Stocks Radar: Dhanlaxmi Bank, GMR Infrastructure, Max India, MRF, Wipro
Indian equity benchmarks advanced on expectations that Prime Minister Narendra Modi’s re-election prospects at national polls in May are burnished by military action against terrorist in Pakistan.
The S&P BSE Sensex rose as much as 0.8 percent to 36,255, while the NSE Nifty 50 Index gained as much as 0.7 percent to 10,908.
The market breadth was tilted in favour of buyers. Ten out of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by the Nifty PSU Bank Index’s 1.4 percent gain. The Nifty IT Index was the only loser, down 0.46 percent.
Here Are The Stocks Moving The Market This Morning:
Max India Slumps After Plans To Sell Stake In Insurance JV
Shares of the heathcare major halted a six-day gaining streak and declined nearly 8 percent to Rs 75.80 apiece.
Max India approved the divestment of entire stake of 51 percent in Max Bupa Health Insurance to True North Fund for Rs 511 crore, according to its exchange filing. The proposed transaction, subject to regulator and shareholder approvals, has valued Max Bupa at an enterprise value of Rs 1,001 crore.
The stock is trading 37 percent below the Bloomberg consensus one-year target price.
Allahabad Bank, Corporation Bank, Dhanlaxmi Bank Gains After RBI Lifts Lending Curbs
Shares of Allahabad Bank, Corporation Bank and Dhanlaxmi Bank gained after the Reserve Bank of India decided to remove the state-owned lenders from a list of banks placed under its Prompt Corrective Action framework.
MRF Rises After Strike Called Off
Shares of the tyremaker rose a percent intraday to Rs 56,500 apiece.
MRF said that the strike at its Chennai plant has been called off. It said that a large number of workmen had gone on a strike with effect from Feb. 9 and the strike was of illegal in nature.
Shares traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.
NALCO Jumps After Board To Meet On Interim Dividend
Shares of the state-run aluminium manufacturer extended its winning streak for the second straight session after it rose 3.6 percent to Rs 239.40 per share.
Nalco said it will consider payment of interim dividend for financial year 2019 on March 1, according to its stock notification. The record date has been fixed at March 12.
The trading volume was almost 450 times the 20-day average for this time of the day, according to Bloomberg data.
GMR Infra Rises After Winning Airport Bid
Shares of the Mumbai-based infrastructure developer rose as much as 2.5 percent to Rs 16.65 apiece.
A unit of GMR Infra became the highest bidder for greenfield airport project at Bhogapuram in Andhra Pradesh, according to its exchange filing. The initial capacity of the airport will be six million passengers per annum. The initial investment for private-public partnership based project is pegged at Rs 2,300 crore.
The stock has declined 15 percent in the past 12 months compared with a 4.4 percent gain in the Sensex.
Wipro Declines After Rallying For Five Sessions
Shares of Wipro fell as much as 2.2 percent to Rs 379.15, making it the top loser on the Nifty. This brought to an end a five-day winning streak, its best performance in nearly a month.
Trading volume was more than triple its 20-day average, Bloomberg data showed. The stock traded at 19 times its estimated earnings per share for the coming year.