Stocks Radar: Asian Paints, Symphony, Maruti Suzuki
Here Are The Stocks Moving The Market This Morning
India’s S&P BSE Sensex opened at a fresh all-time today at 36,928.06, led by the metals sector. The NSE Nifty 50 Index, however, fell 0.06 percent to 11,127.50 as of 10.25 a.m.
The market breadth was tilted in favour of buyers. Eight of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 0.79 percent dip in the NSE Nifty Media Index. The NSE Nifty Metals Index was the biggest sectoral gainer, up 1.58 percent.
Here Are The Stocks Moving The Market This Morning
Symphony Falls To Lowest Level In Three Years
The air cooler maker was the biggest loser on the S&P BSE 500 as it fell as much as 20 percent to Rs 1,181 apiece.
The company reported lower-than-expected sales in the first quarter. The fall in revenue, according to analysts at Edelweiss Securities said, may be due to weak demand and high stock levels.
The trading volume was 75.4 times the 20-day average, according to Bloomberg data.
Andhra Bank Gains After Capital Infusion
The state-owned bank gained for the fourth straight session as it rose as much as 2.52 percent to Rs 32.40 apiece.
The bank received a capital infusion of Rs 2,019 crore from the government, according to an exchange filing.
The stock’s trading volume was 1.9 times the 20-day average, Bloomberg data showed.
Asian Paints Falls Despite Profits Beating Estimates
Shares of the paints maker declined as much as 3.16 percent to Rs 1,431.70 apiece even as the company’s June quarter earnings beat estimates.
The revenue rose 15 percent on a yearly basis but failed to meet forecast. Analysts thus downgraded the stocks on disappointing sales. CLSA downgraded the stock to ‘Outperform’ from ‘Buy’ but raised the target price to Rs 1,600 from Rs 1,460.
The stock trades at 69.7 times trailing 12-month earnings per share, Bloomberg data showed.
Music Broadcast Gains After Buyback Announcement
Shares of the radio broadcasting service provider climbed as much as 3.74 percent to Rs 306.05 apiece.
The company’s board approved a buyback proposal for the purchase of its fully paid-up equity shares of face value of Rs 10 each at a price not exceeding Rs 385 per equity share, according to its exchange filing.
The trading volume was at 35.9 times the 20-day average, according to Bloomberg data.
Maruti Suzuki Declines On Recall Announcement
Shares of the automobile maker fell 1.08 percent to Rs 9,772.10 apiece after the company announced a recall of 1,279 units of the ‘Swift’ and ‘Dzire’ models to inspect possible faults in air bag controller unit.
The stock trades at 37.4 times trailing 12-month earnings per share, Bloomberg data showed.