Stocks Radar: Apollo Tyres, GAIL, Infibeam, Leel Electricals
Indian equity benchmark Nifty started new series on a volatile note. The 50-stock Index fluctuated between gains and losses to trade a little changed at 10,983 as of 10:55 a.m. The S&P BSE Sensex Index also swung to trade 0.1 pecent higher at 36,364.75.
The market breadth was tilted in favour of sellers. Six out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty Metal Index’s 2.6 percent decline. On the flipside, NSE Nifty PSU Bank Index was the top sectoral gainer, up 1.6 percent.
Here Are The Stocks Moving The Markets This Morning
GAIL Gains After Gas Board Hikes Tariffs
Shares of the state-owned company rose as much as 4.1 percent to Rs 393 per share.
The Petroleum and Natural Gas Regulatory Board revised pipeline tariffs for the company’s pipelines effective from April 1, it said in a statement. The hike in tariffs is expected to lift earnings by 6-8 percent for the company, according to data compiled from brokerages.
The stock was the top gainer on Nifty. The scrip returned 25.1 percent over the past 12 months compared to a 17.3 percent advance in the Sensex.
Leel Electricals Surges After Order Win
Shares of the electrical-equipment maker rose as much as 5.8 percent to Rs 80.80.
The company received an order from Hindustan Aeronautics Ltd. to supply oil cooling systems, according to its exchange notification. The contract value was worth Rs 7.3 crore.
Leel Electricals traded at 4.5 times trailing 12-month earnings per share, according to Bloomberg data. The stock declined 73 percent so far this year..
RCom Swings On Insolvency Petition
Shares of the telecom-carrier fluctuated between gains and losses to trade 0.4 percent higher at Rs 12.40 as of 10:45 a.m.
Reliance Communications said Paytm’s parent company-One97 Communications has filed petition in NCLT for dues worth Rs 20.25 crore, according to its stock exchange notification. The matter is due for a hearing on Oct. 26.
The stock declined 32 percent in this month compared to a 5.8 percent fall in the Sensex.
Kesoram Industries Gains After Land Deal Approval
Shares of the cement manufacturer rose 8.7 percent to Rs 72.80.
The company received an approval from the Karnataka government for acquisition of 675 acres of land for mining activities, according to its regulatory filing. The acquisition would augment its existing reserves of limestone, the statement added.
The trading volume was 42.8 times the 20-day average for this time of the day, according to Bloomberg data.
Infibeam Records Highest Intraday Fall
Shares of the e-commerce company slumped as much as 58 percent, its highest ever intraday fall, to Rs 91.25.
Trading volume was 7 times its 20-day average for this time of the day, data compiled by Bloomberg showed. The Relative Strength Index was 21, indicating that the stock may be oversold, Bloomberg data showed.