Stocks Radar: Graphite India, HDFC Bank, Tata Sponge Iron, Shoppers Stop
Here are the stocks moving the market.
Indian equity benchmarks fluctuated between gains and losses in opening trade. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 39,786.50 and 11,895.80, respectively, as of 10:00 a.m.
The market breadth was tilted in favour of buyers. Seven of the 11 sectoral gauges declined, led by the NSE Nifty Pharma Index’s 0.8 percent fall. The NSE Nifty Media Index was the top gainer, up 0.7 percent.
Here Are The Stocks Moving The Market This Morning
Tata Sponge Iron Snaps Two-Day Losing Streak
Shares of the sponge iron maker snapped their two-day losing streak and rose as much as 1.8 percent to Rs 549.70 apiece.
The company’s promoter Tata Steel Ltd. will participate in the rights issue to the extent of 90 percent of the issue size up to Rs 1,485 crore, according to its exchange filling.
Three out of the four analysts covering the stock had a ‘Buy’ rating, while one suggests a ‘Hold’, according to Bloomberg data.
Shoppers Stop Gains After Aditya Birla MF Raises Stake
Shares of the retail store chain rose as much as 3.3 percent to their highest in more than four months at Rs 508.95 apiece.
That came after Aditya Birla Sun Life MF increased its stake from 5.01 percent to 7.01 percent in the company. according to an exchange filing.
The stock’s trading volume was more than 130 times its 20-day average for this time of the day. It traded at 35 times its estimated earnings per share for the coming year, Bloomberg data showed.
Investors To Lose Money As Real Estate Fund Of Aditya Birla Sun Life AMC Fails To Find Exit
Graphite India Falls For Fourth Day
Shares of the graphite electrode maker extended decline for the fourth straight day. The scrip fell nearly 3.7 percent to Rs 316.55 apiece.
The Karnataka state government granted permission to Graphite India to close its Bengaluru plant, according to an exchange filing. Production remained halted at the plant since Feb. 21, it said.
The stock has declined 63 percent in the past 12 months compared with a 13 percent gain in the Sensex, Bloomberg data showed.
Jammu & Kashmir Bank Gains After Issuing Clarification On Alleged Fraud
Shares of the bank rose as much as 2.1 percent to Rs 40.75 apiece.
The bank clarified it doesn’t foresee any financial impact of an alleged loan fraud as the account linked to it had already been declared as a non-performing asset, according to its exchange filing. It also said an FIR was registered against the firm and the officials of the bank by the anti-corruption bureau of Kashmir government and the matter is being investigated.
The stock has declined 23 percent in the past 52 weeks. That compares with the Sensex’s 13 percent gain, Bloomberg data showed.
HDFC Bank Hits An All-Time High
Shares of the private lender hit a lifetime high at Rs 2,503.30 a share.
The stock has advanced 21 percent in the past 52 weeks compared with the Sensex’s 13 percent gain. The bank’s shares traded 7.3 percent below the Bloomberg consensus one-year target price.
