Stocks Radar: Adani Power, Reliance, Spencer’s Retail, Sundaram Clayton
Sensex and Nifty rose over 900 points higher today after exit polls indicated the NDA getting another term.
Indian equity benchmarks—Sensex and Nifty—opened higher today, posting their best gains in 2019 as exit polls indicated the National Democratic Alliance getting another term.
The S&P BSE Sensex rose as much as 2.5 percent to 38,865.90 and the NSE Nifty 50 Index gained as much as 2.37 percent to 11,677.65, as of 10:45 am.
The market breadth was tilted in favour of the buyers. Ten of the 11 sector gauges compiled by the National Stock Exchange advanced, led by the Nifty PSU Bank Index’s 6.85 percent gain. The Nifty IT Index was the only sectoral loser, down 0.34 percent.
Stocks Moving The Market Today:
Spencer’s Retail Falls After Plans To Buy Nature Basket
Shares of the RP Sanjiv Goenka Group company declined 5.4 percent intraday to Rs 128.10 apiece. Spencer’s Retail Ltd. will acquire 100 percent stake in Godrej Industries Ltd.’s Nature’s Basket for Rs 300 crore. Shares of Godrej Industries gained 4.6 percent, the most in six months, to Rs 470.80.
The trading volume of Spencer’s Retail's shares were six times the 20-day average for this time of the day, according to Bloomberg data.
Sundaram Clayton Rises After Opening Its First Overseas Facility
Shares of the autoparts maker rose for the second-straight session on the NSE after it gained as much as 6.5 percent to Rs 2,648.55 apiece on Friday. Sundaram Clayton Ltd. inaugurated its first overseas facility in U.S. at a project cost of Rs 630 crore, according to an exchange filing. Operations will commence by September, the filing read.
The Sundaram stock has fallen 46 percent in the last one year compared to 3.85% gain in Nifty 500 over the same period.
Reliance Industries Gains The Most In Seven Months
Shares of the Mukesh Ambani-led conglomerate rose as much as 5.6 percent, the most since October 2018, to Rs 1,337.70 apiece. The Reliance Industries Ltd. stock traded at 16 times its estimated earnings per share for the coming year, Bloomberg data showed. Besides, the stock crosses its 50-day moving average of Rs 1,334.
Adani Group Stocks Rally; Adani Power Jumps 15%
Shares of Adani Group companies advanced between 7 percent and 15 percent in opening trade. Adani Power Ltd. was the top gainer among the stocks, up nearly 15 percent.
MT Educare Falls For The Sixth-Straight Day
Shares of the coaching services provider declined 7.2 percent to Rs 66.55 apiece in today’s trade so far. The stock has fallen nearly 26 percent in the past 12 months.
MT Educare Ltd.’s offer-for-sale of 7.7 percent, or 55.7 lakh shares, by founder Mahesh Shetty, at minimum price of Rs 76 apiece for non-retail investors has opened today. Retail investors can subscribe to the MT Educare OFS on May 21.
The stock is trading 14 times its estimated earnings per share for the coming year, according to Bloomberg data.
Graphite India Gains After Q4 Results; Shares Gain The Most In 20 Months
Shares of the graphite electrode maker rose as much as 15.9 percent to Rs 374.90 apiece on the BSE. The company reported its fourth quarter on Saturday,
Key Highlights:
- Revenue up 28 percent to Rs 1,693 crore.
- Ebitda up 20 percent to Rs 864 crore.
- Margin at 51 percent versus 54 percent.
- Net profit up 4 percent to Rs 562 crore.
- Exceptional loss of Rs 55 crore related to compensation payable to employees at Bangalore unit due to closure.
- Recommended dividend of Rs 35 per share.
Six of the 7 analysts tracked by Bloomberg had a ‘Buy’ recommendation on the Graphite India stock while one analyst had a ‘Sell’ rating.