Stocks Radar: Birla Corp, Coal India, Dilip Buildcon, SBI, Tata Motors
Indian equity benchmarks opened higher after the election commission announced dates for the 2019 Lok Sabha polls.
The S&P BSE Sensex rose as much as 0.86 percent to 36,986.79 and the NSE Nifty 50 rose as much as 0.92 percent to 11,136.40.
The market breadth was tilted in favour of buyers. About 1,078 stocks advanced and 406 shares declined on the National Stock Exchange.
All the sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank’s 1.15 percent gain.
Here Are The Stocks Moving The Market This Morning
SBI Gains After Linking Interest On Savings Account Deposits To RBI Repo Rate
Shares of State Bank of India rose as much as 1.5 percent to Rs 285.50.
The country’s largest state-run bank linked interest on savings bank deposits above Rs 1 lakh to the Reserve Bank of India’s repo rate. The effective savings bank deposit rate for Rs 1 lakh and above stands at 3.5 percent.
Trading volume was more than four times its 20-day average, Bloomberg data showed. The stock traded at 51 times its estimated earnings per share for the coming year.
Dilip Buildcon Jumps On Being Lowest Bidder For Rs 480-Crore Project
Shares of Dilip Buildcon Ltd. halted a two-day decline and rose as much as 6.2 percent to Rs 593.45.
The construction company was declared the lowest for the engineering, procurement, and construction project in Maharashtra costing Rs 480 crore.
The Relative Strength Index was at 74, indicating that the stock may be overbought, according to Bloomberg data. The stock advanced 37 percent so far this year compared to a 2 percent advance in the Sensex.
Info Edge Gains After HSBC Boosts Price Target
Shares of Info Edge (India) Ltd. rose as much as 1.5 percent to Rs 1,808.75.
Brokerage and research firm HSBC hiked the company’s price target to more than double. Analysts expect its stock to reach Rs 1,978-levels in the next 12 months, implying a potential upside of 11 percent from the last regular trade.
Here’s what HSBC had to say about Info Edge:
- Upgraded to ‘Buy’ from ‘Reduce’.
- Recruitment is driving growth after a temporary slowdown.
- Value of property and food business continues to increase.
- Hike estimates given that all major segments have seen marked improvements.
Tata Motors Gains After Block Deal
Shares of the Jaguar Land Rover owner rose as much as 1.5 percent to Rs 184.
About 41.8 lakh shares of Tata Motors Ltd. changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
Besides, Tata Motors’ global wholesales, including JLR, stood at 1.1 lakh units last month, a fall of 9 percent from the year-ago period. Global wholesales for Jaguar Land Rover were 49,695 vehicles last month.
DHFL Falls After Brickwork Ratings Downgrades Various Debt Instruments
Shares of Dewan Housing Finance Corporation Ltd. fell as much as 4 percent to Rs 134.20.
Brickwork Ratings downgraded various debt instruments by one notch citing de-growth in business on account of inability to raise funds.
- Non-convertible debentures worth Rs 41,000 crore downgraded to BWR AA from BWR AA+
- Subordinated debt worth Rs 2,250 crore downgraded to BWR AA from BWR AA+
- Perpetual debt worth Rs 1,300 crore downgraded to BWR AA- from BWR AA
- Fixed deposits worth Rs 12,000 crore downgraded to BWR FAA from BWR FAA+
Birla Corp Falls The Most In Nearly Over Four Years
Shares of Birla Corporation Ltd. fell as much as 11.5 percent on the National Stock Exchange, the most since November 2014, to Rs 500.
“The National Green Tribunal on March 8 ordered the company to stop all mining activities which are being carried on within the municipal limits of Chittorgarh City and within 10 kilometres of Bassi Wildlife Sanctuary or within eco-sensitive zone of Bassi Wildlife Sanctuary, if finally notified,” the company said in its stock exchange filing.
Trading volume was almost 50 times its 20-day average, Bloomberg data showed. The stock traded at 21 times its estimated earnings per share for the coming year.
Coal India Gains After Block Deal
Shares of Coal India Ltd. rose as much as 2.9 percent to Rs 241.65, after declining for two-consecutive trading sessions.
About 20 lakh shares of the company changed hands in a single block, Bloomberg data showed. Buyers and sellers were not known immediately.
The stock had declined 21 percent in the past 12 months compared to a 11 percent jump in the Sensex.