Stocks Radar: HDFC AMC, IndiGo, Jet Airways, Johnson Controls-Hitachi, Varun Beverages
Here are the stocks that are moving the market this morning.
Indian equity benchmarks opened higher but soon pared their early gains to trade a tad lower.
The S&P BSE Sensex traded 0.03 percent, or 11 points, higher at 38,970 as of 9:40 a.m., while the NSE Nifty 50 Index slipped 0.03 percent to 11,669. The broader market represented by the NSE Nifty 500 Index fell 0.06 percent.
The market breadth was tilted in favour of sellers. About 872 stocks declined and 686 advanced on the National Stock Exchange. Six out of 11 sectoral gauges fell, led by the NSE Nifty FMCG Index’s 0.95 percent drop. On the other hand, the NSE Nifty IT Index was the top sectoral gainer, up 0.49 percent.
Here Are The Stocks Moving The Market This Morning
HDFC AMC Falls Most In Nearly Six Months
Shares of HDFC Asset Management Company fell as much as 4.5 percent, the most since Dec. 21, to Rs 1,845 apiece.
That comes after the asset manager said it will purchase Essel Group companies’ non-convertible debentures of up to Rs 500 crore to rescue investors of its fixed maturity plans, thereby transferring any loss (or gain) due to the investment from investors to itself. (More details here)
The stock’s trading volume is 1,532 times its 20-day average, Bloomberg data showed. Of the shares traded, 46 percent were at the ‘ask price’ and 37 percent were at the bid.
Jet Airways Hits All-Time Low
Shares of Jet Airways (India) Ltd. fell as much as 9.9 percent to hit at an all-time low of Rs 61.60 apiece.
This comes after the lenders of the cash-strapped airline decided to approach the National Company Law Tribunal to initiate insolvency proceedings.
The Relative Strength Index is below 30, indicating the stock may be ‘Oversold’, according to Bloomberg data. Shares of the carrier have slumped 45 percent in past five sessions and 51 percent in last 30 days.
What Next For The Jet Airways Stock
IndiGo Gains On $20-Billion Order
Shares of InterGlobe Aviation Ltd. rose as much as 1.9 percent to Rs 1,674 apiece.
The budget carrier plans to order jet engines worth $20 billion from a joint venture of General Electric Co. and France’s Safran SA, according to a Bloomberg report.
The stock has gained 42.2 percent so far this year and 34.3 percent in past 12 months, Bloomberg data showed.
Johnson Controls-Hitachi Air Falls On Heavy Volumes
Shares of Johnson Controls-Hitachi Air Conditioning India Ltd. dropped as much as 2 percent to Rs 1,690 apiece.
The stock’s trading volume is more than 60 times its 20-day average, Bloomberg data showed. It declined in four of the last five trading sessions.
Varun Beverages Rebounds After Posting Worst Drop Since Listing
Shares of Varun Beverages Ltd. rose as much as 4.5 percent to Rs 896.80 apiece. The stock had tumbled nearly 14.8 percent during the trade on Monday but pared most of its losses to close about 8 percent lower—the worst drop since listing.
The scrip trades at 47 times its estimated earnings per share for the coming year, Bloomberg data showed. It had declined 5.6 percent in past five sessions and 3.6 percent in last 30 days.