Stocks Radar: Coal India, Cochin Shipyard, HT Media, Tata Motors, Jet Airways
Indian equity benchmarks opened lower amid cross-border tensions with neighbour Pakistan. The S&P BSE Sensex traded nearly 0.1 percent lower at 36,016 and the NSE Nifty 50 at 10,847.25, down 0.15 percent, as of 9:50 a.m.
The market breadth was tilted in favour of buyers. Eight out of the 11 sectoral gauges gained, led by the NSE Nifty Metal Index’s 1.24 percent advance. The NSE Nifty IT Index was the biggest sectoral loser, down 0.82 percent.
Here Are The Stocks Moving The Market This Morning:
Coal India Gains After Monthly Production Rises
Shares of the world’s largest coal miner gained for the fifth consecutive day after it rose a percent intraday to Rs 234.90 apiece.
Coal India’s production rose 6.5 percent to 58.05 million tonnes in February compared with 54.48 million tonnes clocked in the year-ago period, according to its exchange filing. Offtake increased 3 percent to 51.45 million tonnes against 49.94 million tonnes, according to the filing.
The stock declined 26 percent in the past 12 months compared with a 6 percent gain in the benchmark Sensex.
Tata Motors Advances After Refuting Reports On JLR Divestment Plan
Shares of the carmaker pared opening losses and gained nearly 2 percent to Rs 183.90 per share.
Tata Motors, parent of Jaguar-Land Rover, clarified that there is no truth on the news of company looking to divest its stake in JLR, in an exchange filing. The company will not comment further on any market speculation, the filing said.
The stock traded 17 percent below the Bloomberg consensus one-year target price.
Cochin Shipyard Gains After JSW Order Win
Shares of the shipbuilder extended gains for the fourth consecutive trading session and are poised for their longest winning streak in over two months.
The stock rose as much as 4.1 percent to Rs 378.80. Cochin Shipyard signed a contract with a JSW arm for the construction and delivery of four mini bulk carriers. They will be delivered within December 2020. Trading volume was more than 20 times, Bloomberg data showed.
HT Media Jumps After Acquiring Stake In Radio Company
Shares of the New Delhi-based company gained for the third-straight session and rose as much as 3.5 percent to Rs 40 per share.
HT Media acquired 48.6 percent stake in Next Radio for Rs 171 crore. The media company stated the object of the acquisition is to derive synergy of FM operations of the company with Next Radio.
The stock traded 14 times its estimated earnings per share for the coming year, according to data compiled by Bloomberg.
Bajaj Auto Falls After Stock Downgrade
Shares of the two-wheeler manufacturer declined 1.7 percent intraday to Rs 2,814.80 apiece.
Brokerage firm Credit Suisse downgraded its recommendation on the stock to ‘Neutral’ from ‘Outperform’. Also, the price target was lowered to Rs 2,700 from Rs 2,950, indicating a potential downside of 5.71 percent from last close.
Here’s what the brokerage firm had to say on the stock:
- Believe domestic business will face headwinds going forward.
- Bajaj is currently pushing inventory of Pulsar before ABS norms implementation.
- Domestic two-wheeler volumes to be impacted by safety regulations.
- Trading at steep premium to peers despite upcoming risks.
The trading volume was more than seven times the 20-day average for this time of the day, according to Bloomberg data.
Jet Airways Slumps After Lessors Ground Six More Aircraft
Shares of the cash-strapped airline declined as much as 4.3 percent to Rs 224 per share.
Lessors grounded six more Jet Airways’ aircraft due to non-payment, according to its notification to the exchanges. With this the total number of aircraft grounded increased to 25 and fleet size stands reduced to 99. The company said it is making all efforts to minimise disruption to its network.
The stock declined 68 percent in the past 12 months compared with the Sensex’s 6 percent gain.