Indian equity benchmark indices were trading flat, having erased early gains that were primarily driven by positive earnings.
Tech Mahindra Ltd. was the top gainer on the Nifty 50 index, gaining as much as 7.3 percent on account of better-than-expected earnings.
The S&P BSE Sensex was unchanged at 32,527, while the NSE Nifty 50 index was umoved at 10,079. The market breadth was firmly in control of the buyers, with 33 stocks of the 51-stock Nifty 50 index gaining, 17 declining, and one remaining unchanged.
Here Are The Stocks Moving The Market This Morning
Biocon: Regulatory Concerns Prevail
Shares of the pharmaceutical manufacturer fell as much as 4.1 percent to Rs 368.75. The U.S. Food and Drug Administration (FDA) issued Form 483 observations after an inspection of Biocon's Bengaluru plant.
A Form 483 is issued to a company's management at the conclusion of an inspection when an FDA investigator has observed any conditions that in their judgment may constitute violations of the prevailing rules and regulations.
Today marks the fifth straight session of declines for the stock, which has fallen nearly 10 percent in this time. Among the brokerages tracked by Bloomberg, eight have a ‘buy' rating on the stock, while four have a ‘hold', and the remaining seven have a ‘sell' rating.
Glenmark Pharmaceuticals: Positive Update In Drug Trials
Shares of the drug manufacturer rose as much as 2.7 percent to Rs 716. Glenmark Pharma reported a positive update in the trials of its drug, GBR 830, which is used to treat Atopic Dermatitis, a chronic skin disease.
The stock, best performer on the Nifty Pharma index, still has a higher potential upside compared to its peers. According to Bloomberg, the consensus price target of brokerages tracked by Bloomberg is 15.7 percent higher than the current stock price. For comparable companies, the average consensus price target is 5.9 percent higher than the current stock price.
So far this year, the stock has declined 20.9 percent, compared with a gain of 23.2 percent for the S&P BSE Sensex index.
Vascon Engineers: Gains On Order Win
Shares of the real estate developer rose as much as 4.8 percent, the most in over 10 days, after it received an order worth Rs 80.4 crore from Transcon Sheth Creator Pvt. Ltd.
The work order is for civil construction, finishing, electrical and firefighting work of a residential building in Mumbai and must be completed within 24 months from the date of receipt of the work order, the company said in its exchange filing.
Bloomberg data showed that Sobha trades at 24.1 times trailing 12-month earnings per share. The stock has returned 65 percent so far this year and a gain of 23 percent in the past 12 months.
TV Today Network: Swings On CEO Resignation
Shares of the news media company swung between gains and losses after Ashish Kumar Bagga resigned as its chief executive offer.
The stock rose in four out of the past five trading sessions. Bloomberg data showed that the analyst consensus price target is Rs 344.6, 42.4 percent above the current market price.
Stocks Reacting To Earnings
InterGlobe Aviation (YoY)
- Shares of the Indigo parent extended gain for the fourth day and rose as much as 3.4 percent to Rs 1,334
- PAT up 37 percent at Rs 811 crore
- Revenue up 25.6 percent at Rs 5753 crore
- EBITDAR up 27.7 percent at Rs 1951 crore
- EBITDAR margin expanded to 33.91 percent from 33.37 percent
Tech Mahindra (QoQ)
- Shares of the IT company extended gain for the third day and rose as much as 7.2 percent, the most since May 2016 to Rs 413.90
- PAT up 36 percent to Rs 799 crore
- Revenue down 2.1 percent to Rs 7336 crore
- EBITDA up 4.1 percent to Rs 935 crore
- EBITDA margin expanded to 12.7 percent from 12 percent
Bharat Electronics (YoY)
- Shares of the electronic communication equipment maker extended gain for the seventh day and rose as much as 4.9 percent, the most in over three months, to Rs 187.50
- PAT up 247 percent at Rs 125.3 crore
- Revenue up 94 percent to Rs 1803.1 crore
- EBITDA at 163.3 crore
- EBITDA margin expanded to 9.5 percent from - 4.4 percent
Music Broadcast (YoY)
- Shares of the Radio City owner rose as much as 3.1 percent, the most in over 10 days to Rs 370
- PAT up 42 percent to Rs 10.8 crore
- Revenue up 12 percent at Rs 70.3 crore
- EBITDA up 16.2 percent at Rs 22.2 crore
- EBITDA margin expanded to 31.6 percent from 30.4 percent
Jaiprakash Power Ventures (YoY)
- Net loss of Rs 19 crore versus Net loss of Rs 196 crore
- Shares of the electricity generator rose as much as 9.5 percent, the most in over a week to Rs 8.10
- Revenue up 32 percent to Rs 996 crore
- EBITDA up 15 percent to Rs 351 crore
- EBITDA margin narrowed to 35.3 percent from 40.6 percent
Hexaware (QoQ)
- Shares of the technology solutions provider snapped five day decline and fell 1.9 percent intraday, to Rs 256.80
- PAT down 7.4 percent to Rs 122.4 crore
- Revenue up 2.4 percent to Rs 984 crore
- EBITDA down 1.5 percent Rs 160.25 crore
- EBITDA margin contracted marginally to 16.3 percent from 16.9 percent
JK Paper (YoY)
- Shares of the paper manufacturers extended decline for the second day and fell 0.9 percent to Rs 96.30
- PAT up 122 percent to Rs 60 crore
- Revenue up 4.2 percent to Rs 665 crore
- EBITDA up 34 percent to Rs 152.7 crore
- EBITDA margin up to 24.2 percent from 18.8 percent
Reliance Power (YoY)
- Shares of the power projects operator extended decline for the second day and fell as much as 1.8 percent, the most in over 10 days to Rs 44.55
- PAT down 32 percent to Rs 231 crore
- Revenue down 1.6 percent to Rs 2,635 crore
- EBITDA up 2 percent to Rs 1,164 crore
- EBITDA margin down to 44.2 percent from 42.6 percent
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