Stocks Radar: Aavas Financiers, Yes Bank, Himachal Futuristic, Thomas Cook

The Indian equity benchmarks opened lower, dragged down by losses in Hindalco, Vedanta and Bajaj Finance. The S&P BSE Sensex and the Nifty 50 Index were trading flat at 34,410.21 and 10,331.35, respectively, as of 10.34 a.m. Asian stocks slipped, led by China, and the yuan fell as investors assessed the latest move by the People’s Bank of China to loosen monetary policy.

The NSE Nifty 50 Index on Friday had wiped out all its gains of 2018 after the index posted its worst decline since Feb. 2016 amid higher crude prices and a falling rupee.

The market breadth was tilted in favour of sellers. Eight of the 11 sectoral gauges declined, led by a 2.35 percent fall in the NSE Nifty Metal Index. The NSE PSU Bank Index was the biggest gainer, up 1.16 percent.

Here Are The Stocks Moving The Market This Morning

Yes Bank Gains After Report Suggest Founders Start Out-Of-Court Settlement

Shares of the private lender rose as much as 3.9 percent to Rs 214 apiece.

Estranged owners of Yes Bank Ltd. -- Rana Kapoor and Madhu Kapur -- have begun preliminary talks to withdraw a bitter legal case against each other and put an end to their decade-old feud, the Mint newspaper reported, citing people it didn't identify.

Meanwhile, the Mumbai-based lender finalised a “search and selection” committee to find a new chief executive officer, according to an exchange filing.

The stock trades at 43 percent below the Bloomberg consensus one-year target price.

OMCs Rebound After Two-Day Selloff

Shares of the state-run oil retailers rebounded after a two-day selloff after the government on Thursday asked them to cut fuel prices by Re 1 per litre.

Reliance Industries Snaps Four-Day Losing Streak

Shares of the Mukesh Ambani-led oil-to-telecom conglomerate snapped its four-day losing streak and rose as much as 4.2 percent to Rs 1,092.50. The stock tested its 200-day moving average placed at Rs 1,081.15, according to data compiled by Bloomberg.

Trading volume was three times its 20-day average for this time of the day.

Aavas Financiers Slumps On Debut

Shares of the consumer finance company opened 7.67 percent lower at Rs 758 apiece on the BSE, against the issue price of Rs 821.

The company’s Rs 1,734-crore initial public offer subscribed 97 percent on the final day of bidding, led by strong demand from qualified institutional buyers.

Himachal Futuristic Jumps After Bagging Rs 879-Crore Order

Shares of the telecom equipment maker snapped its three-day decline and rose as much as 4.5 percent to Rs 19.75 apiece.

The company received advanced purchase order of Rs 879 crore from TCIL, according to its exchange notification. The contract includes operations and maintenance services of optical fibre cables and gigabit-capable passive optical network equipment in Madhya Pradesh under the government’s BharatNet Phase II programme, being implemented by BSNL.

The stock trades at 13.9 times trailing its 12-month earnings per share, Bloomberg data showed.

Thomas Cook Falls After Buying Stake In Startup

Shares of the travel services provider declined for the fourth straight session. The stock fell nearly 1.5 percent to Rs 201.80 apiece.

The company bought a 24 percent stake in Mumbai-based travel tech startup Ithaka. Ithaka runs its namesake application, which offers trip recommendations and other services like booking flights and hotels, among others.

The stock fell 16.7 percent so far this year compared with an 8.8 percent advance in the S&P BSE Sensex, Bloomberg data showed.

Gravita India Declines After Order Cancellation

Shares of the lead metal maker fell as much as 5.5 percent to Rs 71.95 apiece.

An order worth Rs 300 crore with Singapore-based Kyen Resources was cancelled due to some management and financial issues at the end of Kyen Resources, according to an exchange filing. The management, however, said the termination of the contract will not have any material impact on the company’s financials.

The stock declined 53.8 percent so far this year compared to a 1.7 percent advance in the Sensex, according to Bloomberg data.

Vedanta Worst On Nifty

Shares of the Anil Agarwal-owned company fell for a third straight session. The stock dropped as much as 8.4 percent to Rs 212 each.

JPMorgan on Vedanta

• Maintained ‘Overweight’; cut price target to Rs 345 from Rs 400, implying a potential upside of 49 percent from the last regular trade.
• Cut EPS estimates by 19-20 percent for FY19-20 driven by lower zinc business.
• Macro is unhelpful, but progress on projects should be a positive catalyst.
• Given growth prospects, diversified earnings and attractive valuations, share price should rebound.