(Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Aurobindo, Axis Bank, IndiGo, Piramal Enterprises, Religare

Indian equity benchmarks opened higher today, paced by gains in Vedanta Ltd. and JSW Steel Ltd.

At 9:52 a.m., the S&P BSE Sensex was 0.37 percent higher at 38,686.27 points while the NSE Nifty 50 Index was up 0.38 percent to trade at 11,542.75 points.

The market breadth was tilted in favour of buyers. Ten of the eleven sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.52 percent gain in the Nifty Metal Index.

A look at the stocks that are moving markets today:

IndiGo Extends Loss After Promoter Clarification

Shares of IndiGo airlines operator InterGlobe Aviation Ltd. fell as much as 3.28 percent to Rs 1,352.25 apiece.

This after IndiGo co-promoter Rahul Bhatia tried to explain why InterGlobe Aviation has a number of related-party transactions with entities owned by him, a day after co-promoter Rakesh Gangwal termed them “questionable”.

“All RPTs (related-party transactions) have been executed on an arm's length basis and in the ordinary course of business,” the statement by Bhatia's InterGlobe Enterprises said. The related-party transactions were only 0.53 percent of the company’s 2018-19 revenue, the statement said.

The IndiGo stock at present trades 20 percent below the Bloomberg consensus one-year target price.

Aurobindo Pharma Jumps After U.S. Drug Launch

Shares of Aurobindo Pharma Ltd. rose 2.73 percent to Rs 613.40 after it launched a drug to treat secondary hyperparathyroidism in adults in the U.S.

The company launched Cinacalcet Hydrochloride tablets in the U.S. market, it said in an exchange filing. The tablets had an annual sale of approximately $1.5 billion for the twelve months ending May, according to human data science firm IQVIA, it added.

The stock trades 37 percent below the Bloomberg consensus one-year target price.

Religare Enterprises Shares Hit The Upper Circuit

Shares of Religare Enterprises Ltd. hit the upper circuit, on news of sale of its financial services arm to TCG Advisory Services Ltd. The stock rose 10 percent to Rs 43.05—the highest in over nine months.

The company is set to sell its subsidiary Religare Finvest to TCG Advisory Services, it said in an exchange filing. It did not disclose the consideration amount.

The Religare Enterprises stock has risen 53 percent in the past five days and 66 percent in the past 30 days.

Premier Explosives Gains After Winning Order

Shares of explosives manufacturer Premier Explosives Ltd. rose 6.1 percent intraday to Rs 195.95 apiece.

The company secured an order worth Rs 15 crore from Bharat Dynamics Ltd. for supply of solid propellants for medium-range surface to air missiles, according to its exchange filing.

The stock’s trading volume was more than 250 times the 20-day average, Bloomberg data showed.

Axis Bank Falls On Share Sale Report

Shares of Axis Bank Ltd. fell nearly 1 percent to Rs 733.30 apiece, after Bloomberg reported that the private sector lender has picked investment banks to manage its $1.3 billion share sale.

Axis Bank has chosen Citigroup Inc. and JPMorgan Chase & Co. to arrange a planned share sale that would bolster loans and boost overall capital buffer for India’s third largest private lender.

The trading volume of the stock was 13 percent below the 20-day average at this time of the day, according to Bloomberg data.

The stock trades at 21 times its estimated earnings per share for the coming year.

Piramal Enterprises To Raise Rs1,500 Crore By Issuing NCDs

Shares of Piramal Enterprises Ltd. rose 1.4 percent to trade at Rs 1,936.95 apiece after its board approved a plan to raise Rs 1,500 crore via non-convertible debentures.

The stock's trading volume was 22 percent below the 20-day average at this time of the day, accoding to Bloomberg data.

Himachal Futuristic Gains On Robust Q1

Shares of the telecom equipment manufacturer Himachal Futurisitic Communications Ltd. rose 8.4 percent to Rs 21.85 apiece after announcement of its June quarter results on Wednesday.

Q1 Review (Year-On-Year)

  • Revenue up 23 percent to Rs 1,343 crore.
  • Net profit up 139 percent to Rs 110 crore.
  • Ebitda up 111 percent to Rs 189 crore.
  • Margin widened to 14.1 percent from 8.2 percent.

The stock's trading volume was over 60 times the 20-day average, according to Bloomberg data.

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