Stocks Radar: Hero MotoCorp, Kiri Industries, Strides Shasun
Indian equity benchmarks hovered between gains and losses in early trade today after gains in Oil and Natural Gas Corporation Ltd. and Hero MotoCorp Ltd. offset losses in ICICI Bank Ltd. and Vedanta Ltd.
The S&P BSE Sensex Index remained flat at 35,272.40 and the NSE Nifty 50 Index at 10,653.85 as of 9:40 a.m.
The market breadth was tilted in favour of sellers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 0.7 percent decline in the NSE Nifty Metal Index. The NSE Nifty Auto Index was the top sectoral gainer, up 0.1 percent.
Here Are The Stocks Moving The Market This Morning
Hero MotoCorp Gains After June Sales Rise
Shares of the country’s largest two-wheeler maker today snapped their six-day decline—the longest losing streak in over five months—to gain as much as 1.7 percent to Rs 3,471 apiece.
The company’s sales in June increased 13 percent over the year-ago period to 7.04 lakh units, according to its regulatory filing. It also hiked prices of its motorcycles and scooters to partially offset higher input costs amid rising demand, the statement said.
The stock was the best performer on both the Sensex and the Nifty. The Relative Strength Index was 26, indicating that the stock may be ‘Oversold’, Bloomberg data showed.
Strides Shasun Rises After Receiving FDA Approval
Shares of the drugmaker rose as much as 2.2 percent today to Rs 396.85 apiece after the company received an approval from the U.S. drug regulator for its painkiller drug.
Strides Shasun received approval from the U.S. Food and Drug Administration for its Ibuprofen tablets, used to relieve headache, dental pain, muscle aches, or arthritis, according to its exchange filing.
The stock trades at 10.4 times its trailing 12-month earnings per share and 20 times its estimates for the coming year, Bloomberg data showed.
NCC Gains After Order Win
Shares of the construction company today reported its longest winning streak in nearly a month. The stock, which rose for the third straight session, gained as much as 2.7 percent to Rs 99.60 apiece.
The company received four new orders worth Rs 2,061 crore last month, according to its exchange notification.
The scrip declined 26 percent so far this year compared to a 4.5 percent advance in the Sensex.
Mahindra Lifespace Gains After Managing Director Resigns
Shares of the real estate developer snapped their three-day decline and rose as much as 1.4 percent to Rs 558.90 apiece.
The company’s Managing Director Anita Arjundas has resigned effective Sep. 30, according to its exchange filing.
The stock returned 20 percent so far this year and gained 24 percent in the past 12 months.
Kiri Industries Jumps On Trading Volumes
Shares of the synthetic dye maker hit an upper limit of 20 percent at Rs 576.95 apiece.
The trading volume was 22.6 times its 20-day average, according to Bloomberg data. The stock returned 105.6 percent over the past year compared to a 14.2 percent advance in the Sensex.
8K Miles Drops Another 20%
Shares of the software services provider fell as much as 20 percent for a second straight session. The stock is currently trading near a three-year low of Rs 317 apiece.
Trading volume was 43.7 times its 20-day average, Bloomberg data showed. The company deferred its quarterly earnings announcement to July 17, it said in an exchange notification yesterday.