Stocks Radar: Adani Green Energy, Dish TV, Edelweiss, GMR Infra, ICICI Prudential Life
Here are the stocks in news moving the markets today.
Indian equity benchmarks extended declines for the fourth consecutive trading session.
As of 2:40 pm, the S&P BSE Sensex was trading 0.6 percent lower at 38,070 points and the NSE Nifty 50 fell 0.51 percent to 11,302. The broader markets represented by the NSE Nifty 500 Index fell 0.52 percent. On intraday basis, the 30-share index fell over 300 points and the 50-share gauge had surrendered 11,300-mark.
The market breadth was tilted in favour of sellers. About 1,090 stocks declined and 683 shares advanced on National Stock Exchange. Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 2.74 pecent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up nearly 3 percent.
Here are the stocks in news moving the markets in afternoon trade:
ICICI Prudential Set For Longest Gaining Streak In 33 Months
Shares of ICICI Prudential Life Insurance Company Ltd. extended gains for the seventh consecutive trading session, marking the longest winning steak since January 2017.
The stock rose as much as 1.5 percent to Rs 474, the highest since July 26, 2017.
Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data. The stock returned 11 percent in the past 30 days and advanced 43 percent in the past 12 months.
Info Edge Gains After Investing In Unit
Shares of Info Edge (India) Ltd. rose as much as 4.6 percent to Rs 2,159.
The company invested Rs 6 crore in its wholly owned arm Happily Unmarried.
The stock is trading at 65 times its estimated earnings per share for the coming year, Bloomberg data shows.
Adani Green Energy Near 14-Month High
Shares of Adani Green Energy Ltd. rose as much as 11.9 percent, the most since Sept. 26, to Rs 63.25, their highest level since August 2018.
The stock has returned 46.5 percent so far this year and advanced 64.6 percent in the past 12 months. Of the shares traded, 48 percent were at the ask price and 40 percent were at the bid.
Edelweiss Resumes Decline After One-Day Breather
Shares of Edelweiss Financial Services Ltd. resumed declines after ending 2.05 percent higher on Tuesday. The stock fell as 14.2 percent, the most in nearly a near to Rs 83.10, their lowest level since December 2016.
The scrip has declined 21 percent in the past five days. Edelweiss trades at 9.3 times its estimated earnings per share for the coming year, according to Bloomberg data.
Dish TV Rebounds After Three-Day Slump
Shares of Dish TV India Ltd. halted their three-day losing streak. The stock rose as much as 12.3 percent, the most since Sept. 5, to Rs 18.30.
The stock had declined 8.4 percent in the past five days and slumped 13 percent in the past 30 days. The scrip traded at 23 times its estimated earnings per share for the coming year, according to Bloomberg data.
GMR Infra Halts Two-Day Slump, Shares Gain Over 3%
Shares of GMR Infrastructure Ltd. halted a two-day losing streak and rose as much as 3.4 percent to Rs 16.90.
Competition Commission of India approved acquisition of shares of GMR Airports by the entities of Tata Group, GIC and SSG Capital, subject to compliance of certain modifications.
Of the shares traded, 65 percent were at the ask price and 33 percent were at the bid, according to Bloomberg data.
RBL Bank Jumps The Most In Over A Week
Shares of RBL Bank Ltd. rose as much as 6.8 percent, the most since Sept. 23, to Rs 319.60.
The lender on Tuesday said its exposure to the Indiabulls Group is “very tiny”, as the private lender tried to allay fears after its stock tumbled to its lowest since listing.
The bank does not have any sectoral issues in its portfolio, Rajeev Ahuja, executive director at RBL Bank, told BloombergQuint in an interaction, adding that the issues related to specific companies are not related to any larger sectoral issues.
The stock ended 9 percent lower on Tuesday after falling as much as 21.9 percent.
Prestige Estates Gains On Unit’s Investment Plans
Shares of Prestige Estates Projects Ltd. rose as much as 2.3 percent to Rs 290.
The company’s will jointly invest with DB Realty Group to build Hotel and Convention Centre in Delhi’s Aerocity. It will invest Rs 355 crore for 50 percent stake in the joint venture.
The stock traded at 22 times its estimated earnings per share for the coming year, according to Bloomberg data.
Oil Marketers Advance On Falling Crude Prices
Shares of oil marketing companies advanced after oil held near the lowest level in almost two months as American crude inventories expanded the most since May and disappointing U.S. economic data added to pessimism over the demand outlook.
Asia’s crude benchmarks—Brent crude traded little changed at $57.73 against the U.S. dollar. It had ended 2 percent lower yesterday.
Piramal Enterprises Resumes Decline, Shares Fall Over 5%
Shares of Piramal Enterprises Ltd. resumed declines after a one-day rally. The stock fell as much as 5.4 percent to Rs 1,578, the lowest since January 2017.
The scrip declined 12 percent in the past five days and fell 18 percent in the past 30 days, according to Bloomberg data. Of the shares traded, 24 percent were at the ask price and 38 percent were at the bid.
Yes Bank Jumps 25%, Top Performer On Sensex, Nifty
Shares of Yes Bank Ltd. rose as much as 25 percent, the most in nearly eight months, to Rs 39.90.
Yes Bank Ltd.’s Group President Rajat Monga resigned from his posts amid an upheaval at the private lender with multiple resignations and share price plunge. Monga will be “moving on”, Chief Executive Officer Ravneet Gill said in a conference call Thursday morning. Whether his resignation is effective immediately remains unclear.
On Tuesday, the stock slumped 23 percent. The bank said that the steep fall was owing to the forced sale of 10 crore equity shares, or 3.92 percent of the bank’s share capital, triggered by an invocation of pledge on the equity shares of a large stakeholder.
The equity shares were pledged by Kapoor against non-convertible debentures issued by his company Morgan Credits Pvt Ltd, which were invoked by Reliance Nippon Life Asset Management Ltd.
Future Consumer Falls After Morgan Stanley Cuts Price Target
Shares of Future Consumer Ltd. extended declines for the seventh consecutive trading session, their longest losing streak in nearly two months. The stock fell as much as 8.7 percent to Rs 23.55. This after brokerage and research firm Morgan Stanley cut their price target on the stock by 66 percent.
Here’s what Morgan Stanley had to say:
- Maintained ‘equal-weight’; cut price target to Rs 28 from Rs 82.
- Cut FY20/21 EPS estimates to reflect lower revenue growth, weaker absorption of fixed costs and higher interest costs.
- Due to concerns on receivables, lower valuation benchmark.
- FMCG 2.0 platform is progressing well with improving profitability.
Mahindra Swings After Announcement Of Joint Venture With Ford
Shares of Mahindra & Mahindra Ltd. fluctuated between gains and losses to trade 0.55 percent lower at Rs 553.80 apiece.
The automaker has partnered with Ford Motor Co. Inc. to develop, market and distribute vehicles in India and other high-growth emerging markets around the world. Mahindra will own a 51 percent controlling stake in the joint venture and Ford will own the remaining 49 percent, the Indian automaker said in an exchange filing.
The stock traded at 13 times its estimated earnings per share for the coming year, according to Bloomberg data.
Stocks Reacting To September Auto Sales Announcement
Tata Motors
- Stock rose as much as 5.4 percent to Rs 121.55.
- Domestic sales fell 50 percent to 32,376 units. Total commercial vehicles sales was down 45.4 percent to 28,079 units. Total passenger vehicles sales was down 56 percent to 8,097 units.
Eicher Motors
- Stock rose as much as 2.8 percent to Rs 18,329.
- Motorcycles sales fell 17 percent to 59,500 units. Exports were up 2.9 times to 4,642 units.
Hero MotoCorp
- Stock rose as much as 1.7 percent to Rs 2,734.
- September two-wheeler sales down 20 percent to 6.12 lakh units.
Steel Strips Wheels
- Stock rose as much as 0.17 percent to Rs 779.95.
- Total wheel rim sales declined 19 percent to 11.75 lakh units.
TVS Motor
- Stock fell as much as 4.2 percent to Rs 402.05.
- Sales fell 25 percent to 3.15 lakh units.
Catch all the monthly auto sales update here.
