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Stocks In News: Adani Ports, Britannia, Hindalco, Indian Hotels, Petronet LNG

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

A stock broker trades at Motilal Oswal Securities Ltd. in Mumbai, India. (Photographer: Kuni Takahashi/Bloomberg)
A stock broker trades at Motilal Oswal Securities Ltd. in Mumbai, India. (Photographer: Kuni Takahashi/Bloomberg)

Indian equity benchmarks traded subdued at midday with media stocks acting as the drag.

At 1:00 pm, the S&P BSE Sensex and the NSE Nifty 50 traded little changed at 40,333.89 and 11,901.45 points, respectively. Britannia Industries Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Enterprises Ltd. was the top loser.

The market breadth was tilted in favour of sellers.

About 986 stocks declined and 766 shares advanced on National Stock Exchange. Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 4.14 percent loss. On the flipside, the NSE Nifty Auto Index was the only gainer, up 0.35 percent.

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

Adani Ports Declines After Q2 Results

Shares of Adani Ports and Special Economic Zone Ltd. fell as much as 3.92 percent, the most since Oct. 23, to Rs 372.70 apiece, a day after declaring its September quarter results.

Net profit rose 74 percent year-on-year to Rs 1,054 crore in the second quarter on the back of revenue that increased 8.2 percent to Rs 2,821 crore.

Adani Ports Q2 Results 2019-20: Key Highlights (Year-on-Year)

  • Revenue up 8.2 percent to Rs 2821 crore (Estimate: Rs 2,870 crore)
  • Net profit up 74 percent to Rs 1054 crore (Estimate: Rs 975 crore)
  • Ebitda up 5.2 percent to Rs 1791 crore (Estimate: Rs 1,766 crore)
  • Margin at 63.5 percent versus 65.3 percent (Estimate: 61.5 percent)

The stock has advanced 12 percent in the past 52 weeks while the Sensex has gained 15 percent, Bloomberg data shows.

Avanti Feeds Falls After Income Tax Search At Subsidiary

Shares of Avanti Feeds Ltd. fell 7.32 percent intraday to Rs 471.10 apiece, the lowest since Nov. 6, 2019.

The income tax department conducted a search at the company’s subsidiary Avanti Frozen Foods Pvt. Ltd. between Nov. 7-11, the shrimp feed manufacturer said in an exchange filing on Nov. 11. The company said its officials have provided all requisite cooperation and responses.

Trading volume for the Avanti Feeds stock was almost triple the 20-day average for this time of the day, Bloomberg data shows.

Balmer Lawrie Rises After Disclosing Bonus Share Issue

Shares of Balmer Lawrie & Company Ltd. extended their winning streak to a second day, rising as much as 3.15 percent intraday to Rs 207.80 apiece.

The company’s board has approved a 1:2 bonus share issue to capitalise Rs 57 crore out of the existing reserves, according to a Nov. 11 exchange filing. The public sector company will seek shareholder approval for the bonus share issue via a postal ballot, and the same will be credited to them by Jan. 10.

The record date for the bonus issue has been set at Dec. 23.

Trading volume in the Balmer Lawrie stock was more than triple the 20-day average for this time of the day, Bloomberg data shows.

Britannia Industries Surges After Q2 Results

Shares of Britannia Industries Ltd. rose 5.75 percent intraday to Rs 3,299.00 apiece after declaring its September quarter results.

Net profit of the biscuits maker rose 33.4 percent year-on-year to Rs 404.20 crore on the back of revenue that increased 6.2 percent to Rs 3,048.80 crore.

Britannia Q2 Results 2019-20: Key Highlights (Year-on-Year)

  • Revenue up 6.2 percent to Rs 3,048.8 crore (Estimate: Rs 3,041 crore)
  • Net profit up 33.4 percent to Rs 404.2 crore (Estimate: Rs 365 crore)
  • Ebitda up 8.3 percent to Rs 492.2 crore (Estimate: Rs 479 crore)
  • Margin at 16.1 percent versus 15.8 percent (Estimate: 15.8 percent)

Trading volume for the Britannia stock was almost seven times the 20-day average for this time of the day, Bloomberg data shows.

Analysts Bullish After Hindalco Q2 Results But Shares Slump

Analysts’ bullish stance on Hindalco Industries Ltd. after second-quarter results failed to boost the aluminium maker’s stock—the shares are down 2.32 percent in the steepest intraday decline since Oct. 24.

Net profit of the Aditya Birla Group company rose 33.40 percent year-on-year to Rs 404.20 crore in the September quarter on the back of revenue that was up 6.20 percent at Rs 3,048.80 crore.

Hindalco Q2 Results 2019-20: Key Highlights (Year-on-Year)

  • Revenue up 6.2 percent to Rs 3,048.8 crore (Estimate: Rs 3,041 crore)
  • Net profit up 33.4 percent to Rs 404.2 crore (Estimate: Rs 365 crore)
  • Ebitda up 8.3 percent to Rs 492.2 crore (Estimate: Rs 479 crore)
  • Margin at 16.1 percent versus 15.8 percent (Estimate: 15.8 percent)

The stock is down 0.1 percent in the past five days and rose 6 percent in the past 30 days, Bloomberg data shows. Over the past 52 weeks, Hindalco shares have declined 14 percent.

Indian Hotels Rises Most In 7 Weeks After Q2 Results

Shares of Indian Hotels Company Ltd. rose as much as 6.24 percent, the most since Sept. 23, to Rs 155.70 apiece, after the company's second-quarter net income beat the highest estimates, according to Bloomberg.

The operator of the Taj Group of hotels reported earnings per share above estimates and sales below estimates. Trading volume was more than 12 times the average for this time of day.

Lupin Divests Entire Stake In Japanese Arm, Shares Surge

Shares of Lupin Ltd. rose as much as 3.13 percent to Rs 758.80 apiece, the highest since Nov. 6, 2019, after announcement of a plan to divest its entire stake in its Japanese subsidiary to pare debt.

India’s fourth largest drugmaker by market capitalisation has entered into a definitive agreement to sell 99.82 percent of its stake in Kyowa Pharmaceutical Industry Co. to Plutus Ltd., a subsidiary of the private equity firm Unison Capital Partners, at enterprise value of 57,361 million Japanese yen—nearly Rs 3,702.4 crore. That, Lupin said, would generate a post-tax net cash inflow of Rs 2,103.9 crore.

Trading volume for the Lupin stock was more than quadruple the 20-day average for this time of day. The shares have declined 14 percent in the past 52 weeks.

Petronet LNG Falls After Large Trade

Shares of Petronet LNG Ltd. fell 0.90 percent intraday to Rs 280.50 apiece, the lowest since Oct. 30, 2019, after a large trade.

About 13.7 lakh shares of the company changed hands in a large trade, Bloomberg data shows. Buyers and sellers were not known immediately.

India is seeking stable LNG pricing, and this can only happen with long-term contracts, Vinod Kumar Mishra, chief director of finance at Petronet LNG, said at a conference in Abu Dhabi. “Coal is very cheap vs LNG in India, so it’s hard for gas to compete there,"

Trading volume in the stock was 59 percent below the 20-day average for this time of the day, Bloomberg data shows.

Vodafone CEO Says Vodafone Idea Is At Risk Of Collapse, Shares Tank

Shares of Vodafone Idea Ltd. fell as much as 7.50 percent to Rs 3.70 apiece, the lowest since Nov. 6, 2019.

Vodafone Group Plc’s Indian venture may be headed for liquidation unless government eases off on demands for mobile spectrum fees, Bloomberg quoted CEO Nick Read as saying in a Nov. 12 report.

Vodafone Idea share are down 8.3 percent in the past five days and fell 36 percent in the past 30 days, Bloomberg data shows. The stock has declined 84 percent in the past 52 weeks.

Zee Entertainment Falls On News Essel Will Sell Shares

Shares of Zee Entertainment Enterprise Ltd. fell as much as 3.41 percent, the most since Nov. 5, 2019, to Rs 295.00 apiece.

Zee Entertainment’s promoter Essel Group is looking to sell shares of the Subhash Chandra-led content maker to a clutch of investors in a bid to bring down the share of promoter pledge against shares, CNBC-TV18 reported on Tuesday.

The stock has declined 32 percent in the past 52 weeks, Bloomberg data shows.