Stocks Radar: Bharti Airtel, HDFC Life, IndiGo, Petronet LNG
Here are the stocks moving the market this morning.
India’s equity benchmarks opened higher on Wednesday, led by the gains in Infosys Ltd. and HDFC Bank Ltd.
The S&P BSE Sensex and the NSE Nifty 50 Index rose as much as 0.3 percent to 39,954 and 11,826, respectively, as of 10 a.m. The broader market represented by the NSE Nifty 500 Index, too, gained as much as 0.4 percent.
The market breadth was tilted in favour of buyers as 935 shares advanced and 409 declined on the National Stock Exchange.
Nine of the 11 sectoral gauges gained, led by a 0.49 percent rise in the NSE Nifty FMCG Index. The NSE Nifty Auto Index was the top loser, down 0.15 percent.
Here Are The Stocks Moving The Market This Morning
HDFC Life Rebounds After A Large Trade
Shares of HDFC Standard Life Insurance Company Ltd. recovered after falling as much as 4.9 percent.
About 10 crore shares of the company changed hands in a large trade, Bloomberg data showed. While buyers and sellers were not known immediately, Standard Life was looking to sell up to 7.58 crore shares, or 3.76 percent stake in HDFC Life.
- Standard Life looking to sell up to 7.58 crore shares or 3.76 percent stake in HDFC Life Insurance.
- Standard Life plans to raise about $600 million or Rs 4,260 crore from sale of HDFC Life Insurance.
- Offered HDFC Life Insurance shares at Rs 562-575 apiece.
- Price range represents a discount of 5.9-8 percent from the last close.
- There is an option to sell an additional $200 million of shares.
Bharti Airtel Gains On Q2 Business Update
Shares of the telecom operator rose as much as 2.5 percent to Rs 369 apiece.
The company’s revenue from the domestic mobile business rose 1.1 percent sequentially to Rs 10,981 crore in the quarter ended September. Analyst estimates compiled by BloombergQuint had pegged the figure at Rs 10,808 crore.
Its average revenue per user declined 0.8 percent to Rs 128, compared with the Rs 127 estimated. Customer base declined to 27.9 crore versus 28.1 crore, while 4G customer base increased to Rs 10.3 crore versus 9.5 crore.
Of the shares traded, 39 percent were at the ask price and 41 percent were at the bid, Bloomberg data showed.
IndiGo Gains After Ordering 300 Aircraft
Shares of InterGlobe Aviation Ltd. rose as much as 3.3 percent to Rs 1,456.35 a share.
The operator of India’s largest airline has placed an order for 300 A320 Neo aircraft from Airbus, worth more than $33 billion at sticker prices, Bloomberg reported. This takes the total order for A320 Neo aircraft by IndiGo to 730.
The stock’s trading volume was more than two times its 20-day average, according to Bloomberg data. The Relative Strength Index was below 30, indicating that the stock may be oversold.
Stocks Reacting To Results Announcement
Petronet LNG (Q2, QoQ)
- Stock rose as much as 6.7 percent to Rs 297.95.
- Revenue up 8.7 percent to Rs 9,361.2 crore.
- Net profit jumped twofold to Rs 1,103.1 crore.
- Ebitda up 13.3 percent to Rs 1,160.4 crore.
- Margin at 12.4 percent versus 11.9 percent.
SKF India (Q2, YoY)
- Stock fell as much as 3.5 percent to Rs 2,182.
- Revenue down 2.5 percent to Rs 747.2 crore.
- Net profit flat at Rs 84.6 crore.
- Ebitda down 22.6 percent to Rs 95 crore.
- Margins at 12.7 percent versus 16 percent.
Tata Metaliks (Q2, YoY)
- Stock fell as much as 4.2 percent to Rs 552.20.
- Revenue down 6.6 percent to Rs 511.4 crore.
- Net profit down 50.7 percent to Rs 23.4 crore.
- Ebitda down 52 percent to Rs 41.1 crore.
- Margins at 8 percent versus 15.7 percent.