Stocks Radar: Berger Paints, Cox & Kings, Indiabulls Housing Finance, IndiGo, SRF
Here’s a look at the stocks in news moving the markets today.
India’s equity benchmarks opened higher on Tuesday, led by gains in Larsen & Toubro Ltd. and private sector banks. The S&P BSE Sensex and the NSE Nifty 50 Index rose nearly 0.4 percent to trade at 36,841.72 and 10,902.50, respectively, as of 10:35 a.m.
The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.97 percent gain in the NSE Nifty Metal Index. The NSE Nifty Media Index was the top loser, down 0.72 percent.
In contrast, most of the Asian stocks declined in the range of 1-3 percent as U.S.-CHina trade war fears escalated.
A look at the stocks in news moving the markets today:
IndiGo Falls As Promoter Dispute Continues
Shares of InterGlobe Aviation Ltd., the operator of India’s largest airline IndiGo, fell for the fourth straight session as the promoter dispute continued. The stock declined as much as 5.3 percent to Rs 1,411.65.
In a latest development, the company’s co-promoter Rakesh Gangwal, in a letter to shareholders, said he is unable to support the special resolution for expanding the company’s board to 10 members in its present form as it will lead to a large governance loophole in favour of Rahul Bhatia’s IGE Group.
The InterGlobe Aviation stock has gained 40 percent in the past 12 months compared with a 2.1 percent drop in the benchmark Sensex.
SRF Jumps After Board Approves Capex Plans
Shares of chemicals maker SRF Ltd. rose as much as 13.4 percent—the biggest intraday gain in four years—to Rs 2,924 apiece.
SRF’s board has approved setting up of an integrated facility for development of chemical polytetrafluoroethylene at an estimated cost of Rs 424 crore. This will add 5,000 million tonnes per annum of capacity, according to an exchange filing. The company will foray into fluoropolymers segment to derive cost advantage from the integrated value chain, it said.
SRF also reported its June quarter results on Monday.
SRF Q1 Results 2019-20: Key Highlights (YoY)
- Revenue rose 9.1 percent to Rs 1,828.4 crore.
- Net profit increased 41.4 percent to Rs 189.2 crore.
- Ebitda rose 9.9 percent to Rs 350.1 crore.
- Margin stood at 19.1 percent against 19 percent.
- Other income came at Rs 15 crore and tax reversal of Rs 13.2 crore.
- Declared dividend of Rs 7 per share.
The stock’s trading volume was almost 16 times the 20-day average for this time of the day, Bloomberg data showed.
Cox & Kings Hits Lower Circuit
Shares of Cox & Kings (India) Ltd. fell as much as 5 percent to hit the lower circuit.
The travel and tours company defaulted on payments toward maturity of commercial papers worth Rs 5 crore due on Aug. 5, according to an exchange filing.
The stock has plunged 95 percent in the past 12 months compared to a 2 percent drop in the Sensex, Bloomberg data showed.
Berger Paints Hits Record High
Shares of Berger Paints India Ltd. rose as much as 5.2 percent to hit a lifetime high of Rs 351.65 apiece. The company announced its results for the quarter ended June on Monday.
Berger Paints Q1 Results 2019-20: Key Highlights (YoY)
- Revenue rose 15.7 percent to Rs 1,716.5 crore.
- Net profit jumped 32 percent to Rs 176.8 crore.
- Ebitda rose 27.4 percent to Rs 305.1 crore.
- Margin stood at 17.8 percent against 16.1 percent.
The Relative Strength Index was above 70, indicating the stock may be ‘Overbought’.
Indiabulls Housing Gains Ahead Of Q1 Results
Shares of Indiabulls Housing Finance Ltd. snapped a three-day fall and rose as much as 7.1 percent to Rs 511 apiece. The company is scheduled to report its June quarter results today.
Indiabulls Housing Q1 Results 2019-20: Preview (YoY)
- Net revenue is expected to fall 11 percent to Rs 1,544 crore.
- Profit after tax expected to fall 5.4 percent to Rs 998 crore.
The stock is trading at 4.7 times its estimated earnings per share for the coming year, Bloomberg data.