Stocks Radar: GMDC, HDFC Life, Prism Johnson, Welspun Corp
Indian equity benchmarks extended gains for the second day, tracking their Asian peers.
The S&P BSE Sensex rose as much as 0.98 percent to 37,416.04 and the NSE Nifty 50 jumped nearly 0.96 percent to 11,275.
The market breadth was tilted in favour of buyers. About 1,349 stocks advanced and 281 shares declined on the National Stock Exchange.
All the 11 sectoral gauges compiled by the NSE advanced, led by the NSE Nifty Realty Index’s 3.56 percent rally.
Here Are The Stocks Moving The Market This Morning
GMDC Rises On New Buy Rating
Shares of Gujarat Mineral Development Corporation extended gains for the third day and rose as much as 9.9 percent to Rs 94.50.
Edelweiss initiated coverage on the stock with a ‘Buy’ rating and a price target of Rs 105.
Here’s what Edelweiss said about GMDC:
- See imminent volume uptick post production ramp up at new mines.
- Stock trading at lowest end of its 8-year EV/Ebtida band.
- Business significantly undervalued; cash-per-share 43 percent of market cap.
HDFC Life Falls The Most In Nearly Six Months
Shares of HDFC Life insurance Company declined for the second consecutive trading session and fell as much as 5.9 percent, the most in nearly six months, to Rs 367.55.
Standard Life (Mauritius Holdings) said it will sell up to seven crore shares, or 3.47 percent of equity shares, via offer for sale mechanism with the option to sell an additional 2.95 crore shares aggregating to a stake sale of 4.93 percent.
The floor price of the offer is set at Rs 357.5 per share, which will aggregate up to Rs 3,557 crore in sales if the offer is fully subscribed along with the over-subscription. As per the recent exchange filings, Standard Life has 29.23 percent stake in the company. Non-retail and retail investors can take part in the sale on March 12 and March 13, respectively.
Here's what JPMorgan had to say about HDFC Life:
- Maintain ‘Neutral’ with a price target of Rs 440.
- Stock looks pricey and product development becoming less capital-light.
- Not supportive of company’s unique product mix.
- Concerned about potentially faster capital consumption outlook.
Welspun Corp Gains After Winning Additional Pipe Orders
Shares of Welspun Corp rose for the second consecutive trading session, gaining as much as 6.7 percent to Rs 127.95.
The company received additional pipe orders of 212 KMT. Of these, 151 KMT will be serviced from India. Its order book stood at 1,667 KMT valued at Rs 14,500 crore.
Trading volume was more than 13 times its 20-day average, Bloomberg data showed. The stock declined 20 percent in the past 12 months compared with a 10 percent gain in the Sensex.
Titan Surges To Record
Shares of Titan extended gains for the third consecutive trading session and rose as much as 2.5 percent to hit an all-time high of Rs 1,095.95.
The company signed pact with the watchmaker FTS for making watches in the U.S., according to Bloomberg.
The stock returned 17.2 percent so far this year and advanced 32.2 percent in the past 12 months.
Prism Johnson Jumps On Heavy Volumes
Shares of Prism Johnson rose as much as 8.4 percent to Rs 104.
The stock traded at 21.1 times its estimated forward earnings per share, Bloomberg data showed. Trading volume was 73.3 times its 30-day average. The Relative Strength Index was at 81, indicating that the stock may be overbought.