Stocks Radar: HUL, Brigade Enterprises, Vadilal Industries
Indian equity benchmarks declined for the fourth day in a row, mirroring losses in U.S. equity futures after CNN reported that President Donald Trump’s frustration with Treasury Secretary Steven Mnuchin was seen rising.
The S&P BSE Sensex slipped 1 percent to 35,115.50 while the NSE Nifty 50 Index fell as much as 0.97 percent to 10,558.75 as of 9:50 a.m.
The market breadth was tilted in favour of sellers. 10 of the 11 sectoral gauges compiled by the National Stock Exchange Ltd. fell, led by the NSE Nifty Pharma Index's 1.8 percent drop. The NSE Nifty Media Index was the only gainer, up 0.1 percent.
Here Are The Stocks Moving The Market This Morning
Vadilal Industries Falls After Delaying Audit Report
Shares of the ice-cream maker declined as much as 15.1 percent, the most in five months, to Rs 443 apiece.
Vadilal Industries has deferred its limited review report, according to its exchange filing. The filing said audit committee and board of directors “have not been able to conclude” on certain matters.
The trading volume was more than 20 times its 20-day average for this time of the day, according to Bloomberg data.
Brigade Enterprises Gains After Motilal Initiates Coverage
Shares of the Bengaluru-based real estate developer gained for the fourth straight session, after it rose as much as 6.1 percent to Rs 219.90 per share.
Brokerage firm Motilal Oswal initiated its coverage on the stock with a ‘Buy’ rating. Also, the price target was set at Rs 282, implying a potential upside of 36 percent from last close.
Here’s what Motilal Oswal had to say on the stock:
- Focus on scaling up leasing portfolio is a tactical shift.
- Stake sale in hotel portfolio to fund future capex.
- Residential real estate sector to recover with affordable housing an opportunity.
Tata Motors Falls Despite Clarifying On JLR Stake Sale
Shares of the carmaker fell 1.5 percent to Rs 506 apiece.
Tata Motors said it is not looking to divest its stake in the UK-based unit or discontinue the brands, according to a Bloomberg article citing a company statement.
The stock fell 23 percent in the last 12 months compared with 4.5 percent gain in the S&P BSE Sensex Index.
HUL Top Nifty Loser After Anti-Profiteering Body’s Ruling
Shares of the FMCG major fell 2.4 percent intraday to Rs 1,741.25 per share.
National Anti-Profiteering Authority, in an order posted on its website, ruled that India’s largest consumer goods company profiteered to the extent of Rs 535 crore against the company’s claim of Rs 160 crore.
The stock traded at 61 times its estimated earnings per share for the coming year, Bloomberg data showed.
Oil Marketers Gain After Crude Falls Below $50 A Barrel
Shares of oil marketing companies rose after the Brent crude dropped to its lowest in over 17 months to $49.93 per barrel as worries over U.S. supply countered signals from the OPEC-plus coalition that it may cut its crude output further.
- Indian Oil rose as much as 1.6 percent to Rs 137.20 per share.
- Bharat Petroleum advanced 1.81 percent to Rs 371.55 apiece.
- Hindustan Petroleum jumped 1.91 percent to Rs 251 apiece.
(prices as of 9:40 a.m.)