Stocks Radar: Bharti Airtel, DHFL, Great Eastern Shipping, Sun Pharma
Here are the stocks moving the market in today’s trade.
Indian equity benchmarks opened lower after gaining in the last three consecutive trading sessions.
The S&P BSE Sensex declined as much as 0.2 percent to 39,669.70 and the NSE Nifty 50 Index fell nearly 0.18 percent to 11,908, as of 9:45 am. The market breadth was tilted in favour of sellers.
Ten of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by the Nifty PSU Bank Index’s 1.83 percent fall. The Nifty IT Index was the only sectoral gainer, up 0.73 percent.
Great Eastern Shipping Gains After Board Plans Buyback
Shares of the cargo operator rose for the eighth straight day after it advanced as much as 4.4 percent to Rs 289.75 apiece. The stock has gained around 20 percent in the past eight sessions.
The Great Eastern Shipping Company Ltd.’s board will consider share buyback through the open market route on June 1, according to an exchange filing.
The trading volume was more than six times the 20-day average for this time of the day, Bloomberg data showed.
DHFL Gains After Clarifying On Lookout Notice News
Shares of the non-bank lender erased opening losses and rose 1.8 percent intraday to Rs 116.90 per share.
Dewan Housing Finance Corporation Ltd. clarified on the news of a look-out notice being issued against promoters stating that the promoters have not received any such communication.
The stock has declined 82 percent in the past 12 months compared with a 14 percent gain in the Sensex.
Bharti Airtel Declines After London Listing Announcement
Shares of Sunil Mittal-led telecom operator fell close to 2 percent to Rs 339 per share.
Bharti Airtel Ltd. is planning an initial public offer in London for its Africa unit, according to an exchange notification. The IPO by Airtel Africa Ltd. would seek a free float of at least 25 percent of the company, the notification said.
21 of the 28 analysts compiled by Bloomberg had a ‘Buy’ rating on the stock while four recommended ‘Hold’. Three analysts had a ‘Sell’ rating.
SpiceJet Falls The Most In A Month
Shares of the low-cost carrier slumped as much as 7.1 percent, the most since April 22, to Rs 138.30 after its quarterly profit missed estimates for the three months ended March.
Key Earnings Highlights (Q4, YoY)
- Net profit up 22 percent to Rs 56 crore.
- Revenue rose 25.3 percent to Rs 2,531 crore.
- Ebitdar up 39 percent to Rs 511 crore.
- Ebitdar margin at 20.19 percent versus 18.20 percent
The stock traded 37 times its estimated earnings per share for the coming year, according to Bloomberg data.
Sun Pharma Gains After Q4 Results
Shares of the country’s largest drugmaker snapped its two-day fall and rose 2 percent to Rs 420.95 apiece. The company reported its March quarter earnings on Tuesday.
Net profit fell 52.6 percent year-on-year to Rs 635.90 crore in the January-March period, India’s largest drugmaker said in an exchange filing. That compares with the Rs 976-crore consensus estimate of analysts tracked by Bloomberg. The company, in a press release, said the profit was not comparable year-on-year due to a one-time impact of distribution change for its domestic business.
Other Highlights: (YoY)
- Revenue up 2.7 percent to Rs 7,163.9 crore.
- Net profit down 52.6 percent to Rs 635.9 crore.
- Ebitda down 39.6 percent to Rs 1,016.8 crore.
- Margin at 14.2 percent versus 24.1 percent. Inventory gain of Rs 425.4 crore.
- Raw material as percent of sales at 29 percent versus 16 percent.
- Domestic sales down 44 percent to Rs 1,101 crore.
- Sudhir Valia steps down from post of whole-time director to non-executive with effect from May 29.
The stock has fallen 16 percent in the past 12 months compared with a 14 percent gain in the Sensex.