Stocks In News: Hero MotoCorp, Future Lifestyle, Parag Milk Foods, PFC India
Indian equities erased some of its opening gains and traded off day’s high.
The S&P BSE Sensex rose 0.7 percent to 38,418 and the NSE Nifty 50 rose 0.9 percent to 11,234. The broader markets represented by the NSE Nifty 500 Index rose 0.9 percent. All the 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty Metal Index’s 2.8 percent gain.
Here’s a look at the stocks in news moving the markets today:
Future Lifestyle Fashions Falls For Tenth Consecutive Trading Session
Shares of Future Lifestyle Fashions Ltd. fell for the tenth consecutive trading session. The stock fell as much as 12 percent, the most since August 2015, to Rs 299.80, the lowest since July 2017.
Trading volume was more than four times its 20-day average, Bloomberg data showed. The scrip traded at 48 times its estimated earnings per share for the coming year.
Power Finance Corporation Gains After Large Deal
Shares of Power Finance Corporation Ltd. rose as much as 2.7 percent to Rs 114.60.
About 27.1 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately. Of the shares traded, 10 percent were at the ask price and 85 percent were at the bid, according to Bloomberg data.
Parag Milk Foods Jumps The Most In Nearly Two Weeks
Shares of Parag Milk Foods Ltd. rose as much as 6.8 percent, the most since Feb. 19, 2020, to Rs 82.40.
The company clarified that promoters have pledged 1.87 crore shares with Kotak Mahindra Investments as on date. The promoters have repaid Rs 31 crore out of the original loan amount taken from Kotak Mahindra Investments and the outstanding loan stands at Rs 33 crore only as of March.
The company said in a media statement that they would pay the entire outstanding amount of Rs 33 crore within 90 days and release the entire share pledge from Kotak Mahindra Investments.
The stock declined 16 percent in the past five days and fell 35 percent in the past 30 days, according to Bloomberg data.
Hero MotoCorp Gains Despite Decline In Sales In February
Shares of Hero MotoCorp Ltd. rose as much as 2.6 percent to Rs 2,027.45 apiece.
The company’s sales in February fell 19 percent on a yearly basis to 498,242 units. Motorcycles sales fell 14 percent to 479,310 units. Scooter sales declined 68 percent to 18,392 units.
The Relative Strength Index was below 30, indicating that the stock may be oversold, according to Bloomberg data. The scrip traded at 13 times its estimated earnings per share for the coming year, according to Bloomberg data.
Five Nifty 50 Stocks That Defied The Market Rout
The NSE Nifty 50 slumped nearly 8 percent from its record high that it clocked on Jan. 20, 2020.
But five stocks in the index—Bajaj Finance Ltd. Bharti Airtel Ltd. Hindustan Unilever Ltd. Nestle India Ltd. and Titan company Ltd.—rose between 3-7 percent during the period. The remaining companies in the Nifty fell between 1-36 percent so far since the 50-share gauge hit the all-time high.