Stocks Radar: Dewan Housing, Tata Steel, Central Bank
Indian equity benchmarks declined for a fifth straight session amid as turmoil in non-bank finance companies deepened after a IL&FS disclosed further missed debt payments late on Friday.
The S&P BSE Sensex declines 0.7 percent to 36,591.99 and NSE Nifty 50 Index fell 0.9 percent to 11,040.65. Both the gauges posted their worst weekly performance of this year.
The market breadth was tilted in favour of sellers. Ten of the 11 sectoral gauges declined, led by the Nifty Metal Index’s 1.46 percent fall. The Nifty IT Index was the only gainer, up 2.17 percent.
Here Are The Stocks Moving The Market This Morning
Dewan Housing Rebounds After Friday’s Sell-Off
Shares of the Mumbai-based mortgage lender surged as much as 25.2 percent, the most in over 26 years, to Rs 438.75 after Friday's 42 percent plunge.
DHFL’s Kapil Wadhawan stated that the company has not defaulted on any bonds or repayment nor has there been any single instance of delay on any of its repayment of any liability. He also said that the company has no exposure to IL&FS.
The scrip trades 11.3 times trailing its 12-month earnings per share.
Reliance Gains After Jio’s Cricket, Iphone Deals
Shares of the Mukesh Ambani-led group rose nearly a percent to Rs 1,228.90 apiece.
The telecom unit signed a five-year contract with Star TV for broadcasting cricket content on its platform JioTV and Hotstar, according to its exchange filing. Reliance Jio will also launch iPhone XS and iPhone XS Max on its network with pre-booking starting from Sept. 21 and the company will also enable eSim features for both phones.
The stock returned 33 percent so far this year and 50 percent in the past 12 months, according to Bloomberg data.
Tata Steel Slips After Usha Martin Acquisition
Shares of the steelmaker fell 2 percent to Rs 612.65 per share.
Tata Steel signed a definitive agreement to takeover the steel business of Usha Martin for cash of Rs 4,300 crore to Rs 4,700 crore, the companies said in a stock exchange filing. The deal is expected to be completed in six to nine months.
The stock is 17 percent below the Bloomberg consensus one-year target price
ITD Cementation Jumps After Bagging New Contracts
The construction company rose 7.7 percent to Rs 130 per share.
ITD Cementation received orders worth Rs 845 crore for the upgradation of passenger terminal building and airside facilities at Tiruchirapalli (Trichy) International Airport, the company said in a press note to the exchanges on Friday after market hours.
Another order is for the development of refit jetty and allied facilities at Port Blair by The Ministry of Shipping, Government of India for Andaman Lakshadweep Harbour Works.
The scrip trades 26.6 times trailing its 12-month earnings per share and 15 times its estimates for the coming year, according to data compiled by Bloomberg.
Central Bank Of India Slumps Over 30% In Two Sessions
Shares of the state-owned lender fell nearly 20 percent to Rs 42.60 per share, its lowest since May 2009. The trading volume was 261.5 times its 30-day average for this time of the day, Bloomberg data showed.