Exchange staff talk whilst examining financial data on computer screens on the trading floor. (Photographer: Jason Alden/Bloomberg)

Stocks Radar: Ashok Leyland, Just Dial, Prabhat Dairy, Sun Pharma

Indian equity benchmarks opened lower on Tuesday, tracking the Asian peers over global growth and trade concerns. The S&P BSE Sensex and the NSE Nifty 50 Index fell as much as 0.5 percent to 36,385.04 and 10,902.40, respectively, as of 10:20 a.m.

The market breadth was tilted in favour of sellers. About 1,099 stocks declined and 493 shares advanced on the National Stock Exchange. Ten out of the 11 sectoral gauges fell, led by a 1.39 percent decline in the NSE Nifty Metal Index. The NSE Nifty Pharma Index was the only gainer, up 1.17 percent.

Here Are The Stocks Moving The Market This Morning

Prabhat Dairy Jumps On Plans To Sell 98% Business To French Firm

Shares of Prabhat Dairy rose as much as 20.4 percent, the most since August 2016, to Rs 111.65 apiece.

The company entered into an definitive agreement with French dairy multinational Groupe Lactalis to sell its milk-processing business for about Rs 1,700 crore through a slump sale. (more details here)

The trading volume was almost 140 times its 20-day average, Bloomberg data showed. The Relative Strength Index was at 76, indicating that the stock may be ‘Overbought’.

Stocks Radar: Ashok Leyland, Just Dial, Prabhat Dairy, Sun Pharma

Sun Pharma Gains After It Clarifies On Corporate Governance Issues

Shares of India’s largest drugmaker rose as much as 4.8 percent to Rs 417.50 apiece.

The drugmaker issued clarifications over alleged corporate governance lapses against the company that led to a selloff in its shares.

The stock, the best performer on the Sensex and Nifty, traded at 19.2 times estimated forward earnings per share compared to 25.1 times for two-year historical average, Bloomberg data showed.

Stocks Radar: Ashok Leyland, Just Dial, Prabhat Dairy, Sun Pharma

Page Industries Drops After A Block Deal

Shares of Page Industries fell as much as 3.9 percent to Rs 22,055 apiece.

About 1.7 lakh shares, or 1.5 percent equity, of the company changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

The trading volume was almost seven times its 20-day average, according to Bloomberg data. The stock advanced 4.1 percent in the past 12 months compared to a 3 percent advance in the Sensex.

Just Dial Gains After Q3 Profit Jumps

Shares of Just Dial gained for the second straight session. The stock rose as much as 3.4 percent to Rs 490.45 apiece.

The company’s profit jumped 100.3 percent on a yearly basis to Rs 57.3 crore during October-December period, according to its stock exchange filing.

Key earnings highlights (Q3, YoY)

  • Revenue up 15.2 percent at Rs 226.8 crore.
  • Net profit jumped twofold at Rs 57.3 crore.
  • Ebitda up 18.7 percent at Rs 55.2 crore.
  • Margin at 24.3 percent versus 23.6 percent.
  • Other income at Rs 34.1 crore.

Here’s what Macquarie had to say after the company announced its quarterly results:

  • Maintains ‘Neutral’ with a price target of Rs 500.
  • December quarter’s performance mixed with improved top line growth but lower-than-expected operating margin.
  • Huge jump in other income led to a twofold jump in net profit.
  • Paid campaigns see impressive traction; realisations were flat on a sequential basis.

Ashok Leyland Extends Decline To Trade Near 20-Month Low

Shares of Ashok Leyland fell as much as 3.6 percent to trade at their lowest levels since May 2017.

The Relative Strength Index was at 21, indicating that the stock may be ‘Oversold’, Bloomberg data showed. The stock declined 6.5 percent in the past five sessions and fell 17 percent in the past 30 days.

Stocks Radar: Ashok Leyland, Just Dial, Prabhat Dairy, Sun Pharma

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