Stocks Radar: Hindalco, RIL, Titan, Yes Bank
Indian equity benchmarks opened lower, extending their losses for the seventh session in a row.
The Sensex was down 0.24 percent at 37,698.50 and the Nifty traded at 11,322, 0.27 percent lower, as of 10:08 am. The market breadth was tilted in favour of sellers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 0.75 percent fall in the NSE Nifty Pharma Index. The NSE Nifty Media Index was the top sectoral gainer, up 2.16 percent.
Here Are The Stocks Moving The Market This Morning:
Hindalco Declines After Results Of American Unit
Shares of the mining company fell 1.3 percent intraday to Rs 197.35 apiece.
Hindalco’s American subsidiary Novelis’ fourth quarter net sales rose 1 percent to $3.1 billion. Net income jumped up 29 percent to $130 million (excluding special items), according to an exchnage filing. The company said sales were driven by higher total shipments which was partially offset by lower average aluminium prices.
The stock traded 35 percent below the Bloomberg consensus one-year target price.
Vodafone Swings After Promoter Pledges Shares
Shares of the country's largest telecom operator fluctuated between gains and losses to trade at Rs 14.35 as of 9:50 am.
Shareholders of Vodafone Promoter Mauritius and Vodafone Promoter Indian pledged about 44.39 percent stake, the company said in a filing. Vodafone Group owns the stake through 12 entities based in India and Mauritius, which is valued at close to Rs 18,304 crore.
The company is scheduled to report its March quarter earnings on May 13.
Also read: Vodafone Group Pledges Vodafone Idea Shares
Yes Bank Falls After Rating Downgrade
Shares of the private lender declined as much as 2.6 percent to Rs 156.50 per share.
India Ratings downgraded long-term issuer rating to IND ‘AA-’ from IND ‘AA+’ with a negative outlook, according to an exchange filing.
The stock has fallen 41 percent in the last one month and 54 percent in the past 12 months.
RIL Falls For The Fourth Straight Session
Shares of the Mukesh Ambani-led group declined for the fourth straight session and fell as much as 3.2 percent to Rs 1,258.35 apiece. It has declined nearly 10 percent in the four sessions.
Investment bank and brokerage firm lowered its recommendation to ‘Equal-weight’ from ‘Overweight’. The company, however, raised the price target to Rs 1,349 apiece, indicating a 3.8 percent increase from last close.
The company lost its market cap of Rs 8 trillion briefly in today’s trade. Around Rs 80,000 crore was lost in market cap in the last four days.
Titan Gains After Q4 Results
Shares of the country’s largest branded jewellery maker advanced 2 percent intraday to Rs 1,110 apiece. The company reported its fourth quarter earnings on Wednesday.
Key Highlights (YoY)
- Revenue up 20.7 percent to Rs 4,671 crore.
- Net profit rose 4.4 percent to Rs 294.6 crore.
- Ebitda increased 11.3 percent to Rs 455 crore.
- Margin at 9.7 percent versus 10.6 percent.
- Exceptional loss of Rs 70 crore.
The trading volume was more than five times its 20-day average for this time of the day, Bloomberg data showed.