Stocks Radar: Mindtree, Lupin, Bharti Infratel, Bandhan Bank
Stocks moving the market in today’s trade.
Indian equity benchmarks extended gains for the sixth consecutive trading session and are set for their longest gaining streak in nearly three months.
The S&P BSE Sensex traded nearly 0.80 percent higher at 38,311.60 and the NSE Nifty 50 traded 0.75 percent higher at 11,513.30, as of 9:55 a.m. The market breadth was tilted in favour of sellers. Nine out of the 11 sectoral gauges gained, led by the NSE Nifty Realty Index’s 1.41 percent advance. The NSE Nifty Auto Index was the biggest loser, down 0.85 percent.
Here Are The Stocks Moving The Market This Morning:
Mindtree Gains After Buyback Proposal; Co-Founder Return
Shares of the information technology services provider snapped its one-day blip and rose as much as 2.4 percent to Rs 969.95 apiece.
Mindtree Ltd. will consider a share buyback on March 20, it said in an exchange filing. Also, Subroto Bagchi, one of its founders, resigned as the head of Odisha's Skill Development Authority to return to the information technology company. He announced the resignation on late Sunday night on Twitter.
The trading volume was nearly five times the 20-day average for this time of the day, according to data compiled by Bloomberg.
Bandhan Bank Falls After Getting RBI Nod For Merger
Shares of the private lender declined for the fourth straight session after it fell as much as 3.4 percent intraday to Rs 494.35 per share.
Bandhan Bank Ltd. received “no objection” from the Reserve Bank of India for amalgamation of Gruh Finance with the bank, according to an exchange notification. Gruh Finance also stated in its press release that the company has received “no-objection” letter from the National Housing Bank for the above proposed scheme.
Also, HDFC received the RBI’s approval to acquire shareholding of 9.9 percent or less of the paid-up voting capital of Bandhan Bank post amalgamation of Gruh Finance with Bandhan Bank.
Shares of Gruh Finance fell nearly 3 percent intraday while share of HDFC rose as much as 0.8 percent.
Jubilant FoodWorks Gains After Entering Bangladesh Market
Shares of the parent of Domino’s Pizza chain extended gains for the third day in a row after it rose close to 1.7 percent to Rs 1,366 per share.
Jubilant FoodWorks Ltd. announced it had launched Domino’s Pizza in Bangladesh through a joint venture with Golden Harvest QSR, according to its notification to the bourses.
The stock advanced 29 percent in the past 12 months compared to a 16 percent gain in the BSE Sensex.
Lupin Falls To A 10-Month Low
Shares of the drugmaker slumped nearly 6.2 percent to Rs 740 per share, its lowest since May 2018.
Lupin Ltd.’s subsidiary Novel Laboratories received a letter of intent from U.S. drug regulator classifying its New Jersey facility as “official action indicated”, it said in an exchange filing.
The stock traded 34 times its estimated earnings per share for the coming year, according to Bloomberg data.
Bharti Infratel Gains After A Block Deal
Shares of Bharti Infratel Ltd. rose as much as 2.7 percent to Rs 321.60 apiece.
About 16 crore shares of the company worth over Rs 5,000 crore changed hands in a block deal during pre-market trade, Bloomberg data showed. While buyers and sellers were not known immediately, Bharti Airtel had earlier informed the exchanges that it will transfer up to 32 percent stake to its wholly-owned subsidiary Nettle Infra Infrastructure Investments Ltd. by March 18.
Trading volume was more than double its 20-day average, Bloomberg data showed. The stock traded at 23 times its estimated earnings per share for the coming year.