Stocks Radar: Nestle India, GM Breweries, Vascon Engineers
Indian equity benchmarks edged higher paced by gains in Tata Motors, Eicher Motors and Bharti Infratel. The S&P BSE Sensex rose as much as 0.1 percent to 35,548.10 while the NSE Nifty 50 Index traded flat at 10,681.45, as of 9:55 a.m.
The market breadth was tilted towards to the sellers. However, seven of the 11 sectoral gauges compiled by the NSE rose, led by the Nifty PSU Bank’s 0.56 percent jump. Nifty IT Index declined the most, falling 1.05 percent.
Here Are The Stocks Moving The Markets This Morning:
Power Grid Corporation Gains After Board Approves Capex Plans
Shares of the state-run power utilities company rose 1.1 percent intraday to Rs 195 per share.
Power Grid Corporation’s board approved investment of Rs 267.33 crore for 500 MW Thyristor Controlled Reactor in Haryana and Rs 112.12 crore for communication scheme under the Central sector for Western Region, according to its exchange filing.
The stock traded 11 times its estimated earnings per share for the coming year, according to Bloomberg data.
Sun Pharma Swings After Arm Acquires Japanese Firm
Shares of the India’s largest drugmaker erased early gains and fell nearly a percent to Rs 432.50 apiece, as of 9:47 a.m.
Sun Pharmaceutical’s arm completed the acquisition of 100 percent stake in Japan based Pola Pharma, according to its notification to the bourses. The share agreement for this transaction was done on Nov. 26.
The stock traded 30 percent below the Bloomberg consensus one-year target price.
GM Breweries Falls The Most In 26 Months After Q3 Results
Shares of the Mumbai-based liquor company slumped 12.4 percent, the most since Nov. 2016, to Rs 633.30 per share after its third quarter results were announced on Thursday.
Q3 Results (YoY)
- Revenue up 5.7 percent to Rs 124.6 crore.
- Net profit down 25.1 percent to Rs 16.7 crore.
- Ebitda down 27.2 percent to Rs 24.9 crore.
- Margin at 20 percent versus 29 percent.
- Raw material/sales at 71 percent versus 64 percent (after adjusting excise and other taxes)
The trading volume was 40 times the 20-day average for this time of the day, Bloomberg data showed.
Nestle India Falls After Supreme Court Revives Suit
Shares of the Maggi noodles manufacturer declined close to 2.3 percent to Rs 10,950 per share.
The apex court revived Indian Government’s against Nestle India seeking damages of Rs 640 crore for alleged unfair trade practices, false labelling and misleading advertisements.
In its press release, Nestle stated that the Supreme Court has directed that reports received from Central Food Technological Research Institute will be the basis for proceedings before the redressal commission.
The stock gained 43 percent in the last 12 months compared to 5.1 percent in the S&P BSE Sensex Index.
Vascon Engineers Surges After Sale Of Land To Inject Liquidity
Shares of the real-estate developer snapped its two-day blip and advanced as much as 6.4 percent to Rs 18.35 per share.
Vascon Engineers concluded sale of land in Gurgaon and Pune for Rs 50 crore, according to an exchange notification. The management say that sale of these non-core assets will ensure adequate liquidity in the operations.
The trading volume was more than 30 times the 20-day average for this time of the day, according to Bloomberg data.