Stocks Radar: Cipla, Jet Airways, Coal India
Here are the stocks moving the market this morning.
Indian equity benchmarks declined, and the rupee hit an all-time low of 69.61 against the dollar, as turmoil in Turkey sparked worries of potential market contagion. The S&P BSE Sensex fell as much as 0.75 percent to 37,583 and the NSE Nifty 50 Index declined as much as 0.64 percent to 11,351 as of 10 a.m.
The market breadth was tilted in favour of the sellers. Eight of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by NSE Nifty PSU Bank Index’s 2.1 percent decline. The NSE Nifty Pharma Index was the biggest gainer, up 0.83 percent.
Here Are The Stocks Moving The Market This Morning
Coal India Gains On First Quarter Profit Jump
Shares of the state-owned miner rose as much as 2.65 percent to Rs 279.85 apiece after the company’s June quarter profit rose the most in at least six years.
Net profit rose 61.1 percent from the year-ago period to Rs 3,786.4 crore in the April-June period, according to its exchange filing. Revenue during the quarter stood at Rs 22,958 crore, up 22.8 percent from last year.
Key Highlights (Year-on-Year)
- Earnings before interest, tax, depreciation and amortisation rose 62.8 percent to Rs 5,732.5 crore.
- Margin stood at 23.63 percent against 18 percent.
- An 18 percent increase in employee benefit expenses at Rs 9,598 crore.
The stock trades at 24.7 times trailing 12-month earning per share, according to Bloomberg data.
SBI Slips After Surprise Q1 Loss
Shares of the state-owned bank lost as much as 3.53 percent to Rs 295.50 apiece.
The country’s largest lender suffered a loss of Rs 4,875.8 crore in the quarter ended June, according to its exchange filing. That compares with Rs 238-crore profit pegged by analysts tracked by Bloomberg.
Major brokerages like Kotak, Macquarie and Deutsche Bank, however, maintained a ‘Buy’ on the stock.
Key Highlights (Year-on-Year)
- Provisions for bad loans rose 115.33 percent to Rs 19,228 crore.
- Income from operations increased 24 percent to Rs 21,798 crore.
The stock is 13 percent below the Bloomberg consensus one-year target price.
Cipla Rises On Drug Approval, MSN Lab Partnership
Shares of the pharmaceutical company gained as much as 1.92 percent to Rs 629 apiece.
The company received the final approval from the U.S. Food and Drug Administration for its generic drug Reyataz, according to its exchange filing. It partnered MSN Laboratories for marketing and distribution of generic Xeloda, Cipla said in a separate filing.
The stock trades at 34.5 times trailing 12-month earning per share, according to Bloomberg data.
Stake Sale Plan Brings No Relief For Jet Airways
Shares of the airline lost as much as 3.53 percent to Rs 269.60 apiece.
The Naresh Goyal-promoted carrier has initiated a formal stake sale process to raise $350-400 million from global private equity firms, including Blackstone, TPG and Indigo Capital Partners, Economic Times reported.
The stock’s trading volume is 1.6 times the 20-day average, according to Bloomberg data. The stock, priced at Rs 601.25 apiece at the beginning of the June quarter, fell to it lowest level in over three years on Friday after it deferred its financial earnings for the April-June period.
DLF Declines After June Quarter Results
Shares of the construction major lost as much as 2.70 percent to Rs 194.55 apiece.
Net profit rose 56 percent year-on-year to Rs 173 crore for the April-June period, according to its exchange filing. Revenue declined 26 percent year-on-year to Rs 1,507 crore in the June quarter.
Key Highlights (Year-on-Year)
- Finance cost fell 61 percent to Rs 497.5 crore.
- Margin stood at 20.4 percent against 44.1 percent.
- Earnings before interest tax depreciation and amortisation fell 66 percent from last year to Rs 307.5 crore.
The stock trades at 48 times trailing 12-month earning per share, according to Bloomberg data.
Welspun Corp Loses Despite A $51-Million Order Win
Shares of the pipe maker declined for the second straight day to Rs 127.75 apiece.
The company said it bagged a $51-million deal for load-out, transportation and related services pertaining to pipes in the American market.
The stock trades at 21.5 times trailing 12-month earning per share, according to Bloomberg data.