Stocks Radar: 3i Infotech, Coal India, ICICI Bank, HUL, Titan
Indian equity benchmarks are set for their longest stretch of weekly gains in over six months after they opened higher, following gains in Asian peers.
The S&P BSE Sensex rose as much as 0.72 percent to 38,024.95 and the NSE Nifty 50 rose as much as 0.75 percent to reclaim 11,400 level for the first time in nearly six months.
The market breadth was tilted in favour of buyers, about 933 stocks advanced and 500 shares declined on the National Stock Exchange.
Eight out of the 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Private Bank Index’s 0.98 percent gain. On the flip side, the NSE Nifty Media Index was the top sectoral loser, down 0.37 percent.
Here Are The Stocks Moving The Market This Morning
Coal India Falls After Announcing Dividend
Shares of Coal India Ltd. fell as much as 2.1 percent to Rs 238.
The coal miner declared a dividend of Rs 5.85 per share, with record date set at March 25. This dividend will be second interim dividend for financial year 2019, according to its stock exchange notification. The date of payment of this interim dividend is on or after March 29, the statement said.
Trading volume was 5.5 times its 30-day average, Bloomberg data showed. The stock is testing its 100-day moving average resistance at Rs 241.46.
ICICI Bank Surges To Record
Shares of ICICI Bank Ltd. rose as much as 1.8 percent to hit an all-time high at Rs 394.85.
About 14.4 lakh shares of the lender changed hands in a block deal, Bloomberg data showed. Buyer and sellers were not known immediately.
The stock was the top gainer on Sensex and Nifty. The Relative Strength Index was above 70, indicating that the stock may be overbought.
3i Infotech Jumps 10% After Report Of Samara In Talks To Buy Company
Shares of 3i Infotech Ltd. rose as much as 10 percent to Rs 3.85.
Private equity firm Samara Capital is in talks to acquire 3i Infotech in a transaction pegged at an enterprise value of $140-150 million, Times of India reported quoting two sources familiar with the development.
Trading volume was more than 12 times its 20-day average, Bloomberg data showed. The stock declined 23 percent in the past 12 months compared to a 13 percent advance in the Sensex.
HUL Falls After Forecasting Lower Volume Growth In Q4
Shares of Hindustan Unilever Ltd. fell as much as 1.9 percent to Rs 1,704.
The FMCG company expects volume growth in the fourth quarter to drop below 10 percent for the first time in one-and-half years. (Read the full story here)
Following the company’s disclosure at a recent call with analysts, the Bank of America Merrill Lynch and the Deutsche Bank expect volume growth—which has averaged around 11 percent in the last five quarters—to range between 6 percent and 7.5 percent.
The stock traded at 60 times its estimated earnings per share for the coming year, according to Bloomberg data.
Titan Hits An All-Time High
Shares of Titan Company Ltd. rose as much as 2.5 percent to hit an all-time high at Rs 1,113.80. The Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data.