Stocks Radar: Hindalco, ITC, Yes Bank, Welspun
The Indian equity benchmarks opened at their fresh all-time highs today, with the S&P BSE Index trading at 37,272.86 and the NSE Nifty Index at 11,237.45.
The market breadth was tilted in favour of buyers. All the sectoral gauges compiled by the National Stock Exchange advanced, led by a 2.77 percent gain in the NSE Nifty FMCG Index.
Here Are The Stocks Moving The Market This Morning
Hindalco Gains On Novelis-Aleris Deal
Shares of the aluminium and copper maker jumped as much as 6.90 percent to Rs 215.15 apiece after the company’s American subsidiary Novelis agreed to buy the U.S.-based aluminium maker Aleris Corporation for $2.6 billion.
The stock’s trading volume was at 6.2 times the 20-day average and it trades at 9.9 times trailing 12-month earnings per share, according to Bloomberg data.
ITC Climbs The Most In Two Years
The FMCG company jumped the most in two years as it gained as much as 6.95 percent to Rs 306.85 apiece.
The company’s net profit met analyst estimates in the June quarter as margins improved. Net profit rose 10 percent year-on-year to Rs 2,819 crore, according to its exchange filing.
The stock contributed to 50 percent of the Nifty gains today and trades at 33.9 times trailing 12-month earnings per share, Bloomberg data showed.
Mahindra Automotive Gains The Most In A Year After Block Deal
Shares of the automotive component designer jumped as much as 9.21 percent, the most in over a year, to Rs 261.85 apiece.
About 4.4 million shares changed hands on the bourses and the trading volume was 7.5 times the 20-day average, Bloomberg data showed. The stock trades at 27.3 times trailing 12-month earnings per share.
Yes Bank Declines For Fourth Day
Shares of the Rana Kapoor-led bank fell for the fourth session by as much as 1.74 percent to Rs 366.60 apiece after the lender reported an increase in its non-performing assets ratio for the June quarter.
The bank’s provisions in the quarter rose to Rs 625.7 crore from Rs 399.6 crore in the previous quarter. Of which, Rs 379.9 crore was made towards bad loans.
The stock’s trading volume was at 2.4 times the 20-day average and it trades at 19.9 times trailing 12-month earnings per share, according to Bloomberg data.
Petronet LNG Loses Even As Earnings Beat Estimates
Shares of the liquefied natural gas supplier declined as much as 1.68 percent to Rs 227.90 apiece even as the company’s net income beat the consensus estimate of analysts tracked by Bloomberg.
The stock trades at 16.2 times trailing 12-month earnings per share, Bloomberg data showed.
Welspun Dips After Block Deal
The piping solution provider fell as much as 2.5 percent to Rs 124.60 apiece after 17.5 million shares changed hands in a block deal.
Insight Solutions sold 18 million shares of Welspun Corp. The stock has 6.6 percent equity trade in a single block deal, according to data available on the exchanges.
The trading volume was at 15.5 times the 20-day average. The stock is 34 percent below the Bloomberg consensus one-year target price.