Stocks Radar: DFM Foods, Mindtree, Reliance Communications
Indian equity benchmarks fluctuated between gains and losses ahead of the no-confidence vote on Prime Minister Narendra Modi’s government on Friday.
The S&P BSE Sensex rose as much as 0.4 percent to 36515 while the NSE Nifty 50 Index climbed 0.2 percent to 11,006.
The market breadth was tilted in favour of advances. Nine out of the 11 sectoral gauges compiled by the National Stock Exchange declined, the Nifty IT Index’s one percent fall. The Nifty Auto and Nifty Metal indices were the best performers, up 0.3 percent each.
Here Are The Stocks Moving The Market This Morning
ONGC Top Performer On Sensex, Nifty
Shares of the state-run oil explorer extended gains for the third day and rose as much as 3.1 percent to trade at one-month high at Rs 165.20.
The Cabinet, yesterday tweaked pre-1999 oil and gas contracts to provide for proportionate sharing of statutory levies like royalty and cess between the operators of an area, and not put the entire burden on state-owned ONGC, according to a PTI report.
The stock was the best performer on Sensex and Nifty. Trading volume was 4.4 times its 20-day average, according to Bloomberg data.
DFM Foods Gains After Share Split Proposal
Shares of the snack maker gained as much as 1.4 percent today to Rs 1,220 apiece.
The FMCG company will consider the proposal of sub-division of equity shares of the company in its meeting on Aug. 6, it said in an exchange filing. The stock trades at 51.4 times trailing 12-month earnings per share, Bloomberg data showed.
PVR, Inox Dip After Telangana’s Multiplex Food Directive
Shares of the multiplex chain operators fell after the Telangana became the second state to direct cinema hall owners to sell food at maximum retail price.
- PVR swung between a 4 percent advance and decline. The stock touched a 52-week low at Rs 1,062 apiece.
- Inox Leisures declined as much as 1.2 percent to Rs 204 apiece, its lowest level in over a year.
Indian Overseas Bank Falls After Wednesday’s Rally
Shares of the state-run bank dipped as much as 2.5 percent at Rs 14 apiece, along with peers.
The stocks rallied yesterday after the government announced a decision to infuse Rs 11,336 crore in five state-owned banks to help them make interest payments due on some bonds. The government will pump in Rs 2,157 crore in Indian Overseas Bank.
Poddar Housing Surges The Most This Year
Shares of the real estate firm climbed as much as 9.86 percent at Rs 735.95 apiece.
The company announced its acquisition of a 5,800-square-metre land in Pune to build a residential housing project with a saleable area of 1.4 lakh square feet. The stock trades at 150.1 times trailing 12-month earnings per share, according to Bloomberg data.
Mindtree Falls To Lowest In Two Years After First Quarter Results
Shares of the IT company fell as much as 7.9 percent today after reporting lower-than-estimated profits on Wednesday.
Analysts from Anand Rathi Securities Pvt. Ltd. downgraded the stock to ‘Sell’. The stock is 1 percent below the Bloomberg consensus one-year target price.
Reliance Communications Declines After Earnings Announcement
Shares of the telecommunication company declined as much as 4.6 percent to Rs 12.70 apiece.
The company yesterday reported that its June quarter loss narrowed to Rs 342 crore while the revenue came in at Rs 1,006 crore. The stock has fallen 65 percent so far this year, according to Bloomberg data.