Stocks Radar: Cyient, Reliance Industries, Power Grid
Indian equity benchmark Sensex hit a fresh all-time high, led by a surge in Reliance Industries. The 31-stock Index rose as much as 0.7 percent to 36,533.63. The NSE Nifty 50 Index also climbed 0.7 percent to reclaim the 11,000-mark for the first time since the day of the presentation of the Budget.
The market breadth was tilted in favour of buyers. All the sectoral gauges compiled by the National Stock Exchange advanced led by a 1.6 percent gain in the NSE Nifty PSU Bank Index.
Here Are The Stocks Moving The Market This Morning
Reliance Industries Hits A Record
The Mukesh Ambani-led firm was the best performer on the Sensex as it rose as much as 1.6 percent to hit a new all-time high of Rs 1,055.50 apiece.
The trading volume was five times its 30-day average, Bloomberg data showed. The scrip rose for the fifth session—its longest winning streak in over a month.
Power Grid Declines For The Third Session
Shares of the state-run power transmitter declined for the third session in early trade to Rs 181.85 apiece.
The company’s arm began full commercial operations in Maharashtra, according to its exchange filing.
Power Grid, which fell as much as 0.6 percent today, trades at 11.7 times trailing 12-month earnings per share and 9.4 times its estimates for the coming year, Bloomberg data showed.
MM Forgings Gains After Bonus Issue Announcement
Shares of the steel forging maker rose as much as 4.8 percent today to Rs 1,472.95 apiece after it announced the issue of bonus shares at its annual general meeting on July 11.
The company announced one bonus share for every one share held, according to its exchange notification.
The stocks returned 22 percent so far this year and a gain of 122 percent in the past 12 months, according to Bloomberg data.
Cipla Swings After Unit Completes Acquisition
Shares of the drugmaker hovered between gains and losses to trade at Rs 626 apiece as of 9:25 a.m.
The pharmaceutical company’s wholly owned subsidiary acquired a South African company, Mirren (Pty) Ltd., for Rs 228 crore, according to its regulatory filing.
The stock returned 3.4 percent so far this year compared to a 7.7 percent advance in the Sensex, Bloomberg data showed.
Kwality Fluctuates After Business Closure Plans
Shares of the dairy products maker swung between gains and losses to trade at Rs 18.20 apiece after the company said it planned to close its dairy products business in the U.A.E.
The Relative Strength Index was 18, indicating that the stock may be ‘Oversold’. Kwality trades at 4.6 times trailing 12-month earnings per share, Bloomberg data showed.
Coffee Day Enterprises Gains After Unit Signs Pact
Shares of the cafe chain operator rose as much as 2.7 percent today to Rs 271.90 apiece.
The company’s arm entered into an agreement for five years with UBER for distribution of food products, according to its exchange notification.
The trading volume was 7.7 times its 20-day average, according to Bloomberg data. The stock is 27 percent below the Bloomberg consensus one-year target price.
Cyient Gains Ahead Of Earnings
Shares of the engineering company climbed as much as 2.1 percent today to Rs 750 apiece.
The company is expected to announce its quarterly results for the quarter ended June today. The trading volume was 7.8 times its 20-day average, Bloomberg data showed.
Stock Reacting To Earnings
Reliance Industrial Infrastructure Ltd (First Quarter, Year-on-Year)
- Stock hovered between gains and losses to trade at Rs 433 apiece as of 9:30 a.m.
- Revenue was down 12.4 percent to Rs 21.2 crore.
- Net profit was up 5.6 percent to Rs 1.9 crore.
- Ebitda was down 51.8 percent to Rs 2.7 crore.
- Margin stood at 12.7 percent compared with 23.1 percent.