Stocks Radar: Indiabulls Housing Finance, Infosys, ONGC
Indian equity benchmarks opened higher today after a two-day blip. The S&P BSE Sensex rose as much as 0.8 percent to 37,462.58 and the NSE Nifty 50 Index rose as much as 0.81 percent to 11,336.15.
The market breadth was tilted in favour of buyers. All the sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.6 percent advance in the NSE Nifty Metal Index.
Here Are The Stocks Moving The Market This Morning
ONGC Gains Even Though First Quarter Profit Missed Estimate
Shares of the oil refiner rose as much as 2.8 percent to Rs 171 apiece.
The company’s profit for the quarter ended June missed analyst estimates even though global crude prices rose and the rupee depreciated. (more details here).
The company expects gas production to increase 6 percent for the ongoing financial year, Chief Financial Officer Subhash Kumar told BloombergQuint in an interaction.
Key highlights from the management:
- Forex losses are attributed to the devaluation of liabilities.
- This is a one-off event and we do not expect this to occur in other quarters.
- Don’t expect subsidy burden if the prices remain at current levels.
- Don’t anticipate that ONGC would be called to share subsidy.
- Debt is at a comfortable level.
- No compulsion to sell a stake in listed entities.
The stock was the best performer on the Sensex and second-best on the Nifty in early trade.
Indiabulls Housing Finance Gains After First Quarter Earnings Rise
Shares of the housing finance company rose as much as 6.5 percent, the most in over a week, to Rs 1,382.15 apiece. The stock was the best performer on the Nifty in early trade.
The company’s net profit rose 30.3 percent year-on-year to Rs 1,054.7 crore, according to its exchange filing.
Key earnings highlights (First Quarter, Year-On-Year):
- Net interest income rose 22.1 percent to Rs 1,690 crore.
- Net profit increased 30.3 percent to Rs 1,054.7 crore.
- Loan growth came at 33.4 percent.
- Gross non-performing assets stood at 0.78 percent against 0.80 percent.
Motherson Sumi Snaps Three-Day Fall After Reydel Buy
Shares of the auto parts maker snapped their three-day decline and rose as much as 1.6 percent to Rs 309 apiece.
The company’s unit today acquired Reydel Automotive Group, according to its exchange filing.
The stock declined 18.7 percent so far this year compared to a 17.3 percent advance in the Sensex, according to Bloomberg data.
ICICI Bank Fluctuates After A Block Deal
Shares of the Mumbai-based lender fluctuated between gains and losses to trade 1.2 percent higher at Rs 302 apiece.
About 13.6 lakh shares changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.
ICICI Bank traded at 24.9 times trailing 12-month earnings per share, Bloomberg data showed.
Infosys Snaps Two-Day Decline After Block Deal
Shares of the Bengaluru-based software developer snapped their two-day decline and gained as much as 0.9 percent to Rs 1,366.40 apiece.
About 14.9 lakh shares changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.
Trading volume was 1.5 times its 20-day average. The stock is 3.9 percent below Bloomberg consensus one-year price target.
Narayana Hrudayalaya Declines After Reporting Loss
Shares of the hospital operator fell as much as 6 percent, the most in over a month, to Rs 245.15 apiece. The company suffered a loss in the quarter ended June, according to its exchange filing.
Key earnings highlights (Q1, YoY):
- Revenue was up 25.2 percent to Rs 652.3 crore.
- Net loss came at Rs 4.2 crore compared with a net profit of Rs 10.9 crore.
- Earnings before interest, tax, depreciation and amortisation were down 6 percent to Rs 47.4 crore.
- Margin stood at 7.3 percent against 9.7 percent.