Stocks Radar: Coffee Day, Garden Reach Shipbuilders, Reliance Home Finance, Yes Bank
Indian equity benchmarks opened lower in today’s trade, dragged down by losses in Yes Bank Ltd. and auto stocks.
The S&P BSE Sensex fell as much as 0.75 percent to 38,776 and the NSE Nifty 50 fell as much as 0.77 percent to 11,664.60, as of 10 am. The market breadth was tilted in favour of sellers.
Ten out of the 11 sectoral gauges compiled by NSE fell. Nifty PSU Bank Index was the biggest sectoral loser, down 3.63 percent. Nifty IT Index was the only sectoral gainer, advancing 0.43 percent.
Here Are The Stocks Moving The Market This Morning:
Garden Reach Shipbuilders Gains After Winning Rs 6,311-Crore Contract
Shares of the state-owned company surged 16 percent to a lifetime high of Rs 112.35 apiece.
The Kolkata-based company won a contract for construction and delivery of eight ASW Swallow Water Craft valuing around Rs 6,311.32 crore under fixed price basis, according to an exchange filing. The project is expected to be completed within 84 months from the date of signing of the contract.
The trading volume was more than 100 times its 20-day average, Bloomberg data showed.
Shankara Building Products Falls After Board Approves Stake Sale In Arm
Shares of the Bengaluru-based company fell for the second straight day after it declined as much as 3.4 percent to Rs 509.30 apiece.
The company’s board approved partial sale of assets of its arm Taurus Value Steel and Pipes, according to an exchange notification.
The stock fell 74 percent in the past 12 months compared with a 11 percent gain in the Sensex.
Reliance Home Finance Plunges After Credit Rating Downgrades
Shares of the housing finance company declined 20 percent intraday to Rs 22.65.
CARE Ratings downgraded the company’s long-term debt program to default rating. ICRA downgraded the company’s commercial paper program worth Rs 1,200 crore to A4 from A2.
Around Rs 2,670 crore worth debt was maturing in the next 12 months, which accounts for over 36 percent of the current outstanding debt, according to Bloomberg data.
Coffee Day Enterprises Jumps After Block Deal In Mindtree
Shares of Coffee Day Enterprises Ltd. rose as much as 6.5 percent, the most in over a month, to Rs 284.15.
About 3.27 crore shares or 20 percent equity of Mindtree traded in a single block during pre-market session on the Bombay Stock Exchange at Rs 976 apiece, Bloomberg data showed. Buyers and sellers were not known immediately. That, however, comes when Larsen & Toubro Ltd. has mounted a three-step hostile bid to acquire the IT company—by buying 20.3 percent owned by VG Siddhartha’s Coffee Day Group, acquiring 15 percent from the open market and launching an open offer for additional 31 percent at Rs 980 apiece.
Yes Bank Slumps 30% After Reporting Surprise Loss
Shares of the private lender slumped 30 percent intraday to Rs 166.60 apiece, its lowest price since December 2018. The bank announced its March quarter results on Friday.
The bank’s loss stood at Rs 1,506 crore in the quarter ended March, according to its exchange filing. Analysts tracked by Bloomberg expected a profit of Rs 1,024 crore. The bank had reported a profit of Rs 1,001 crore in the previous quarter.
The trading volume was more than five times the 20-day average, Bloomberg data showed. The relative strength index was more than 30, indicating the stock may be oversold.