Traders at a securities brokerage look at changing stock prices. (Photographer: Jerome Favre/Bloomberg)

Stocks Radar: Fortis, Infosys, Adani Ports

Indian equity benchmarks rose for the seventh consecutive trading sessions today led mainly by gains in Axis Bank Ltd. and Tata Consultancy Services Ltd.

The S&P BSE Sensex Index rose as much as 0.5 percent to 34,256.7. The NSE Nifty 50 Index was up 0.4 percent at 10,500.8.

The market breadth was tilted in favour of buyers. Nine out of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Pharma index's 0.9 percent gain. On the other hand, the Nifty IT index was the top sectoral loser, down 0.3 percent.

Infosys, a sector heavyweight, will announce its financial results for the fourth quarter later in the day.

Here Are The Stocks Moving The Markets This Morning:

Fortis Healthcare: Takeover Race Heats Up

Shares of the New Delhi-based hospital chain operator rose as much as 2.7 percent to Rs 158, highest in three weeks. The stock has been rising for seven consecutive trading sessions.

Hero Enterprise Investment Office and the Burman Family Office have offered to invest Rs 1,250 crore directly into Fortis through a preferential allotment, according to an offer letter attached to the stock exchange filing. The board of Fortis is currently evaluating this offer. (more details here)

Trading volume was 1.4 times the 20-day average. It has returned 3.1 percent negatively so far this year as compared to Sensex’s 0.4 percent gains.

Infosys: Falls Ahead Of Earnings Announcement

Shares of the Bengaluru-based information technology firm pared early losses and extended their three-day gains, rising as much as 1.3 percent to Rs 1,178.2.

Infosys Ltd. will report its results for the January to March quarter. Analysts tracked by Bloomberg peg the estimated net profit at Rs 3,711 crore. The revenue is expected to stand at Rs 18,110 crore for the fourth quarter.

The stock currently has 40 ‘buy’ recommendations, 7 ‘hold’and 6 ‘sell’. The consensus price target is at Rs 1,217, which implies that the stock price will 3.6 percent upside over a year from yesterday’s close.

The stock has given positive returns of 11.6 percent so far this year as compared to the NSE Nifty IT Index which has risen 12.4 percent in the same period.

Adani Ports: Authorisation For New Pipeline

Shares of the Ahmedabad-based shipping ports operator rose as much as 2.8 percent to Rs 382.5.

Adani Ports and Special Economic Zones Ltd. received an authorisation grant letter from the Petroleum and Natural Gas Board to lay, build, and operate a new petroleum pipeline.

The stock was the highest gainer on the Sensex in early trade, having snapped a two-day decline. Trading volume was 47 percent of the 20-day average.

Titan: Eyes 10% Market Share In Jewellery Business

Shares of the jewellery and watch retailer rose as much as 1.6 percent to Rs 991.95 after the company, in an exchange filing, said that it aims to gain a 10 percent market share in the country’s jewellery industry.

The company also said that it plans to grow its business to 2.5 times the level it was at in the financial year 2017 by the year ended March 2022.

Other Highlights Of The Notification:

  • Titan aims uniform consumer price revenue of Rs 50,000 crore by March 2023
  • Titan says it’s revenue growth aim was extended by a year

Trading volume was 1.3 times the 20-day average. Titan trades at 114.2 times the trailing 12-month earnings per share and 79 times its estimates for the coming year. It has given positive returns of 15.4 percent so far this year.

Ashok Leyland Gains On Order Win

Shares of the Chennai-based commercial vehicle maker rose as much as 3.2 percent, the most in a month, to Rs 149.70.

Ashok Leyland has won an order to supply High Mobility 10x10 vehicles to carry Smerch Rockets worth Rs 100 crore from India’s Ministry of Defence.

The stock has risen over 25 percent so far this year, compared with a 4.1 percent decline in the NSE Nifty Auto Index.