Stocks Radar: Mercator, Exide Industries, HCL Tech
Here are the stocks moving the market this morning.
Indian equities fluctuated as investors assessed the impact of rising oil prices on the nation’s economy and company profits ahead of the expiry of June futures and options contracts later in the day.
The S&P BSE Sensex rose 0.2 percent to 35,196.89 before it fell 0.3 percent intraday. The NSE Nifty 50 Index traded flat at 10,668.95 as of 10:15 a.m. before it fell 0.4 percent.
The market breadth was tilted in favour of sellers. The rupee fell to a record low against the U.S. dollar, boosting gauges of software exporters and drugmakers.
Here Are The Stocks Moving The Market This Morning
Mercator Surges After Winning Mining Lease
Shares of the Mumbai-based company snapped its longest losing streak in two months. The stock rose as much as 7 percent, the most in a month, to Rs 22.95.
The company’s arm bagged a mining lease from the Gujarat government for 20 years, according to a regulatory filing. The stock has declined 45.6 percent so far in this year compared to 4.1 percent advance in Sensex during the same period.
HCL Tech Gains On Rating Upgrade
Shares of the country’s third-largest software exporter rose for a fifth straight session after global brokerage HSBC upgraded the stock citing cheap valuations.
While this was the stock’s best performance in five months, it has under-performed the NSE Nifty IT Index so far this year.
Tata Steel Up On Reports Of Possible JV With Thyssenkrupp
Shares of the steelmaker snapped three-day decline and rose as much as 1.4 percent to Rs 550.90 apiece.
Thyssenkrupp and Tata Steel are nearing a 15 billion euro ($17.4 billion) deal according to a Reuters report. The stock was trading 31 percent below the Bloomberg consensus target price.
Exide Industries Swings On Forming JV With Leclanche SA
Shares of the battery manufacturer swung between gains and losses and traded 0.7 percent higher at Rs 249.65.
The company entered into a joint venture with Leclanche SA to build lithium-ion batteries, according to an exchange notification. The stock trades at 29.6 times trailing its 12-month earnings per share, and 22 times its estimates for the coming year, Bloomberg data showed.
Canara Bank Swings On Fund Raising Plans
Shares of the public sector lender swung between gains and losses and traded 1.2 percent highet at Rs 250.45 as of 10:20 a.m.
The bank has decided to raise share capital of up to Rs 60 crore through employee stock options for the current financial year, according to an exchange filing. The stock has declined 31 percent so far this year and 24 percent in the past 12 months.