Stocks Radar: HDFC Bank, Mindtree, Praj Industries, Vodafone Idea
Here are the stocks moving in today’s trade.
Indian equity indices opened lower after Asian stocks declined due to renewed concerns over a global growth slowdown.
The Sensex and the Nifty traded flat at 38,936.35 and 11,674.95, as of 9:52 am. The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange rose, led by a 2.65 percent advance in the NSE Nifty Realty Index. The NSE Nifty IT Index was the top sectoral loser, down 0.38 percent.
Here Are The Stocks Moving This Morning:
Lakshmi Vilas Bank Falls Ahead Of Board Meet
Shares of the private lender fell for the second straight session after it declined nearly 4.7 percent to Rs 88.25 per share.
Lakshmi Vilas Bank said in an exchange notification it will consider raising funds on April 12. The company said that it plans to raise funds through preferential allotment of equity shares and additional tier-I bonds.
The stock traded 41 percent below the Bloomberg consensus one-year target price.
Vodafone Idea Swings After Rights Offer Opens
Shares of the telecom operator fluctuated between gains and losses to trade at Rs 17 apiece as of 9:35 am.
Vodafone Idea said the rights issue of up to Rs 25,000 crore will open on April 10 and last for two weeks, according to its exchange notification. The issue will be for 20 billion fully paid up shares at Rs 12.5 per share aggregating to Rs 25,000 crore.
The stock has declined 62 percent in the last 12 months compared with a 15 percent gain in the Sensex.
Mindtree Gains On Dividend Update
Shares of the Bengaluru-based IT firm rose close to 1.2 percent to Rs 973.70 apiece.
Mindtree will consider declaration of interim or special dividend on April 17, according to its exchange filing. If the dividend secures company approval, then the record date for the same may be April 27.
The stock traded at 21 times its estimated earnings per share for the coming year, according to Bloomberg data.
HDFC Bank Falls After Possible Block Deal
Shares of the Mumbai-based lender fell as much as 1.7 percent, the most in nearly two months, to Rs 2,249.
An undisclosed entity is likely to sell 1.1 crore shares, or 0.42 percent equity, in the stock through a block deal that could be priced between Rs 2,219 and 2,287 per share, bankers involved in the deal told BloombergQuint requesting anonymity. The deal could be worth about Rs 2,500 crore, they said.
Trading volume was 50 times the stock’s 20-day average, Bloomberg data showed. The stock advanced 18 percent in the past 12 months compared with a 15 percent gain in the Sensex.
Praj Industries Surges After Inking New Deal
Shares of the Pune-based engineering firm ended its seven-day losing streak after it rose 7.3 percent intraday to Rs148.50 per share.
Praj Industries signed a construction license agreement with the U.S.-based Gevo to commercialise technology for the production of isobutanol using sugary-based feedstock such as juice, syrup and molasses, according to its exchange filing.
The trading volume was more than eight times the 20-day average for this time of the day, Bloomberg data showed.
