Stocks Radar: Infosys, L&T, JSW Steel
Indian equity benchmarks opened at their new all-time highs today with the S&P BSE Sensex breaching the 37,000-mark and the NSE Nifty 50 Index touching 11,172.20.
The market breadth was tilted in favour of buyers. Eight of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.94 percent gain in the NSE Nifty PSU Bank. The NSE Nifty Media Index was the biggest loser, down 0.67 percent.
Here Are The Stocks Moving The Market This Morning
L&T Climbs After Earnings Beat Estimates
The engineering company gained as much as 2 percent to Rs 1,337.35 apiece after the company’s June quarter profits meet estimates.
Net profit stood at Rs 1,215 crore in the April-June period, up 36 percent from the year-ago period. Revenues were up 19 percent to Rs 28,284 crore, according to its exchange filing.
The stock’s trading volume was 8.6 times the 20-day average, Bloomberg data showed.
Also read: Q1 Results: L&T Profit Meets Estimates
Infosys Ends Four-Day Winning Streak
The IT and software services firm fell as much as 0.67 percent to Rs 1,380.65 apiece.
The company announced its decision to provide core banking solution to Ayeyarwaddy Farmers Development Bank in Myanmar, according to its exchange filing.
The trading volume was 40 percent of the 20-day average. Infosys trades at 19 times trailing 12-month earnings per share, Bloomberg data showed.
Blue Star Gains After CT Scanner Bid
The air-conditioning and refrigerator maker gained as much as 4.51 percent to Rs 689 apiece.
The company said it had won an order for 28 medical CT scanners from Uttar Pradesh Medical and Health Services.
Analysts have lowered their consensus earnings estimate for the company. The stock trades at 49.7 times trailing 12-month earnings per share, according to Bloomberg data.
PNB Rises After Announcing Stake Sale For Housing Finance Arm
Shares of the state-run bank gained as much as 1.45 percent to Rs 81 apiece after the lender invited bids for sale of stake in PNB Housing Finance Ltd. The bank’s housing finance arm gained as much as 5.21 percent to Rs 1,315.25 apiece.
PNB Housing trades at 26.4 times trailing 12-month earnings per share, Bloomberg data showed.
JSW Steel Falls Despite Acquisitions, Robust Earnings
Shares of the steel producer fell for the second straight day by as much as 1.84 percent to Rs 312.90 apiece.
The company took over Aferpi and bought a 69.27 percent stake in Piobino Logistics. The steelmaker also reported a fourfold jump in its June quarter earnings on higher realisations and healthy volume growth.
The stock trades at 12 times trailing 12-month earnings per share. The scrip is 14 percent below the Bloomberg consensus one-year target price.