Stocks Radar: TCS, L&T Technology, Trent, Piramal Enterprises, Welspun Corp
Here are the stocks moving the market in today’s trade.
Indian equity benchmarks opened lower on Tuesday, driven by declines in Reliance Industries Ltd. and technology stocks. The S&P BSE Sensex and NSE Nifty 50 Index traded flat at 39,101.60 and 11,700, respectively, as of 9:55 am.
The market breadth was tilted in favour of sellers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 0.69 percent drop in the NSE Nifty Media Index. The NSE Nifty Realty Index was the top gainer, up 0.87 percent.
Here are the stocks in news today morning:
Quess Corp Falls For Second Straight Session
Shares of the Bengaluru-based software services provider declined for the second consecutive session. The stock fell as much as 2.1 percent to Rs 577.20 apiece.
That comes even as Quess Corp. Ltd.’s board approved fundraising of up to Rs 51 crore through issue of equity shares on preferential basis, according to an exchange filing.
The stock has fallen 46 percent in the past 12 months compared with a 9 percent gain in the Sensex during the period, Bloomberg data showed.
TCS Drops After Raising Stake In Joint Venture
Shares of the IT sector bellwether fell as much as 1.1 percent to Rs 2,250.50 a share.
Tata Consultancy Services Ltd. bought a 15 percent stake from Mitsubishi Corp. in TCS Japan for JPY 3.5 billion ($32.6 million), according to its exchange filing. The company’s holding in TCS Japan will go up from 51 percent to 66 percent, it said.
The stock traded at 25 times its estimated earnings per share for the coming year, Bloomberg data showed.
Mold-Tek Packaging Surges Most In Over Four Months
Shares of Mold-Tek Packaging Ltd. rose as much as 11.8 percent, the most since Feb. 21, to Rs 268.70 apiece.
The stock’s trading volume was more than 60 times its 20-day average, Bloomberg data showed. The scrip traded at 19 times its estimated earnings per share for the coming year. Of the shares traded, 47 percent were at ask price and 37 percent at bid.
Piramal Enterprises Slips On Plan To Exit Shriram Capital
Shares of Piramal Enterprises Ltd. halted their three-day rally and declined nearly 2 percent to Rs 1,906.10 a share.
The Ajay Piramal-led firm is looking to sell its entire 20 percent stake in Shriram Capital Ltd. as part of a long-term strategy to fund growth of its financial services business, its exchange filing said.
The stock’s trading volume was nearly five times the 20-day average for this time of the day, according to Bloomberg data.
Welspun Corp Drops Most In Three Weeks
Shares of pipemaker Welspun Corp. Ltd. fell close to 3.5 percent—the most in three weeks—to Rs 135 apiece.
That came after the company’s board fixed July 5 as the record date for buyback of 2.89 crore equity shares, according to its exchange filing. The buyback price was fixed at Rs 135 apiece—a discount of nearly 4 percent compared to previous close.
The stock traded 36 percent below the Bloomberg consensus one-year target price.
Oil Retailers Gain As Crude Price Falls
Oil marketers gained as price of Brent crude fell for the second day to $64.17 a barrel.
Here’s how they fared:
- Hindustan Petroleum Corp. Ltd. rose as much as 2.46 percent to Rs 295.7 apiece.
- Indian Oil Corp. Ltd. also gained 1.15 percent to trade at Rs 153.8 per share.
- Bharat Petroleum Corp. Ltd. rose 1.73 percent to Rs 387.45 apiece.
L&T Technology Falls After Promoter Plans To Lower Stake
Shares of L&T Technology Services Ltd. fell as much as 2.6 percent, the most in three weeks, to Rs 1,704 apiece.
The company’s promoter Larsen & Toubro Ltd. proposed to sell up to two lakh shares, representing 0.19 percent of the overall equity share capital, according to an exchange filing.
L&T Technology traded at 22 times its estimated earnings per share for the coming year, according to Bloomberg data.
Trent Hits All-Time High
Shares of Tata Group retail arm Trent Ltd. gained for the second straight session. The stock rose as much as 2.6 percent to touch a record high of Rs 436.90 a share.
The trading volume was nearly five times the 20-day average for this time of the day, Bloomberg data showed. The Relative Strength Index was above 70, indicating the stock may be ‘Overbought’.
