Stocks Radar: JSW Steel, State Bank Of India, Tech Mahindra
Indian equity benchmarks pared early gains and traded flat after a recent record rally. The S&P BSE Sensex and the Nifty 50 Index remained unchanged at the 38,898.21 and 11,736.95, respectively as of 10.40 a.m.
The market breadth was tilted in favour of buyers. Eight out of the 11 sectoral gauges gained, led by the NSE Nifty Realty Index’s 1.4 percent advance. The NSE Nifty IT Index was the biggest loser, down 0.7 percent.
The Indian rupee traded near its all-time low. It depreciated as much as 0.36 percent to trade at 70.35 against the U.S. dollar.
Here Are The Stocks Moving The Market This Morning.
JSW Steel Hits A Record After Replacing Lupin In Nifty 50
The Sajjan Jindal-led company will join Tata Steel Ltd., the only other steelmaker in the index, from Sept. 28, according to a press release by the National Stock Exchange.
The stock is 32 percent above the Bloomberg consensus one-year target price. But it has declined 32 percent so far this year compared to an 11.6 percent advance in the Nifty.
Lupin, however, fell 2.05 percent to Rs 883.30 apiece. The stock trades at 31.5 times trailing 12-month earnings per share, according to Bloomberg data.
Wipro Continues To Fall For Second Session
Shares of the software giant declined for the second straight session by as much as 0.37 percent to Rs 294.55 apiece.
Wipro has been awarded a multi-year business process services engagement and chosen as a finance transformation partner by Danish healthcare and safety services company, Falck, according to an exchange filing.
The stock is 2.7 percent above the Bloomberg consensus one-year target price.
Tech Mahindra Slips After RBI Cancels Licence
Shares of the IT company fell as much as 1.85 percent to Rs 722.45 apiece after the Reserve Bank of India cancelled the company’s payment system operator certificate.
The RBI cancelled the licence of Tech Mahindra to issue pre-paid cards after the voluntary surrender of authorisation by the company, according to a statement by the central bank.
The stock’s trading volume is 55 percent of the 20-day average and is 5.1 percent above the Bloomberg consensus one-year target price.
Vedanta Gains On Bagging Oil, Gas Blocks
Shares of the mining major gained nearly 2.76 percent to Rs 236.65 apiece after the company bagged 41 of the 55 oil and gas exploration blocks offered in India’s maiden open acreage auction.
The stock’s trading volume is 2.6 times the 20-day average and it trades at 7 times trailing 12-month earnings per share, according to Bloomberg data.
Also read: Vedanta To Invest $8 Billion In 2-3 Years
SBI Rises On Plans To Sell Stake In NSE
Shares of the state-owned bank gained as much as 1.18 percent to Rs 308.95 apiece after it announced to sell a 3.9 percent stake in the National Stock Exchange as part of capital-raising exercise.
The bank said the appropriate authority has accorded approval to explore and initiate the process of divestment of SBI’s stake the NSE through secondary sale, according to an exchange filing.
The stock trades at 31 times trailing 12-month earnings per share and 12 times its estimates for the coming year, according to Bloomberg data.
ADAG Stocks Gain Ahead Of RInfra Board Meet
Anil Ambani-promoted Reliance group stocks rose ahead of Reliance Infrastructure board meet to consider and approve the transfer of integrated Mumbai power business to Adani Transmission.
RInfra said it has obtained all relevant approvals from fair trade regulator Competition Commission of India, shareholders of the company, Maharashtra Electricity Regulatory Commission, and others for sale of Mumbai power business to Adani Transmission for Rs 18,800 crore.
All lenders have provided their no objection certificates, and the company expects to close the transaction within the next few days, it had said.
With inputs from PTI