Stocks Radar: Bank Of Maharashtra, Vedanta, Welspun Corp, Wipro
Indian equity benchmarks opened lower in opening trade, mirroring their Asian peers.
The Sensex rose 0.10 percent to 38,630.55 and the Nifty rose 0.15 percent to trade at 11,598.15, respectively, as of 9:45 am.
The market breadth was tilted in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 0.51 percent decline in the NSE Nifty Metal Index. The NSE Nifty FMCG Index was the top sectoral gainer, up 0.43 percent.
Here Are The Stocks Moving The Market This Morning:
Wipro Gains After Board To Consider Buyback
Shares of the information technology services provider rose for the fifth straight session after it gained 1.3 percent intraday to Rs 284.60 apiece. The stock has gained close to 8 percent in the past five sessions.
Wipro Ltd. will consider share buyback during its board meet scheduled on April 16, according to its exchange filing. This will be the third buyback proposal for the company in three years.
The trading volume was more than nine times the 20-day average for this time of the day, Bloomberg data showed.
Bank Of Maharashtra Swings After ESOP Gets Fully Subscribed
Shares of the state-owned lender oscillated between gains and losses to trade at Rs 14.30 per share as of 9:25 am.
Bank of Maharashtra’s employee share purchase scheme was fully subscribed, according to its notification to the bourses. The bank says that it had offered 10 crore equity shares to its employees under the said scheme.
The stock declined 2.7 percent in the past 12 months compared with a 14 percent gain in the Sensex.
Welspun Corp Surges After Winning New Orders
Shares of the pipemaker snapped its four-day blip and rose over 6 percent to Rs 146.35 apiece.
Welspun Corp Ltd. said, in an exchange filing, that it received additional pipe orders of 180 KMT on a global basis. The company’s order book stood at 1,661 KMT valued at Rs 14,100 crore.
The stock traded 22 times its estimated earnings per share for the coming year. according to Bloomberg data.
Wockhardt Gains On FDA Boost
Shares of the drugmaker rose as much as 3.5 percent to Rs 457.80, the highest in over two months.
The company received U.S. FDA approval for generic version of Dacogen, which is used to treat certain forms of cancer. The product will be manufactured in Hyderabad. The company said it will launch the product in U.S. soon.
Trading volume was 7.7 times its 30-day average, Bloomberg data showed. The stock declined 40 percent in the past 12 months compared to a 14 percent gain in the Sensex.
Vedanta Top Nifty Loser After An Unfavourable Court Ruling
Shares of the mining company fell as much as 2.3 percent to Rs 184.10 per share.
A U.K. Supreme Court ruling said that Vedanta Resources Plc may be liable for the environment protection claims from the Zambians, reported Bloomberg. The court ruling may open the door for foreign claims against British companies.
The stock traded 11 percent below the Bloomberg consensus one-year target price.