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Stocks Radar: 8K Miles, Adani Green Energy, Tata Motors, Thyrocare Technologies

Here are the stocks moving the market in today’s trade.

A bronze bull statue wrapped in bubble wrap stands next to a cart at the the Bombay Stock Exchange in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)
A bronze bull statue wrapped in bubble wrap stands next to a cart at the the Bombay Stock Exchange in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Indian equity benchmarks extended gains to hit fresh highs in today’s opening trade. Investors continued to inject money into the markets on optimism stemming from exit polls.

The S&P BSE Sensex rose as much as 0.2 percent to 39,454.84 and the NSE Nifty 50 Index gained as much as 0.18 percent to 11,850.60, as of 9:45 am.

The market breadth, however, was tilted in favour of the sellers. Seven of the 11 sector gauges compiled by the National Stock Exchange declined, led by the Nifty PSU Auto Index’s 0.90 percent fall. The Nifty Pharma Index was the top sectoral gainer, up 2.30 percent.

Stocks Radar: 8K Miles, Adani Green Energy, Tata Motors, Thyrocare Technologies

Adani Green Energy Extends Gain After Promoters Cut Stake

Shares of the renewable energy producer rose 4.9 percent intraday to a one-month high of Rs 45.20 apiece.

Adani Green Energy’s promoters Adani Tradeline LLP and Universal Trade and Investments plan to sell cumulatively 5.59 percent stake in the company, according to the exchange filing. The promoters will sell up to 8.75 crore shares at a floor price of Rs 43 apiece—a discount of about 0.20 percent to current market price—through an offer-for-sale, according to an exchange filing.

The trading volume was more than 550 times the 20-day average for this time of the day, Bloomberg data showed.

Opinion
Adani Green Energy’s Promoters To Sell Shares Worth Rs 376.25 Crore

8K Miles Slumps After Seeking Extension On Q4 Results

Shares of the IT services provider declined as much as 2.8 percent to Rs 101.60.

The company sought extension permission for submitting annual audited results till June 30, according to its exchange filing. The delay was due to additional time taken to compile the consolidated financial statements, the filing said.

The stock declined 83 percent in the past 12 months compared with a 13 percent gain in the Sensex.

Panacea Biotec Gains After Drug Gets U.S. FDA Nod

Shares of the Punjab-based drugmaker rose for the fourth day in a row after it advanced nearly 7 percent to Rs 205.75.

Panacea Biotec’s formulation facility in Himachal Pradesh received the U.S. FDA approval for manufacture and supply of Azacitidine injection for U.S. markets, according to an exchange notification. This injection is a chemotherapy drug.

The stock returned 28 percent so far this year compared with a 9 percent gain in the Nifty Index.

Thyrocare Falls Despite Goldman’s ‘Buy’ Rating

Shares of the diagnostic labs chain fell for the second straight session, declining 1.4 percent intraday to Rs 428.50 apiece.

Brokerage firm Goldman Sachs initiated coverage on the Navi Mumbai-based company with a ‘Buy’ recommendation. The target price was fixed at Rs 562 indicating nearly a 30 percent return from last close.

Seven out of 9 analysts tracked by Bloomberg had a ‘Buy’ recommendation on the stock while one analyst each had a ‘Hold’ and ‘Sell’ rating.

Tata Motors Falls After Q4 Results

Shares of the Jaguar Land Rover parent fell 3.8 percent intraday to Rs 183 apiece. The company reported its March quarter earnings yesterday.

Profit fell 47 percent over last year to Rs 1,117.5 crore, according to its stock exchange filing. That compares with the Rs 570-crore estimate of analysts polled by Bloomberg.

Other Key Highlights:

  • Revenue fell 4 percent year-on-year to Rs 86,422 crore.
  • Operating income declined 6 percent to Rs 8,019.5 crore.
  • Operating margin narrowed 20 basis points to 9.3 percent.
  • Margin for Jaguar Land Rover fell 300 basis points

The stock traded at 12 times its estimated earnings per share for the coming year, Bloomberg data showed.

Opinion
JLR Car Sales In April Down 13.3% On China Woes