Stocks Radar: Bandhan Bank, Titan, ONGC, Shalimar Paints, Bharat Forge
Indian equity benchmarks gained for the second straight day, mirroring positive Asian cues after soothing Federal Reserve comments. The S&P BSE Sensex traded 0.92 percent higher at 36,022.90 and the NSE Nifty 50 Index traded at 10,818, up 0.84 percent, as of 10:04 a.m.
The market breadth was tilted in favour of buyers. Ten of the 11 sectoral gauges gained, led by a 1.65 percent rise in the NSE Nifty Realty Index. On the flipside, the NSE Pharma Index was the only loser, down 0.11 percent.
Here Are The Stocks Moving The Market This Morning
Titan Tops Nifty After Q3 Update
Shares of the country’s largest branded-jewellery maker snapped their two-day blip and rose as much as 3.8 percent to Rs 964 apiece.
Titan Company Ltd. said it sees good growth momentum across all its businesses in the seasonally strong third quarter, according to an exchange filing. The jewellery division, it said, continued to witness strong same stores growth, reflecting continuing market share gains. The watches segment, however, will have a subdued EBIT margin due to higher advertising spends, the company said.
The stock traded at 59 times its earnings per share for the coming year, Bloomberg data showed.
Shalimar Paints Falls After Board Approves Rights Issue
Shares of the paintmaker declined close to 2.2 percent to Rs 70.50 apiece.
The board of Shalimar Paints approved a rights issue with an allotment of 3.1 crore shares at Rs 64.5 apiece, aggregating to Rs 201 crore, according to its exchange filing.
The stock fell 64 percent in the past 12 months compared with a 4.5 percent gain in the S&P BSE Sensex.
ONGC Gains After Arm Discovers Oil
Shares of the state-run oil and gas explorer rose 1.6 percent intraday to Rs 148 apiece.
ONGC Videsh Ltd., the overseas arm of ONGC, reported a significant discovery of oil in its offshore block in Columbia, according to its notification to the bourses. OVL holds 70 percent stake in the block while its partner Petrodorado South America S.A. Sucursal, Colombia holds the rest.
The stock declined 27 percent in the past 12 months compared with a 4.5 percent gain in the BSE Sensex.
Bandhan Bank Falls After Report Of Merger With Gruh Finance
Shares of Kolkata-based private bank pared opening gains and fell 4.5 percent intraday, the most in over two months, to Rs 505.05 apiece.
Bandhan Bank and Gruh Finance, a housing-finance company controlled by HDFC Ltd., is said to merge through a share-swap deal worth $12 billion, according to a Times of India report.
The trading volume was four times the 30-day average for this time of the day, according to Bloomberg data.
Bharat Forge Near Two-Year Low After CLSA Downgrades To ‘Sell’
Shares of the auto components maker fell as much as 2.5 percent to Rs 470 apiece, its lowest level since February 2017.
Research firm CLSA downgraded its stock rating to to ‘Sell’ from ‘Outperform’ and cut its price target to Rs 420 from Rs 680, implying a potential downside of 10.6 percent from the current market price.
The trading volume was over six times its 20-day average, Bloomberg data showed. The Relative Strength Index was 29, indicating that the stock may be oversold.