Stocks Radar: Bharti Airtel, Motherson Sumi, Lakshmi Vilas Bank, Tata Motors
Here are the stocks moving the market this morning.
India’s equity benchmarks extended their Muhurat trading session gains as they opened higher on Tuesday.
The S&P BSE Sensex and the NSE Nifty 50 Index gained as much as 0.7 percent to 39,536 and 11,710, respectively, as of 10:20 a.m. The broader market represented by the NSE Nifty 500 Index, too, rose 0.65 percent.
The market breadth was tilted in favour of buyers as 791 stocks advanced and 731 declined on the National Stock Exchange.
Still, seven of the 11 sectoral gauges traded lower, led by the NSE Nifty Media Index’s 0.62 percent fall. The NSE Nifty Auto Index was the top gainer, up 1.8 percent.
Here Are The Stocks Moving The Market This Morning
Tata Motors Extends Muhurat Rally
Shares of owner of Jaguar Land Rover rose as much as 12 percent to Rs 165.55 apiece. The stock had gained 18 percent during the Muhurat trading session on Sunday.
Tata Motors’ board has approved Rs 10,000-crore fundraising through debt and equity. The company, according to its filings, would make a preferential issue of equity shares and warrants worth Rs 6,500 crore to holding company Tata Sons Ltd. The group’s voting rights in Tata Motors would increase to 45.71 percent after the exercise.
“The company will use the proceeds from the preferential issue to promoters to retire domestic debt,” Group Chief Financial Officer PB Balaji told BloombergQuint.
The automaker also announced its results for the quarter ended September on Friday.
Key Earnings highlights (Q2, YoY)
- Revenue down 9.1 percent to Rs 65,432 crore. (Estimate: Rs 64,150 crore)
- Net loss at Rs 216.5 crore versus net loss at Rs 1,049 crore. (Estimate: Net loss at Rs 1,635 crore)
- Ebitda up 15 percent to Rs 7,046 crore. (Estimate: Rs 5,015 crore)
- Margin at 10.8 percent versus 8.5 percent. (Estimate: 7.8 percent)
- JLR sales up 8 percent to £6.08 billion.
- JLR Ebitda margin at 13.8 percent and EBIT margin at 4.8 percent.
Bharti Airtel Falls After Delaying Q2 Results
Shares of Bharti Airtel Ltd. dropped as much as 4 percent to Rs 358.10 apiece after the telecom operator deferred the announcement of its second-quarter result until Nov. 14.
The company said it has sought more clarity on the recent Supreme Court ruling asking it to pay about Rs 22,000 crore in additional fees related to spectrum.
The stock’s trading volume was more than three times its 20-day average, according to Bloomberg data. Of the shares traded, 31 percent were at the ask price and 49 percent were at the bid.
GVK Power Hits Upper Circuit
Shares of GVK Power & Infrastructure Ltd. are set to post their longest winning streak in more than three months as they extended gains for the fifth straight trading session.
The stock hit the upper circuit of 5 percent at Rs 4.25 apiece.
The latest rally came as three global firms agreed to invest Rs 7,614 crore in the company’s airport business as it looks to pare debt. (Read the full story here)
Motherson Sumi Gains For Five Sessions In A Row
Shares of Motherson Sumi extended gains for the fifth consecutive trading session. The stock rose as much as 8.1 percent to Rs 121.80 apiece.
It has advanced 17.5 percent in the past five sessions. The trading volume was more than five times its 20-day average, Bloomberg data showed.
Of the shares traded, 50 percent were at the ask price and 39 percent were at the bid.
Lakshmi Vilas Bank Hits Lower Circuit
Shares of Lakshmi Vilas Bank hit their lower circuit of 5 percent at Rs 14.05 apiece.
About 15 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Of the shares traded, 66 percent were at the ask price and 19 percent were at the bid, according to Bloomberg data.