Stocks Radar: Bharat Dynamics, Jet Airways, Tata Metaliks, Wipro
Indian equity benchmarks opened higher in today’s trade after falling for two consecutive trading sessions.
The S&P BSE Sensex rose as much as 0.49 percent to 36,082 and the NSE Nifty 50 rose as much as 0.55 percent to 10,865.
The market breadth was tilted in favour of buyers. About 890 stocks advanced and 435 shares declined on National Stock Exchange. All the sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 0.54 percent gain.
Here Are The Stocks Moving The Market This Morning
Wipro Falls On Unit Sale Plans
Shares of Wipro Ltd. fell for the second consecutive trading session, declining by as much as 1.3 percent to Rs 369.55.
The Bengaluru-headquartered software developer plans to sell Workday and Cornerstone—which offer solutions for HR services—to Alight Solutions LLC for up to $110 million, according to its stock exchange filing.
Trading volume was four times its 20-day average, Bloomberg data showed. The stock traded at 19 times its estimated earnings per share for the coming year.
Tata Metaliks Gains On Capacity Expansion Plans
Shares of Tata Metaliks Ltd. rose as much as 3.8 percent to Rs 614.
The company to increase DI pipe capacity by 2 LTPA (lakh tonne per annum) and hot metal capacity by 0.7 LTPA, according to its exchange filing. The capacity will be expanded by March 2022 with an investment of Rs 555 crore, the filing said.
The board also approved issuance of 29 lakh equity shares and 36 lakh convertible warrants to promoter Tata Steel on preferential basis.
If shares and warrants were issued at yesterday’s closing price, then the company would raise close to Rs 380 crore, according to BloombergQuint’s calculation. Upon conversion of warrants, promoter holding in the company would increase to 60.3 percent from the current 50.1 percent.
Jet Airways Falls After Grounding Seven Planes
Shares of the Naresh Goyal-led carrier fell as much as 6.3 percent, its second-worst performance this month, to Rs 210.
The company said that seven more aircraft had been grounded due to non-payment of dues to lessors, adding that it was making all efforts to minimise disruption to its network.
Trading volume was more than double its 20-day average, according to Bloomberg data. The stock had declined 70 percent in the past 12 months compared with a 4.5 percent gain in the Sensex.
Punjab National Bank Gains After Reducing MCLR
Shares of the state-run lender rose as much as 0.7 percent to Rs 72.
The bank reduced its MCLR by ten basis points across various tenors with effect from March 1. The one-month MCLR stands at 8.1 percent and one-year MCLR at 8.45 percent. The lender stated that base rate remains unchanged at 9.25 percent.
The stock had declined 1.8 percent in the past five days and fell 7.3 percent in the past 30 days.
Bharat Dynamics Extends Gain
Shares of Bharat Dynamics extended gains for the second day and rose as much as 8.9 percent to Rs 316.70. The stock closed over 15 percent higher in yesterday’s trade.
Trading volume was 105.4 times its 30-day average, Bloomberg data showed. The relative strength Index was at 74, indicating that the stock may be overbought.