Stocks Radar: Persistent Systems, Axis Bank, Praj Industries, Adani Power
Indian equity benchmarks opened lower mirroring their Asian peers amid growing concerns of trade war impacting China’s corporate profits.
The S&P BSE Sensex and NSE Nifty 50 traded flat at 35,647.50 and 10,656.45, as of 10:05 a.m.
The market breadth was tilted in favour of sellers. However, eight out of the 11 sectoral gauges compiled by the NSE were trading higher led by the NSE Nifty PSU Bank Index’s 1.06 percent advance. On the other hand, the NSE Nifty IT Index was the top loser, down 0.31 percent.
Here Are The Stocks Moving The Market This Morning:
Persistent Systems Gains After Buyback Nod
Shares of the information technology company rose as much as 5.3 percent, the most in nearly three weeks, to Rs 595 per share.
The company’s board approved buyback of up to 30 lakh shares or 3.75 percent equity at Rs 750 per share aggregating to Rs 225 crore, according to an exchange filing. The buyback is at 33 percent premium to previous close.
The stock trades at 13 times its estimated earnings per share for the coming year, according to data compiled by Bloomberg.
Adani Power, Adani Ports Rebound After Heavy Selling In Previous Session
Shares of the Adani group companies recovered after falling sharply in the previous trading session.
- Adani Ports & SEZ rose as much as 4.60 percent to Rs 341 per share.
- Adani Power advanced 10 percent to Rs 44 per share.
KNR Constructions Swings After Divesting Stake In JV
Shares of the Hyderabad-based construction firm swung between gains and losses to trade a percent higher at Rs 206 apiece.
KNR Constructions is planning to sell its entire shareholding in its joint venture with Cube Highways and Infra to the latter for Rs 73.6 crore in a phased manner, according to an exchange notification.
The stock declined 35 percent in the last 12 months compared to a 1.1 percent fall in the Sensex Index.
Praj Industries Surges After Q3 Performance
The wastewater treatment and engineering firm rose nearly 10 percent to Rs 123.70 apiece after its result for the December-ended quarter were reported on Monday.
Key Highlights (Q3, YoY)
- Revenue up 33 percent at Rs 330.3 crore.
- Net profit up three times at Rs 22.4 crore.
- Ebitda up 42.5 percent at Rs 23.8 crore.
- Margin at 7.2 percent versus 6.7 percent.
- Other Income of Rs 7.4 crore in the current quarter.
The trading volume was five times the 20-day average for this time of the day, according to Bloomberg data.
Axis Bank Fluctuates Ahead Of Q3 Results
Shares of the private lender swung between losses and gains to trade at Rs 659.90 per share as of 9:30 am, ahead of its results for the December-ended quarter scheduled to be announced today.
Q3 Preview (YoY)
- Net Interest Income seen to gain 14 percent to Rs 5,414 crore.
- Net profit expected to rise 72 percent to Rs 1,251 crore
Out of the 50 analysts tracked by Bloomberg, 34 recommended ‘Buy’, 11 analysts recommended ‘Hold’, while five analysts had a ‘Sell’ rating on the stock.