Stocks Radar: Jet Airways, Tata Steel, Sun Pharma
Indian equity benchmarks opened higher on Tuesday after a two-day blip. The S&P BSE Sensex rose as much as 0.5 percent to 37,841.68 and the NSE Nifty 50 Index gained as much as 0.55 percent to 11,417.
The market breadth was tilted in favour of buyers. Ten of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 2.1 percent gain in the NSE Nifty Realty Index. The NSE Nifty Pharma Index was the only sectoral loser, down 0.1 percent.
Here Are The Stocks Moving The Market This Morning
Tata Steel Rises After Profit More Than Doubled In June Quarter
Key earnings highlights (Q1, Year-On-Year):
- Revenue rose 27.6 percent to Rs 37,833 crore.
- Net profit doubled to Rs 1,954 crore.
- Earnings before interest, tax, depreciation and amortisation rose 30 percent to Rs 6,468 crore.
- Margin stood at 17.1 percent against 16.8 percent.
Reliance Communications Gains After Bondholder Meet Postponed
Shares of the Anil Ambani-led telecom company rose as much as 5.6 percent to Rs 21.70 apiece.
The company has adjourned meeting of holders of its $300-million bonds for “want of quorum”. The meeting will now held on Aug. 24, according to its exchange filing.
Struggling telecom company also said it has reinstated bank guarantees worth Rs 774 crore with the telecom department, ahead of the timelines set by the telecom tribunal.
Page Industries Rises To A Record, Vakrangee Falls On MSCI Index Rejig
Shares of Page Industries rose as much as 5.27 percent to a record of Rs 34,099.95 apiece, while Vakrangee slumped as much as 17 percent to Rs 41.60 a share after MSCI made changes to its MSCI Global Standard Index for India.
Page Industries will replace Vakrangee in the MSCI Global Standard Index for India. The changes will take effect from the closing on Aug. 31.
Jet Airways Slips After NSE Query
Shares of the Mumbai-based airline operator fell as much as 2.77 percent to Rs 278.65 apiece after the National Stock Exchange of India sought clarification from the company for delaying its quarterly results announcement.
The NSE queried if Jet Airways’ management sought an extension from the audit panel or if the audit committee didn’t approve the results.
Sun Pharma Climbs Ahead Of Earnings Announcement
Shares of the country’s largest drugmaker rose as much as 0.55 percent to Rs 567 apiece ahead of its June quarter earnings.
Below are Bloomberg consensus earnings estimates for the April-June quarter.
- Revenue expected at Rs 6,949 crore against Rs 6,209 crore, up 12 percent year-on-year.
- Net profit seen at Rs 911 crore versus a net loss of Rs 321 crore year-on-year.
- Ebitda seen at Rs 1,536 crore compared with Rs 1,248 crore, up 23 percent year-on-year.
- Margin seen at 22.1 percent against 20.1 percent year-on-year.