Stocks Radar: BHEL, Mahindra & Mahindra, NDTV, Shriram Transport
Here are the stocks moving the market in today’s trade.
Indian equity benchmarks opened lower, led by losses in Reliance Industries and metal stocks.
The Sensex fell 0.52 percent to 39,244.75 and the Nifty traded at 11,755.25, 0.58 percent lower, as of 9:55 am. Market breadth was tilted in favour of sellers.
All sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.46 percent decline in the NSE Nifty Metal Index.
M&M Swings After Buying Stake In Swiss Firm
Shares of the tractor maker fluctuates between gains and losses to trade at Rs 633 apiece as of 9:50 am.
Mahindra and Mahindra Ltd. signed a share agreement to acquire 11.25 percent in Switzerland-based Gamaya SA for Rs 30 crore, according to its notification to the bourses. The company said the acquisition would support its business by developing technology solutions for its farm division.
The stock traded 26 percent below the Bloomberg consensus one-year target price.
NDTV Slumps After SEBI Bans Promoters
Shares of the media company declined as much as 4.5 percent to Rs 33.25 each.
Securities and Exchange Board of India barred its three key promoters Prannoy Roy, Radhika Roy and their holding firm from the capital markets for two years and also restrained the two individuals from holding any board or top management role at the company in this period, as per an exchange filing. This was done by the regulator as violations were seen regarding interests of minority shareholders.
The trading volume was almost five times the 20-day average for this time of the day, according to Bloomberg data.
S Chand At Lifetime Low
Shares of the book publishing company fell nearly 3.1 percent to a record low of Rs 84.25 apiece.
The market regulator fined the company’s Chief Financial Officer Saurabh Mittal Rs 1.29 lakh for violation of insider trading norms, according to its exchange notification.
The relative strength index on the stock was below 30, indicating that it may be oversold.
BHEL Rises After Winning Rs 800-Crore Orders
Shares of the state-run equipment maker nearly 1.8 percent to Rs 70 per share.
Bharat Heavy Electricals Ltd. won a Rs 800 crore engineering, procurement and construction order for 200 MW solar power plants from NTPC Ltd. and Gujarat State Electricity Corporation Ltd., according to its exchange filing.
The stock fell 7.5 percent in the past 12 months compared with a 10 percent gain in the Sensex.
Shriram Transport Slumps After Piramal Group Exits
Shares of the consumer finance company fell 7.8 percent intraday to a one-month low of Rs 1,000 apiece.
Around 10 percent equity, or over 2.26 crore shares, changed hands in two block deals, according to Bloomberg. Piramal Enterprises said it sold its entire direct investment of 9.96 percent in the fully paid-up share capital of Shriram Transport Finance Company Ltd. to third party investors, according to its exchange filing.
The stock traded 8.5 times its estimated earnings per share for the coming year, according to Bloomberg data.
Laurus Labs Gains After Regulatory Inspection
Shares of the drugmaker gained for the second straight session after it rose as much as 3.6 percent to Rs 350.80.
The pharmaceutical company received two observations following the U.S. Food and Drug Administration’s inspection of its active pharmaceutical ingredients facilities in Andhra Pradesh, as per its exchange filing. The company said the observations are procedural in nature and are part of a regular surveillance audit.
Trading volume was more than seven times its 20-day average, Bloomberg data showed. The stock declined 9.6 percent so far this year and eroded 31 percent in the past 12 months.
