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Stocks Radar: Adani Ports, Music Broadcast, SpiceJet, Yes Bank

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

People look toward a screen and an electronic ticker board outside the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
People look toward a screen and an electronic ticker board outside the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Indian equity indices fluctuated in opening trade. The S&P BSE Sensex declined as much as 0.2 percent to 39,616.40 and the NSE Nifty 50 Index fell nearly 0.21 percent to 11,900, as of 10:15 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 the Nifty Financial Services Index’s 0.97 percent fall. The Nifty Metal Index was the top sectoral gainer, up 1.62 percent.

Here Are The Stocks Moving The Market Today:

Adani Ports & SEZ Gains After Dividend, Buyback Plans

Shares of the Gautam Adani-led group company gained for the fourth straight day after it rose as much as 3.5 percent to Rs 426.80 apiece.

The board of the company will consider a buyback and dividend on June 4, according to an exchange notification. The total payout amount is expected to exceed regular dividend payout. The company also reported its fourth-quarter earnings on Monday.

Net profit of the Adani Group’s flagship company rose 38.69 percent year-on-year to Rs 1,285 crore in the January-March period, the company said in an exchange filing. That compares with the Rs 1,297-crore consensus estimate of analysts tracked by Bloomberg.

  • Revenue down 3.2 percent to Rs 3,082 crore.
  • Net profit up 38.7 percent to Rs 1,285 crore.
  • Ebitda flat to Rs 1,932 crore versus Rs 1931 crore.
  • Margin at 62.7 percent versus 60.7 percent.
  • Exceptional loss of Rs 69 crore due to impairment charges.

The trading volume was six times the 20-day average for this time of the day, according to Bloomberg data.

Opinion
Q4 Results: Adani Ports’ Profit Meets Estimates

Music Broadcast Gains After ‘Big’ Buyout Plans

Shares of the Radio City FM broadcaster rose 6.2 percent intraday to over a two-month high of Rs 62.50 apiece.

Music Broadcast Ltd.’s board approved the acquisition of entire stake of Reliance Broadcast Network Ltd., the owner of Big FM, for Rs 1,050 crore, according to an exchange filing. Initially the company will acquire 24 percent stake in the target company via preferential allotment for Rs 202 crore. As per this transaction, Reliance Capital Ltd.’s debt will be reduced by Rs 1,200 crore, as per the company’s exchange filing.

The stock traded 26 percent below the Bloomberg one-year consensus target price.

Opinion
Anil Ambani in Talks to Sell Radio Unit for $173 Million

Yes Bank Gains After Report On Exiting AMC Business

Shares of the private lender rose nearly 4.1 percent to Rs 152.85 apiece.

Yes Bank Ltd. is likely to exit the asset management vertical as it believes that scaling up operations amid intensifying competition could be difficult, reported Economic Times citing unnamed sources, However, Yes Bank denied that it was considering an exit from the asset management business. “Yes Bank’s subsidiaries are core to extending the bank’s product offerings and reach,” the report said quoting a spokesperson.

The stock traded at 9 times its estimated earnings per share for the coming year, Bloomberg data showed.

Manpasand Beverages Locked In Lower Circuit For The Second Straight Day

Shares of Manpasand Beverages Ltd. hit lower circuit of 20 percent for the second consecutive trading session.

The company cancelled its board meeting scheduled on May 28, according to an exchange notification.

The relative strength index on the stock was below 30, indicating that the stock may be oversold, according to Bloomberg data.

Stocks Radar: Adani Ports, Music Broadcast, SpiceJet, Yes Bank
Opinion
Manpasand Beverages’ Top Officials Arrested For Rs 40 Crore Tax Fraud     

SpiceJet Hits 15-Month High Ahead Of Results

Shares of the low-cost carrier surged 5 percent to Rs 153 per share. The Ajay Singh-led airline is scheduled announce its March quarter results on Tuesday.

  • Revenue seen up 28 percent to Rs 2,601 crore.
  • Ebitdar seen up 51.6 percent to Rs 558 crore.
  • Ebitdar margin expected at 21.5 percent versus 18.1 percent.
  • Net profit seen to rise 150 percent to Rs 115 crore.
  • Yield expected to rise 8 percent to Rs 4/Km.

The relative strength index on the stock was over 70, indicating it may be overbought.