Stocks Radar: Asian Paints, Delta Corp, Infosys, Sun Pharma
Here are the stocks moving the markets in today’s trade.
Indian equity benchmarks traded mixed in the opening hour, mirroring their Asia peers.
The S&P BSE Sensex rose as much as 0.35 percent to 38,835 and the NSE Nifty 50 rose nearly 0.22 percent to 11,629.40 as of 9:55 am.
The market breadth was tilted in favour of sellers. Yet, eight of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 0.80 percent in gain in the NSE IT Index. The NSE Nifty PSU Bank Index was the top sectoral loser, down 0.35 percent.
Here Are The Stocks Moving The Market This Morning:
Sun Pharma Falls After Announcing Arm To Distribute Products
Shares of India’s largest drugmaker fell for the third day in a row after it declined as much as 1.7 percent to Rs 454.80 apiece.
Sun Pharmaceutical Industries Ltd., in an exchange filing, said its subsidiary Sun Pharma Distributors Ltd. will commence distributing its formulation products in India from this month in a phased manner on the same terms as was with Aditya Medisales Ltd. This phased transition is expected to be completed by the first quarter of 2019-20, according to the filing.
The stock declined 10 percent in the last 12 months compared with 14 percent advance in the Sensex.
Coffee Day Gains After Japanese Firm Picks Up Stake
Shares of the café-chain operator rose 1.4 percent intraday to Rs 280.10 per share.
The Japanese company Impact HD will invest up to $15 million for 49 percent stake in the company’s arm Coffee Day Consultancy Services Ltd., according to an exchange notification.
The stock traded 54 times its estimated earnings per share for the coming year, Bloomberg data showed.
Asian Paints Declines After Reporting Fire At Plant, Downgrade
Shares of the paint manufacturer declined for the third straight session after it fell nearly 3 percent to Rs 1,452.25 apiece.
The company said in an exchange filing a fire broke out in its Visakhapatnam facility in Andhra Pradesh. The company said it was in the process of assessing the extent of damage and manufacturing operations of the plant were affected.
CLSA downgraded to the stock rating to ‘Sell’ from ‘Outperform’ and cut its price target to Rs 1,400 from Rs 1,565, implying a downside of 4.3 percent from the current market price.
Here’s what CLSA had to say:
- Rising concerns on macro and weak consumer sentiment.
- Crude oil prices have risen sharply increasing concerns on margin.
- Stock trading at significant premium to its history.
The trading volume was more than four times its 20-day average for this time of the day, according to Bloomberg data.
Delta Corp Swings After Q4 Earnings
Shares of the casino-chain operator fluctuated between gains and losses to trade at Rs 262.70 apiece as of 9:40 am after its fourth quarter results were announced on Monday.
Key Highlights: (YoY)
- Net profit up 25.2 percent to Rs 56.7 crore.
- Ebitda rose 30.6 percent to Rs 88 crore.
- Ebitda margin at 43.1 percent versus 39.3 percent.
- Gaming operations revenue up 21 percent to Rs 198 crore.
- Licensing fees up 2.5 times to Rs 24.2 crore.
- Exceptional gain of Rs 4.3 crore.
All the six analysts tracked by Bloomberg had a ‘Buy’ recommendation on the stock.
Infosys Hits An All-Time High
Shares of the IT services provider extended gains for the second consecutive trading session and rose as much as 0.75 percent to hit an all-time high at Rs 773.
The stock advanced 36 percent in the past 12 months compared with a 15 percent gain in the Sensex. Infosys traded at 21 times its estimated earnings per share for the coming year, Bloomberg data showed.
