Stocks Radar: Adani Gas, Bank of Baroda, IRCTC, JSW Steel, RCap, Torrent Pharma
Indian equity benchmarks managed to hold gains, led by HDFC Bank Ltd. and Axis Bank Ltd.
The S&P BSE Sensex rose 0.49 percent to 38,315 as of 1:40 p.m. and the NSE nifty 50 rose 0.53 percent to 11,366.
The market breadth was tilted in favour of buyers. About 968 stocks advanced and 784 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Realty Index’s 2.7 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.18 percent.
Birlasoft Halt Four-Day Fall, Shares Jump 12%
Shares of Birlasoft halted their four-day losing streak.
The stock rose as much as 11.9 percent, the most in nearly a month, to Rs 65.80. The company signed a $240 million multi‐year deal with Invacare Corporation, to provide IT‐as‐a‐Service (ITaaS) service, according to its stock exchange filing..
Trading volume was more than three times its 20-day average, according to Bloomberg data. The stock declined 49 percent in the past 12 months compared to a 10 percent gain in the Sensex.
Bombay Burmah Extends Gain, Shares Up 6%
Shares of Bombay Burmah Trading extended gains for the second consecutive trading session and rose as much as 6 percent to Rs 1,172.95.
Of the shares traded, 43 percent were at the ask price and 41 percent were at the bid, according to Bloomberg data. The stock rose 6.6 percent in the past five days and advanced 16 percent in the past 30 days.
Coastal Corp Hits 20% Upper Circuit
Shares of Coastal Corp extended gains for the second consecutive trading session and hit an upper circuit of 20 percent at Rs 157.80.
Trading volume was 1.3 times its 30-day average, according to Bloomberg data. The stock declined 57.7 percent so far this year and fell 23.1 percent in the past 12 months.
Uniply Industries Halt Three-Day Fall, Shares Surge Nearly 14%
Shares of Uniply Industries halted a three-day losing streak.
The stock rose as much as 13.5 percent, the most since May 06, to Rs 47.45.
Trading volume was four times its 20-day average, according to Bloomberg data. The stock declined 18 percent in the past 21 months compared to a 10 percent gain in the Sensex.
HUL Holds Gain Ahead Of Q2 Results
Shares of Hindustan Unilever Ltd. rose 0.37 percent after gaining as much as 1.3 percent ahead of its September quarter results announcement.
Here’s what analysts tracked by Bloomberg expect the company to report on a yearly basis.
- Revenue seen 5.6 percent higher at Rs 9,752 crore.
- Ebitda seen 8.5 percent higher at Rs 2,191 crore.
- Margin seen at 22.5 percent versus 21.9 percent.
- Net profit seen 17 percent at Rs 1,788 crore.
Adani Gas Surges After Inking Pact With Total Holdings
Shares of Adani Gas Ltd. rose as much as 18.42 percent to Rs 163, clocking its steepest intraday gain since Nov. 22, 2018.
The gas distributor said today French energy company Total SA will buy a 37.4 percent stake in it. Total will buy up to 25.2 percent in Adani Gas from public shareholders at Rs 149.63 per share, valuing the stake at Rs 41.47 billion ($584.80 million), Adani said in an exchange filing on Monday.
The Adani Gas stock has advanced as much as 82 percent in the last year.
Bank of Baroda Slumps On Plans To Merge Asset Management Unit With BNP Paribas
Shares of Bank of Baroda fell as much as 3.96 percent, the most since Oct. 10, to Rs 87.25 apiece.
Bank of Baroda Baroda Asset Management and BNP Paribas Asset Management have agreed to merge their businesses to leverage each other’s strengths to offer products for retail and institutional investors, the newswire PTI reported.
The merger, however, is subject to regulatory and other legal approvals. Assets under management for Baroda AMC and BNP Paribas AMC for FY19 were Rs 11,319.7 crore and Rs 10,072.6 crore, respectively.
The bank’s stock trades at 15 times its 12-month forward earnings, according to Bloomberg data.
IRCTC’s Trading Debut Is India’s Best In Two Years
Shares of Indian Railway Catering and Tourism Corporation Ltd. more than doubled on their first day of trade, the best debut for a local company in two years, following a strong demand for its offering.
The stock listed at Rs 644 apiece—a premium of 101 percent over its issue price of Rs 320 a share—on the BSE Ltd.Thereafter, the scrip rose 6.3 percent to Rs 684.5 as of 10:10 a.m.
IRCTC’s offer is also the biggest and most successful among the four railway companies that have gone public.
Read more about the stock debut here.
JSW Steel Rises As ED Attaches BPSL’s Assets In Fraud Case
Shares of JSW Steel Ltd. rose as much as 2.95 percent, extending its gains for the fourth straight day, to Rs 223.65.
The rise came two days after the Enforcement Directorate attached assets worth Rs 4,025 crore of Bhushan Power and Steel Ltd. in an alleged bank loan fraud—which JSW Steel said yesterday, was a “vindication” of its stand.
India’s second-largest steelmaker by capacity has offered to acquire BPSL, but sought immunity from litigation related to alleged frauds at the bankrupt company. National Company Law Appellate Tribunal will hear JSW Steel’s plea today.
Shares of JSW Steel declined as much as 41 percent in the past year.
Reliance Capital Slides To Record Low
Shares of Reliance Capital Ltd. slumped as much as 5.71 percent to Rs 16.50 apiece, its lowest since listing.
Reliance Capital said its existing management at Reliance Securities has agreed to buy out the broking and distribution business from Reliance Capital, subject to regulatory approvals.
Reliance Securities, a wholly-owned subsidiary of Reliance Capital, said it hasn’t received any borrowing in last 18 months. The current management team would arrange the funding from a few private equity players, The Economic Times reported Monday.
The Reliance Capital stock has slumped 94 percent in the past year.
Torrent Pharma Rises After One-Day Blip
Shares of Torrent Pharmaceuticals Ltd. rose as much as 2.9 percent, the most since Oct. 9, to Rs 1,692 apiece. The stock has risen three times in last four sessions.
Torrent Pharma Inc, the U.S.-based subsidiary of Torrent Pharmaceuticals Ltd., is recalling 73,896 bottles of hypertension treatment tablets from the U.S. and Puerto Rico on account of deviations from current good manufacturing norms, according to the Enforcement Report of the U.S. Food and Drug Administration.
The stock has advanced 6.5 percent in the past year.