Stocks In News: Greenlam, HDFC Bank, Hindustan Aeronautics, IndiGo, Pidilite, Tata Motors
Here’s a look at the stocks in news moving the markets today.
Indian stocks fell as investors withdrew cash ahead of Finance Minister Nirmala Sitharaman’s presentation of Union Budget 2020-21 on Saturday.
At 11:20 am, the S&P BSE Sensex was 0.62 percent lower at 40,948.75 points while the NSE Nifty 50 was down 0.63 percent at 12,053.10. Eicher Motors Ltd. was the top gainer on the Nifty 50 index while Yes Bank Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Greenlam Shares Rise To Highest In More Than 11 Weeks
Shares of Greenlam Industries Ltd. rose as much as 9 percent to Rs 1,037.70 apiece—the highest since Nov. 11, 2019. The company reported its December quarter results on Wednesday.
Net profit at the maker of laminate sheets rose 46.70 percent year-on-year to Rs 29.10 crore in the third quarter of 2019-20 on the back of revenue that increased 14.00 percent to Rs 358.00 crore.
Greenlam Q3 Results 2019-20: Key Highlights (YoY)
- Revenue rises 14 percent to Rs 358.00 crore
- Net profit rises 46.70 percent to Rs 29.1 crore
- Ebitda rises 33.1 percent to Rs 54.60 crore
- Laminate exports rise 25.7 percent
Also on Wednesday, Greenlam’s board approved setting up of a manufacturing facility in Nellore, Andhra Pradesh, entailing an investment of Rs 175 crore, according to an exchange filing.
Trading volume in the company’s stock was 250 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 36 percent were at the ask price and 53 percent were at the bid, according to the data.
IndiGo Shares Fall To Lowest In More Than A Week After EGM
Shares of InterGlobe Aviation Ltd. fell 2.11 percent intraday to Rs 1,431.20 apiece—the lowest since Jan. 22, 2020.
On Wednesday, a majority of IndiGo shareholders voted against the co-founder Rakesh Gangwal’s proposal to amend the company’s the articles of association, which would have allowed the promoters to buy or sell stake in India’s largest airline.
51.44 percent of the participating shareholders voted against the special resolution at the IndiGo EGM. The remaining 48.6 percent were in favour.
Yesterday’s extraordinary general meeting was expected to bring to an end the IndiGo promoter dispute between co-founders Gangwal and Rahul Bhatia.
IndiGo shares are down 1.6 percent in the past five days and rose 7.3 percent in the past 30 days, Bloomberg data shows. The stock has advanced 23 percent in the past 52 weeks, according to the data.
Meghmani Organics Shares Swing On Business Restructuring Plans
Shares of Meghmani Organics Ltd. fluctuated between gains and losses after the company disclosed its business restructuring plans.
The company has announced demerger of its agrochemical and pigment business to a separate entity—Meghmani Organochem Ltd.—into a wholly owned subsidiary, according to an exchange filing on Wednesday. The unit will eventually be listed through mirror shareholding structure.
The Ahmedabad-based chemicals maker also announced amalgamation of remaining business of Meghmani Organics with Meghmani Finechem Ltd. This entity too will be separately listed on the NSE and BSE to unlock shareholder value.
Trading volume in the stock was almost triple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 49 percent were at the ask price and 42 percent were at the bid, according to the data.
Pidilite Shares Hit Record High After Q3 Results, Nitin Enterprises Deal
Shares of Pidilite Industries Ltd. rose as much as 3.23 percent to Rs 1,545.00 apiece—the highest since listing on July 03, 1997. The company reported its quarterly results on Wednesday.
Net profit of the adhesives maker rose 55.70 percent year-on-year to Rs 341.80 crore in the third quarter of 2019-20 on the back of revenue that increased 4.3 percent to Rs 1,926.60 crore. Analysts polled by Bloomberg had estimated the company’s bottom line at Rs 300 crore and top line at Rs 1,920 crore.
Pidilite Q3 Results 2019-20: Key Highlights (YoY)
- Revenue rose 4.3 percent to Rs 1,926.6 crore (Estimate Rs 1,920 crore)
- Net profit rose 55.7 percent to Rs 341.8 crore (Estimate Rs 300 crore)
- Ebitda rose 35.8 percent to Rs 463.2 crore (Estimate Rs 414 crore)
- Margin stood at 24 percent versus 18.5 percent (Estimate 21.6 percent)
Also, Pidilite is in the process of acquiring plastic maker Nitin Enterprises Ltd. for Rs 18.50 crore as part ofa business restructuring exercise.
Trading volume in the stock was 12 times the 20-day average for this time of the day at one-month implied volatility of 32 percent, Bloomberg data shows.
Tata Motors Surges To Highest In A Week Ahead Of Q3 Results
Shares of Tata Motors Ltd. rose as much as 2.39 percent to Rs 192.55 apiece—the highest since Jan. 21, 2020. The company's December quarter results are due today.
Tata Motors Q3 Results 2019-20: Preview (YoY)
- Revenue seen down 4 percent at Rs 74,052 crore
- Net profit seen at Rs 673 crore versus loss of Rs 26,993 crore
- Ebitda seen up 30 percent at Rs 8,078 crore
- Margins seen at 10.9 percent versus 8.1 percent
Jaguar Land Rover Automotive Plc Chief Executive Officer Ralf Speth will step down from his position September, the Financial Times reported, citing two unidentified sources. The announcement will be made on Thursday, the newspaper said. Speth will remain as an adviser and stay on the board of JLR owner Tata Sons Pvt. Ltd.
Also Read: N Chandrasekaran’s One-Tata Plan Gets Going With Tata Nexon EV
Trading volume in the Tata Motors stock was almost triple the 20-day average for this time of the day with one-month implied volatility of 59 percent, Bloomberg data shows.
Hindustan Aeronautics Shares Slump
Shares of Hindustan Aeronautics Ltd. fell 2.47 percent intraday to Rs 806.20 apiece—the lowest since Jan. 21, 2020.
The government is seeking to engage merchant bankers and selling brokers for its proposed offer-for-sale in Hindustan Aeronautics, according to a statement published by the Department of Investment and Public Asset Management.
The state-run company’s shares are down 4.5 percent in the past five days and rose 12 percent in the past 30 days, Bloomberg data shows. The stock has advanced 14 percent in the past 52 weeks, according to the data.
HDFC Bank Shares Fall After RBI Imposes Rs 1 Crore Penalty
Shares of HDFC Bank Ltd. declined the most since Jan. 27, 2020, falling as much as 1.21 percent to Rs 1,220.85 apiece.
The Reserve Bank of India has imposed a penalty of Rs 1 crore on India’s most valuable bank for non-compliance with know-your-customer norms. In a statement released on Wednesday, the central bank said supervisory evaluation of the bank (2016-17) revealed that it had "failed to exercise ongoing due diligence" with regards to 39 current accounts opened by its customers for bidding in initial public offering.
HDFC Bank shares are down 1.7 percent in the past five days and fell 4.5 percent in the past 30 days, Bloomberg data shows. The stock has advanced 20 percent in the past 52 weeks, according to the data.