Stocks Radar: Yes Bank, Coffee Day, Infibeam, Aditya Birla Fashion
Indian equity benchmarks fluctuated between gains and losses in opening trades. The S&P BSE Sensex and NSE Nifty 50 Index fell as much as 0.5 percent each, to 35,634.10 and 10,674.60 respectively, as of 9:45 a.m.
The market breadth was tilted towards the sellers. Eight of the 11 sectoral gauges compiled by the NSE fell, led by the Nifty FMCG’s 1.04 percent decline. On the flip side, Nifty Realty Index advanced the most, gaining 1.21 percent.
Here Are The Stocks Moving The Market This Morning:
Coffee Day Falls After IT Department Provisionally Attaches Promoter’s Shares
Shares of the Bengaluru-based café-chain halted its three-day gaining streak and declined as much as 2.3 percent to Rs 275 per share.
Income Tax Department provisionally attached 2.04 crore encumbered shares of promoter VG Siddhartha for six months. However, in an exchange notification, the company said that its promoter has filed the required revised returns and discharged all the tax liabilities.
The stock traded 49 times its estimated earnings per share for the coming year, Bloomberg data showed.
SAIL Gains After Restarting Plant Divestment Process
Shares of the state-run steelmaker rose 1.7 percent intraday to Rs 45.65 per share.
Steel Authority of India Ltd. began a new process for sale of 100 percent stake in Durgapur-based Alloy Steels Plant, annulling the previous Expression of lnterest, according to its exchange filing. The fresh process for stake sale has been initiated with the approval of the government. The company will issue Preliminary Information Memorandum and EoI shortly.
The stock declined 49 percent in the past 12 months compared with a 5.3 percent gain in the BSE Sensex Index.
Aditya Birla Fashion Gains After Goldman Sachs Initiates Coverage
Shares of the branded-apparel seller rose nearly 2.2 percent to Rs 223 apiece.
Goldman Sachs initiated ‘Buy’ on Aditya Birla Fashion And Retail Ltd. with a price target of Rs 250.
Here’s What The Brokerage Had To Say On The Stock:
- Renewed focus on in-house brands, optimising space will drive margin.
- Good mix of premium and affordable with expansion into smaller cities.
16 out of 17 analysts tracked by Bloomberg have a ‘Buy’ rating on the stock, while one analyst recommended ‘Hold’.
Yes Bank Plunges After RBI Rebuke
Shares of the private lender plummeted 8.2 percent to Rs 201 apiece.
Reserve Bank of India reprimanded the Yes Bank Ltd. for selectively revealing a “confidential” report by the regulator that led to a 30 percent surge in the lender’s shares on Thursday, calling the disclosure a “deliberate attempt” to mislead the public.
The trading volume was almost four times the 20-day average for this time of the day, according to Bloomberg data.
Infibeam Avenues Declines After Auditors Raise Questions
Shares of the e-commerce company declined 4.3 percent intraday to Rs 37.75 per share.
Infibeam’s auditors—SRBC & Co. LLP and Shah & Taparia—sought more information to justify the rationale and appropriateness of the advances paid to vendors, according to the auditor’s report of the third-quarter earnings.
The stock declined 75 percent in the last 12 months, compared with a 5.3 percent gain in the BSE Sensex Index.
Reliance Group Stocks Rally As Promoters Reach Pact With Lenders
Shares of the Anil Ambani-led group companies rallied in today’s trade.
Reliance Group has reached a “standstill agreement” with more than 90 percent of its lenders under which they will not sell any of the shares pledged by promoters till September.