Stocks Radar: Cox & Kings, Eicher Motors, ICRA, Sadbhav Infra
Here are the stocks moving the market today.
Indian equity benchmarks fluctuated in opening trade. The S&P BSE Sensex traded 0.13 percent lower at 39,634.50 and NSE Nifty 50 Index fell 0.20 percent to 11,840, respectively, as of 10:05 a.m.
The market breadth remained in favour of sellers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 2 percent fall in the NSE Nifty Realty Bank Index. The NSE Nifty IT Index was the top gainer, up 0.24 percent.
Here Are The Stocks Moving The Market This Morning
ICRA Slumps For Third Straight Session
Shares of the credit rating agency fell for the third straight day. The scrip declined as much as 5.1 percent to Rs 3,000 apiece.
Tuesday’s slump comes after ICRA sent its managing director and chief executive officer Naresh Takkar on leave with immediate effect. Takkar will be placed on leave until completion of examination of concerns raised in anonymous representation forwarded to the company by the market regulator, an exchange filing said. The rating agency has appointed Vipul Agarwal (current chief financial officer) as interim chief operating officer.
The stock’s volume was more than 5,000 times the 20-day average for this time of the day, according to Bloomberg data.
Eicher Motors Falls After June Sales Drop 22%
Shares of the maker of Royal Enfield motorcycles fell as much as 1.7 percent to Rs 19,299 apiece.
Sales of Eicher Motors Ltd. declined 22 percent year-on-year to 58,339 units in June, according to its exchange filing.
Key Sales Highlights (YoY):
- Models with engine capacity up to 350cc fell 25 percent to 51,678 units.
- Models with engine capacity over 350 cc rose 17 percent to 6,661 units.
- Total exports shot up 72 percent to 3,257 units.
The stock has fallen 31 percent in the past 12 months compared with a 13 percent gain in the Sensex, Bloomberg data showed.
Shipbuilders Gain On Government’s 15,000-Crore Tender To Build Warships
Shares of shipbuilders gained after the Government of India issued tenders worth Rs 15,000 crore to build warships and support vessels. The companies were finalised after consulting with the Navy and the Coast Guard based on their ability to build missile warships, Bloomberg reported citing a Ministry of Defence statement.
- Shares of Cochin Shipyard rose 2 percent, the most in almost a month, to Rs 389.95 each.
- Garden Reach Shipbuilders & Engineers gained 1.7 percent to Rs 125.40.
- Reliance Naval and Engineering also advanced 5.1 percent to Rs 4.15.
Cox & Kings Hits Lower Circuit For Fifth Day
Shares of the travel operator was locked in the lower circuit of 5 percent for fifth straight day.
The company defaulted on a payment of Rs 50 crore of commercial papers due to temporary mismatch in liquidity, it said in an exchange filing. On June 27, the company defaulted in payment of commercial papers worth Rs 150 crore.
The stock has declined 81 percent in the past 52 weeks. That compares with the Sensex’s 12 percent gain.
Cox & Kings Defaults On Debt Again
Sadbhav Infra Gains On Plans To Offload Stake In SPVs
Shares of Sadbhav Infrastructure Projects rose as much as 9.9 percent to Rs 78 apiece.
The company’s board approved the sale of entire stake in nine special purpose vehicles comprising seven toll road infra assets and two annuity infra assets to lndlnfravit Trust at a deal valued at Rs 6,611.2 crore, according to its exchange filing. Sadbhav infra will see a de-consolidation of net debt of Rs 4,060 crore.
The stock traded at 155 times its estimated earnings per share for the coming year, according to Bloomberg data.
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