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Stocks Radar: Biocon, Dixon Technologies, GAIL, Manpasand Beverages

Here are the stocks moving the market in today’s trade.

Employee monitoring securities at the BSE. (Photographer: Dhiraj Sing/Bloomberg)
Employee monitoring securities at the BSE. (Photographer: Dhiraj Sing/Bloomberg)

Indian equity indices opened higher for the second straight day driven by gains in banking stocks.

The S&P BSE Sensex rose as much as 0.50 percent to 39,632.40 and the NSE Nifty 50 Index gained nearly 0.37 percent to 11,887.70, as of 9:50 am. The market breadth was tilted in favour of buyers.

Ten of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by the Nifty PSU Bank Index’s 1.48 percent advance. The Nifty Pharma Index was the sole sectoral loser, falling 1 percent.

Biocon Gains After Cancer Drug Receives Tentative Nod

Shares of the biotechnology company gained for the second straight day after it rose 1.7 percent to Rs 543.65 apiece.

Biocon Ltd.’s new drug application for pemetrexed disodium, a drug used in the treatment of lung cancer, received tentative approval from the U.S. Food and Drug Administration on May 23, according to an exchange filing.

The stock traded 23 percent below the Bloomberg consensus one-year target price.

Opinion
Biocon To Spin Off, List Biologics Unit In Future

Manpasand Beverages Locked in Lower Circuit

Shares of the beverage manufacturer was locked in the lower circuit after it fell 20 percent intraday to Rs 88 apiece.

The Central GST and Customs office arrested Managing Director Abhishek Singh, his brother Harshvardhan Singh and the company's Chief Financial Officer Paresh Thakkar after conducting an investigation, according the agency’s press release.

The Sip brand cooldrink maker’s shares declined 80 percent in the past 12 months compared with the Sensex’s 13 percent gain in the past 12 months.

Stocks Radar: Biocon, Dixon Technologies, GAIL, Manpasand Beverages
Opinion
Manpasand Beverages’ Top Officials Arrested For Rs 40 Crore Tax Fraud     

Dixon Technologies Gains After Q4 Results

Shares of the electronic parts maker rose 3.8 percent to a two-month high of Rs 2,519.65 apiece. The company’s March quarter results were announced on Friday.


Key Highlights (YoY)

  • Revenue up 43.8 percent at Rs 858.8 crore.
  • Net profit rose 17 percent to Rs 16.5 crore.
  • Ebitda increased 36.9 percent to Rs 37.5 crore.
  • Margin at 4.4 percent, versus 4.6 percent.
  • Inventory gain of Rs 26.7 crore in current quarter.
  • Washing machine segment revenue up 2 percent at Rs 92.9 crore.
  • Moulding segment revenue jumped 36 percent to Rs 40.1 crore.
  • Mobile segment revenue fell 13 percent to 67.1 crore.
  • Other electronics segment revenue up 59 percent at Rs 698.6 crore

The trading volume on the stock was more than 20-times its 20-day average, according to Bloomberg data.

NBFC Stocks Gain After RBI Releases Draft Proposal On Liquidity Framework

Shares of non-bank lenders gained after the Reserve Bank of India released a draft circular on liquidity risk management framework. The central bank sought comments from public on the proposed changes.

Reliance Home Finance and Indiabulls Housing Finance were among the top gainers in today’s trade.

Stocks Radar: Biocon, Dixon Technologies, GAIL, Manpasand Beverages

GAIL Gains Ahead Of Q4 Results

Shares of the state-run natural gas explorer rose for the third day in a row after it gained nearly 1.4 percent to Rs 346.60 apiece. The company is scheduled to announce its fourth quarter results today.

Preview: (QoQ)

  • Revenue seen down 5.8 percent at Rs 18,650 crore.
  • Net profit seen declining 14 percent to Rs 1,448 crore.
  • Ebitda seen down 12 percent at Rs 2,352 crore.
  • Ebitda margin at 12.6 percent versus 13.5 percent.

The stock trades at 11 times its estimated earnings per share for the coming year, according to Bloomberg data.