Stocks Radar: 63 Moons Technologies, DHFL, Indian Hotels, Maruti Suzuki
Indian equity indices opened lower, dragged down by losses in Infosys Ltd. and auto stocks.
The Sensex and the Nifty traded flat at 39,046.45.35 and 11,747.30, as of 10:05 am. The market breadth was tilted in favour of buyers. Six of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 0.73 percent fall in the NSE Nifty IT Index. The NSE Nifty PSU Index was the top sectoral gainer, down 1.06 percent.
Stocks Moving The Market This Morning:
63 Moons Technologies Locked In Upper Circuit
Shares of 63 Moons Technologies Ltd. were locked in upper circuit after gaining 10 percent to Rs 137.80 apiece.
The Supreme Court set aside the merger order of National Spot Exchange Ltd. with the company. Its Managing Director S Rajendran said that the company had been articulating in the past that the merger will serve no purpose for the stakeholders of either NSEL or Financial Technologies Ltd. but to benefit only a few people with vested interest.
The relative strength index on the stock was more than 70, indicating it may be overbought.
Maruti Suzuki Declines For The Eighth Straight Session
Shares of the country’s largest automaker declined 2.1 percent to Rs 6,525 apiece. The stock price has fallen nearly 12 percent in the last eight sessions.
The company sold 1.43 lakh units last month, a decline of 17.2 percent from the year-ago period, India’s largest carmaker said in an exchange filing. The year-on-year slump was the biggest drop since August 2012.
Key Sales Highlights (YoY)
- Sales of mini segment fell 39.8 percent to 22,766 units.
- Sales of compact segment fell 13.9 percent to 72,146 units.
- Sales of Ciaz fell 45.5 percent to 2,789 units.
- Sales of utility vehicles rose 5.9 percent to 22,035 units.
- Sales of vans fell 26.7 percent to 11,649 units.
- Sales of Super Carry rose 50.2 percent to 2,319 units.
- Sales to original equipment manufacturers stood at 364 units.
- Total domestic passenger vehicle sales fell 19.6 percent to 1.31 lakh units.
- Total domestic sales* declined 18.7 percent to 1.34 lakh units.
- Total exports rose 14.6 percent to 9,177 units.
The sales of new WagonR are reported under compact segment and the the sales number of old discontinued WagonR are, however, reported in the mini sub-segment effective February.
* Effective April 2019, sales to other OEMs have commenced and are reported as ‘Sales to other OEM’. Total domestic sales and total sales includes this figure.
The stock traded 24 times the estimated earnings per share for the coming year, Bloomberg data showed.
DHFL Swings After Meeting Debt Obligations
Shares of the non-bank lender fluctuated between gains and losses to trade at Rs 135.20 apiece, as of 9:55 am.
Dewan Housing Finance Corporation Ltd. met repayment obligations that were due on April 30 and repaid principal of Rs 500 crore and interest payments of Rs 332 crore, according to its exchange notification. The company will consider raising funds via equity on May 4. Also, ICRA downgraded commercial papers worth Rs 850 crore to ‘A3+’ from ‘A2+’.
The stock declined 80 percent in the past 12 months compared to an 11 percent gain in the Sensex.
Also read: DHFL, Wadhawans And Ownership Webs
Britannia Industries Gains After Q4 Results
Shares of the biscuit maker rose 2.2 percent to Rs 2,959.95 apiece after its March quarter on Wednesday.
The Wadia Group company’s net profit rose 11.8 percent year-on-year to Rs 294 crore in quarter ended March, according to its exchange filing. That compares with the Rs 301-crore average of analyst estimates tracked by Bloomberg. Revenue increased 10.3 percent year-on-year to Rs 2,799 crore for the three-month period.
The trading volume was more than six times the 20-day average for this time of the day, according to Bloomberg data.
Indian Hotels At Lifetime High
Shares of The Indian Hotels Company Ltd. rose 4.3 percent to an all-time high of Rs 161 apiece. The company's results were announced on Tuesday.
Key Highlights: (Q4, YoY)
- Revenue up 8.8 percent to Rs 1,244.3 crore.
- Net profit up 52.1 percent to Rs 115 crore.
- Ebitda up 16.1 percent to Rs 284.3 crore.
- Margin at 22.8 percent versus 21.4 percent.
- Other income up 81 percent to Rs 37.2 crore.
- Exceptional gain of Rs 14.8 crore versus exceptional loss of Rs 14.4 crore.
All the eleven analysts tracked by Bloomberg had a ‘Buy’ rating on the stock.