Stocks Radar: Chambal Fertilisers, DB Corp, Jet Airways, OBC
Indian equity benchmarks opened at a new all-time high on Tuesday, following major global peers after the Donald Trump administration said it was negotiating a bilateral trade deal with Mexico. The S&P BSE Sensex and the NSE Nifty 50 Index traded at 38,920.14 and 11,760.20, respectively, up 0.6 percent.
The market breadth was tilted in favour of buyers. Seven of the 11 sectoral gauges advanced, led by the NSE Nifty Pharma Index’s 0.9 percent gain. The NSE Nifty PSU Bank Index was the biggest loser, down 0.6 percent.
Here Are The Stocks Moving The Market This Morning
Jet Airways Resumes Decline After Suffering Loss In First Quarter
Shares of the Naresh Goyal-led carrier resumed declines after a one-day rally. The stock fell as much as 3.8 percent to Rs 271.65 apiece. The company reported a loss for the second straight quarter in the April-June period.
Key earnings highlights (Q1, YoY):
- Net loss of Rs 1,323 crore versus a profit of Rs 53.5 crore.
- Revenue up 6.4 percent to Rs 6,010 crore.
- Earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs loss of Rs 382 crore compared with Rs 659 crore a year ago.
J Kumar Infraprojects Gains After New Buy Rating
Shares of the infrastructure company snapped a two-day decline and rose as much as 4.3 percent to Rs 235.30 apiece.
Brokerage firm Citi initiated a coverage on the company with a ‘Buy’ rating, according to its research report. The stock is expected to reach Rs 416, implying a potential upside of 85 percent from the last regular trade, it said.
Key highlights from the report:
- Backward integration to lead to sector-high margins.
- See healthy growth prospects.
- Expect revenue, operating income and net profit to grow at a compounded annual growth rate of 15 percent, 19 percent and 23 percent, respectively, over FY18-21.
Oriental Bank of Commerce Swings On Fundraising Plans
Shares of the New Delhi-based lender fluctuated between gains and losses to trade at Rs 81.95 as of 9:30 a.m. The bank is mulling to raise Rs 1,000 crore via qualified institutional placement on Aug. 30.
The stock is 32 percent above the Bloomberg consensus one-year target price. It has declined 32 percent so far this year compared to an 11.6 percent advance in the Nifty.
Chambal Fertilisers At Over Two-Month High
Shares of the pesticides maker rose as much as 7.9 percent to trade at over a two-month high of Rs 164 apiece.
The trading volume was 82.8 times its 20-day average, according to Bloomberg data. Chambal Fertilisers trades at 13.2 times trailing 12-month earnings per share and 14 times its estimates for the coming year.
D.B. Corp Falls The Most In Over A Month
Shares of the media company fell as much as 5.2 percent, the most since July 17, to Rs 236 apiece.
The trading volume was 4.5 times its 20-day average, Bloomberg data showed. The stock declined 36.4 percent so far this year compared to a 23.8 percent advance in the Sensex.