Stocks Radar: Avadh Sugar & Energy, Cadila Healthcare, Engineers India, Jet Airways
Indian equity benchmarks fluctuated in opening trade amid growing trade tensions between U.S. and China.
The Sensex declined 0.1 percent to 37,055.70 and the Nifty traded at 11,132, 0.15 percent lower, as of 10:03 am. The market breadth was tilted in favour of sellers. Six of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 0.83 percent decline in the NSE Nifty Pharma Index. The NSE Nifty PSU Bank Index was the top sectoral gainer, up 0.49 percent.
Here Are The Stocks Moving The Market In Today’s Trade
Engineers India Gains After Signing A New Deal
Shares of the state-owned engineering services provider rose 1.5 percent intraday to Rs 105.25 apiece.
Engineers India signed a contract with Mangol Refinery for providing its services for construction of crude oil refinery plant in Mongolia, according to its exchange notification.
The shares traded at 18 times its estimated earnings per share for the coming year, according to Bloomberg data.
Jet Airways Plunges After Top Executive Resigns
Shares of the cash-strapped airline declined as much as 13 percent to Rs 121 apiece.
The company’s Deputy Chief Executive Officer and CFO Amit Agarwal stepped down, according to an exchange filing.
The stock declined 73 percent in the past 12 months compared with a 4.2 percent gain in the Sensex.
Cadila Healthcare Falls After HDFC Securities Downgrade
Shares of the drugmaker declined nearly 2.5 percent to over four-year low of Rs 262.25 apiece.
Brokerage firm HDFC Securities cut its recommendation on the stock to ‘Neutral’ from ‘Buy’. It also lowered its target price to Rs 315, indicating a 17 percent rise from the last closing price.
The trading volume was thrice the 20-day average for this time of the day, Bloomberg data showed. The relative strength index was less than 30, indicating the stock may be oversold.
Delta Corp Gains After Denying Tax Evasion Reports
Shares of the casino operator snapped its six-day losing streak and rose 4.3 percent to Rs 194.
Delta Corp Ltd. clarified that neither the company nor its arms received any show-cause notice on the alleged evasion of Goods and Services Tax. The company said that it is in compliance with GST laws.
The stock traded 79 percent below the Bloomberg consensus one-year target price.
Avadh Sugar & Energy Gains After Board Approves Bonus Shares
Shares of the Kolkata-based sugar manufacturer rose close to 3.1 percent to Rs 490.
Avadh Sugar & Energy Ltd. board approved the issue of one bonus share for every equity share held in the company, according to an exchange filing.
The shares gained nearly 40 percent in the past 12 months compared to a 4.3 percent advance in the Sensex.
Vodafone Idea Falls After Q4 Results
Shares of Vodafone Idea Ltd. fell as much as 5.5 percent to Rs 13.65 after announcing March quarter results.
Key Earnings Highlights (Q4, QoQ)
- Revenue up 0.1 percent to Rs 11,775 crore.
- Net loss at Rs 4,881.9 crore versus net loss of Rs 5,004.6 crore.
- Ebitda up 57 percent to Rs 1,785.3 crore.
- Margins at 15.2 percent versus 9.7 percent.
- Exceptional loss of Rs 1,145.8 crore.
- ARPU up 16.9 percent to Rs 104 versus Rs 89.
Here’s what brokerages had to say on the stock:
- Maintained ‘Sell’; cut price target to Rs 12.5 from Rs 27.
- March quarter’s operating income were above estimates; operating metric were weak.
- Merger synergies boosted the operating income.
- Big merger synergy savings ahead.
- Maintained ‘Underweight’ with a price target of Rs 15.7
- March quarter marked three extremes – ARPU improvement, subscriber loss & reduction in network cost.
- Doing a good job in realising merger synergies in an accelerated manner.