Stocks Radar: Alicon Castalloy, DHFL, Gruh Finance, Reliance Capital, Zee Entertainment
A woman walks past the Peninsula Corporate Park, developed by Peninsula Land Ltd., in the Lower Parel area of Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Alicon Castalloy, DHFL, Gruh Finance, Reliance Capital, Zee Entertainment

Indian equity benchmarks traded higher after a volatile opening session.

At 11:32 am, the S&P BSE Sensex was trading 0.43 percent higher at 39,218.74 points while NSE Nifty 50 was up 0.43 percent at 11,635.75. Yes Bank Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Enterprise Ltd. was the top loser.

The market breadth was tilted in favour of buyers. About 1262 stocks advanced and 433 declined on the National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 1.29 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 1.8 percent.

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

Alicon Castalloy Surges After Multiple Contract Wins

Shares of Alicon Castalloy Ltd., a maker of light-weight alloy castings, rose as much as 14.56 percent, the most since Jul. 20, 2017, to Rs 398.95 apiece.

Alicon Castalloy has signed multi-year contracts aggregating 810 crore with original equipment makers and Tier-I suppliers such as Jaguar Land Rover Plc, Daimler AG, Samsung SDI Co. and MAHLE GmBH.

The stock has declined 43 percent in the past 52 weeks, Bloomberg data showed.

Gruh Finance Rises As Merger With Bandhan Bank Completes

Shares of GRUH Finance Ltd. extended their winning steak to a fourth day, rising as much as 6.90 percent to Rs 327.70 apiece.

The Bandhan Bank-Gruh Finance merger was completed Thursday, in accordance with the amalgamation scheme approved by the National Company Law Tribunal’s Kolkata and Ahmedabad benches.

Gruh Finance shareholders will now get 568 shares of Bandhan Bank for every 1,000 shares they hold in the company, Bandhan Bank said in an exchange filing.

The Gruh Finance stock has advanced 14 percent in the past 52 weeks, Bloomberg data showed.

Reliance Capital Hits Upper Circuit Despite Defaults

Shares of Reliance Capital Ltd. hit the upper circuit, rising as much as 4.67 percent to Rs 13.45 apiece.

The interest/principal obligations due on Oct. 16 and Oct. 17 on non-convertible debentures are delayed, Reliance Capital said in an exchange filing.

Care Ratings’ downgrade of the company’s entire outstanding debt to default has initiated acceleration of facilities by some lenders.

“It is expected that the debt servicing of the company in relation to the accelerated amounts and otherwise will be delayed,” the ratings agency has. said.

The Reliance Capital stock has declined 95 percent in the past 52 weeks, Bloomberg data showed.

Zee Entertainment Plunges After Q2 Results

Shares of Zee Entertainment Enterprise Ltd. fell as much 7.58 percent, the most since Oct. 7, to Rs 244.40 apiece.

Zee Entertainment's quarterly profit fell short of the lowest analyst estimate as it provided for loans extended to related parties, its second-quarter results declared Thursday showed.

Zee Entertainment Q2 Results 2019-20: Key Highlights (YoY)

  • Revenue rose 7.4 percent to Rs 2,122 crore.
  • Net profit rose 6.9 percent to Rs 413.2 crore.
  • Operating profit rose 4.7 percent to Rs 684.2 crore.
  • Margin stood at 32.2 percent versus 33.1 percent.
  • Exceptional loss of Rs 171 crore in September quarter.

The trading volume for the Zee Entertainment stock was 92 percent above the 20-day average for this time of the day, Bloomberg data showed.

DHFL Surges After Declaring Its Q1 Results

Shares of Dewan Housing Finance Corporation Ltd. surged 4.89 percent intraday, the most since Oct. 15, to Rs 21.45 apiece after the company declared its June quarter results.

DHFL reported a loss for the second straight quarter as the struggling mortgage lender’s assets shrunk because of loan sales.

DHFL Q1 Results 2019-20: Key Highlights (YoY)

  • Net loss stood at Rs 215.5 crore vs net profit of Rs 429 crore
  • Revenue falls more than 24 percent year-on-year to Rs 2,396 crore
  • Net interest income tumbled 75 percent year-on-year to Rs 165.9 crore.

The stock has declined 91 percent in the past 52 weeks, Bloomberg data showed.

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