Stocks Radar: Jet Airways, Ratnamani Metals, ICICI Bank, Info Edge, Fortis
Indian equity benchmarks opened lower today, following their Asian peers amid concerns over escalating exchange of trade and investment restrictions, triggered by the Trump administration. The S&P BSE Sensex rose 0.1 percent to 35,843.11 and the NSE Nifty 50 Index gained 0.1 percent to 10,763.90 as of 10 am.
The market breadth was in favour of sellers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 0.4 percent decline in the Nifty PSU Bank Index. The Nifty FMCG Index gained the most, up 0.7 percent.
Here Are The Stocks Moving The Market This Morning
Jet Airways Gains After Boeing Order
Shares of the airline rose 1.6 percent today to Rs 384 apiece after the company on Monday announced its plans to buy additional 75 Boeing aircraft.
The stock declined 54.3 percent so far this year compared to a 4.4 percent advance in the Sensex.
ICICI Bank Slides After SEBI Favours Proceedings
Shares of the private lender fell as much as 1.5 percent today to Rs 285.25 apiece.
A preliminary examination by the Securities and Exchange Board of India has favoured adjudication proceedings against ICICI Bank and its Chief Executive Officer Chanda Kochhar for alleged violation of listing disclosure norms regarding ‘conflict of interest’ in business dealings of her husband with the Videocon Group, according to a PTI report.
The stock was trading at 23.8 times trailing its 12-month earnings per share, Bloomberg data showed.
Ratnamani Rises After Bagging Order
Shares of the tube maker snapped its four-day decline in today’s session to gain as much as 3.5 percent to Rs 971.90 apiece. The company bagged a contract worth Rs 125.2 crore from Welded Carbon Steel Pipes, according to an exchange filing.
The trading volume was 54.7 times its 20-day average as of 9:35 a.m and the scrip gained 14 percent in the past 12 months.
Info Edge Gains After Investment In PolicyBazaar
Shares of the online job portal posted its biggest intra-day gain in seven months to Rs 1,288.35 apiece. The company partnered Softbank to invest $45 million in Etechaces Ltd, which operates PolicyBazaar, according to an exchange notification.
The stock, which gained as much as 10.1 percent in today’s session, returned 26.2 percent last year compared to a 15.2 percent gain in the Sensex.
Tata Motors Falls After BNP Paribas Downgrade
Shares of the carmaker extended its losses for the second day today after BNP Paribas downgraded the stock recommendation. The scrip fell as much as 2.1 percent to Rs 283.40. BNP Paribas downgraded the stock to ‘Reduce’ from ‘Hold’ and lowered the target price to Rs 240 from Rs 305.
The scrip trades at 2.9 times estimated forward Ebitda against 3.8 times its two-year average.