Stocks Radar: Jet Airways, Rallis India, Titan, VIP Industries
Indian equity benchmarks snapped their two-day blip and rose led by gains in Infosys and private banks in opening trade. The Sensex gained as much as 0.4 percent to 38,838.90 and the Nifty advanced nearly 0.44 percent to 11,649.05, as of 9:45 am.
The market breadth was tilted in favour of buyers. Ten of the 11 sectoral gauges compiled by the National Stock Exchange rose, led by a 1.78 percent advance in the NSE Nifty Realty Index. The NSE Nifty FMCG Index was the only sectoral loser, down 0.18 percent.
Here Are The Stocks Moving The Market This Morning:
Titan Gains The Most In Three Weeks After Q4 Update
Shares of the world’s largest branded jewellery maker rose 2.1 percent, the most since March 15, to Rs 1,129.70 apiece.
The company, in a filing, said its sales increased 21 percent, while the jewellery segment rose 22 percent for 2018-19, in line with expectations. The company said it’s targeting growth of 20 percent for 2019-20, despite muted outlook for the economy. Titan invested Rs 100 crore in CaratLane, increasing its stake in the online jeweller from 66 percent to 70 percent.
Trading volume was more than 10 times the 20-day average for this time of the day, Bloomberg data showed.
Jet Airways Skids After Lenders Invite Bids For Stake Sale
Shares of the cash-strapped airline declined nearly 2 percent to Rs 255.25 apiece.
Jet Airways’ lenders said they would invite bids for selling stake in the airline on April 6 as part of a time-bound resolution plan, according to a statement. The consortium of lenders, led by State Bank of India, took stock of the current situation at the carrier and decided on a timeline for the stake sale. Bids would be invited on April 6 and the last date for submission would be April 9. Besides, Civil Aviation secretary told Bloomberg that the company has 26 planes flying now.
The stock fell 58 percent in the last 12 months compared with a 17 percent gain in the Sensex.
VIP Industries Falls After Reporting Fire In Warehouse
Shares of the luggage maker declined for the third session in a row after it fell 1.1 percent intraday to Rs 471 per share.
VIP Industries said in an exchange filing that there was a fire at its Uttar Pradesh warehouse on April 3. It said there was no loss to life due to the mishap and that the damaged assets were adequately covered by insurance.
The stock traded at 45 times its estimated earnings per share for the coming year, according to Bloomberg data.
Rallis India Rallies After Pollution Board Revokes Closure Order
Shares of the Tata-group company snapped its four-day fall and rose as much as 3.1 percent to Rs 166 apiece.
Rallis India said in an exchange filing that the Gujarat Pollution Control Board has revoked it closure order of the company’s unit in the state. The company had received the closure order on March 19.
The stock declined 30 percent in the past 12 months compared with a 17 percent gain in the Sensex.
Godrej Properties Extends Record Run
Shares of Godrej Properties extended gains for the second consecutive trading session to extend their record rally. The stock rose as much as 5.6 percent to Rs 969.
The developer said on April 2 that it has achieved its highest-ever bookings, after the company sold over 2,900 homes with a total area of 3.75 million square feet and booking value in excess of Rs 2,100 crore. This record performance was achieved through the launch of four projects combined with strong sales from existing inventory.
The relative strength index of the stock was 74, indicating that it may be overbought.
Odisha Cement Falls After A Four-Day Rally
Shares of the cement maker fell as much as 3.8 percent intraday to Rs 1,100.60 per share.
Also, brokerage firm Morgan Stanley initiated coverage on the stock with ‘Equal Weight’. It also set a price target of Rs 1,176 per share.
Nine out of 10 analysts tracked by Bloomberg had a ‘Buy’ recommendation on the stock, while one analyst had recommended ‘Hold’.