Stocks Radar: ICICI Securities, Larsen & Toubro, Wipro, Yes Bank
Here are the stocks moving the market this morning.
Indian equity benchmarks opened higher on Tuesday after declining for three straight sessions. The S&P BSE Sensex and the NSE Nifty 50 Index rose nearly a percent to trade at 36,192 and 10,837.50, respectively. Asians stocks, too, climbed as markets recovered amid concerns about slowing global growth.
The market breadth was tilted in favour of buyers. About 1,122 stocks advanced and 428 declined on the National Stock Exchange. All the sectoral gauges advanced, led by a 1.48 percent gain in the NSE Nifty Media Index.
Here Are The Stocks Moving The Market This Morning
Wipro Gains On Bonus Proposal
Shares of the information technology company rose as much as 2.4 percent to Rs 320.10 apiece.
The Bengaluru-based software developer is considering a proposal to issue bonus shares, the second such by the software services provider in the last two years. (more details here)
The stock was the second-best performer on the Nifty. The trading volume was more than 10 times its 20-day average, Bloomberg data showed. The scrip declined 2 percent in the last 12 months compared to 3.6 percent advance in the Sensex.
ICICI Securities Slips After Q3 Profit Falls
Shares of ICICI Securities fell as much as 8.8 percent, the most in over nine months, to Rs 254, its lowest since Nov. 14.
The company’s profit declined 33 percent on a yearly basis to Rs 102 crore in the October-December period, according to its stock exchange filing.
Key earnings highlights (Q3, YoY)
- Total revenue down 18 percent to Rs 406 crore.
- Brokerage revenue down 17 percent to Rs 227 crore vs Rs 274 crore due to subdued market conditions.
- Distribution revenue down 11 percent to Rs 107 crore due to mutual fund regulatory changes.
- Investment banking revenue down 37 percent to Rs 25.6 crore due to subdued primary market.
Here’s what CLSA had to say about ICICI Securities after the quarterly results:
- Maintains ‘Buy’ and cut price target to Rs 360 from Rs 380.
- Weak markets and tighter norms on mutual fund fees drag profits; cut earnings forecast.
- Growth in active client base has also moderated.
- Valuations reasonable; trades on a par with global peers.
L&T Gains After Order Win
Shares of the construction company snapped a two-day decline and rose as much as 1.1 percent to Rs 1,348 apiece.
The company’s hydrocarbon consortium won an engineering, procurement, construction and installation order of three oil production deck manifolds and subsea pipelines in Zuluf and Berri Fields of Saudi Aramco, according to exchange filing.
The stock traded at 19 times its estimated forward earnings per share compared to a 22.2 times for the two-year historical average, Bloomberg data showed.
Yes Bank Best On Sensex, Nifty
Shares of Yes Bank extended gains for the second day and rose as much as 3.6 percent to trade above Rs 200 for the first time since Nov. 22.
The stock was the best performer on the Sensex and Nifty.
Sundaram-Clayton Trades Near Two-Year Low
Shares of auto components maker fell as much as 4.5 percent to trade at its lowest levels since February 2017 at Rs 3,212 apiece.
The trading volume was almost five times its 20-day average, Bloomberg data showed.
