Stocks Radar: Reliance Industries, Fortis Healthcare, Sun Pharma
Here are the stock moving the market this morning.
Indian equity benchmarks fell as the rupee’s decline to a record low against the U.S. dollar dimmed the outlook for company earnings growth in Asia’s third-largest economy.
The S&P BSE Sensex fell as much as 0.11 percent to 37,808.98 and the NSE Nifty 50 Index declined as much as 0.1 percent to 11,424.35 as of 10.05 a.m.
The market breadth was tilted in favour of sellers. Eleven out of the 19 sector gauges fell, led by the NSE Nifty Realty Index’s 1.2 percent slump. The NSE Nifty PSU Bank Index bucked the trend with a 0.5 percent advance.
Here Are The Stocks Moving The Market This Morning
Reliance Industries Falls After Jamnagar Plant Shuts
Shares of the Mukesh-Ambani-led company lost as much as 1.25 percent to Rs 1,202.40 apiece.
RIL reported the shutdown of a unit at its petroleum refinery complex operating at the Jamnagar Special Economic Zone in Gujarat.
The company on Wednesday said that one of the fluid catalytic cracking units at the refinery, which can process over 500,000 barrels of crude oil per day, will restart after two weeks, though it didn’t specify any reason. The rest of the refinery, the filing said, will function normally and won’t affect overall operations.
The stock trades at 20.1 times trailing 12-month earning per share, according to Bloomberg data.
Fortis Healthcare Gains After IHH Offer
Shares of India’s second-largest hospital chain gained as much as 2.74 percent to Rs 148.45 apiece.
Shareholders of Fortis approved Malaysia’s IHH Healthcare BHD’s binding offer to take its control, capping months-long takeover battle after founders lost control. The shareholders approved a fund infusion of Rs 4,000 crore from IHH Healthcare, the company said in a statement accompanying its earnings filing.
Fortis suffered a net loss of Rs 70.7 crore in the quarter ended June compared with a profit of Rs 5.3 crore in the year-ago period, the filing said.
Key Highlights (Year-on-Year)
- Revenue fell 9.9 percent to Rs 1,042 crore.
- Earnings before interest, tax, depreciation and amortisation stood at Rs 8 crore against Rs 86.1 crore.
- Margin stood at 0.8 percent compared with 7.4 percent.
The stock trades at 16.1 times trailing 12-month earning per share, according to Bloomberg data.
Sun Pharma Climbs To The Highest Level In Over A Year
Shares of the country’s largest drugmaker rose as much as 2.14 percent, the most in over a year, to Rs 614.70 apiece.
The pharmaceutical company received the U.S. regulator’s nod for Cequa (drug for dry eye), according to its exchange notification. The company also reported profit for the June quarter in line with estimates.
The stock trades at 51.6 times trailing 12-month earnings per share, according to Bloomberg data.
Indiabulls Real Estate Falls On Lower Profit
Shares of the real estate development company fell as much as 3.40 percent to Rs 144.90 after the company reported lower quarterly profit for the three months ended June.
Net profit fell 5.3 percent year-on-year to Rs 117.5 crore during the April-June period. Ebitda declined 23.4 percent from the year-ago period to Rs 246.2 crore.
Key Highlights (Year-on-Year)
- Revenue rose 38.5 percent to Rs 810.9 crore.
- Margin stood at 30.4 percent against 54.9 percent.
The stock is 37 percent below the Bloomberg consensus one-year target price.
Cox & Kings Slips After Demerger Approval, Lower Profit
Shares of the leisure and travel services company fell as much as 4.36 percent to Rs 209.5 apiece.
Net profit fell 56.1 percent from the last year to Rs 66.6 crore, it said in an exchange filing. Besides, the National Company Law Tribunal approved the demerger of Cox & Kings Ltd. and Cox & Kings Financial Service Ltd., a separate filing said.
Key Highlights (Year-on-Year)
- Revenue rose 14.5 percent to Rs 2,183.9 crore.
- Margin stood at 13.6 percent against 19.6 percent.
Siyaram Silk Drops Over 3%
Shares of the fabric and yarn maker dipped as much as 3.11 percent to Rs 511 apiece. The company said it will commence the production of indigo at its Amravati unit.
The stock’s trading volume is 2.5 times the 20-day average, according to Bloomberg data.