Stocks Radar: Dilip Buildcon, Graphite India, ITC, Yes Bank
Indian equity benchmarks rose, snapping three sessions of declines, amid optimism that oil prices may have peaked and a recovery in the local currency from record low.
The S&P BSE Sensex traded nearly 0.9 percent higher at 37,642.40 and the NSE Nifty 50 Index at 11,336.80, up 0.9 percent as of 10:00 a.m.
The market breadth was tilted in favour of buyers. Ten out of the 11 sectoral gauges gained, led by the NSE Nifty Metal Index’s 1.98 percent advance. The NSE Nifty IT Index was the only sectoral loser, down 0.52 percent.
Here Are The Stocks Moving The Market This Morning
Yes Bank Suffers Biggest Intra-Day Fall
Shares of the Mumbai-based lender plunged 34.2 percent, the most on record, to 210.10 each on the BSE.
The Reserve Bank of India’s decision to give Rana Kapoor only four additional months as chief executive officer and managing director of Yes Bank Ltd. throws up a number of challenges for the private lender, said brokerages.
Kapoor’s exit could slow down growth and delay fundraising plans of the bank, brokerages said. It would also result in a material downside for the stock, according to some of the analysts.
The trading volume was 28.1 times the 30-day average for this time of the day, according to data compiled by Bloomberg.
ITC Climbs After Entering Goa Market
Shares of the hotels-to-cigarettes conglomerate rose 2 percent to Rs 305.25 each
ITC Hotels made its Goa foray after it acquired Park Hyatt Goa Resort and Spa for Rs 541 crore in an auction. The resort, spread across 45 acres, is a beachside property comprising 252 Indo-Portuguese style rooms and suites.
The stock has returned 18 percent so far this year compared to 10.9 percent advance of S&P BSE Sensex Index.
Graphite India Swings On Reports Of Plant Shutdown Order
Shares of graphite electrodes manufacturer’s fell as much as 4.6 percent before trading flat at Rs 961.25 apiece as of 9:45 a.m .
Karnataka State Pollution Board said that the Bengaluru units of Graphite India should be shut down, Times of India reported. The company clarified to the news and said that its stack emissions are well within prescribed norms and it is a law abiding entity.
The scrip trades 22 percent below the Bloomberg consensus one-year target price.
Dilip Buildcon Jumps After Winning Metro Order
Shares of the construction company rose 2.5 percent, snapping a three day losing streak, to Rs 756 each.
The Bhopal-based company was declared as the lowest bidder for Metro rail project for Rs 228.96 crore by Madhya Pradesh Metro Rail Co, Urban Administration. Construction. The period for the project is 27 months.
The stock has declined 13 percent in the past month compared to 2.3 percent decline in the Sensex Index.
NBCC Gains After August Order Book Rises
Shares of the state-owned entity rose to 2.3 percent Rs 66.25 apiece.
The company secured business of Rs 921.67 crore for the month of August, according to its notification to the bourses. The figure was Rs 228 crore in the month of July.
The stock trades at 66.3 times trailing 12-month earnings per share and 24 times its estimates for the coming year, Bloomberg data showed.