Stocks Radar: Lupin, Zee Entertainment, Coffee Day, L&T
Indian equity benchmarks declined for the second straight session on Monday. The S&P BSE Sensex and the NSE Nifty 50 Index traded 0.6 percent lower each at 35,845.15 and 10,718.35, respectively, as of 10:00 a.m. Asian stocks traded mixed at the start of a crucial week for global trade and a policy meeting of the Federal Reserve.
The market breadth was tilted in favour of sellers. Nine of the 11 sectoral gauges declined, led by a 1.51 percent fall in the NSE Nifty Auto Index. The NSE Nifty Media Index was the top gainer, up 2.35 percent.
Here Are The Stocks Moving The Market This Morning
Lupin Falls After Indore Plant Fails To Clear U.S. FDA Inspection
Shares of the drugmaker dropped as much as 2.4 percent to Rs 844.30 apiece.
Lupin received six observations from the U.S. health regulator for its Indore facility in the inspection conducted from Jan. 14-25, according to an exchange filing.
The stock fell nearly 9 percent in the past 12 months, according to data compiled by Bloomberg.
NBCC Swings After Bagging Rs 228-Crore Order
Shares of the state-owned construction company erased early gains and fell nearly 2.2 percent to Rs 55.25 apiece.
NBCC received order worth Rs 228 crore for redevelopment of WHO building in New Delhi, according to its exchange filing.
The stock traded at 25 times its estimated earnings per share for the coming year, Bloomberg data showed.
Zee Group Entities Gain After Promoters Got More Time From Lenders
Shares of the Essel Group companies gained after the promoters said they have entered into an agreement with the lenders and pledged shareholders. The company will get more time to repay their debt, the promoters said during a conference call.
- Zee Entertainment topped the Nifty 50 Index after it gained 14.8 percent intraday, the most since May 2009.
- Essel Propack rose 13.1 percent to Rs 108.70 apiece.
- Dish TV rose 11 percent to Rs 24.85 apiece.
Coffee Day Slumps Despite Clarifying No Income Tax Dues By Founder
Shares of the Bengaluru-based cafe chain operator fell as much as 5.3 percent to Rs 266 a share.
Coffee Day Enterprises said it would take required action in the next few days to get a portion of IT firm Mindtree’s shares—owned by the company and its promoter VG Siddhartha—released by the Income Tax Department. Further, Coffee Day Enterprises, which operates popular coffee chain CCD, said it has already discharged its tax liability along with the revised returns.
Meanwhile, L&T is said to have taken an enabling resolution to strike a deal to buy Siddhartha’s 21 percent stake in Mindtree, the Times of India reported, citing people directly aware of the matter. Mindtree declined as much as 3.4 percent to Rs 856 apiece.
Adani Group Stocks Fall; Volumes Surge
Shares of Adani group companies declined in today’s trade.
- Adani Ports & SEZ Ltd. fell nearly 22 percent, its worst intraday fall, to 292.10 apiece.
- Adani Enterprises declined 13.4 percent to Rs 118.95 apiece.
- Adani Power tumbled 19.3 percent to Rs 39.65 a share.
The trading volume of all the three stocks were at least eight times the 20-day average for this time of the day, according to data compiled by Bloomberg.
L&T Gains The Most In Two Months After Q3 Results
Shares of the infrastructure company snapped their two-day decline and rose as much as 4.1 percent to Rs 1,337.90 apiece.
Key Earnings highlights (Q3, Year-On-Year)
- Revenue up 24 percent at Rs 35,709 crore.
- Net profit up 37 percent at Rs 2,042 crore.
- Ebitda up 27 percent at Rs 3,997 crore.
- Operating margin at 11.2 percent versus 10.9 percent.
- Other income higher at Rs 606 crore versus Rs 214 crore.
The trading volume was eight times the 20-day average for this time of the day, Bloomberg data showed.