Stocks Radar: DHFL, Narayana Hrudayalaya, Jet Airways, TCS, Vakrangee
Here are the stocks moving the market in today’s trade.
Indian equity benchmarks opened higher, extending gains for the second consecutive trading session.
The Sensex and the Nifty traded 0.2 percent higher at 38,700.65 and 11,622.15, as of 9:48 am. The market breadth was tilted in favour of buyers. 10 of the 11 sectoral gauges compiled by the National Stock Exchange rose, led by a 0.62 percent advance in the NSE Nifty IT Index. The NSE Nifty Auto Index was the only sectoral loser, down 0.1 percent.
Here Are The Stocks Moving The Market This Morning:
DHFL Falls After Brickwork Downgrade
Shares of the non-banking lender halted its three-day gaining streak and declined as much as 3.2 percent to Rs 167.15 apiece.
Brickwork Ratings downgraded the ratings of the company across various instruments amounting to Rs 56,550 crore as ‘BWR double A Minus’ (credit with negative implication). The rating agency said the main reason for this downgrade is on account of limited progress in building up of liquidity, selling/exiting riskier construction finance loans.
Eight out of nine analysts tracked by Bloomberg had a ‘Buy’ rating on the stock while one had recommended ‘Hold’.
Narayana Hrudayalaya Rises After Setting Up U.S. Arm
Shares of the Bengaluru-based hospital chain snapped their two-day blip and rose 2.6 percent intraday to Rs 222.05 per share.
Narayana Hrudayalaya Ltd. incorporated a U.S. arm to set up business process and technology consultancy business in the U.S., according to its exchange filing.
The stock has fallen 23 percent in the past 12 months compared to a 14 percent gain in the Sensex Index.
Jet Airways Falls After Aircraft Grounded, Operations Suspended
Shares of the cash-strapped airline declined close to 1.6 percent intraday to Rs 257 per share.
Jet Airways (India) Ltd. said that 10 more aircraft have been grounded due to non-payment of amounts outstanding to lessors. The airline also suspended long-haul international flights from India until Friday morning, reported Bloomberg.
Vakrangee Surges To Highest Level In Eight Months
Shares of the consumer finance company rose 7.7 percent intraday to Rs 71, its highest level since August 2018.
The trading volume was more than 17 times its 20-day average for this time of the day, Bloomberg data showed. The stock rose 32.4 percent in the last seven trading sessions.
TCS, Infosys Jump Ahead Of Q4 Results
Shares of Tata Consultancy Services Ltd. and Infosys Ltd. gained nearly a percent each as their results for the March-ended quarter is expected to be announced today.
Infosys Preview (QoQ)
- Dollar Revenue seen up 2.6 percent to $3,065 million.
- Revenue seen to rise 0.3 percent to Rs 21,462 crore.
- Adjusted EBIT expected to fall 1.3 percent to Rs 4,768 crore.
- Adjusted EBIT margin expected at 22.2 percent versus 22.5 percent.
- Reported net profit to rise 9.4 percent to Rs 3,949 crore.
- Adjusted profit seen down 1.9 percent at Rs 3949 crore.
Adjustments in EBIT gains and net profit made owing to reduction in fair value of disposal group – Skava and Panaya in Q3.
TCS Preview (QoQ)
- Dollar Revenue seen up 2.1 percent to $5,362 million.
- Revenue expected to rise 1.3 percent at Rs 37,832 crore.
- EBIT seen up 1 percent at Rs 9,655 crore.
- EBIT margin expected at 25.5 percent vs 25.6 percent.
- Profit expected to fall 1.5 percent at Rs 7,981 crore.
Infosys stock traded 20 times its estimated earnings per share for the coming year while TCS stock traded 24 times for the same period, according to Bloomberg data.