Stocks Radar: Adani Ports, Avanti Feeds, Kridhan Infra

Indian equity benchmarks opened at their fresh all-time highs, led by gains in Mahindra & Mahindra, Sun Pharmaceutical Industries and Infosys. The S&P BSE Sensex rose as much as 0.1 percent to 37,746.39 and the NSE Nifty 50 Index gained as much as 0.15 percent to 11,403.9 as of 10:10 a.m.

The market breadth was tilted in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange, led by a 1.2 percent jump in the NSE Nifty Metal Index. The NSE Nifty PSU Bank Index was the biggest loser, down 0.5 percent.

Here Are The Stocks Moving The Market This Morning

Adani Ports Falls After Earnings Missed Estimates

Shares of the shipping port operator dipped as much as 1.84 percent to Rs 391.35 apiece.

The company’s net profit fell for the April-June period declined 9 percent from the year-ago period to Rs 691 crore, according to its exchange filing. That compares with Rs 795 crore consensus estimate of analysts tracked by Bloomberg. Its revenue declined 12.2 percent from last year to Rs 2,411 crore.

Key Highlights (Q1, Year-On-Year)

• Ebitda increased 1.4 percent to Rs 1,588.32 crore.
• Margin stood at 65.9 percent against 57.1 percent.

The stock trades at 21.5 times trailing 12-month earning per share and is one of the worst-performing stocks on the Nifty Index, Bloomberg data showed.

Kridhan Infra Jumps On UP Project

Shares of the steel products maker gained as much as 10.31 percent to Rs 79.75 apiece.

The company’s associate firm, Vijay Nirman Company Pvt. Ltd., won a Rs 132.6-crore contract for civil work at a fertiliser plant in Uttar Pradesh, it said in an exchange filing.

The stock trades at 29.3 times trailing 12-month earning per share and the trading volume is 6.1 times the 20-day average, according to Bloomberg data.

Adani Power Declines On Weak Earnings

Shares of the power project development company snapped their two-day gains and slipped as much as 7.12 percent to Rs 30.65 apiece.

The company’s net loss during the April-June period widened at Rs 825.2 crore against Rs 795-crore profit estimated by analysts tracked by Bloomberg.

Key Highlights (Q1, Year-On-Year)

• Revenue fell 30.9 percent to Rs 3,829.7 crore.
• Net loss stood at Rs 825.2 crore against a net loss of Rs 452.8 crore.
• Margin came at 30.3 percent compared with 28.2 percent.

The stock is 33 percent above the Bloomberg consensus one-year target price and the trading volume is 3.8 times the 20-day average.

Avanti Feeds Plunges After Profits Fall

Shares of the shrimp feed maker plunged as much as 11.06 percent to Rs 481 apiece.

The company’s net profit during the quarter ended June fell 41.6 percent from last year to Rs 85.7 crore. Earnings before interest, taxes, depreciation and amortisation, too, were down 41.3 percent year-on-year to Rs 132 crore.

Key Highlights (Q1, Year-On-Year)

• Revenue rose 4.2 percent to Rs 1,040.2 crore.
• Margin stood at 12.7 percent against 22.5 percent.

The trading volume is 5.3 times the 20-day average. The stock trades at 15.3 times trailing 12-month earning per share, according to Bloomberg data.

IZMO Gains On European Deal

Shares of the automotive e-retailing solution provider snapped their four-day loss and gained as much as 5.51 percent to Rs 86.30 apiece.

The company won a multi-crore contract from a European Automotive OEM, it said in an exchange filing. The product will be rolled out by the original equipment manufacturer to its network in more than 10 countries in Europe over the next 12 months.

The IZMO stock trades at 21.6 times trailing 12-month earning per share, according to Bloomberg data.