Stocks Radar: Bank Of Maharashtra, Vedanta, Bharti Airtel, DHFL
Indian equity benchmarks opened higher ahead of the interim finance budget scheduled to be presented by Finance Minister Piyush Goyal in the Parliament today. The S&P BSE Sensex Index rose as much as 0.35 percent to 36,396.30 and the NSE Nifty 50 Index was up 0.40 percent at 10,872.40 as of 9:50 a.m.
The market breadth was tilted in favour of buyers. Eight out of 11 sectoral gauges compiled by the National Stock Exchange were trading higher, led by the Nifty Auto Index's 0.95 percent gain. On the other hand, the Nifty Metal Index was the top loser, down 3.57 percent.
Here Are The Stocks Moving The Market This Morning:
BOI, BOM, Oriental Bank Gain After RBI Removes Lending Restrictions
Shares of Bank of India, Bank of Maharashtra and Oriental Bank of Commerce rose after Reserve Bank of India permitted them to exit the prompt corrective action framework.
- Bank of India rose 4 percent intraday to Rs 106.90 per share.
- Bank of Maharashtra gained 16.4 percent to to Rs 17 apiece.
- Oriental Bank of Commerce rose 4 percent to Rs 99.55 per share.
DHFL At Over Four-Year Low, Appointing Auditor To Probe Allegations
Shares of the housing finance company slumped 11.7 percent to Rs 119.95 apiece.
DHFL appointed an independent chartered accountant firm to verify the allegations made by media portal Cobrapost and submit a report in a time bound manner, according to its exchange filing.
The stock traded at six times its 20-day average for this time of the day, Bloomberg data showed.
Vedanta Slumps Most In Eight Years As Corporate Governance Issues Surface
Shares of Anil Agrawal-promoted mining conglomerate fell as much as 18 percent, the most in almost eight years, to Rs 161, also its lowest level in since September 2016 after corporate governance concerns surfaced at the company.
Vedanta Ltd. sparked corporate governance concerns after buying an interest in South African miner Anglo American Plc from the Indian group’s controlling shareholder and billionaire Anil Agarwal’s family trust.
Bharti Airtel Gains After Q3 Earnings
Shares of the telecom operator rose nearly 3.8 percent, the most in over a month, to Rs 318 per share after its third quarter results were reported on Thursday.
Key Highlights (Q3, QoQ)
- Revenue up 0.5 percent at Rs 20,519 crore.
- Ebitda down 0.4 percent at Rs 6,218 crore.
- Margin at 30.3 percent versus 30.6 percent.
- Net profit down 28 percent to Rs 86.2 crore.
- Average revenue per user up 4 percent at Rs 104.
- Exceptional gain of Rs 1, 414 crore and deferred tax asset of Rs 716 crore.
The stock declined 30 percent in the last 12 months compared with 0.8 percent gain in the BSE Sensex Index.
SBI Falls Ahead Of Q3 Results
Shares of the country’s largest bank erased early gains and fell nearly 0.3 percent to Rs 292.65 apiece at 9:35 a.m. The lender’s results for the December-ended quarter is scheduled to be announced today.
Preview (Q3, YoY)
- Net interest income expected to gain 18 percent to Rs 22,094 crore.
- Net profit seen at Rs 3,270 crore versus loss of Rs 2,416 crore.
The stock traded at 37 times the estimated earnings per share for the coming year, according to Bloomberg data.