Stocks Radar: Kotak Mahindra Bank, ONGC, Kaveri Seed, Reliance Nippon
Here are the stocks moving the market in today’s trade.
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Indian equity benchmarks opened lower as Asian stocks fell due to mixed signals on trade negotiations between U.S. and China.
The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 35,923.20 and 10,792.80 respectively, as of 10:10 a.m. The market breadth was tilted in favour of buyers. However, six of the 11 sectoral gauges advanced, led by a 1.26 percent gain in the Nifty Realty Index. The Nifty Private Bank Index was the top loser, down 0.54 percent.
Here Are The Stocks Moving The Market This Morning:
Dynamatic Technologies Extends Gains After Signing SAAB Deal
Shares of the Bengaluru-based auto parts company gained for the third straight day, its biggest performance in two months, as it rose 4.4 percent intraday to Rs 1,419 per share.
Dynamatic Technologies signed a memorandum of understanding with SAAB Technologies to explore future joint opportunities in commercial and defence-related work, including Gripen fighter aircraft, according to its exchange filing.
The trading volume was 11 times the 20-day average for this time of the day, according to Bloomberg data.
AU Small Finance Bank Rises After Pact To Sell Insurance Products
Shares of the Jaipur-based small finance bank rose nearly 2 percent to 587.10 apiece.
AU Small Finance Bank entered into an agreement with ACKO General Insurance to act as a corporate agent for insurance products, according to its notification to the exchanges.
The stock traded 15 percent below the Bloomberg consensus one-year target price.
Kotak Mahindra Bank Slumps After Block Deals
Shares of the private lender fell as much as 5 percent, the most more than two months, to Rs 1,225 apiece. It was the top loser on Nifty 50 Index.
About 5.87 crore shares of Kotak Mahindra Bank changed hands in six block deals on National Stock Exchange, Bloomberg data showed. Buyers and sellers were not known immediately. BloombergQuint earlier reported the Dutch major ING Group was looking to sell part of its 3.06 percent stake in the bank.
The shares gained 22 percent in the past 12 months compared with a 6.1 percent gain in the BSE Sensex Index.
Kaveri Seed Declines After Clarifying On Licence Suspension
Shares of the Secundrabad-based company pared opening gains and declined nearly 1.5 percent to Rs 410.50 apiece. The stock has declined in 10 out of the last 11 sessions.
Kaveri Seed said that it was one of the companies whose licences were suspended by the Andhra Pradesh government on Jan. 28 . The company clarified that it filed the reply within the time period and the said suspension will have no impact on its budgeted sales.
The stock traded 12 times its estimated earnings per share for the coming year, according to Bloomberg data.
Oil India, ONGC Gain After Government Plans To Auction Small Fields
Shares of the oil explorers rose after the Indian government announced plans to auction 66 small oil and gas fields of Oil & Natural Gas Corporation Ltd. and Oil India Ltd., according to PTI report citing Petroleum Minister Dharmendra Pradhan.
- Oil India rose as much as 1.5 percent intraday to Rs 175 per share.
- ONGC gained 1.2 percent to Rs 148.70 apiece.
(figures as of 10 am)
The move comes as world’s third-biggest consumer of fossil fuel tries to step up crude oil production that would reduce its import bill.
Reliance Nippon Extends Gains, Shares Jump Over 14%
Shares of Reliance Nippon Life Asset Management Ltd. extended gains for the third straight trading session and rose as much as 14.4 percent to Rs 211.90.
The stock gained nearly 40 percent in three trading sessions after Reliance Capital Ltd. has offered to sell its stake in the insurance joint venture to partner Nippon Life Insurance Company.
Trading volume was 87.1 times its 30-day average, Bloomberg data showed. The Relative Strength Index was at 74, indicating that the stock may be overbought.
