Stocks Radar: GMR Infrastructure, Mindtree, RBL Bank, Sheela Foam
Here are the stocks moving the market in today’s trade.
Indian equity benchmarks opened higher, extending gains for the second consecutive trading session.
The S&P BSE Sensex rose as much as 0.44 percent to 38,402.40 and the NSE Nifty 50 rose as much as 0.34 percent to 11,521.15.
The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 1.11 percent in gain in the NSE Nifty Media Index. The NSE Nifty Realty Index was the top sectoral loser, down 0.47 percent.
Here Are The Stocks Moving The Market This Morning:
Mindtree Falls After Board Calls Off Buyback Plan
Shares of the Bengaluru-based IT services provider snapped its two-day gaining run and fell 2.1 percent intraday to Rs 931 apiece.
Mindtree said it had decided to not proceed with share buyback, in an exchange filing. The company will also constitute a pane to provide recommendations in respect to L&T's unsolicited offer. Apurva Purohit will lead this panel of independent directors, the filing said.
The stock advanced 23 percent in the past 12 months compared with a 16 percent gain in the Sensex
PNB Gains Despite RBI Penalty
Shares of the state-owned bank rose for the second straight session after it advanced as much as 2.8 percent to Rs 95.05 per share.
Reserve Bank of India imposed a Rs 2 crore penalty on Punjab National Bank during assessment of implementation of SWIFT-related operational controls, according to its notification to the bourses.
The relative strength index on the stock was above 70, indicating the stock may be overbought.
GMR Infrastructure Surges After Rs 8,000-Crore Boost
Shares of the infrastructure developer rose 10 percent intraday to nearly a seven-month high of Rs 21.35 per share.
The Mumbai-based company announced that a consortium of a Tata Group company, Singapore's sovereign wealth fund GIC and SSG Capital Management agreed to make an investment worth Rs 8,000 crore in its airport business, in an exchange filing.
The trading volume was almost 80 times the 20-day average, Bloomberg data showed.
Sheela Foam Slumps To Its Lowest Since July 2017
Shares of the Ghaziabad-based foammaker plummeted nearly 7.5 percent to Rs 1,206 per share.
The promoters said they will sell 42.3 lakh shares or 8.68 percent of equity capital of the company with an over-subscription option of another 2 percent stake, according to its exchange notification. The floor price has been set at Rs 1,100 per share, which is at a discount of 15.6 percent to the current market price.
The stock traded at 40 times its estimated earnings per share for the coming year, according to Bloomberg data.
RBL Bank At Record High
Shares of the private bank rose for the third-straight day and gained close to 2.1 percent to an all-time high of Rs 667.80 apiece.
Private Equity firm BlackRock is said to have picked up stake in RBL, reported Economic Times citing unnamed sources. The stake was purchased from Gaja Capital through block deals executed this month, the report said.
12 out of the 21 analysts tracked by Bloomberg have a ‘Buy’ rating on the stock, while four recommend ‘Hold’ and five had a ‘Sell’ rating.
United Breweries Gains After Block Deal
Shares of United Breweries rose as much as 8.7 percent, the most since Feb. 5, 2018, to Rs 1,464.65.
About 74 lakh shares of United Breweries changed hands in a block deal, Bloomberg data showed. Buyers and sellers weren't known immediately.
Trading volume was more than eight times its 20-day average, Bloomberg data showed. The stock traded at 61 times its estimated earnings per share for the coming year.