Stocks In News: Adani Ports, Bajaj Finance, BPCL, HPCL, Indian Oil, RIL
Indian equity benchmarks opened lower, extending declines for the second consecutive trading session.
The S&P BSE Sensex fell as much as 1.24 percent or 515 points to 40,949.18 and the NSE Nifty 50 fell as much as 1.3 percent to 12,069.10. The broader markets represented by the NSE Nifty 500 Index fell as much as 1.4 percent.
Here’s a look at the stocks in news moving the markets today.
Bajaj Finance Falls After Q3 Updates
Shares of Bajaj Finance Ltd. fell as much as 0.8 percent to Rs 4,160 apiece after putting out its update for the third quarter of the ongoing fiscal.
Bajaj Finance Q3 Update: Key Highlights
- Customer franchise as of Dec. 31, 2019 stood at approximately 4.04 crore compared to 3.26 crore as of Dec. 31, 2018.
- The company added 25 lakh new customers in the December quarter.
- New loans booked during the previous quarter was 77 lakh as compared to 68 lakh registered in the year-ago period.
- AUM rose 35 percent at approx. to Rs 1,45,200 crore as of Dec. 31, 2019.
Source: Exchange filing.
Dixon Technologies Extends Gain For Third Trading Day
Shares of Dixon Technologies Ltd. extended gains for the third consecutive trading session. The stock rose as much as 2.1 percent to Rs 4,035.
The company will partner with Samsung to manufacture LED TVs. The LED TV segment contributes about 40 percent of its revenue, of which, 65 percent is contributed by Xiaomi.
Trading volume was more than four times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Reliance Industries Falls After Large Trade
Shares of Reliance Industries Ltd. fell as much as 1.5 percent to Rs 1,513.85.
About 21.7 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
The scrip traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.
Adani Ports Swings On Plans To Buy Krishnapatnam Port
Shares of Adani Ports and Special Economic Zone swung from a gain of as much as 1.4 percent to fall as much as 2 percent.
The company will buy a 75 percent stake in the all-weather deep-water port in Andhra Pradesh at an enterprise value Rs 13,572 crore, according to its stock exchange filing. The acquisition fits well with Adani Ports’ strategy to increase its footprint in Andhra Pradesh and nearly double its cargo throughput to 400 million metric tonnes by financial year 2024-25 via expansion and acquisitions.
Trading volume was almost nine times its 20-day average, Bloomberg data showed. The scrip returned 3 percent in the past five days and 2.9 percent in the past 30 days.
Future Consumer, Future Retail Swing After Signing Pacts With Amazon
Shares of Future Consumer Ltd. swung from a gain of as much as 1.7 percent to fall as much as 3.7 percent, while shares of Future Retail Ltd. swung from a gain of as much as 1.2 percent to fall as much as 2.5 percent.
Future Retail and Amazon India signed two agreements focusing on grocery on grocery and general merchandise, fashion and footwear, according to a stock exchange notification.
Besides, Future Consumer signed long-term agreement with Amazon Retail India for distribution of its portfolio of brands online.
BPCL, HPCL, Indian Oil Extend Fall As Crude Hits $70 A Barrel
Shares of oil marketing companies declined after Asia’s crude benchmark—Brent Crude—rose as much as 3.1 percent to $70.74 a barrel.
Titan Gains After Sharing Quarterly Updates
Shares of Titan rose as much as 2.8 percent to Rs 1,171.40.
The company said it witnessed “reasonable growth in the festive season”, with retail sales picking up at the start of the three-month period owing to the wedding season—between November and January. It indicated a 11 percent growth in jewellery sales in the period, in line with the company’s revised projections for the second half of 2019-20.
The stock traded at 61 times its estimated earnings per share for the coming year, according to Bloomberg data.