Stocks Radar: Mahanagar Gas, Page Industries, Jamna Auto, Endurance Tech, Marico
Here are the stocks moving the markets this morning.
Indian equity benchmarks traded higher, extending their gains for the second consecutive trading session.
The S&P BSE Sensex gained 0.6 percent to trade at 37,563.7 and the NSE Nifty 50 Index advanced 0.7 percent to trade at 11,111.35 as of 10:15 am.
The market breadth was tilted in favour of buyers, with 1251 stocks advancing and 403 declining across the index. All of the 11 sectoral gauges advanced, led by Nifty Financial Services. The Nifty IT Index was the worst performer.
Mahanagar Gas Rises After Reporting Profit In First Quarter
Shares of the city gas distributor rose 4.5 percent intraday to Rs 858.90 apiece, the most in two months. The company announced its results for the quarter ended June on Thursday.
The company trades at 14 times its estimated earnings per share for the year ahead, Bloomberg data show.
Key Highlights (YoY)
- Revenue rose 22.3 percent to Rs 757.5 crore.
- Net profit increased 32.7 percent to Rs 170.2 crore.
- Ebitda rose 31.2 percent to Rs 276.9 crore.
- Margin at 36.6 percent versus 34.1 percent.
Page Industries Declines As Profit Takes A Hit
Shares of the licensed maker of Jockey and Speedo apparel in India and Sri Lanka are trading at a two-year-low at Rs. 17,449 apiece. The company’s profit for the quarter ended June fell 11 percent to Rs 110.7 crore, amid intensifying competition.
Page Industries has declined by 45 percent in the past year and is trading at 46 times its estimated earnings per share for the year ahead, according to Bloomberg data.
Macquarie and Credit Suisse maintained ‘Underperform’ on the stock as trading slowed for the innerwear maker.
Jamna Auto Falls On Plans To Cut Production
Shares of the auto parts maker fell 6.9 percent intraday to Rs 37.15 apiece, the most in two-and-a-half years, after it informed the exchanges it would cut production.
“The plants will run in accordance with production schedule in August. However, due to cut in production, on some working days plants may not require to be run or may run partially,” the nation’s second-largest maker of multi-leaf and parabolic springs for commercial vehicles said in an exchange filing.
Jamna Auto’s shares lost over half their value in the past year and its dividend yield is about 2 percent on a trailing 12-month basis.
Endurance Tech Rises Most In Three Years
Shares of the auto parts maker surged 16.4 percent intraday to Rs 864 apiece, the most in almost three years, on higher trading volumes.
The company’s stock is trading at 20 times its estimated earnings per share for the year ahead, according to Bloomberg data.
Endurance Tech had hit the 20 percent lower circuit yesterday after the company said in an exchange filing it has decided to not enter the two-wheeler tyre business.
Marico Gains After Increasing Stake In Revofit App
Shares of the fast moving consumer goods company rose 2 percent intraday to Rs 369 each, its highest in seven months.
The company increased its stake in fitness app Revofit to 37 percent from 23 percent earlier, according to an exchange filing.
The stock is trading at over 70 on the Relative Strength Index, indicating it may be overbought. The stock has been gaining for the last six days—its longest gaining streak in over a year.
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