Stocks Radar: IndiGo, Lupin, Petronet LNG, Tata Chemicals
Indian equity benchmarks opened higher, aided by gains in Reliance Industries Ltd. and Infosys Ltd.
The Sensex and Nifty traded flat at 37,133.70 and 11,158.50 respectively, as of 10:00 a.m. The market breadth was tilted in favour of sellers.
Eight of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 1.98 percent fall in the NSE Nifty Pharma Index. The NSE Nifty IT Index was the top sectoral gainer, up 0.54 percent.
Here Are The Stocks Moving The Market In Today’s Trade
Tata Chemicals Surges After Business Rejig
The Tata Group will bring its consumer businesses under one unit as the salt-to-software conglomerate continues restructuring to streamline its operations, according to its exchange filing. Tata Chemicals will demerge its food business to Tata Global Beverages Ltd. Shareholders will get 114 shares of Tata Global for every 100 held in Tata Chemicals.
Trading volume of Tata Chemicals was almost 18 times the 20-day average for this time of the day, Bloomberg data showed.
IndiGo’s Parent Falls After Report Of Rift Between Founders
Shares of Interglobe Aviation Ltd. - owner of the country’s largest airline declined 4.6 percent intraday to Rs 1,536.65 apiece.
Differences have cropped up between Rakesh Gangal and Rahul Bhatia, the promoters of IndiGo, and both have hired law firms to sort out the issues, reported ETNow citing unnamed sources.
The stock has advanced nearly 30 percent in the last 12 months compared to a 5 percent gain in the Sensex.
Hudco Falls After NCLAT Agrees To Hear Plea
Shares of the state-owned property developer declined over a percent to Rs 37.55 apiece.
National Company Law Appellate Tribunal halted the deal between McDonald’s and its estranged Indian partner Vikram Bakshi. Hudco said Bakshi owed the company around Rs 195 crore in dues.
The relative strength index on the stock was below 30, indicating it may be oversold.
Lupin Extends Decline On FDA Woes
Shares of the Mumbai-based drugmaker fell for the second straight session after it declined 5.9 percent to Rs 736.40 apiece, is lowest in over a month.
U.S. Food and Drug Administration issued three observations to the company’s Aurangabad plant, according to an exchange notification.
The stock traded at 23 times its estimated earnings per share for the coming year, according to Bloomberg data.
Bajaj Finance Gains Ahead Of Q4 Results
Shares of the non-bank lender rose nearly 2 percent to Rs 3,059.25. The company is scheduled to announce its fourth quarter results today.
Preview (Q4, YoY)
- Net interest income expected to rise 38 percent to Rs 3,263 crore.
- Profit after tax seen to rise 52 percent to Rs 1,092 crore.
The stock advanced close to 60 percent in the past 12 months compared to a 5 percent gain in the Sensex.
Petronet LNG Falls The Most In Three Months
Shares of Petronet LNG Ltd. extended decline for the second consecutive trading session and fell as much as 3.6 percent, the most in over three months, to Rs 225. The company announced its March quarter results on Wednesday.
Key Highlights (Q4, QoQ)
- Revenue down 17 percent to Rs 8,383.2 crore.
- Net profit down 22.1 percent to Rs 440.2 crore.
- Ebitda down 26 percent to Rs 627.2 crore.
- Margin at 7.5 percent versus 8.4 percent.
- Other income up 71 percent to Rs 151.4 crore.
- Declared dividend of Rs 4.5 per share.
The stock traded 20 percent below the Bloomberg consensus one-year target price.