Stocks Radar: Glenmark Pharma, Yes Bank, Minda Industries
Indian equity benchmarks resumed declines after erasing opening gains. The S&P BSE Sensex Index fell as much as 0.36 percent to 36,518.92 and the NSE nifty 50 Index fell as much as 0.25 percent to 11,040.20.
The market breadth, however, was tilted in favour of buyers. Six of the 11 sectoral gauges compiled by National Stock Exchange advanced, led by NSE Nifty Realty Index’s 1.8 percent gains. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 1.5 percent.
Here Are The Stocks Moving The Market This Morning
Yes Bank Rises After Seeking Extension Of Rana Kapoor’s Term
Shares of the private lender rose as much as 4.6 percent to Rs 229.80, after fluctuating during the early trade.
The bank’s board sought extension of Rana Kapoor’s tenure till Sept. 30, 2019 from RBI, it said in a statement. The board also formed a search panel to identify Rana Kapoor’s successor.
The Relative Strength Index was at 19, indicating that the stock may be oversold. The scrip is 40 percent below the Bloomberg one-year consensus target price.
Glenmark Pharma Rises After Foreign Debt Repurchase Plans
Shares of the drugmaker rose as much as 3.9 percent to Rs 659.30 apiece.
The company will consider to repurchase its foreign currency bonds worth $200 million in their board meeting scheduled on Sept. 28, according to its notification to the bourses.
The stock rose nearly 10 percent so far this year compared to a 8.5 percent advance in the Sensex.
8K Miles Hits Lower Circuit For The Fourth Day
Shares of the software developer hit the lower circuit of 5 percent for the fourth day to trade at Rs 211.95 apiece.
The company said 8K Miles Media Media, where the alleged forgery occurred, was not a subsidiary or an associate company, in a statement to the exchanges. It also said Venkatachari owns 0.18 percent equity in 8K Miles Media.
The stock fell 76.7 percent so far this year and declined 42.8 percent in the past 12 months.
Minda Industries Gains After Receiving New Plant Approval
Shares of the auto-parts maker rose as much as 8.4 percent, the most in over two months, to Rs 388.
The company’s board approved to set up a new manufacturing plant of two-wheeler alloy wheel in Maharashtra, according to its stock exchange filing. The investment will be around Rs 500 crore for the project and production is expected to start from Nov. 2019, the statement said.
The trading volume was 28.2 times the 30-day average for this time of the day, Bloomberg data showed. Minda Industries traded at 34.2 times trailing 12-month earnings per share and 28 times its estimates for the coming year.
Adani Green Energy Gains After Order Win
Shares of the renewable energy producer rose as much as 5.6 percent to Rs 47.05 per share.
The company won a tender to setup 300 megawatt wind generation project floated by Solar Energy Corporation of India, according to its stock exchange notification. The project is expected to be commissioned by the second quarter of financial year ending 2021, the statement said. The tender is for Rs 2.76/KWH for a 25-year period, it added.
The stock fell 16 percent in the past month compared to 3.4 percent decline in the Sensex, according to Bloomberg data.
Blue Dart Gains On Fund Raising Plans
Shares of the courier-services provider snapped its five-day losing streak, its longest losing streak since Sept. 14. The stock rose as much as 2.4 percent to Rs 3,067.35 per share.
The company plans to invest Rs 200 crore for its expansion plans in tier II, IIII and IV towns, it said in an exchange filing. The plan aims to cover more than 19,100 pin codes by December, the statement added.
The stock traded at 37.1 times estimated forward earnings per share compared to 48.2 times for the historical average, Bloomberg data showed.