over four months in early trade today to Rs 1,204.70 apiece. The company refuted reports of receiving summons from the Enforcement Directorate on foreign exchange violations, according to an exchange filing.

The stock trades at 18.9 times trailing 12-month earnings per share and has declined 5.7 percent so far this year, according to Bloomberg data.

Majesco Rises After Winning Contract

Shares of the IT services provider snapped their four-day decline in today’s session and gained as much as 5 percent to Rs 489 apiece.

The company bagged a contract from Singapore-based NTUC Income for sales and distribution channel optimisation, according to its exchange notification.

The trading volume was 26.8 times the 20-day average, according to Bloomberg data. The stock declined 7.7 percent so far this year compared with a 5 percent advance in the Sensex.

Gayatri Projects Declines After Bid Cancellation

Shares of the construction company declined as much as 2.9 percent today to Rs 165.75 apiece.

The Uttar Pradesh government cancelled the company’s Rs 1,111-crore order for the development of the Purvanchal Expressway, according to its exchange filing. Gayatri Projects had emerged as the lowest bidder.

The stock fell 13 percent in the past month and was trading at 8.4 percent below the Bloomberg one-year target price.

Kwality Falls After Rescheduling Board Meet

Shares of the dairy products maker fell as much as 5.1 percent today to Rs 28.5 apiece.

The company was scheduled to meet yesterday to consider buyback/bonus issue. It has rescheduled the meeting to July 3 due to non-availability of majority directors, according to its exchange filing.

The Relative Strength Index was 26, indicating that the stock may be ‘Oversold’. The stock declined 75 percent so far this year and lost 82 percent in the past 12 months.

Stocks Reacting To Block Deals

Adani Ports

• The stock rose as much as 2.6 percent to Rs 375.05 apiece.
• About 5.52 crore shares, or 2.7 percent equity, traded in a pre-market block deal on the BSE.
• The trading volume was 55.1 times its 20-day average.

Infibeam

• The stock fell as much as 3.5 percent to Rs 150.80 apiece.
• About 20 lakh shares changed hands in a block deal.
• The trading volume was 4.7 times its 20-day average.

Buyers and sellers were not known immediately

Source: Bloomberg