Stocks Radar: Tata Motors, NBCC, IL&FS, Sadbhav Infrastructure
Indian equity benchmarks fluctuated between gains and losses in early trade. The S&P BSE Sensex Index fell as much as 0.4 percent to 34,322.84 and the NSE Nifty 50 Index declined nearly 0.5 percent to Rs 10,292 as of 11 a.m.
The market breadth was slightly tilted in favour of sellers. Nine of the 11 sectoral gauges fell, led by a 2.10 percent decline in the NSE Nifty Auto Index. The NSE Nifty Media Index was the biggest gainer, up nearly a percent.
Here Are The Stocks Moving The Market This Morning
Tata Motors Slumps To Six-Year Low As JLR Sales Fall In September
Shares of the carmaker fell as much as 5.8 percent to Rs 200.10 apiece.
Sales of the company’s luxury brand Jaguar Land Rover fell 12.3 percent year-on-year to 57,114 units in September, according to an exchange filing. The monthly sales, Tata Motors said, were affected by uncertainties in the Chinese market as sales there declined 46.2 percent due to import duty changes and continued trade tensions which hurt demand.
JLR also announced its plans for a two-week shutdown of West Midlands plant at the end of October to cope with weakening global demand for its luxury vehicles.
The stock was trading 43 percent below the Bloomberg one-year target price.
NBCC Gains After Joint Venture Signs Rs 250-Crore Project
Shares of the construction company rose nearly 4.1 percent to Rs 56.50 apiece.
REDCCOR—a joint venture between NBCC and the Rajasthan government—signed a memorandum of understanding to redevelop the old Malaviya Regional Engineering College campus in Jaipur for Rs 250 crore, according to an exchange notification.
The stock declined 55 percent so far this year, Bloomberg data showed
IL&FS Group Companies Hit Lower Circuit After Parent Defaults
Shares of the Infrastructure Leasing & Financial Services group hit lower circuit after its parent failed to meet debt obligations.
IL&FS was unable to service principal and interest obligation on inter-corporate deposit of Rs 20.2 crore, Bloomberg reported citing an exchange filing.
Sadbhav Infrastructure Surges After Unit Wins Arbitration Award
The construction services company rose as much as 16.8 percent to Rs 112.70 apiece.
NSEL, a subsidiary of the company, won an arbitration award of Rs 61.25 crore against the National Highways Authority of India, according to an exchange filing.
The stock’s trading volume was 24.1 times the 20-day average, Bloomberg data showed.
Sugar Stocks’ Sweet Surprise
Shares of sugar companies surged in early trade, led by a 10.3 percent gain in Dharampur Sugar Mills and 8.92 advance in KCP Sugar and Industries.
The government last month had announced a Rs 5,500-crore package for the sugar industry, including over two-fold jump in production aid to cane growers and transport subsidy to mills for exports, according to a PTI report.