Stocks Radar: Asian Paints, HCL Technologies, Voltas
Indian equity benchmarks swung between gains and losses ahead of the derivative expiry for the month of September. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 36,556.95 and 11,048.85 as of 10:10 a.m.
The market breadth was slightly tilted in favour of sellers. Six of the 11 sectoral gauges declined, led by a 1.62 percent fall in the Nifty Realty Index. On the flipside, the Nifty IT Index was the top gainer, falling by 3.6 percent.
Here Are The Stocks Moving The Market This Morning
HCL Technologies Gains After Signing New Contract
The IT service provider’s shares rose a percent to Rs 1,101.45 per share.
HCL Technologies signed a five year infrastructure deal with diversified mining business Anglo American, according to an exchange filing. The IT major will provide software Infrastructure services, desk support and end-user services.
The stock returned 23.2 percent so far this year compared to a 8.4 percent advance in the S&P BSE Sensex Index.
TD Power Swings After Buyback Approval
Shares of the power equipment maker erased early gains to fall as much as 2.6 percent to Rs 137.25 apiece.
The company’s board approved a buyback of 11.7 lakh shares representing 3.53 percent of the equity capital for Rs 30 crore, according to its notification to the bourses. The buyback price is set at Rs 256 per share.
The stock’s trading volume stood at 46.5 times the 20-day average for this time of the day.
5Paisa Capital Surges After Overseas Holding Limit Raised
Shares of the online-trading services provider rose as much as 6.1 percent to Rs 260 per share.
The company raised the Foreign Portfolio Investors ownership limit and Non-Resident Indians holding limit by 100 percent and 24 percent, respectively, it said in a notification to the exchanges.
The stock declined 32.5 percent so far this year compared with 8.4 percent advance in the S&P BSE Sensex Index.
Voltas Slumps After Import Duty Hike Affects Expansion Plans
Shares of the Tata-group company fell 6.7 percent, the most in nearly two years, to Rs 533 per share.
Government hiked import duty on washing machines, air-conditioners and air compressors. The company, planning to import its entire range of refrigerators to launch its Beko brand till its plant starts in mid 2019, will be the worst hit from this move, said Motilal Oswal in a research report.
The stock was trading 13 percent below the Bloomberg consesnus one-year target price,
Asian Paints Rises After Stock Upgrade
Shares of the paintmaker rose as much as 2.5 percent to Rs 1,314 apiece.
Brokerage firm Goldman Sachs upgraded the stock recommendation to ‘Buy’ from ‘Nuetral’ ans also raised price target to Rs 1,550 from Rs 1,407, implying a potential upside of 21 percent from the last regular trade. Government home building initiatives have started to bear fruits for the company, it said in the research report.
The stock traded at 63.8 times trailing its 12-month earnings per share and 52 times its estimates for the coming year.