Indian equity benchmarks opened higher, led by gains in Dr. Reddy’s Laboratories and Eicher Motors Ltd. The S&P BSE Sensex and the NSE Nifty 50 Index rose as much as 0.5 percent to trade at 39,589 and 11,845, respectively, as of 10:15 a.m.
The market breadth was tilted in favour of buyers. All the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 0.85 percent gain in the Nifty Private Bank Exchange.
Here Are The Stocks Moving The Market This Morning
Eveready Hits Lower Circuit After Auditor Resigns
Shares of the battery maker dropped 5 percent to Rs 75.95 apiece.
This comes after Price Waterhouse & Co Chartered Accountants LLP resigned as statutory auditor for battery maker citing its inability to analyse the impact of financial support extended by the company to its promoter group entities.
On May 27, PwC in a report said Eveready had extended inter-corporate deposits and corporate guarantees to promoter group companies. As of March 2019, the amount of inter-corporate deposits and corporate guarantees stood at Rs 230.8 crore and Rs 283.1 crore, respectively. Further, Eveready has given an advance of Rs 62 crore to another company, where details of deed being executed, or a refund claimed have not be ascertained, the audit report said.
Meanwhile, Singhi & Co has been appointed as the new auditor for Eveready with effect from June 29, the battery maker said in the exchange filing.
NDTV Falls After Receiving Income Tax Notice
Shares of the media company fell as much as 1.6 percent to Rs 34.35 apiece.
The company received an order from the income tax department to pay a penalty of Rs 74.4 lakh. NDTV, however, said these penalties have been levied without any basis and the company is in the process of preparing appeals, according to an exchange filing.
The stock’s trading volume was 90 percent below the 20-day average for this time of the day, according to Bloomberg data.
Adani Power Gains After Getting Board Approval To Buy Two Firms
Shares of the power company rose as much as 1.75 percent to Rs 52.25 apiece.
Adani Power’s board has approved the proposal for the acquisition of Korba West Power Company and GMR Chhattisgarh Energy, both facing insolvency proceedings, according to its exchange filing.
The company’s stock has jumped more than threefold in the past 52 weeks. Its trading volume was five times its long-term average for this time of the day, Bloomberg data showed.
IFCI Falls After ICRA Downgrade
Shares of the non-bank lender fell nearly 3.26 percent to Rs 8.90 apiece after ICRA downgraded its long-term loan facilities to BBB from BBB+ with a negative outlook.
The rating downgrade factors in the continued weakening of IFCI’s capital position because of continued slippages and a deteriorating operating profile, the company said in an exchange filing.
The stock has declined 38 percent in the past 52 weeks, compared with the Sensex’s 11 percent gain, Bloomberg data showed.
Reliance Home Finance Slumps After It Extends Maturity On NCDs
Shares of the Anil Ambani group company fell 7.2 percent to Rs 10.95 apiece.
Reliance Home Finance Ltd. said, in view of the continuing severe liquidity crisis, the maturity of certain non-convertible debentures of Rs 400 crore has been extended till Oct. 31., according to its exchange filing. The company has already monetised more than Rs 5,000 crore of retail assets, and will continue to do so to meet its debt servicing obligations, it said.
The stock has declined 80 percent in the past 52 weeks, Bloomberg data showed.
Jet Airways Hits Upper Circuit
Shares of Jet Airways touched the upper circuit of 5 percent. The scrip snapped a two-day losing streak to trade higher at Rs 71.2 apiece.
A consortium of Jet Airways employees and the U.K.-based AdiGroup announced a partnership to bid for 75 percent of the debt-laden carrier through the NCLT process, according to a PTI report.
Jet Airways stock trades 12 percent below the Bloomberg consensus one-year target price.
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