Indian shares began the week on a steady note, with key equity benchmarks continuing to hover near all-time highs.
The S&P BSE Sensex gained 0.3 percent to 32,107 while the NSE Nifty 50 index rose 0.2 percent to 9,913, thus setting a new intraday record.
Foreign buying of India's stocks accelerated in the past week, with the 5-day average of net inflows increasing to $32.7 million rising above the 20-day average of $2.70 million, according to CDSL data compiled by Bloomberg.
Here Are The Stocks Moving The Market This Morning
Wipro: Joins The Buyback Wagon
Shares of the software services provider gained as much as 5 percent, the most since January 19, 2015, after the company said it will consider a stock buyback plan on July 20.
Trading volume was 4.5 times its 30-day average.
If approved, Wipro will join the growing list of Indian IT firms that have announced buyback offers to return surplus cash on their books to their shareholders. As on March 2017, the country's third largest IT company had cash and cash equivalents totalling Rs 5,271 crore ($ 813 million) on its books.
The stock was the best performer on the Sensex, Nifty and Nifty IT indices.
With inputs from PTI
Cadila Healthcare: FDA Boost
Shares of the drugmaker gained as much as 2.9 percent, the most in a week, to Rs 545 after it received an approval to market capsules used for the treatment of multiple sclerosis.
The tablet swill be produced at the group's formulations manufacturing facility at the Pharma SEZ, in Ahmedabad, the pharma company said in a statement on exchange filing. The sales of drug are estimated at $2.1 billion, according to IMS Health data.
The stock gained 51 percent so far this year, making it the second-best performer on the Nifty Pharma index. On Friday, brokerage firm Karvy Stock Broking downgraded the stock to ‘Hold' from its earlier ‘Buy' with a price target of Rs 565—4.6 percent above current market price.
Alkem Labs: No Form 483 Overhang
Shares of the pharmaceutical company gained as much as 3.35 percent to Rs 1,845 after the U.S. drug regulator issued no Form 483 post the inspection of its facility in Taloja. The inspection was conducted between July 10-July 14, 2017.
Among the 12 analysts tracked by Bloomberg who cover the stock, 50 percent have a 'Buy' rating on the stock while 42 percent have a 'Hold.' The analysts' consensus price target of Rs 2,096.27 was 15.5 percent above the current market price.
The stock has returned 13 percent so far this year and a gain of 31 percent in the past 52-weeks.
ICICI Bank: Unit Files For IPO
Shares of the private lender rose 1.2 percent to Rs 302, after its unit ICICI Lombard General filed draft prospectus with the SEBI to float an initial public offering.
Existing shareholders of the private general insurer will offload 8.6 crore shares of 19 percent of its equity share capital through the offer, parent ICICI Bank Ltd. said in a stock exchange filing on Friday.
ICICI Lombard will be the second insurance subsidiary of ICICI Bank to go public. Its life insurance arm was listed last year after a Rs 6,057 crore IPO.
The stock has returned 31 percent so far this year, compared to a similar gain in the Nifty Bank index. Bloomberg data showed that about 20 percent of analysts covering the bank have changed their price targets over the past month (9 up, 1 down, 36 unchanged, 2 dropped).
Suzlon Energy: To Exit Brazil Market
Shares of the wind turbine maker rose 1 percent to Rs 19.10, snapping a three-day losing streak.
The company initiated the process of closing its wholly-owned Brazilian subsidiary Suzlon Energia Eolica do Brasil Ltda (SEOB) on July 14, according to its notification to the exchanges on Saturday. The decision was prompted “continued financial stress sustained by its operations”, the filing added.
Bloomberg data showed that Suzlon Energy trades at 11.4 times trailing 12-month earnings per share. The stock has returned 38 percent so far this year, and a gain of 4.7 percent in the past 52-weeks.
Stocks Reacting To Earnings
Bhansali Engineering Polymers
Shares of the Mumbai-based company rose 10.9 percent, the biggest intraday jump in over two-weeks. The company's net profit increased 111 percent year-on-year to Rs 16.88 crore during the June-ended quarter.
Other Earnings Highlights:
- Revenue up 52 percent YoY at Rs 251.16 crore
- EBITDA up 83.3 percent at Rs 29.53 crore
- EBITDA margin up at 13.18 percent versus 10.96 percent
The Relative Strength Index was 78, indicating that the stock may be overbought. Trading volume was 8.8 times its 30-day average.
Karnataka Bank
Shares of the lender fell 4.6 percent to Rs 158.10 after the bank's asset quality worsened compared to the last quarter. Net non-performing assets rose to 3.20 percent in June quarter, compared to 2.64 percent in the previous quarter.
Trading volume was 4.9 percent its 30-day average. The stock has returned 45 percent so far this year and a gain of 32 percent in the past 52-weeks.
DCB Bank
Shares of the private sector bank gained 0.7 percent, extending its advance to day four. The bank posted a 39 percent jump in net profit at Rs 65 crore during June quarter compared to same period last year.
Trading volume was 6.3 times its 30-day average. The stock returned 86 percent so far this year and a gain of 100 percent in the past 52-weeks.
Gruh Finance
Shares of the mortgage lender fell as much as 3.9 percent, the second day of decline.
Its reported a 20 percent jump in profit for June-quarter, supported by a strong increase in loan disbursal. Trading volume was 3.5 times its 30-day average.
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