Stocks Radar: Infosys, Larsen & Toubro, Aditya Birla Retail
Here are the stocks moving the market this morning.
Indian equity benchmarks opened at their fresh all-time highs on Monday, led by gains in Larsen & Toubro Ltd. The S&P BSE Sensex rose as much as 0.77 percent to 38,239 and the NSE Nifty 50 Index climbed nearly 0.60 percent to 11,540.
The market breadth was tilted in favour of buyers. Ten of the 11 sectoral gauges advanced, led by a 1.1 percent rise in the NSE Nifty PSU Bank Index. On the other hand, the NSE Nifty IT Index was the only loser, down 0.68 percent.
Here Are The Stocks Moving The Market This Morning
Infosys Falls After CFO Resigns, Morgan Stanley Downgrade
Shares of the software services company lost as much as 4 percent to Rs 1,373.50 apiece.
MD Ranganath, chief financial officer at Infosys, resigned from his post to “pursue professional opportunities in new areas”. The board on Saturday accepted his resignation and said the search for the next CFO would start immediately. Ranganath will continue in his current position as the CFO till Nov. 16, the company said in an exchange filing.
Besides, financial services major Morgan Stanley downgraded its recommendation for the stock to ‘Equal-Weight’ from ‘Overweight’. The stock was briefly the biggest loser on the S&P BSE Sensex, according to Bloomberg data.
The trading volume was 5.8 times the 20-day average. The stock trades at 19.2 times trailing 12-month earnings per share, Bloomberg data showed.
Infosys CFO MD Ranganath Resigns
L&T Climbs The Most This Year
Shares of the engineering equipment maker jumped as much as 4.90 percent, the highest so far this year, to Rs 1,300.95 apiece.
The company’s board will consider a buyback of equity shares at its meeting on Aug. 23.
The trading volume was 8.1 times the 20-day average. The stock trades at 24.7 times trailing 12-month earnings per share, according to Bloomberg data.
Navin Fluorine Falls Nearly 3%
Shares of the fluorochemicals maker fell as much as 2.49 percent to Rs 666.45 apiece.
The company’s board announced that it has accepted the resignation of Managing Director Shekhar Khanolkar and he shall be relieved of his duties effective Oct. 12. The chemical maker will begin the search for Khanolkar’s successor. But in the interim, Executive Chairman Vishad Mafatlal will manage the operations, according to the company’s exchange filing.
The stock trades at 18.5 times trailing 12-month earnings per share, Bloomberg data showed.
Aditya Birla Retail Gains On Reports Of A Consortium Deal
Shares of the fashion and retail chain gained as much as 3.34 percent to Rs 199 apiece.
Amazon is teaming up with Goldman Sachs and private equity fund Samara Capital to form a consortium for the acquisition of Aditya Birla Group’s food and grocery supermarket chain More at an enterprise valuation of Rs 4,500-5,000 crore, Economic Times reported.
The stock trades at 128.8 times trailing 12-month earnings per share, according to Bloomberg data.
Mangalore Chemicals Jumps The Most In A Year
Shares of the fertilizer and agricultural chemical maker surged as much as 9.9 percent—the highest in a year—to Rs 64.90 apiece.
The company said the Ministry of Environment, Forest and Climate Change had accorded the environmental clearance to the project for expansion-cum-modernisation of a fertiliser plant.
The trading volume was 88 times the 20-day average. The stock trades at 12 times trailing 12-month earnings per share, according to Bloomberg data.