Stocks Radar: Eicher Motors, Jet Airways, Rupa & Co, Weizmann Forex
Indian equity indices opened lower dragged down by Eicher Motors and losses in commodity stocks. The S&P BSE Sensex and the NSE Nifty 50 Index fell nearly 0.4 percent to trade at 36,139.60 and 10,861.80, respectively, as of 10:12 a.m.
The market breadth was tilted in favour of sellers. Eight of the 11 sectoral gauges declined, led by a 2.03 percent fall in the NSE Nifty Metal Index. On the flipside, NSE Nifty IT Index was the top sectoral gainer, up 0.69 percent.
Here Are The Stocks Moving The Market This Morning
Eicher Motors Top Nifty Loser After December Sales Drop
Shares of the maker of Royal Enfield bikes declined as much as 5.8 percent, the most in over two months, to Rs 21,860 apiece.
Eicher Motors Ltd.'s motorcycle segment reported a 13 percent slump on a yearly basis to 58,278 units in December, according to its stock exchange filing. Sales of models with engine capacity up to 350cc fell 15 percent to 53,790 units while the sales of models with engine capacity exceeding 350cc rose 21 percent to 4,488 units, the filing said.
The stock fell 22 percent in the past 12 months compared with a 7.2 percent gain in the BSE Sensex Index.
Jet Airways Falls After Default On Loan Repayment
Shares of the cash-strapped airline snapped its five-day gaining streak and declined nearly 3.3 percent to Rs 271.50 apiece.
The company delayed the payment of interest and principal instalment due to a consortium of Indian banks on Dec. 31, according to its exchange filing. The company stated temporary cash-flow mismatch as the reason for the default.
The stock declined 67 percent in the past 12 months compared with 7.2 percent gain in the S&P BSE Sensex Index.
Weizmann Forex Gains After Promoters To Offload Entire Stake
Shares of the foreign exchange services provider rose 2.7 percent intraday to Rs 534.40 per share.
Weizmann Forex promoters intend to sell their entire stake of 74.84 percent stake in the company to EBIX Group, according to its notification to the bourses. The acquirers made on open offer for 28 crore shares, representing the remaining 25.16 percent stake, at an offer price of Rs 528 per share, the filing said.
The trading volume was nine times the 20-day average for this time of the day, according to data compiled by Bloomberg.
Metal Stocks Decline After CLSA Downgrade
Shares of metal mining companies declined after brokerage firm CLSA said deteriorating Chinese demand outlook will weigh on commodity prices. The firm also downgraded its recommendation on Tata Steel, JSW Steel and Hindalco.
- Tata Steel fell 2.7 percent intraday to Rs 501.70 per share.
- JSW Steel declined 3.5 percent to Rs 293.20 apiece.
- Hindalco fell 3.3 percent to Rs 215.40 per share.
(prices as of 9;50 a.m.)
Bajaj Auto Swings After Reporting December Sales
Shares of the two-wheeler manufacturer fluctuated between gains and losses to trade at Rs 2,728.45 per share as of 9:52 a.m.
Bajaj Auto Ltd. sold 3.46 lakh units last month, an increase of 18 percent from December 2017, according to its stock exchange filing. The overall domestic sales also rose 21 percent to 1.8 lakh units in the month.
The stock traded 18 times its estimated earnings per share for the coming year, showed Bloomberg data.
Rupa & Co Gains 4.5%; Trading Volume Surges
Shares of the apparel maker rose close to 4.5 percent to Rs 363.50 per share.
The trading volume was more than 100 times the 20-day average for this tme of the day, according to Bloomberg data. The relative strength index on the stock was above 70, indicating the stock may be overbought.