Scan to Download
Sixteen of the 19 sector gauges compiled by BSE Ltd. advanced, led by the S&P BSE Metal Index’s 1.15 percent gain to a record The S&P BSE Information Technology Index dropped 0.94 percent, the worst performer.
Shares of the pharmaceutical company rose as much as 3.9 percent, the most in over a month, to Rs 986. The drug maker’s net profit almost doubled year-on-year to Rs 93.7 crore in the April-June period, surpassing the analyst consensus estimate of Rs 89 crore.
Other Earnings Highlights
Shares of the water tank maker rose as much as 8.5 percent, the most since July 20, ahead of the listing of its demerged plastics unit listing.
Shares of Sintex Plastics Technology will be listed from August 8, BSE said in a notice on Friday. Sintex Plastics had issued 1 equity share for every 2 held in Sintex Industries, as part of demerger, the note said.
Key Highlights
Trading volume was 3.4 times its 3-month average. The company’s 14-day relative strength index was above 80 for the first time since August 2016, indicating the stock may be overbought.
Shares of Asian Oilfield Services rose as much as 12.9 percent after one of its subsidiaries received a letter of intent for a contract worth $20 million from Stratum Energy Romania LLC.
Asian Oilfield's Dubai-based arm received the letter of intent with regard to acquiring 3D seismic data on a 730-square-km stretch of Stratum Energy's Moinesti Block in onshore Romania, the company said in a notification to the stock exchanges.
Over the past year, the stock has returned nearly 247 percent compared with the total return of 17 percent recorded by the 31-stock Sensex.
At current levels, the stock is testing its resistance at its 50-day moving average, according to Bloomberg.
Shares of Indian Hume Pipe rose as much as 6.1 percent after it received an order worth Rs 267 crore from Madhya Pradesh Urban Development Co Ltd.
The order, to be completed in the next 28 months, involves improvement of water supply in multiple areas in the state, the company said in a notification to the stock exchanges today. The order also includes operation and maintenance for 10 years.
So far this year, the stock has returned as much as 46 percent compared with a gain of 23 percent for the 31-stock Sensex, according to Bloomberg.
The consensus target price of analysts tracked by Bloomberg is 18 percent higher than the current market price.
Shares of the auto component manufacturer extended gains for the sixth day and rose as much as 12.74 percent to Rs 83.20. The company has entered into an agreement to sell its manufacturing unit in Pimpri, Pune.
The proceeds of the sale will be used to settle a charge on one of its land holdings, and to reduce overall debt, it said in a notification to the stock exchanges. The activities of the company’s Pimpri unit will now shift to its Chakan facility, it said.
Trading volume was 34.5 times, its 30-day average. The Relative Strength Index was 81, indicating that the stock may be overbought.
Shares of the real estate developer extended decline as much as 9.1 percent to Rs 68.85.
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted an application for insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, filed by the state-run Union Bank of India.
In a stock exchange filing on Thursday, HDIL said the application had been filed against Guruashish Constructions, which houses a residential project in the western suburb of Goregaon in Mumbai.
The Relative Strength Index (RSI) was 20, indicating that the stock may be oversold.
The stock fell as much as 8.65 percent in early trade, as asset quality worries spooked investors.
The non-banking finance company’s gross bad loans as a percentage of total advances jumped to 4 percent at the end of the first quarter from 2.6 percent in the previous quarter.
Repco was the worst performing stock on the S&P BSE 500, having recorded its biggest fall in six months. The stock declined 8 times in 12 trading sessions.
The stock rose as much as 9.5 percent intraday, most since July 26, after Economic Times reported the company is in talks with Apple to sell its entire library of films and music for about $1 billion.
It has extended advance to a second day with volume at 70 percent of its 3-month full-day average. It is the fifth best performer on the S&P BSE500 index.
Shares of the debt-laden steel maker surged as much as 10.13 percent to Rs 75 after several financial investors were said to be keen on buying a stock in the company, according to a Mint report quoting two people aware of the developments.
Some of the funds include a joint platform between Piramal Enterprises Ltd.-Bain Capital, AION Capital, Oaktree Capital and Lone Star Funds, one of the person quoted in report said.
The company has been referred to the National Company Law Tribunal (NCLT) for insolvency proceedings. As of March 31, the company had a total debt of Rs 42,355 crore.
The stock has gained 79 percent so far this year.
Shares of the company advanced 20 percent after it registered a net profit of Rs 765 crore compared to a loss of Rs 603 crore during the April-June quarter last year.
The net profit was aided by an exceptional gain of Rs 606 crore during the quarter. While EBITDA expanded 267 percent, margins expanded to 30.5 percent from 12 percent.
Jaiprakash Associates has outperformed the S&P BSE Sensex on a year-to-date basis, having gained 215 percent.
Shares of the auto maker dropped as much as 2.3 percent in early trade, but recovered most of it soon after.
The government is said to be considering increase the cess from 15 percent to 25 percent on sports utility vehicles, according to a Times of India report quoting unidentified sources.
Sixteen of the 19 sector gauges compiled by BSE Ltd. advanced, led by the S&P BSE Metal Index’s 1.3 percent gain to a record The S&P BSE Information Technology Index dropped 0.4 percent, the worst performer.
India’s key gauges are the best performers this year among the major Asian markets after the Hang Seng Index. They haven’t dropped more than 1.13 percent any day in 2017.
#BQMoney | Rupee to remain poised for appreciation, says HDFC Bank's Bhaskar Panda.https://t.co/z7SP73jM2g pic.twitter.com/QNsxreDFVf
— BloombergQuint (@BloombergQuint) August 7, 2017
#BQMarketsNow | The Nifty outlook for this week remains highly cautious with negative bias, says Amit Harchekar.https://t.co/z7SP732aDG pic.twitter.com/fIdsRNBElk
— BloombergQuint (@BloombergQuint) August 7, 2017
For a complete list of stocks to watch, click HERE!
World’s top stock market is really just a handful of top stocks.https://t.co/wMpR5ddk8G pic.twitter.com/RlwoY7xJ5P
— BloombergQuint (@BloombergQuint) August 7, 2017
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
