Stocks In News: Coal India, HEG, IndusInd Bank, Reliance Naval, Sun Pharma Advanced Research

Indian equities extended opening gains, trading higher for the second day in a row.

The S&P BSE Sensex rose as much as 0.9 percent to 41,857.56 and the NSE Nifty 50 rose 0.86 percent to 12,111.80. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.71 percent.

The market breadth was tilted in favour of buyers. About 852 stocks advanced and 526 shares declined on National Stock Exchange. Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 1.16 percent gain. On the flipside, the NSE Nifty Realty Index was the only sectoral loser, down 0.1 percent.

Here’s a look at the stocks in news moving the markets today.

IndusInd Bank Worst Performer On Sensex

Shares of IndusInd Bank Ltd. resumed declines after one-day breather. The stock fell as much as 3.2 percent to Rs 1,251.70.

Moody’s changed its outlook on IndusInd Bank to ‘Negative’ from ‘Stable’ to account for the risk of further asset quality deterioration. The rating agency affirmed the bank’s domestic and foreign currency ratings at Baa3/P3. The affirmation of the rating was driven by the bank's strong buffers, both capital and profitability, which resulted in a strong ability to absorb asset quality stress.

IndusInd Bank was the worst performer on Sensex and second-worst performer on Nifty. It fell in two out of three trading sessions.

Sun Pharma Advanced Research Falls For Third Day In A Row

Shares of Sun Pharma Advanced Research Co. Ltd. extended declines for the third consecutive trading session. The stock fell as much as 10.4 percent, the most since Feb. 1, 2020, to Rs 171.25.

The company received a complete response letter from the U.S. Food and Drug Administration for the new drug application for Taclantis.

Trading volume was 17 times its 20-day average, Bloomberg data showed. The stock fell 3.6 percent in the past five days and declined 0.2 percent in the past 30 days.

Reliance Naval Declines For Third Consecutive Trading Session

Shares of Reliance Naval & Engineering Ltd. extended declines for the third consecutive trading session. The stock fell as much as 2.7 percent to Rs 1.80.

The Anil Ambani group company has received a showcause notice from the Ministry of Defense, for termination of contract relating to five naval offshore patrol vessels. The company said in a media statement that it shall take all the necessary steps and actions to protect its rights including the arbitrary invocation of Bank Guarantees relating to the subject contract.

The Relative Strength Index was below 30, indicating that the stock may be overbought, according to Bloomberg data.

Stocks Reacting To Q3 Results Announcements

Coal India (Q3, YoY)

• Stock rose as much as 2.3 percent to Rs 183.40.
• Revenue fell 7.4 percent to Rs 2,3190.5 crore
• Net profit fell 14.1 percent to Rs 3,923.9 crore
• Ebitda fell 26.8 percent to Rs 4,968.5 crore
• Margin stood at 21.4 percent versus 27.1 percent
• FSA volume fell 6 percent to 127.69 million tonnes
• E-auction volume fell 33 percent to 9.84 million tonnes

Ircon International (Q3, YoY)

• Stock rose as much as 4.3 percent to Rs 465.
• Revenue fell 3.3 percent to Rs 1,211 crore
• Net profit rose 52.5 percent to Rs 142.4 crore
• Ebitda rose 13.2 percent to Rs 153.7 crore
• Margin stood at 12.7 percent versus 10.8 percent
• Margin improved due to lower raw material costs

Hindalco: Novelis (Q3, YoY)

• Stock rose as much as 1.4 percent to Rs 196.40.
• Net sales fell 10 percent to $2.7 billion
• Net Income rose 37 percent to $107 million
• Adjusted Ebitda rose 7 percent to $343 million
• Shipments growth stayed flat at 797 kilo tonnes

IDBI Bank (Q3, YoY)

• Stock fell as much as 4.7 percent to Rs 35.90.
• Net interest income rose 12.9 percent to Rs 1,532.3 crore
• Net loss stood at Rs 5,763 crore
• Provision at Rs 440 crore vs Rs 5,074.8 crore
• GNPA at 28.72 percent versus 29.43 percent (QoQ)
• NNPA at 5.25 percent versus 5.97 percent (QoQ)

Aster DM Healthcare (Q3, YoY)

• Stock rose as much as 9.1 percent to Rs 181.80.
• Revenue rose 8 percent to Rs 2,321.7 crore
• Net profit rose 38.7 percent to Rs 139.1 crore
• Ebitda rose 46.4 percent to Rs 385.2 crore
• Margin stood at 16.6 percent versus 12.2 percent
• Hospital segment revenue rose 16 percent to Rs 1,210.3 crore

Hexaware Technologies (Q4, QoQ)

• Stock fell as much as 6.4 percent to Rs 351.25.
• $ Revenue rose 1.8 percent to $ 214.3 million
• Revenue rose 3.2 percent to Rs 1,528.8 crore
• Net profit fell 8.5 percent to Rs 168 crore
• Ebitda was flat at Rs 204.4 crore versus Rs 205.3 crore
• Margin stood at 13.4 percent versus 13.9 percent

Cochin Shipyard (Q3, YoY)

• Stock rose as much as 4.7 percent to Rs 366.
• Revenue rose 25 percent to Rs 896.1 crore
• Net profit rose 32.4 percent to Rs 169.8 crore
• Ebitda rose 25.4 percent to Rs 197.7 crore
• Margin stood at 22.1 percent versus 22 percent
• Ship building segment revenue rose 35 percent to Rs 747.4 crore
• Ship repair segment revenue fell 10 percent to Rs 148.7 crore

Bharat Heavy Electricals (Q3, YoY)

• Stock fell as much as 4.9 percent to Rs 36.65.
• Revenue fell 22.6 percent to Rs 5,680.8 crore
• Net profit fell 17.2 percent to Rs 162.7 crore
• Ebitda rose 49.4 percent to Rs 326.7 crore
• Margin stood at 5.8 percent versus 3 percent
• Power segment revenue fell 26 percent to Rs 4,072.7 crore
• Industry segment revenue fell 14 percent to Rs 1,386.5 crore
• Margin improved due to lower other expenses

HEG (Q3, YoY)

• Stock fell as much as 13.9 percent to Rs 1,011.
• Revenue fell 78.9 percent to Rs 393.7 crore
• Net loss at Rs 1.2 crore versus net profit at Rs 865.5 crore
• Ebitda fell 99.6 percent to Rs 4.7 crore
• Margin stood at 1.2 percent versus 70.4 percent
• Declared dividend of Rs 25 per share

Astral Poly Technik (Q3, YoY)

• Stock rose as much as 3.9 percent to Rs 1,265.
• Revenue rose 5.4 percent to Rs 664.1 crore
• Net profit rose 30.1 percent at Rs 67.5 crore
• Ebitda rose 18.1 percent to Rs 118.5 crore
• Margin stood at 17.8 percent versus 15.9 percent
• Plastic segment revenue rose 7 percent to Rs 505.7 crore
• Adhesive segment revenue rose 1 percent to Rs 158.4 crore
• Pipe business sales rose 15 percent to 3,2053 million tonnes

Novartis India (Q3, YoY)

• Stock fell as much as 3.2 percent to Rs 650.
• Revenue fell 13.3 percent to Rs 117.5 crore
• Net profit fell 40.3 percent to Rs 7.7 crore
• EBITDA fell 32.6 percent to Rs 9.1 crore
• Margin stood at 7.7 percent versus 10 percent

CESC (Q3, YoY)

• Stock rose as much as 2.5 percent to Rs 746.
• Revenue fell 3.5 percent to Rs 1,648 crore
• Net profit rose 1.7 percent to Rs 176 crore
• Ebitda rose 37.1 percent to Rs 277 crore
• Margin stood at 16.8 percent