Stocks Radar: Axis Bank, Future Lifestyle, Wipro, Yes Bank
Here are the stocks moving the market this morning.
Indian equity benchmarks extended gains for the fourth straight trading session, and now look set to achieve their longest winning streak in over two months.
The S&P BSE Sensex index rose as much as 0.4 percent to 33,938.55, while the NSE Nifty 50 Index rose as much as 0.4 percent to 10,423.45.
The market breadth was tilted in favour of buyers. Nine out of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index's 1.7 percent gain. On the flipside, Nifty PSU Bank index was the top sectoral loser, but losses were limited to 0.12 percent.
Here Are The Stocks Moving The Market This Morning
Axis Bank: Best Performer On Sensex, Nifty
Shares of the private lender rose as much as 2.3 percent to Rs 531. The bank said the board has accepted a request from CEO Shikha Sharma to shorten her reappointment period till the end of December 2018.
In July 2017, well ahead of the end of her current term, the board had reappointed Sharma for three years starting June 1, 2018.
The stock was the best performer on both Sensex and Nifty. The stock trades at 15.7 times estimated forward earnings per share, compared to 14 times for two-year historical average, according to Bloomberg data.
Yes Bank: Gains On Fund Raising Plans
Shares of the Mumbai-based private sector lender extended gains for the fourth trading session and rose as much as 1.4 percent to Rs 320.70.
The bank said that its board would meet on April 26 to discuss fund raising plans via share sale, according to its stock exchange notification. Additionally, it will discuss re-appointing Rana Kapoor as managing director and CEO of the bank for a period of three years.
The stock has gained 1.1 percent so far this year and is only 1 percent higher than its price 12 months back.
Wipro: Worst Performer On Nifty
Shares of the Azim Premji-led company fell as much as 2.6 percent, the most in over two weeks, to Rs 277.75.
The IT firm said that its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings.
The stock was the worst performer on Nifty. It has declined nearly 11 percent so far this year, compared to 7.5 percent gain in NSE Nifty IT Index.
Future Lifestyle: Gains On New 'Buy' Rating
Shares of the Brand Factory store operator snapped a two-day decline and rose as much as Rs 436.
International brokerage and research firm CLSA initiated coverage on the stock with a 'Buy' rating and a price target of Rs 535, implying a potential upside of 26.5 percent from the last regular trade.
Future Lifestyle trades at 178.8 times trailing 12-month earnings per share and 61 times its estimates for the coming year, according to Bloomberg data. The stock is 11 percent below the Bloomberg consensus one-year target price.
Neuland Labs: Gains After Fund Raising Plans
Shares of the drug maker rose as much as 1.4 percent to Rs 772.80.
The pharmaceutical company plans raise funds by issuing 16.75 lakh equity shares by way of a qualified institutional placement. Proceeds will be used for debt repayment and business growth, according to a notification to the stock exchanges.
Neuland Lab trades at nearly 21 times the trailing 12-month earnings per share and 48 times its estimates for the coming year, Bloomberg data showed. Its Bloomberg peers are priced at an average of 49.4 times trailing per-share earnings.
Future Supply Chain: RBI To Increase FPI Limit
Shares of the Future Group's unit arm rose as much as 3.8 percent to Rs 692.10. The Reserve Bank of India allowed raising FPI limit on the logistics company to 49 percent from 24 percent.
Trading volume was 13.3 times its 20-day average. The stock has gained 4.7 percent since its listing in December 2017.