Stocks Radar: Tata Motors, Bharat Petroleum, Bombay Dyeing
Indian equity benchmarks fell sharply after a sell-off in U.S. stocks that sent the S&P 500 Index to its lowest close in 14 months, as investors readied for an expected Federal Reserve interest rate hike.
The S&P BSE Sensex declined as much as 0.5 percent to 36,104.50, while the NSE Nifty 50 Index fell nearly 0.47 percent to 10,834.80, as of 10:00 a.m.
The market breadth, however, was tilted in favour of buyers. Seven of the 11 sector gauges compiled by the National Stock Exchange fell, led by the Nifty Media Index’s 1.6 percent decline. Nifty PSU Bank Index was the top sectoral gainer, up 0.4 percent.
Here Are The Stocks Moving The Market In Today’s Trade
Tata Motors Gains After Hiring BCG For JLR Turnaround Plan
Shares of the carmaker rose as much as 2.1 percent to Rs 177.60 apiece.
Tata Motors’ Jaguar Land Rover has hired Boston Consulting Group for $3.2 billion turnaround plan, the spokesperson of JLR workers’ representative body Unite Union said, according to Bloomberg. He added that the workers had not been informed of any job reductions in January next year and do not expect any, as they have to be given at least 45 days of notice.
The stock traded 19 times its estimated earnings per share for the coming year, according to Bloomberg data.
IT Shares Fall Tracking Rupee Appreciation
Shares of information technology companies fell after rupee appreciated for the second day in a row.
The local currency, in the last two sessions, rose 0.9 percent to 71.24 per dollar whereas the gauge of IT companies — Nifty IT Index— has fallen 1 percent.
Graphite India Gains After Pollution Watchdog Extends Clearance To Operate
Shares of the electrode maker snapped its five-day losing streak and rose 3.5 percent intraday to 879 per share.
Karnataka State Pollution Control Board renewed the consent for operation of Graphite India Ltd.’s electrode plant in Bengaluru for a period up to June 30, 2020 only with the condition to shift the unit from the existing location, according to its exchange filing. The company said that this condition will not have adverse impact on the production capacity of the graphite electrode division in the medium term and long-term horizon.
The stock traded 55 percent below the Bloomberg consensus one-year target price.
Bombay Dyeing Gains After Board Approves To Close Indonesian Unit
Shares of the textiles manufacturer rose for the sixth trading session in a row after it gained 5.1 percent to Rs 115.10 per share. The company’s board approved closure of loss-making Indonesian arm PT Five Star Textiles from Dec. 31, according to its notification to the bourses. All the financial risks related to the subsidiary had been provisioned in the past years, the filing said.
The stock is up 25 percent in the past 5 days compared to 2.8 percent gain in the BSE Sensex Index.
Oil Marketers Gain After Crude Extends Fall
Shares of oil retailers gained as the Brent crude fell for the third straight session after declining as much as 1.4 percent to 58.78 per barrel.
- Indian Oil gained nearly a percent to Rs 144 per share.
- HPCL advanced 1.8 percent to Rs 232.45 apiece.
- BPCL gained 2.1 percent to Rs 357.60 per share.
(all figures are as of 9:45 a.m)