Stocks Radar: Infosys, MEP Infrastructure, Kirloskar Pneumatic, Cipla
Indian equity benchmarks fell after a downgrade from Goldman Sachs that termed the nation’s equity market less favourable amid elevated valuations, a potential slowdown in economic growth and upcoming elections.
The S&P BSE Sensex fell 0.92 percent to 37,744 and the NSE Nifty 50 Index declined 0.85 percent to 11,417.10 as of 10:20 a.m. The market breadth was tilted in favour of the sellers. Eight of the 11 sector gauges dropped, led by a 1.59 percent fall in the Nifty PSU Index. The Nifty Pharma Index was the biggest sectoral gainer, up 0.79 percent.
Here Are The Stocks Moving The Market This Morning
Infosys Rises After Acquiring Finnish Firm
Shares of the IT major rose nearly a percent to Rs 740 per share.
Infosys said it will acquire a 100 percent stake in cloud consulting and training services company Fluido for 65 million euros. The acquisition will strengthen its presence in the Nordic region, the company said in an exchange notification.
The stock trades 20.3 times trailing its 12-month earnings per share and 20 times its estimates for the coming year, Bloomberg data showed.
Kwality Slumps As QIP Issue Opens
Shares of the dairy products maker fell 4.9 percent to Rs 19.35 apiece.
The New Delhi-based company plans to raise up to Rs 80 crore via qualified institutional placement issue which opened today.
Kwality’s net profit fell steeply to Rs 1.04 crore during the first quarter ended June due to lower sales. The stock has declined 83 percent so far this year.
Kirloskar Pneumatic Advances After Fixing Record Date For Share Split
Shares of the engineering conglomerate snapped its three-day losing streak and rose 2.7 percent to Rs 914 per share.
Kirloskar Pneumatic fixed Sept. 27 as its share-split record date, according to its filing with the bourses. The company plans to sub-divide one share of Rs 10 each into fives shares of Rs 2 each.
The stock trades 24 percent below the Bloomberg consensus one-year target price.
MEP Infrastructure Slides After Toll Suspensions Extension
Shares of the toll management company fell 2.7 percent, the fourth successive drop, to Rs 47 per share.
Toll tax department asked the company to extend suspension of collection of toll tax from any specified commercial vehicle until Sept. 30, according to an exchange notification. The suspension was due to pending completion of installation of Radio Frequency Identification Device work.
The stock fell 18 percent in the past month compared to the 0.5 percent decline in the S&P BSE Sensex Index, Bloomberg data showed.
Cipla Swings After Its Uganda Arm IPO
Shares of the drugmaker fluctuated between gains and losses to trade at Rs 673 each.
The company’s Uganda arm raised 16,646.8 crore shillings from an IPO, Bloomberg reported. The market capitalisation will be around 937 billion ($250 million).