Stocks Radar: Adani Enterprises, Bosch, Indiabulls Housing Finance, Kaveri Seed, SpiceJet
A stockbroker on the trading floor of a brokerage in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Adani Enterprises, Bosch, Indiabulls Housing Finance, Kaveri Seed, SpiceJet

Indian equity benchmarks on Wednesday snapped a three-day winning streak that started when the government announced across-the-board corporate tax cuts on Friday.

At 11:45 am, the S&P BSE Sensex was trading 1.02 percent lower at 38,696.86 points while the NSE Nifty 50 was 0.76 percent weaker at 11,468.05. Power Grid Corporation Of India Ltd. was the top gainer on the Nifty 50 Index while State Bank of India was the top loser.

The market breadth was tilted in favour of sellers. About 1,166 stocks declined and 516 shares advanced on the National Stock Exchange. Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 3.24 percent fall. On the flipside, NSE Nifty IT was the top gainer, up by 0.58 percent.

A look at the stocks in news moving the markets today:

Adani Enterprises Rises After Incorporating Guwahati Airport

Shares of Adani Enterprises Ltd. rose as much as 1.99 percent intraday to Rs 151.00 apiece.

Adani Enterprises has incorporated ‘Adani Guwahati International Airport’, which will now carry out operations and maintenance-related activities of Lokpriya Gopinath Bordoloi International Airport in the city, the Gautam Adani-led firm said in a filing to the stock exchanges on Tueasday.

The Adani Group had earlier this year won the rights to develop six government-run airports, including Guwahati, making it India’s third-largest airports operator.

The Adani Enterprises stock has advanced 7.7 percent in the last year, Bloomberg data shows.

Bosch Falls After Deal To Sell Packaging Unit To Group Firm

Shares of Bosch Ltd. fell as much as 3.06 percent to Rs 14,129.10, marking the stock’s steepest intraday decline since Sept. 17.

Bosch's board of directors has approved sale of the company’s packaging machinery business to Robert Bosch Packaging Technology India Pvt. Ltd. for Rs 144.6 crore, the auto components maker said in an exchange filing Tuesday.

The Goa-based Robert Bosch Packaging Technology is a subsidiary of Robert Bosch Packaging Technology GmbH, which in turn is a subsidiary of Robert Bosch GmbH—the holding company of Bosch Ltd. The sale and transfer of the packaging machinery business will be effective from Oct. 1.

The Bosch stock has declined 30 percent in the past 52 weeks, Bloomberg data shows.

Indiabulls Housing Finance Falls After Downgrade By Care Ratings

Shares of Indiabulls Housing Finance Ltd. fell as much as 3.61 percent to Rs 419.30, marking the stock’s steepest decline since Sept. 19.

This, after Care Ratings Ltd. downgraded Indiabulls Housing Finance’s long-term rating to ‘AA+' from ‘AAA’, perpetual debt programme to ‘AA’ from AA+’ and reaffirmed the short-term rating at ‘A1+’.

The main reasons for the Indiabulls Housing Finance downgrade were:

  • Progress in merger with Lakshmi Vilas Bank and potential challenges thereof
  • Challenges pertaining to the funding environment for NBFCs and HFCs
  • Moderation in asset quality of the housing finance company.

The Indiabulls Housing Finance stock has declined 54 percent in the past 52 weeks, Bloomberg data shows.

Kaveri Seed Buyback Is A Go, Share Prices Surge

Shares of Kaveri Seed Company Ltd. rose to their highest in a month, gaining as much as 4.96 percent to Rs 575.00 apiece.

The Kaveri Seed’s board has approved a buyback of 28 lakh shares, equivalent to 4.4 percent stake in the company, at Rs 700 apiece, the hybrid seeds maker said in an exchange filing on Tuesday. The company’s promoters, holding 55.09 percent stake, will participate in the Kaveri Seed buyback that aims to raise up to Rs 196 crore.

The trading volume for the Kaveri Seed stock was almost eight times the 20-day average for this time of the day, Bloomberg data shows.

SpiceJet Rises On Plans To Buy 100 Airbus Planes

Shares of SpiceJet Ltd. rose as much as 2.95 percent to Rs 134.3 apiece on reports that is weighing a plan to purchase 100 Airbus planes.

SpiceJet is weighing an order for at least 100 Airbus SE planes as Boeing Co. grapples with the fallout over its grounded 737 Max, Bloomberg reported Wednesday.

The budget carrier, a major global customer for the Max, may buy a “sizable” number of Airbus A321LR and XLR jets to accommodate a planned expansion, Chairman Ajay Singh said Tuesday. No decision has been made, he said, and the airline would consider a competing midrange jetliner if Boeing decides to build one.

The trading volume for the SpiceJet stock was more than five times the 20-day average for this time of the day, Bloomberg data shows.

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