Stocks Radar: GNFC, Binani, Delta Corp
Here are the stocks moving the market this morning.
Indian stocks pared early gains to turn negative in late morning deals amid profit booking after a record run. The rally in global crude oil and concerns over inflating trade deficit that soared to a three-year high on rising gold and crude oil import bill weighed on the investor sentiment.
The S&P BSE Sensex fell as much as 0.2 percent to 34,789, while the NSE Nifty 50 Index fell as much as 0.3 percent to 10,707.8. The market breadth firmly tilted in the favour of the sellers.
Seventeen of the 19 sector gauges compiled by BSE Ltd. fell, led by the S&P BSE Realty Index’s 2.5 percent decline while S&P BSE Information Technology rose the most, with 2.29 percent gains.
Here Are The Stocks Moving This Morning:
Nifty IT Index: At 33-Month High
The NSE Nifty IT Index rose as much as 3 percent to a 33-month high of 12,357.4 after Morgan Stanley predicted a turnaround in technology spending this year, helping boost company earnings.
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An improving global macro environment could increase tech spending, leading to a re-rating for the industry’s stocks, which are trading at or below long-term average valuations, analysts Parag Gupta and Gaurav Rateria wrote in note dated Jan. 15.
GNFC: Falls On Plant Closure
Shares of the fertiliser maker fell as much as 7 percent to Rs 502.45. The company has indefinitely closed its plant at Dahej following leakage, it said in a stock exchange filing. Trading volume was 4.7 times the 20-day average.
BSE: Buyback Plans
Shares of the Mumbai-based stock exchange fell as much as 5.1 percent, the most since its listing in February last year, to Rs 931. The board approved a buyback of up to 15 lakh shares at a maximum price of Rs 1,100 each. It will be spending Rs 166 crore on the buyback, the company said in a notification.
Binani Industries: Race To Buy Cement Unit Heats Up
Shares of the cement maker rose as much as 4.99 percent to Rs 146.3. Investors Rakesh Jhunjhunwala and Radhakishan Damani have teamed up to bid for Binani Cement, a unit of the company, according to a report in Economic Times. Trading volume was 16 percent of the 20-day average for this time of the day.
BL Kashyap: Debt Settlement Plan
Shares of the New Delhi-based construction company rose as much as 4.7 percent to Rs 68.2, which is the highest in more than nine years.
Standard Chartered Bank has approved a one-time settlement plan, according to which the company's serviceable debt will be repaid by the end of the current financial year, according to the company’s exchange filing.
The stock has been gaining for three sessions now.
Vascon Engineers: Stellar Launch Of Residential Unit
Shares of the real estate developer rose as much as 5.9 percent to Rs 50.5.
The company sold 65 units, coming up to 85 percent, in their residential project Forest Edge located in Pune on the day of its launch, according to the company’s filing. The launch was held on the occasion of Makar Sankranti.
The shares extended a two-day gaining streak. None of the brokerages have coverage on this stock till now.
IMP Powers: Rises On Order Win
Shares of the electrical power equipment firm rose as much as 5 percent to Rs 128.1.
The company has received an order for manufacturing turbines from Germany’s Smart Hydro Power GmbH for a period of 20 years. The stock has been gaining for four consecutive sessions now and had a trading volume of 3.6 times the 20-day average.
Zee Learn: Rises On Quarterly Numbers
Shares of educational services firm rose as much as 8.55 percent to Rs 50.8, extending a three-day gaining streak.
Net profit of Zee Learn rose as much as 250 percent this quarter
- Revenue up 73 percent at Rs 52 crore.
- Net profit up 250 percent at Rs 7.7 crore.
- EBITDA up 89 percent at Rs 18 crore.
- Margin at 34.6 percent versus 31.7 percent.
Delta Corp: Profit Boost
Shares of the Pune-based real estate developer rose to a lifetime high of Rs 338.9 after rising as much as 6.62 percent.
Delta Corp Ltd. reported a four-fold increase in net profit for the December-ended quarter.
Earnings Highlight:
- Revenue up 56 percent at Rs 162 crore.
- Net profit up 347 percent at Rs 44.7 crore.
- Earnings before interest, tax, depreciation and amortisation up 113 percent at Rs 68.7 crore.
- Margin at 42.4 percent versus 31 percent.
The stock is trading just 4.9 percent below the Bloomberg consensus one-year target price, the analyst consensus rating being equal to ‘Buy’.
Other Earnings Reactions To Watch:
Federal Bank Q3 (YoY)
- Shares fell as much as 6.8 percent to Rs 105.8
- Net interest income up 20.1 percent at Rs 950 crore.
- Net profit up 26.2 percent at Rs 260 crore.
- Gross NPA at 2.52 percent versus 2.39 percent (QoQ).
- Net NPA at 1.36 percent versus 1.32 percent (QoQ).
ABC Bearings Q3 (YoY)
- Shares rose as much as 4.75 percent to Rs 568.9.
- Revenues up 9 percent at Rs 50 crore.
- Net profit up 38.5 percent at Rs 3.6 crore.
- Ebitda up 8 percent at Rs 9.1 crore.
- Margin at 18.2 percent versus 18.3 percent.
India Grid Trust Q3 (QoQ)
- Shares rose as much as 1.33 percent to Rs 95.25.
- Revenue down 4 percent at Rs 126.7 crore.
- Net profit up 13 percent at Rs 68.8 crore.
- EBITDA down 4 percent at Rs 117.3 crore.
Stocks Reacting To Block Deals
Bharti Airtel:
- 3.87 crore shares changed hands in a block which is 1 percent of the equity.
- Shares of Bharti Airtel rose as much as 1.8 percent to Rs 513.6