Stocks Radar: Cox & Kings, DCB Bank, KNR Construction, Strides Pharma, Suzlon Energy
The Indian stock markets fluctuated in opening trade today with benchmarks S&P BSE Sensex and NSE Nifty 50 trading little changed at 39,147.81 and 11,670.75, respectively, as of 9:44 am.
The market breadth was tilted in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.55 percent gain in the Nifty Media Index. The Nifty Metal Index was the top loser, down 0.32 percent.
Here’s a look at the stocks in news today morning:
Suzlon Falls After Yet Another Default
Shares of wind turbine maker Suzlon Energy Ltd. fell for the fourth session today after it said it defaulted on payments on dollar-denominated convertibles due Tuesday.
The stock declined as much as 8.60 percent to Rs 4.25.
“The company is working on a holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt (including the bonds),” it said in an exchange filing.
The stock trades 84 percent below Bloomberg consensus one-year target price.
Strides Pharma Falls After Shredding Quality Document
Shares of drugmaker Strides Pharma Science Ltd. declined the most in around two months. The stock was down 8.14 percent to Rs 347.10.
The U.S. Food and Drug Administration inspectors said they found what appeared to be records awaiting shredding at Strides Pharma's manufacturing facility in Puducherry.
The stock trades at 13 times its estimated earnings per share for the coming year and 67 percent below Bloomberg consensus one-year target price.
KNR Construction Gains After Bagging Rs 847 Crore Order
Shares of infrastructure development company KNR Construction Ltd. advanced 4.58 percent, the most in over a month, to Rs 280.90.
KNR Construction has received a work order for Rs 847.34 crore for building Venkatadri Reservoir bund in Mahabubnagar district of Telangana, it said in an exchange filing.
The stock trades 18 percent below Bloomberg consensus one-year target price.
Cox & Kings At An All-Time Low
Shares of tours and travel company Cox & Kings (India) Ltd. hit a lifetime low after it announced a fourth default in last three weeks. The stock fell as much as 5 percent to Rs 19.05 apiece.
Cox & Kings Ltd. has defaulted on its repayment obligations on commercial papers worth Rs 45 crore and interest of Rs 41 lakh could not be paid timely on bonds worth Rs 50 crore, it said in an exchange filing.
The stock has declined 90 percent in the past 52 weeks compared with Sensex’s 7.7 percent gain. The relative strength index on the stock was below 30, indicating it may be oversold.
DCB Bank Q1 Results Sends Stock Tumbling
Shares of DCB Bank Ltd. fell as much as 14.2 percent, the most since November 2016, to Rs 205.30 after the company announced its quarterly results for the three months ended June 30.
Key Highlights of DCB Bank Q1 Results (Year-on-Year)
- Net interest income rises 11.7 percent to Rs 304.7 crore.
- Net profit rises 16.7 percent to Rs 81.1 crore.
- Provisions up 22 percent at Rs 40.6 crore (quarter-on-quarter)
- Gross NPA at 1.96 percent versus 1.84 percent (QoQ).
- Net NPA at 0.81 percent versus 0.65 percent (QoQ).
Trading volume for the DCB Bank stock was 50 times the 20-day average for this time of the day.
Other Stocks Reacting To Earnings Announcement
MCX (Q1, YoY)
- Stock rose as much as 8.4 percent to Rs 882.
- Revenue up 9.1 percent to Rs 79.5 crore.
- Net profit up six times to Rs 43.7 crore.
- Ebitda up 10.8 percent at Rs 27.7 crore.
- Margin expands to 34.8 percent.
- Other income up 2.5 times to Rs 31.4 crore.
- Exceptional loss of Rs 23.8 crore in base quarter.
- Tax as percentage PBT at 20.7 percentage.
Jay Bharat Maruti (Q1, YoY)
- Stock fell as much as 4.2 percent to Rs 181.
- Revenue down 12.5 percent to Rs 442.9 crore.
- Net profit down 41.8 percent to Rs 7.8 crore.
- Ebitda down 8 percent to Rs 39 crore.
- Margin widens to 8.8 percent.
- Other expenses down 16 percent to Rs 29.1 crore.
Agro Tech Foods (Q1, YoY)
- Stock rose as much as 1.4 percent to Rs 506.
- Revenue flat at Rs 197.7 crore
- Net profit up 6.1 percent at Rs 7 crore.
5Paisa Capital (Q1, YoY)
- Stock fell as much as 3.4 percent to Rs 249.90.
- Revenue up 2.5 times to Rs 22.9 crore.
- Net loss at Rs 0.5 crore versus net loss at Rs 6 crore.