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The Nifty Index may move conclusively beyond 13,000-mark by end of June next year on account of earnings growth. That’s according to Mahantesh Sabarad, Head (retail research), SBICAP Securities.
"By the time we are in June next year, there will be a distinct base effect over which a lot of companies will show growth," he said in an interview.
Shares of the Jaguar Land Rover-parent rose as much as 6.3 to a one-week high of Rs 171.95 each.
The trading volume was more than double the 20-day average for this time of the day, according to Bloomberg data.
Shares of Equitas Holdings Ltd. extended their losing streak to a fourth day, falling as much as 5.8 percent to Rs 100.10 apiece—the lowest in three weeks.
The microfinance firm has allotted 4.75 crore shares of Equitas Small Finance Bank to investors, a day after the lender announced a fundraising plan to garner up to Rs 2,500 crore through private placement of the shares.
The shares have fallen 14 percent compared with a 13 percent advance in Sensex.
Shares of the Chennai-based financial services firm rose as much as 1.5 percent to Rs 307.50 each.
The company’s approved issue of equity shares by way of qualified institutions placement to the tune of Rs 1,000 crore, according to an exchange filing. Also, the board approved an interim dividend of Re 1 per share.
The stock traded 10 percent below the Bloomberg one-year consensus target price.
Shares of New Delhi-based gained the most in a week, rising as much as 5.4 percent to Rs 43.80 apiece.
The company has emerged as the highest bidder for the Bhaskarpara coal mine in Chhattisgarh, which was auctioned by the coal ministry recently, according to an exchange filing on Wednesday. Availability of coal from this mine will substantially enhance the operating margins of the company, the filing said.
Trading volume in the Prakash Industries stock was more than quadruple the 20-day average for this time of the day, Bloomberg data showed.
Shares of the telecom operator rose 4.5 percent intraday to Rs 7 apiece.
Vodafone Idea clarified on the news of the company selling some assets to Brookfield and Edelweiss, according to an exchange notification. The company has denied such negotiations taking place between the aforementioned parties.
The stock has declined 68 percent in the past 12 months compared with a 13 percent gain in the Nifty Index.
Indian equity benchmarks sustained their opening gains led by a rally in metal stocks.
The S&P BSE Sensex rose 0.26 percent to 40,520.10 and the NSE Nifty 50 rose 0.32 percent to 11,947.45 as of 12:30 p.m.. The broader markets represented by the NSE Nifty 500 Index rose 0.2 percent.
The market breadth was tilted in favour of buyers. About 992 stocks advanced and 619 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 1.61 percent gain. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 0.27 percent.
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Shares of the private lender rose as much as 4.8 percent to Rs 44.85 each.
The company said deferring investor decision was not a time-buying tactic, according to a Bloomberg report. it plans to club other offers from investors before reaching a financial decision, the report added.
The relative strength index was below 30, indicating the stock may be oversold.
Indian equity benchmarks opened higher, led by the gains in Yes Bank and automakers.
The S&P BSE Sensex rose 0.34 percent to 40,554.60 and the NSE Nifty 50 rose 0.31 percent to 11,944.05. The broader markets represented by the NSE Nifty 500 Index rose 0.3 percent.
The market breadth was tilted in favour of buyers. About 885 stocks advanced and 448 shares declined on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 0.86 percent gain. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 0.32 percent.
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