Stocks Radar: ICICI Prudential, Jet Airways, NewGen Software, Prabhat Dairy
Indian equity benchmarks opened higher after falling for two consecutive trading sessions. The benchmark indices were led by gains in Reliance Industries Ltd. and ICICI Bank Ltd.
S&P BSE Sensex gained as much as 0.4 percent to 37,952 and the NSE Nifty 50 Index advanced as much as 0.42 percent to 11,401.85 as of 9:50 am . The market breadth was tilted in favour of buyers.
Ten of the 11 sectoral gauges compiled by the National Stock Exchange rose, led by a 2.52 percent advance in the NSE Nifty Realty Index. The NSE Nifty IT Index was the only sectoral loser, down 0.93 percent.
Here Are The Stocks Moving The Market This Morning:
Jet Airways Extends Gains After Promoters Quit Board, Gets Funding
Shares of the cash-strapped airline rose for the third straight session and gained 7.9 percent intraday to Rs 274 per share. The stock has gained over 20 percent in the last three sessions.
Promoters Naresh Goyal, his wife Anita and nominee Of Etihad Airways quit the company’s board, according to an exchange filing. The company is also set to receive immediate funding support of up to 1,500 crore, the filing said.
The trading volume was nearly eight times the 20-day average for this time of the day, Bloomberg data showed.
Prabhat Dairy Gains After Receiving CCI’s Clearance
Shares of the dairy products maker reversed opening losses and rose as much as 2.6 percent to Rs 77.70 apiece.
The Navi Mumbai-headquartered company received Competition Commission of India's approval to sell its dairy business to Tirumala Milk Products Pvt. Ltd., according to its notification to the bourses.
The stock traded 13 times its estimated earnings per share for the coming year, Bloomberg data showed.
Newgen Software Technologies Gains After Plan To Setup Australian Arm
Shares of the information technology firm rose for the second day in a row and gained nearly 1.4 percent to Rs 321.65 per share. Newgen Software Technologies Ltd. is planning to incorporate an Australian arm, according to its exchange filing. The total investment of the arm is estimated to be around 1.5 million Australian dollars, the filing added.
The stock gained 41 percent in the past 12 months compared to a 16 percent gain in the BSE Sensex.
Mindtree Swings Ahead Of Board Meet
Shares of the Bengaluru-based company fluctuated between gains and losses to trade at Rs 939.10 as of 9:40 am.
The board of Mindtree Ltd., which on March 21 deferred a decision on share buyback, will meet again today as it faces a Rs 10,800-crore hostile takeover bid from Larsen & Toubro Ltd, according to a PTI report.
The stock traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.
ICICI Prudential Falls After Promoter To Offload Stake
Shares of the life insurance company fell as much as 3.1 percent to Rs 312.15 per share, its lowest in a month.
Promoter Prudential Corporation Holdings Ltd. said it will sell 3.73 crore shares or 2.6 percent of the equity share capital of the company with an over-subscription option of another 1.1 percent stake, according to its exchange notification. The floor price has been set at Rs 300 per share which is at a discount of 6.8 percent to the current market price.
Out of the 28 analysts tracked by Bloomberg, 26 recommended a ‘Buy’ on the stock while two had a ‘Sell’ rating.