Stocks Radar: IndiGo, Sun Pharma Advanced, Britannia
Indian equity benchmarks opened flat following their Asian peers, which fell as continued pressure in many emerging markets intensified and trade tensions persisted. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 38,124.45 and 11,505.10 as of 11 a.m.
The market breadth was tilted in favour of sellers. Seven of the 11 sectoral gauges declined, led by a 1.6 percent fall in the Nifty Realty Index. The Nifty Pharma Index was the top gainer, up 1.1 percent.
Here Are The Stocks Moving The Market This Morning
IndiGo Rises On Reports Of Qatar Airways Interest In Airline
Shares of the low-cost carrier gained as much as 1.4 percent to Rs 922.50 apiece on reports of Qatar Airways interested in investing in India’s largest airline.
Chief Executive Officer Akbar Ali Baker said he won’t rule out any future opportunity for investing in IndiGo, according to a PTI report. If the airline approached the gulf-based carrier, it will show interest, he said, adding Qatar Airways is open to a local partner who is credible and financially sound.
The stock fell 8.6 percent in the past month compared with a 1.6 percent advance in the S&P BSE Sensex, Bloomberg data showed.
Texmo Pipes Surges On Bagging L&T Order
Shares of the pipemaker rose as much as 16.18 percent to Rs 28 apiece after the company received orders worth Rs 81.30 crore from Larsen & Toubro.
The execution period of the order is nine months, its exchange filing said.
The stock’s trading volume was 24.3 percent of its 20-day average, according to Bloomberg data.
Monnet Ispat Declines After JSW Acquires Stake
Shares of the bankrupt steelmaker fell as much as 4.75 percent to Rs 14.70 apiece.
JSW Steel and its promoters acquired around 88 percent stake in the company following completion of the insolvency resolution proceedings, PTI reported. The National Company Law Tribunal had earlier approved a Rs 2,875-crore bid by a consortium of Aion Investments and JSW Steel to acquire the bankrupt Monnet Ispat & Energy, which owes over Rs 11,000 crore to a clutch of lenders.
The stock’s trading volume is 17.6 times the 20-day average, Bloomberg data showed.
Britannia Slips After Rating Downgrade
Shares of the FMCG company declined for the third straight session. The stock fell 2.7 percent to Rs 6,171 apiece after Credit Suisse downgraded its outlook on the stock to ‘Neutral’ from ‘Outperform’.
The rating agency, however, revised its price target to Rs 6,900 from Rs 6,000, implying a potential upside of 9 percent from the last regular trade.
The scrip trades at 74.5 trailing 12-month earnings per share and 61 times its estimates for the coming year, Bloomberg data showed.
Sun Pharma Advanced Jumps On Cancer Drug Update
Shares of the advanced drugmaker snapped its two day decline to gain as much as 4.9 percent to Rs 404.95 apiece.
The company announced its plan to file a new drug application for its cancer drug Taclantis in the fourth quarter, Bloomberg reported citing an investor presentation. It also released deadlines for the U.S. FDA to review its two new drugs—Xelpros and Elepsia—as November 2018 and January 2019.
The stock declined 21 percent so far this year, according to Bloomberg data.