Stocks Radar: Cyient, Indiabulls Real Estate, Manappuram Finance, Reliance Nippon
Here are the stocks moving the market today.
Indian equity benchmarks fluctuated in opening trade after it registered their worst-single day fall on Thursday.
The Sensex fell 0.13 percent to 39,480 and the Nifty traded at 11833.35, 0.10 percent lower, as of 10:00 am. The market breadth was tilted in favour of sellers. Eight of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 1.32 percent fall in the NSE Nifty Pharma Index. The NSE Nifty Realty Index was the top sectoral gainer, up 1.37 percent.
Cyient Advances After Strategic Investment
Shares of the Hyderabad-based IT services provider rose as much as 1.7 percent to Rs 569 apiece.
Cyient is planning to make a strategic investment in rail cybersecurity company Cylus, according to an exchange filing.
Twenty two of 28 analysts tracked by Bloomberg had a ‘Buy’ rating on the stock while five had recommended ‘Hold’. One analyst had a “Sell’ rating.
Eros Locked In Lower Circuit For Second Day In A Row
Shares of the media company were locked in the lower circuit for the second-straight day after it declined 20 percent intraday to Rs 42.50 each.
Eros Plc—the promoter of the Indian listed entity—said in an exchange filing the arm had delayed two interest payments for April and May 2019. These payments total less than $2 million and are currently in the process of remittance, the company said.
The stock declined 68 percent in the last 12 months compared with a 11 percent gain in the Sensex.
Indiabulls Real Estate Rises After Block Deals, Report Of Stake Sale
Shares of the commercial property developer rose close to 14.7 percent to Rs 151 per share on Bombay Stock Exchange. It gained nearly 10.1 percent on National Stock Exchange.
About 5.8 crore shares or 12.8 percent equity of the company changed hands in a 24 block deals on BSE, Bloomberg data showed.
Also, U.S.-based investment firm Blackstone may buy Indiabulls Real Estate's promoters' stake at an estimated enterprise value of around $1 billion, reported Times of India, citing unnamed sources. Blackstone may buyout the stake through a joint venture with Embassy Group, the report said.
Trading volume was 120 times the 20-day average for this time of the day, Bloomberg data showed.
Manappuram Finance Falls The Most In Nearly Two Years
Shares of Manappuram Finance fell as much as 11 percent, the most since August 2017, to Rs 122.60.
The Securities and Exchange Board of India issued showcause notices to five asset management companies, including SBI Fund Management, ING Mutual Fund (now Birla Sunlife) and BNP Paribas, as they were aware of of price-sensitive information for trading in Manappuram Finance in March 2013, according to a Business Standard report.
Trading volume was almost seven times its 20-day average, Bloomberg data showed.
Reliance Nippon AMC Gains After Announcing Open Offer
Shares of the asset management company halted its two-day fall and rose 1.2 percent to Rs 220.80.
The company is planning an open offer to acquire around 13.8 crore shares in the company or approximately 22.5 percent of total equity in the company, according to its notification to the bourses. The offer opens on July 16 and closes on July 29, the filing said.
The stock traded at 25 times its estimated earnings per share for the coming year, Bloomberg data showed.