Stocks Radar: ICICI Bank, Hero MotoCorp, Torrent Pharma, Dredging Corp
Indian equity benchmarks opened higher ahead of the January's derivative expiry today.
The S&P BSE Sensex Index rose as much as 0.55 percent to 35,787.30 and the NSE Nifty 50 Index was up 0.35 percent at 10,689, as of 10:05 a.m.
The market breadth was tilted in favour of buyers. Seven out of 11 sectoral gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal Index's 1.5 percent gain. On the other hand, the Nifty Realty Index was the top loser, down 0.7 percent.
Here Are The Stocks Moving The Market This Morning:
ICICI Bank Extends Gains After Q3 Earnings
Shares of the private lender gained for the third straight day after it rose nearly 3 percent to Rs 376.65 per share, becoming the best performer on the Sensex and the Nifty.
The bank announced its results for the December-ended quarter on Wednesday. Net profit fell 2.75 percent year-on-year to Rs 1,650 crore, according to its exchange filing. That's lower than the Rs 1,965-crore estimated by analysts tracked by Bloomberg.
Key Highlights (YoY):
- Net interest income up 20.5 percent at Rs 6,875.2 crore.
- Provisions at Rs 4,244.2 crore versus Rs 3,569.2 crore.
- GNPA at 7.75 percent versus 8.54 percent (QoQ).
- NNPA at 2.58 percent versus 3.65 percent (QoQ).
Meanwhile, the lender’s enquiry committee headed by former Supreme Court judge BN Srikrishna found that Chanda Kochhar was in violation of bank’s code of conduct for conflict of interest. Bank will seek clawback of all bonuses paid to her from April 2009 until March 2018.
Bharti Airtel Gains After Qatar Sovereign Fund To Invest In Africa Unit
Shares of the telecom company rose as much as 1.6 percent to Rs 308.65 per share.
Qatar Investment Authority plans to infuse $200 million in Bharti Airtel’s Africa unit, according to an exchange filing. The investment authority will own less than 4 percent stake in African unit.
Out of 30 analysts tracked by Bloomberg, 22 recommended ‘Buy’, five suggested ‘Hold’, while three had a ‘Sell’ rating on the stock.
Dredging Corporation Surges After Court Orders Lower-Than-Estimated Penalty
Shares of the state-owned dredging services provider rose 6.7 percent to Rs 428.50 apiece.
Dredging Corporation of India lost appeal against Mercator by England Court, where the tribunal had passed an order to pay Rs 56.3 crore which was only 25 percent of what the company had claimed for arbitration settlement, according to an exchange notification.
However, the stock fell 42 percent in the last 12 months compared to a 1.2 percent fall in the BSE Sensex Index.
Torrent Pharma Swings After Q3 Performance
Shares of the Ahmedabad-based drugmaker erased early gains and fell as much as 1.5 percent to Rs 1,822.20 per share after its results of the October-December quarter were reported on Thursday.
Key Highlights (Q3)
- Revenue up 40 percent at Rs 2,051 crore.
- Net profit up 4.2 times at Rs 246 crore.
- Ebitda up 56 percent at Rs 561 crore.
- Margin at 27.3 percent versus 24.5 percent.
- Declares dividend of Rs 13 per share.
The trading volume was nine times the 20-day average for this time of the day, according to Bloomberg data.
Hero MotoCorp Falls Ahead Of Earnings Announcement
Shares of the country’s largest two-wheeler manufacturer declined 1.4 percent intraday to Rs 2,575.20 per share ahead of its earnings for the third quarter which is scheduled to be announced today.
Preview (Q3, YoY)
- Revenue seen to gain 6 percent to Rs 7,751 crore.
- Ebitda expected to fall 3.7 percent to Rs 1,115 crore.
- Net profit seen to decline 5 percent to Rs 767 crore.
- Operating margin seen at 14.4 percent versus 15.8 percent.
The stock traded 26 percent below the Bloomberg consensus one-year target price.