Stocks Radar: Prataap Snacks, Nestle India, Jet Airways
Indian equity benchmarks pared their early gains after opening at fresh all-time highs on Thursday. The S&P BSE Sensex dipped 0.04 percent to 38,270, and the NSE Nifty 50 Index dipped 0.12 percent to 11,557 as of 11 a.m.
The market breadth was tilted in favour of sellers. Eight of the 11 sectoral gauges declined, led by a 2.14 percent fall in the NSE Nifty PSU Bank Index. On the other hand, the NSE NiftyPharma Index bucked the trend with a 1.17 percent advance.
Here Are The Stocks Moving The Market This Morning
Prataap Snacks Gains The Most In A Year
Prataap Snacks agreed to buy an 80 percent stake in Gujarat-based Avadh Snacks Pvt. Ltd. for Rs 148 crore. Avadh Snacks sells bhujia, chevda, fafda, gathiya and other such products in Gujarat, Maharashtra and Rajasthan.
The stock’s trading volume is 205.7 times the 20-day average, Bloomberg data showed.
HDFC AMC Jumps As Profit Rises 25%
Shares of the asset management company rose as much as 1.78 percent to Rs 1,772 apiece.
The country’s second-largest mutual fund house said its June quarter net profit for the quarter ended June rose 25 percent from the last year at Rs 205.3 crore, according to its exchange filing. Revenue jumped 20.7 percent from the year-ago period to Rs 471.2 crore in the April-June period.
The fund house got listed on the bourses earlier this month. The stock’s trading volume is 1.8 times the 20-day average, according to Bloomberg data.
Motilal Oswal Declines On Lower Profit
Shares of the financial services firm fell as much as 4 percent to Rs 836.30 apiece.
Net profit of the company declined 18 percent from the year-ago period to Rs 103.8 crore in the April-June period, according to its exchange filing. The company’s revenue, however, rose 10 percent from the last year to Rs 646.5 crore in the three months ended June.
The stock trades at 22.1 times trailing 12-month earnings per share, Bloomberg data showed.
Nestle India Jumps The Most In A Year On Flipkart Deal
Shares of the ‘two-minute noodle’ maker rose as much as 3.11 percent, its highest level in at least a year, to Rs 11,225 apiece after the company announced its partnership with Flipkart to launch a new variant of Maggi.
Nestle India said it has partnered Flipkart to launch a new variant of Maggi called Special Masala Noodles. As part of the deal, the new variant will be exclusively available online from Aug. 25-30, following which it will hit the retails stores nationwide. Pre-booking of the new variant, however, started from Tuesday, according to its exchange filing.
The stock trades at 71.9 times trailing 12-month earnings per share, according to Bloomberg data.
P&G Falls After Reporting Lower Profit In June Quarter
Shares of the consumer goods producer slumped 4.51 percent to Rs 10,200 apiece.
Net profit of the company declined 43 percent year-on-year to Rs 44.6 crore in the April-June period, according to its exchange filing. Its margin fell 1,000 basis points from the last year to 16 percent in the June quarter. Earnings before interest, taxes, depreciation, and amortisation declined 36 percent to Rs 84 crore. It was impacted by higher employee cost, advertising expenses and other expenses.
Key Highlights (Year-on-Year)
- Employee cost up 56.5 percent at Rs 24.4 crore.
- Advertising expenses up 103 percent at Rs 67.7 crore.
- Other expenses up 25.5 percent at Rs 162 crore.
- Recommended a final dividend of Rs 40 per share.
The stock is 2.2 percent above the Bloomberg consensus one-year target price.
Jet Airways Slides Even As Board Mulls Turnaround Plan
Shares of the carrier fell nearly 2.44 percent to Rs 285.35 apiece.
Jet Airways India, the carrier that deferred earnings earlier this month, will consider a turnaround plan on Aug. 27 when its board meets to approve financial results for the quarter ended June, Bloomberg reported.
The stock’s trading volume is 71 percent of the 20-day average and is 40 percent above the Bloomberg consensus one-year target price.
Granules Gains After FDA Approval
Shares of the drugmaker gained as much as 4.55 percent to Rs 117 apiece.
The company received an approval for abbreviated new drug application from the U.S. Food & Drug Administration for Ranitidine Tablets USP (150 mg) and Cool Mint (OTC-150 mg), according to its exchange filing.
The stock trades at 22 times trailing 12-month earnings per share, according to Bloomberg data.