Stocks Radar: Bajaj Auto, Cyient, Eicher Motors, Godrej Properties
Indian equity benchmarks extended gains for the fourth consecutive trading session.
The S&P BSE Sensex Index rose as much as 0.11 percent to 38,913.58 and the NSE Nifty 50 Index traded 0.1 percent higher at 11,678.95, as of 10:20 a.m.
The market breadth was tilted in favour of buyers. Six out of the 11 sectoral gauges compiled by the National Stock Exchange were trading lower led by the Nifty Pharma Index’s 0.38 percent gain. The Nifty Realty Index was the top sectoral gainer, up 1.82 percent.
Here Are The Stocks Moving The Market This Morning:
Eicher Motors Gains After Dasari Joins As CEO
Shares of the Royal-Enfield maker snapped its four-day blip and rose 5.7 percent intraday to Rs 21,191.05 per share.
Vinod Dasari joined the company as the chief executive officer of Royal Enfield, according to a company filing. Siddhartha Lal will continue to be the managing director of the company, the filing said. Dasari was earlier the chief executive officer and managing director of Ashok Leyland since 2011.
The stock traded at 24 times the 20-day average for this time of the day, according to Bloomberg data.
Endurance Technologies Gains After Macquarie Initiates Coverage
Shares of the Aurangabad-based auto parts manufacturer rose nearly 1.8 percent to Rs 1,171.55 apiece.
Brokerage firm Macquarie initiated coverage on the stock with an ‘Outperform’ recommendation and a price target of Rs 1,400, indicating a potential increase of 21.6 percent from previous close.
The stock declined 7.8 percent in the past 12 months compared with a 17 percent gain in the Sensex.
Godrej Properties Jumps After Selling Over 2,900 Homes In Q4
Shares of Godrej Properties extended gains for the second consecutive trading session and rose as much as 7.4 percent to Rs 875.
The real estate developer said in a release that it has achieved its highest ever bookings, after the company sold over 2,900 homes with a total area of 3.75 million square feet and booking value in excess of Rs 2,100 crore.
Trading volume was more than nine times its 20-day average, according to Bloomberg data.
Cyient Falls The Most In Over Two Months After Weak Forecast
Shares of the engineering services provider fell as much as 10.1 percent the most since Jan. 18, 2019, to Rs 584.
The company expects material decline in design-led manufacturing revenue, as a large order delivery of $5 million has been delayed due to delay in regulatory clearances at the customer end, according to its stock exchange filing. For services segment, deferment of orders by key customers and marginal growth of growth of 1 percent to 2 percent expected. Operating margin outlook for financial year 2019 remains the same, according to the statement.
However, 24 of the 27 analysts tracked by Bloomberg had a ‘Buy’ rating on the stock while three analysts recommended a ‘Hold’.
Bajaj Auto Swings After March Sales Numbers
Shares of the two-wheeler maker fluctuated between gains and losses to trade at Rs 2,869.55 as of 10:15 am.
The company sold 3.93 lakh units last month, a rise of 17.6 percent from same period last year, the Pune-based automaker said in an exchange filing.
Key Sales Highlights (YoY)
- Domestic motorcycle sales rose 39 percent to 2.20 lakh units.
- Motorcycle exports fell 7 percent to 1.03 lakh units.
- Total motorcycle sales rose 20 percent 3.24 lakh units.
- Domestic commercial vehicles sales declined 13 percent to 38,972 units.
- Commercial vehicles’ exports jumped 56 percent to 30,841 units.
- Total commercial vehicle sales rose 8 percent to 69,813 units.
- Total domestic sales rose 27 percent to 2.59 lakh units.
- Total exports rose 3 percent to 1.34 lakh units.
The stock traded at 19 times its estimated earnings per share for the coming year,according to Bloomberg data.