Stocks Radar: ICICI Securities, Yes Bank, Wipro, HCC, Idea Cellular
Indian equity benchmarks opened lower, following their Asian peers as the renewed turmoil in emerging markets weighed on investors sentiment. The S&P BSE Sensex Index and the Nifty 50 Index traded at 38,573.79 and 11,650.15, respectively, as of 11.17 a.m. The Indian rupee hit a fresh all-time low of Rs 71 against the dollar.
The market breadth was slightly tilted in favour of buyers. Eight out of the 11 sectoral gauges declined, led by the NSE Nifty PSU Bank Index’s 1.26 percent fall. The NSE Nifty Pharma Index was the biggest sectoral gainer, up 1.75 percent.
Here Are The Stocks Moving The Market This Morning
ICICI Securites Gains On Kochhar’s Reappointment
Of the total 27.98 crore votes cast by ICICI’s stakeholders, 97.68 percent were in favour of the resolution to reappoint Kochhar, according to an exchange filing. ICICI Bank holds 80 percent stake in ICICI Securities.
The stock trades at 19.5 times trailing 12-month earnings per share, according to Bloomberg data.
ICICI Bank continued to gain for the third straight session at Rs 346.80 apiece. The stock’s trading volume was 67 percent of the 20-day average, Bloomberg data showed.
HCC Slumps On Lavasa’s Bankruptcy Petition
Shares of the Hindustan Construction Company declined nearly 8.90 percent, the most in two months, to Rs 13.30 apiece after Mumbai bench of the National Company Law Tribunal admitted an insolvency petition against Lavasa Corporation Ltd. HCC owns a 68.7 percent stake in Lavasa Corporation.
The stock is 2.8 percent below the Bloomberg consensus one-year target price.
Yes Bank Falls To Its Lowest In A Year
Shares of the private sector lender fell as much as 7 percent, the lowest in a year, to Rs 348.8 apiece.
Yes Bank told the bourses that the Reserve Bank of India has allowed Rana Kapoor to continue as chief executive office of the bank ‘till further notice’. It comes one day before Kapoor’s current term ends on Sept. 1. Kapoor has been the bank’s CEO since 2003.
The stock’s trading volume is 13.2 times the 20-day average, according to Bloomberg data.
Wipro Jumps After Crypto Deal
Shares of the software company gained as much as 2.2 percent to Rs 305.5 apiece after it partnered BiTa to drive blockchain technology adoption in the transportation industry.
The stock trades at 16 times its estimated earnings per share and is 6.5 percent above the Bloomberg consensus one-year target price.
Idea Gains On Reports Of NCLT Nod To Merger Proposal
Shares of the cellular company gained as much as 6.32 percent to Rs 53 apiece on reports that the National Company Law Tribunal has approved the merger of Idea Cellular and Vodafone India.
Idea and Vodafone signed a merger agreement last year, which will create the country’s biggest telecom operator.
The stock’s trading volume was 9.1 times the 20-day average and is 17 percent below the Bloomberg consensus one-year target price.
Soril Jumps To Its Highest In A Year
Shares of the infrastructure development company gained nearly 5 percent, the highest in a year, to Rs 605.45 apiece.
The company’s board approved the infusion of funds via a preferential offer worth Rs 210.21 crore, according to an exchange filing. The company will issue shares to Steadview Capital Mauritius and ABG Capital.
The stock trades at 97.9 times trailing 12-month earnings per share, while its Bloomberg peers are priced at an average 28.9 times trailing per-share earnings.