Stocks Radar: Fortis, Tata Group Stocks, Sterlite Tech, Punjab National Bank
Here are the stocks moving this morning.
Indian equity benchmarks today touched their new all-time high since Feb. 1. The S&P BSE Sensex gained as much as percent to 0.4 percent to 35,803.18 and the NSE Nifty 50 Index rose 0.3 percent to 10,808.8 as of 10.36 a.m.
The market breadth was tilted in favour of buyers. All the sectoral gauges compiled by the National Stock Exchange gained, led by a 1.08 percent rise in the NSE Nifty Metal Index.
Here Are The Stocks Moving The Market This Morning
Relief For Tata Stocks
Most Tata Group stocks rose after the NCLT dismissed former Chairman Cyrus Mistry’s lawsuit seeking restoration of his board seat and the elimination of restrictions on his family’s ability to sell their 18 percent stake in the group’s holding company to outsiders.
Fortis Healthcare Jumps As Volume Doubles
Shares of the healthcare services provider rose 5.6 percent to Rs 146, the highest level since June 8. Trading volume was more than double the 20-day average.
IHH Healthcare may gain control of the hospital chain operator in binding offer to buy at least 51 percent stake, according to a Mint report citing two unidentified people aware of the bid details.
Punjab National Bank Gains After NPA Sale Bid
Shares of the country’s second-largest state-run lender rose 1.6 percent today after it put on sale three non-performing assets to recover Rs 136 crore dues from the borrowers.
The shares rose to Rs 78.20 apiece from its lowest level of Rs 76.15 in June after the sale bid for assets drew three buyers. The stock has offered negative returns of 46 percent in the past 52 weeks.
Maruti Suzuki Rides Higher After Production Increases
Stocks of the automobile maker rose as much as 1.10 percent today to Rs 9.399 apiece after the company’s production in June increased 12 percent.
The stock is trading at 28 times its estimates for the coming year, according to Bloomberg data.
Sterlite Technologies’ Trading Volume Rises
Stocks of Sterlite Technologies Ltd. jumped as much as 4.5 percent to Rs 302.65 apiece.
The Vedanta-owned company announced the acquisition of an European specialised optical cable maker, Metallurgica Bresciana S.p.A, according to an exchange filing.
The company is trading at 26 times its estimated earning per share for the coming year, Bloomberg data show.
Goa Carbon Gains On Temporary Shutdown Of Plant
GOA Carbon Ltd. rose as much as 2 percent today at Rs 630 apiece after the company announced the shutdown of its Salcete plant for maintenance.
The stocks are trading at 63.3 times trailing the 12 moths earnings per share, according to Bloomberg data.