Stocks Radar: Tata Motors, Vodafone Idea, Prestige Estate, Yes Bank
Indian equity benchmarks gained for the fifth session and are set for their longest winning streak in over three months. The S&P BSE Sensex and the NSE Nifty 50 Index traded nearly 0.5 percent higher at 36,335.39 and 10,901.70, respectively, as of 10:45 a.m.
The market breadth was tilted in favour of buyers. Eight of the 11 sectoral gauges advanced, led by a 1.76 percent gain in the NSE Nifty Realty Index. The NSE Nifty Metal Index was the biggest loser, down 0.51 percent.
Here Are The Stocks Moving The Market This Morning
Tata Motors Falls As JLR Pauses Production At U.K. Plant
Shares of the Jaguar Land Rover owner fell as much as 3.9 percent to Rs 170.35 apiece, its lowest in over a month.
Jaguar Land Rover temporarily halted operations at its engine factory in the U.K. till Christmas for adjusting output, according to a Bloomberg report. The company said the shutdown concerns engine manufacturing centre’s machines and assembly halls. Affected staff will continue to receive full pay during the freeze.
The stock was the worst performer on the Sensex and Nifty.
Housing Finance Companies Rally As RBI Relaxes Norms
Shares of the housing finance companies rallied in today’s trade.
The Reserve Bank of India said the minimum holding period requirement for NBFC originating loans will now be set at six monthly or two quarterly instalments. Earlier, the holding period was 12 months. The revised rules were applicable for loans of original maturity of over five years. This will help housing finance companies, especially those who have longer maturity loans. (Read the full story here)
Prestige Estate Gains For Five Sessions
Shares of the real estate company extended gains for the fifth session and is set for its longest winning streak in over five months. The stock rose over 21 percent to Rs 218 apiece.
Prestige Estate traded at 18 times its estimated forward earnings per share compared to its two-year historical average of 23.4 times, Bloomberg data showed.
Vodafone Idea Falls After CRISIL Downgrade
Shares of Vodafone Idea declined as much as 5 percent to Rs 35.95 apiece. The stock fell for four out of five sessions.
Crisil downgraded the rating on non-convertible debentures worth Rs 6,000 crore to Crisil A+ from Crisil AA-, according to the telecom operator’s exchange filing. Ratings for commercial papers reaffirmed at Crisil A1+. The downgrade reflects continued pricing pressure in the mobile telephone industry, leading to weak operating performance.
Crisil expects the company’s net debt to remain over Rs 85,000 crore by the end of March. It said the credit risk profile of the combined entity will continue to be affected by competition, while the quantum and timelines of synergy benefits will be key rating sensitivity factors.
Asian Oilfield Services Extends Rally After Order Win
Shares of Asian Oilfield Services gained for the fifth session and is set for its longest winning streak in over a month. The stock rose as much as 4.9 percent to Rs 83.70 apiece.
The company received a contract worth Rs 27.65 crore from ONGC to provide seismic data acquisition services in northern India, its exchange filing said.
The trading volume was five times its 20-day average, Bloomberg data showed.
Yes Bank Snaps Five-Day Decline
Shares of Yes Bank snapped a five-day decline—its longest losing streak in nearly three months—and rose as much as 6.8 percent to Rs 171.35 apiece.
The trading volume was more than double its 20-day average, Bloomberg data showed. The stock is the best performer on the Sensex and Nifty.