Stocks Radar: Cox & Kings, Den Networks, Infosys, KPR Mill, Metropolis Healthcare
Here are the stocks to watch in today’s trade.
Indian equity benchmarks opened higher, led by gains in Reliance Industries Ltd. and HDFC twins. But they soon pared their opening gains to trade lower. The S&P BSE Sensex and the NSE Nifty 50 Index traded at 38,780 and 11,566, respectively, as of 10 a.m.
The market breadth was tilted in favour of sellers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 0.41 percent fall in the NSE Nifty PSU Bank Index. The NSE Nifty Media Index was the top gainer, up 0.95 percent.
Here Are The Stocks Moving The Market This Morning
Cox & Kings Hits Lower Circuit For 13th Session
Shares of the travel tour operator hit the lower circuit of 5 percent for the thirteenth straight session. The stock currently trades at Rs 22.20 apiece.
CARE Ratings downgraded Cox & King’s long-term debt facilities to CARE D, according to its exchange filing. CARE revised the company’s rating due to delay in servicing of debt obligations, the filing said.
The stock has declined 89 percent in the past 12 months compared with a 6.5 percent gain in the Sensex, Bloomberg data showed.
Cox & Kings Defaults On Debt Again
Gravita India Gains After Africa Plant Starts Operations
Shares of the lead maker rose for the third straight session. The stock gained close to 2.3 percent to Rs 58.50 apiece.
Gravita India started commercial production of aluminum cast alloys from its new plant in Tanzania, Africa, according to an exchange filing. The facility has a total capacity of 6,000 million tonnes per annum and expects to generate Rs 20 crore in revenue, along with a gross margin of 15 percent, from this plant in financial year 2020, the filing said.
The stock has declined 62 percent in the past 12 months compared with a 6.5 percent gain in the Sensex, Bloomberg data showed.
KPR Mill Slumps After Cancelling Buyback
Shares of KPR Mill dropped as much as 6.2 percent to Rs 571.30 apiece—the lowest in three months—after the apparel maker said it would be unable to meet the buyback obligations beyond the amount approved by the board of directors and shareholders.
The company would be unable to file a ‘letter of offer’ and go forward with the buyback proposal, it said in an exchange filing. “The increase in the amount of buyback obligation was neither contemplated nor prevailing at the time of consideration and the approvals of the board and shareholders.”
KPR Mill is the first company to cancel its buyback proposal since the introduction of the increased buyback tax proposal in the budget session last week. In June, the company had announced its proposal to buyback up to 37.50 lakh fully paid-up equity shares of Rs 51 each at a price of Rs 702 per share. The offer size was worth Rs 263.3 crore.
The stock’s trading volume was over 30 times the 20-day average for this time of the day, according to Bloomberg data.
Metropolis Healthcare Touches Record High
Shares of Metropolis Healthcare extended gains for the third straight session to touch an all-time high. The stock rose as much as 2.6 percent at Rs 1,037 apiece.
The stock has gained 18 percent since its debut in April this year. It has also breached the Bloomberg analyst consensus one-year price target of Rs 1,031.50.
Den Networks Rises After Q1 Results
Shares of Reliance Industries-owned company rose for the third straight session. The stock gained as much as 4.1 percent to Rs 65.50 apiece. The company announced its first-quarter earnings on Thursday.
Key Highlights (Q1, YoY)
- Revenue remained flat at Rs 313 crore.
- Net profit stood at Rs 11 crore.
- Ebitda fell 11 percent to Rs 42 crore.
- Margin narrowed to 13.4 percent from 15 percent.
- Other income stood at Rs 51 crore.
The stock traded at 9 percent below the Bloomberg consensus target price.
Infosys Swings Ahead Of Q1 Results
Shares of the software services provider fluctuated between gains and losses in the early trade. The stock was trading at Rs 722.70 apiece. Infosys is scheduled to announce its June-quarter results today.
Preview (Q1, Quarter-On-Quarter)
- Dollar revenue expected to rise 2.5 percent to $3,137 million.
- Income from operations may rise 1.3 percent to Rs 21,817 crore.
- EBIT expected to fall 3.4 percent to Rs 4,463 crore.
- EBIT margin seen at 20.5 percent versus 21.4 percent.
- Net profit expected to fall 8.4 percent at Rs 3,737 crore.
The stock traded at 19 times its estimated earnings per share for the coming year, Bloomberg data showed.