Stocks Radar: Apollo Hospitals, Adani Green, Ashok Leyland, IndusInd Bank

Indian equity benchmarks opened lower on Thursday after closing mixed last day.

The S&P BSE Sensex and the NSE Nifty 50 Index gained about 0.2 percent to 39,206 and 11,715.20, respectively, as of 10 a.m.

Though the market breadth was tilted in favour of sellers, seven of the 11 sector gauges advanced. That’s led by the Nifty Realty Index’s 0.58 percent gain. On the other hand, the Nifty Media Index was the top loser, down 0.87 percent.

Here Are The Stocks Moving The Markets This Morning

Apollo Hospitals Rebounds After HDFC Deal

Shares of the Chennai-based hospital chain snapped their five-day decline and rose as much as 4 percent to Rs 1,404.20 apiece.

Apollo Hospitals will sell its entire 10 percent stake in Apollo Munich Health Insurance Company to HDFC Ltd. for Rs 300 crore. After the deal, Apollo Munich will be merged with HDFC ERGO General Insurance. The proposed acquisition is expected to be complete within four months and the merger in nine months.

The hospital chain’s stock traded 49 times its estimated earnings per share for the coming year, according to Bloomberg data. Meanwhile, HDFC’s shares rose about 1.2 percent to Rs 2,200 apiece.

Adani Green Energy Gains After Winning 600-MW Project

Shares of the Gautam Adani-led flagship company halted their four-day losing streak and rose 5.7 percent to Rs 42 apiece.

Adani Green won bids for setting up a 600 megawatt wind-solar hybrid power project by Solar Energy Corporation of India, according to its filing on the bourses. The power purchase agreement tariff is fixed at Rs 2.69/kWh for 25 years. The project is expected to be commissioned by March 2021, it said.

The stock’s trading volume is more than four times its 20-day average for this time of the day, Bloomberg data showed.

Ashok Leyland At Four-Month Low

Shares of the commercial vehicle maker fell to their lowest in four months at Rs 80.40 apiece.

This comes after the company said its plant at Pantnagar will remain closed from June 24 to June 29 to align with the production and sales requirements.

The stock’s trading at 22 percent below the Bloomberg consensus target price.

IndusInd Bank Falls After Record Date Announced For Merger

Shares of the private bank declined for the second straight session. The scrip fell as much as 1.5 percent to Rs 1,360 apiece.

IndusInd Bank and Bharat Financial board fixed July 4 as the record date for determining the shareholders of BFIL who shall be entitled to receive shares of the bank, the bank said in an exchange filing. The boards have also decided to announce their consolidated first quarter earnings on July 12.

The stock has tumbled 31 percent in the past 12 months compared with a 9.7 percent gain in the Sensex during the period, according to Bloomberg data. Shares of Bharat Financial Inclusion also fell as much as 1.6 percent to Rs 851.75.

Tech Stocks Fall On Report Of U.S. Mulling Work Visa Caps

Stocks of technology companies declined, led by Wipro Ltd.—the worst performer on the Nifty Index.

That comes as the U.S. informed India about its plans to cap H-1B work visa for nations which force foreign companies to store data locally, Reuters reported citing people it didn’t name.

Here’s how the IT companies fared in Thursday’s session:

• Wipro fell as much as 4 percent, the most in more than four months, to Rs 282 apiece.
• Tata Consultancy Services, India’s largest software services exporter, fell 2.1 percent to Rs 2,212 apiece.
• Infosys’ stock declined nearly 2.2 percent to Rs 736 a share.