Indian shares swung between gains and losses while rupee advanced against the U.S. dollar, as a rally sparked by better-than-expected fourth quarter earnings lost momentum.
#BQMarketsNow | Nifty swings after a flat start; Jet Airways hits 2-month low.https://t.co/CW7Q2Pb7Il pic.twitter.com/OaRzPYvkw0
Here are the stocks moving the market this morning:
Reliance Communications: Debt Woes Worsen
Shares of Anil Ambani-led firm fell as much as 7.7 percent to Rs 18.45 after the telecom operator's debt was downgraded to default by rating agencies Care Ratings and ICRA Ltd.
The company's leverage, measured by total debt to equity, has risen to a record of 1.6 times, according its filings. The stock has lost over 40 percent in two weeks.
Also Read: Reliance Communications Battered Anew as Debt Woes Linger
Aurobindo Pharma and Glenmark: FDA Boost
Aurobindo Pharma and Glenmark ged a nod from U.S. FDA Approves Generic Version of Hyper-Tension Drug. Glenmark also received approval for Atomoxetine Capsules USP.
- Aurobindo Pharma (+0.63 percent to Rs 584)
- Glenmark Pharmaceutical ( +2.28 percent to Rs 638)
Cox & Kings: Demerges Forex Business
Shares of the leading travel firm rose as much as 2.71 percent to Rs 223.55 after the board has decided to demerge its foreign exchange division into a new company called Cox & Kings Financial Service Ltd.
The demerger is effective April 1, 2017 and subject to high court and regulatory approvals. The Promoter holding in the resulting company to be 60.6 percent
Cox & Kings Financial Service will over the time offer holiday finance and overseas student finance aimed primarily at the travel and tourism sector, the company said in an exchange filing.
Punjab National Bank: Cuts Lending Rates
Shares of state-owned bank rose as much as 0.61 percent to Rs 147.25.
The bank trimmed the marginal cost of funds based lending rate (MCLR) by 0.05 percent each for overnight, one-month and three-month maturities to 8 percent, 8.10 per cent and 8.20 percent respectively.
Berger Paints: Acquisition Plan
Shares of the paint company rose as much as 1.11 percent to Rs 258.85 after the board approved acquisition of 100 percent stake in Chandigarh-based paint maker, Saboo Hesse Wood Coatings (SHWCPL).
The company has received an approval for purchasing Rs 1.5 crore equity shares representing 51 percent of the paid-up equity share capital of SHWCPL.
Jindal Poly Films : Acquisition of DuPont Teijin Films
Shares of the India's largest polyester packaging film company rose as much as 15.85 percent to Rs 402.7 after a report by Economic Times said that it was in "advanced negotiations"to acquire DuPont Films.
The European company may be acquired for $300 million (Rs 2,000 crore) the media company reported, citing unnamed people with knowledge of the possible deal.
Mahindra & Mahindra Hits 8-Month High
- Shares of the truck maker rose as much as 4.8% to Rs 1,425, the highest since October 3, 2016
- Stock raised to outperform versus underperform at CLSA
- Price target raised to Rs 1,550 vs Rs 1,280, implying an upside of 9.35 from current price
- Volume at 8.4 times its 30-day average
- Stock is set for a 5th straight day of gains and best monthly gain since June, 2016
Stocks Reacting To Earnings
Infibeam rose as much as 5.72 percent to Rs 989 after the company's net profit jumped 467 percent during the march ended quarter.
The revenue of the company grew 60 percent after the company is in forward investing mode at backend that includes expansion of supply chain capability.
BEML rose as much as 7.28 percent to Rs 1252.95 after the Indian Public Sector Undertaking's net profit increased 27 percent, during the fourth quarter. The revenue of the company grew 17 percent. The rise in stock price was the most since January.
Defence Minister Arun Jaitley dedicated a 9 megawatts capacity windmill project installed at Dammur in Karnataka at a cost of Rs 53 crore by BEML, according to PTI report.
Tata Global Beverages rose as much as 3.74 percent to Rs 151 after the company's revenue grew 4.75 percent during the march ended quarter.
The company posted a net profit of 51 crore after the company focused on business growth through product launches, marketing campaigns and category expansion.
Jet Airways rose 5.15 percent to Rs 436 after the airline's profit declined 91 percent March ended quarter, due to higher fuel rates. The revenue of the company declined 3 percent year on year basis.
The company has appointed Vinay Dube as its Chief Executive Officer and re-appointed Gaurang Shetty as the Whole Time Director.
United Spirits rose as much as 8.2 percent to Rs 171.55, highest level since March 15, after the beverages company's revenue declined 9 percent.
Earnings before interest and tax increased by 129 percent while the profit margins declined to 13 percent from 5.7 percent.
The stock's trading volume jumped 8.1 times its 20-day average for this time.
HCL Infosystems declined 1.57 percent to Rs 47 after the company's revenue declined 23 percent, during the march ended quarter.
The information technology firm posted a net loss of Rs 124.11 crore.
Thermax fell 1.65 percent to Rs 981 after the company's net profit declined 69 percent during the march ended quarter.
Earnings before interest and tax increased by 31 percent while the profit margins declined to 11.6 percent from 8.85 percent.
MOIL rose 4.57 percent to Rs 335.5 after the company's revenue grew 19.75 percent during the march ended quarter. The profit after tax increased as much as 442 percent.
The stock returned a negative 5.4 percent so far this year and a gain of 52 percent in the past 52 weeks.
Also Reacting To Earnings
Sharda Motor Industries rose as much as 20 percent, the biggest jump in three years, to Rs 2144.9 after the company announced its fourth quarter results. The company's net profit jumped 131 percent on a year-on-year basis.
The stock returned 117 percent so far this year and a gain of 163 percent in the past 52 weeks.
Ahluwalia Contracts fell as low as 10.23 percent to Rs 341.6 after the company announced its fourth quarter results. The company's net profit declined 23.8 percent year on year basis.
The stocks returned 35 percent so far this year and a gain of 29 percent in the past 52 weeks.
Bulk Deal
- Shares of Siti Networks rose 0.32 percent to Rs 31.5, after the block deal.
- Essel International Sold Rs 2 crore at Rs 31.1 each
- Digital Satellite Holdings bought Rs 2 crore at Rs 31.1 each
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