Stocks Radar: Indian Oil, Ashoka Buildcon, Escorts, Tata Sponge
Indian equity benchmarks erased their yearly gains as exit polls signaled Prime Minister Narendra Modi’s party is set for tight contests in key state elections. The S&P BSE Sensex and the NSE Nifty 50 Index fell nearly 1.7 percent to trade at 35,067.12 and 10,511.35, respectively, as of 10:15 a.m.
Asian stocks, too, declined amid a potential escalation of trade tensions between the U.S. and China.
The market breadth was tilted in favour of sellers. All of the 11 sectoral gauges declined, led by a 2.73 percent fall in the NSE Nifty Realty Index.
Here Are The Stocks Moving The Market This Morning
Ashoka Buildcon Gains After Winning Rs 794-Crore Project
Shares of the infrastructure company rose as much as 3.3 percent to Rs 123.50 apiece.
The Mumbai-based company bagged a railway project worth Rs 794.20 crore from Rail Vikas Nigam Ltd. for construction of roadbed, bridges in Bihar and Jharkhand, according to an exchange filing.
The trading volume was more than 10 times the 20-day average for this time of the day, Bloomberg data showed.
Escorts Falls After Exiting Crane Business
Shares of the farm equipment maker declined for the fifth straight session to Rs 601 apiece.
Escorts transferred the existing RT Crane business to its joint venture with Japan-based Tadano for Rs 35 crore on a slump sale basis, according to its exchange notification.
Escorts traded 13 times its estimated earnings per share for the coming year, Bloomberg data showed.
Tata Sponge Gains After Receiving Environment Clearance
Shares of the Tata Steel-subsidiary rose 1.6 percent to Rs 762.80 apiece.
Tata Sponge received an environment clearance from the government to increase the production capacity of its direct reduced iron plant to 4,65,000 tonnes per annum from 4,25,000 tonnes per annum, according to an exchange notification.
The stock declined 20 percent in the past 12 months, according to Bloomberg data.
Indian Oil Swings Ahead Of Board Meet
Shares of the country’s largest oil marketer briefly topped the Nifty Index before falling 0.35 percent to Rs 129.30 apiece.
Indian Oil Corporation’s board will consider a buyback proposal and dividend on Dec. 13, according to an exchange filing.
Morgan Stanley upgraded its recommendation on the stock to “Overweight” and raised the price target to Rs 188, implying a potential return of 44 percent from the previous close.
IFCI Falls After Q2 Results
Shares of the state-run consumer finance company fell as much as 2.8 percent to Rs 12.40 apiece. The company announced its results for the quarter ended September after trading hours on Friday.
Key Highlights (Year-On-Year)
- Net interest income stood at Rs 15.9 crore versus Rs 223.5 crore.
- Net loss at Rs 16.6 crore versus a net loss of Rs 293.7 crore.
- Other income stood at Rs 296.8 crore.
The stock declined 58.8 percent so far this year, according to Bloomberg data.
Real Estate Stocks Worst Hit
Shares of real estate companies were among the worst hit in today’s session. Unitech, Indiabulls Real Estate, DLF and Godrej Properties were among the top losers on the NSE Nifty Realty Index that slumped 2.7 percent.