A financial trader speaks on a fixed line telephone inside the Amsterdam Stock Exchange, Netherlands (Photographer: Jasper Juinen/Bloomberg)  

Stocks Radar: Bharti Airtel, Dr. Reddy’s, IDBI Bank, Jubilant FoodWorks

Indian equity benchmarks fluctuated between gains and losses in the opening trade after rallying in the last three trading sessions.

The S&P BSE Sensex and NSE Nifty 50 Index traded flat at 36,538.20 and 10,898.35 respectively, as of 9:55 a.m.

The market breadth was tilted in favour of sellers. However, six of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.29 percent gain in the Nifty Media Index. The Nifty IT Index was the top sectoral loser, down 0.65 percent.

Here Are The Stocks Moving The Market

Dr. Reddy’s Surges After Rival Loses Patent For Rehearing

Shares of the drugmaker snapped its three-day blip and rose as much as 4.6 percent to Rs 2,859.85 per share.

U.K.-based Indivior lost bid for rehearing in Suboxone patent case against
Dr. Reddy’s Laboratories in a U.S. appeals court. Suboxone is a generic drug used in the treatment of opioid addiction.

Bharti Airtel Worst Nifty Performer After Moody’s Downgrade

Shares of the telecom operator fell nearly 4.5 percent to Rs 292.85 apiece.

Moody’s Investor Service lowered Bharti Airtel’s long-term rating to Ba1 from Baa3. The rating is a non-investment grade rating or junk rating. The downgrade reflects uncertainty to as to whether or not the company’s profitability, cash-flow situation and debt levels improve sustainably and materially, the firm said in a statement.

The trading volume was more than five times the 20-day average for this time of the day, according to data compiled by Bloomberg.

Stocks Radar: Bharti Airtel, Dr. Reddy’s, IDBI Bank,  Jubilant FoodWorks

Jubilant FoodWorks Falls On GST Overhang

Shares of the operator of Domino’s Pizza chain in India fell nearly 5.1 percent to Rs 1,326 per share.

The company has been accused of not passing on the goods and services tax cut benefit of Rs 41.42 crore on sale of some products and has been directed to deposit the illegal gains with the government, according to a PTI report.

The stock gained 35 percent in the last 12 months compared to 4.3 percent gain in the S&P BSE Sensex Index.

IDBI Slumps After Q3 Earnings; Name Change Proposal

Shares of the lender declined 4.4 percent intraday to Rs 48.30 per share, its lowest since September 2018, after it reported its results for the December-ended quarter on Monday.

Key Highlights: (YoY)

  • Net interest income down 18.5 percent at Rs 1,356.8 crore.
  • Net loss at Rs 4185 crore against loss of Rs 1524.3 crore in same period last year.
  • Provisions at Rs 5,074.8 crore versus Rs 3,637.9 crore in same period last year.
  • GNPA at 29.67 percent versus 31.78 percent (QoQ)
  • NNPA at 14.01 percent vs 17.3 percent (QoQ)

IDBI Bank applied for a name change post LIC’s acquisition of majority shareholding, according to its exchange notification. The bank sought approval for name change to LIC IDBI Bank (first preference) or LIC Bank (second preference).

Tech Mahindra Swings Ahead Of Q3 Results

Shares of the IT services provider pared opening gains and fell as much as 1.2 percent to Rs 740.20 per share ahead of its third quarter results today.

Q3 Preview (QoQ)

  • Revenue expected to rise 3.7 percent to Rs 8,630 crore.
  • EBIT seen up 4.9 percent to Rs 1,390 crore.
  • EBIT margin seen at 15.5 percent vs 15.4 percent.
  • Net profit is expected to rise 4 percent at Rs 1,098 crore.

The stock traded at 16 times its earnings per share for the coming year, according to Bloomberg data.

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