Residential apartment buildings stand in India. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: LIC Housing Finance, Ruchi Soya, Manpasand Beverages

Indian equity benchmarks traded at a fresh all-time high, following its Asian peers, as the U.S. Federal Reserve reaffirmed a slow and gradual pace of policy tightening. The S&P BSE Sensex traded nearly 1 percent higher at 38,602 and the NSE Nifty 50 Index at 10,659, up 0.89 percent, as of 10:45 a.m.

The market breadth was tilted in favour of buyers. Ten of the 11 sectoral gauges gained, led by a 1.7 percent advance in the NSE Nifty PSU Bank Index. The NSE Nifty Media Index was the only sectoral loser, down 0.3 percent.

Here Are The Stocks Moving The Market This Morning

LIC Housing Finance Falls To Lowest Level In Two Years

Shares of the housing finance company fell as much as 7.48 percent, its lowest level in almost two years, to Rs 530.30 apiece.

Net interest margin of the company fell 180 basis point year-on-year to 2.34 percent in the quarter ended June, according to its exchange filing. Besides, Morgan Stanley downgraded the stock to ‘Equal Weight’ from ‘Overweight’.

Key Highlights

  • Net profit grew 6.6 percent year-on-year to Rs 980 crore.
  • Provisions for bad loans was down to Rs 161 crore from Rs 480 crore a year ago.
  • Net interest income grew 6.6 percent year-on-year to Rs 980 crore.
  • Loan growth stood at 14.7 percent against 15 percent in fourth quarter.
  • Loan disbursements stood at Rs 9,594 crore.

The trading volume was 13.8 times the 20-day average. The stock trades at 13.4 times trailing 12-month earnings per share and 12 times its estimates for the coming year, according to Bloomberg data.

Also read: LIC Housing Finance Sees Spread On Loans To Hold Around Current Levels

Ruchi Soya Gains On Adani Wilmar Bid

Shares of India’s largest edible oil maker gained as much as 5.11 percent to Rs 9.88 apiece after it accepted the Rs 6,000-crore takeover bid by Adani Wilmar.

But the other bidder, Patanjali, has approached the National Company Law Tribunal challenging the decision by Ruchi Soya’s lenders to approve Adani Wilmar’s bid. The Mumbai bench of NCLT will hear Patanjali’s petition on Aug. 27.

The stock’s trading volume was 3.8 times its 30-day average, according to Bloomberg data.

Also read: Ruchi Soya Case: Patanjali Moves NCLT Against Ruchi Soya Lenders Approving Adani Wilmar Bid

Manpasand Beverages Snaps Two-Day Decline

After a two-day blip, shares of the fruit juice maker gained as much as 5 percent to Rs 129.35 apiece.

The beverage maker completed setting up of their new manufacturing facility at Varanasi, Uttar Pradesh with an installed capacity to produce up to 50,000 cases per day, according to its exchange filing. With the expansion, the company will now have a manufacturing capacity of around 2,75,000 cases per day.

The trading volume is 58 percent of the 20-day average. The stock trades at 20.2 times trailing 12-month earnings per share and 11 times its estimates for the coming year, according to Bloomberg data.

Also read: Manpasand Beverages Is Turning Out To Be An Investor’s Nightmare

Reliance Naval Falls After Anil Ambani’s Exit

Shares of the ship-builder declined as much as 5 percent to Rs 15.45 apiece after Anil Ambani resigned as the director of the financially beleaguered company on Saturday.

Ambani resigned from the group company with immediate effect, “in compliance with provisions of Section 165 of the Companies Act, 2013, prescribing the limit on directorships to only 10 public companies, its exchange filing said.

The stock tumbled 69 percent so far this year, Bloomberg data showed.

PTC India Gains After It Begins Wind Power Supply To Beneficiary States

Shares of the power trader gained as much as 1.4 percent to Rs 87 apiece after the company announced that it has operationalised the flow of 126 megawatt inter-state wind power commissioned capacity to beneficiary states under a government scheme. Power will be supplied to Uttar Pradesh, Bihar, Jharkhand and Odisha.

The stock trades at 7.2 times trailing 12-month earnings per share, according to Bloomberg data.