Stocks Radar: Zee Entertainment, HDFC Bank, 5Paisa Capital
Indian equity benchmarks rose for a second straight session boosted by strong earnings and a slide in crude oil, the nation’s biggest import.
The S&P BSE Sensex rose up as much as 0.6 percent to a hit a new all-time high of 36,747.87. The NSE Nifty 50 Index rose as much as 0.4 percent to 11,055.20.
The market breadth was in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange gained, led by a 0.78 percent rise in the Nifty Media Index. The Nifty PSU Bank Index was the biggest loser with a slip of 1.25 percent.
Here Are The Stocks Moving The Market This Morning
IOB, Corporation Bank Rally On Capital Infusion Plan
Shares of Indian Overseas Bank rose the most so far this year as they gained as much as 13.90 percent at Rs 14.40 apiece. Corporation Bank, too, jumped 10.27 percent at Rs 27.29 apiece. Allahabad Bank fell as much as 2.6 percent today.
The stocks jumped after the government’s decision to infuse Rs 11,336 crore in five state-owned banks to help them make interest payments due on some bonds. Allahabad Bank, Indian Overseas Bank and Corporation bank were placed under the Reserve Bank of India’s prompt corrective action framework.
IOC’s trading volume was 30.3 times the 20-day average, according to Bloomberg data.
Kridhan Jumps To End Four-Day Slump
Shares of the steel producer gained as much as 13.87 percent today, the most in 2018, at at Rs 79.80 apiece after the company was awarded a Rs 222.6-crore highway project.
The stock trades at 29.4 times trailing 12-month earnings per share. The trading volume was 13.2 times the 20-day average, Bloomberg data show.
5Paisa Capital Falls After Rights Issue, Earnings
Shares of the trading and brokerage service provider fell as much as 0.7 percent today at Rs 329.05 apiece.
The company, in an exchange filing, said it had decided to issue equity shares on rights basis in the ratio of 1:1 with each share priced at Rs 80.
The trading volume was the same as the 20-day average, according to Bloomberg data.
Zee Jumps The Most This Year
Shares of the entertainment company rose to its highest level this year by gaining as much as 3.26 percent at Rs 528.70.
A reassuring earnings announcement and analysts’ upgrade of the company contributed to the rally. The company reported a net profit of Rs 326 crore this year, according to its exchange filing. Besides, analyst Anand Rathi Securities upgraded the stock to ‘Hold’, while Batlivala & Karani Securities upgraded it to ‘Buy’.
The stock trades at 36.4 times trailing 12-month earnings per share. The trading volume was 16.2 times the 20-day average, according to Bloomberg data.
PNC Infratech Rises After Highway Deal
Shares of the construction company gained as much as 6.38 percent today at Rs 156.25 apiece after the company bagged a Rs 1,157-crore highway project in Karnataka.
The stock trades at 16.5 times trailing 12-month earnings per share and is 28 percent below the Bloomberg consensus one-year target price.
HDFC Bank Gains The Most In A Year After Share Allotment Bid
Shares of the private lender rose as much as 1.75 percent today, to its highest level in over a year, at Rs 2,211.85 apiece.
The bank is set to allot 3.9 crore shares to parent HDFC at Rs 2,174.09 a share, according to an exchange filing.
T he stock trades at 30.8 times trailing 12-month earnings per share. The trading volume was 2.3 times the 20-day average, Bloomberg data show.