Indian stocks climbed for a second day led once again by real estate companies amid rising optimism that global growth is on the mend.
The market breadth was skewed in favour of the buyers with about 2 stocks advancing to every 1 that declined. While the key equity benchmarks rose, investors were seen booking profits in the recent gainers such as cement makers ACC Ltd. and Ambuja Cements Ltd.
#BQMarketsNow | Nifty trades little changed around 9,330. Pharma stocks struggle.https://t.co/FAVWcwlDv9 pic.twitter.com/QkYNcWIoIr
Here are the stocks moving the market this morning:
Shankara Building Products: Bulk Deal
The stock rose 2.5 percent to Rs 724 after Reliance Mutual Fund (MF) sold 7.4 percent of its stake in a bulk deal. Templeton MF and SBI MF bought 4.3 percent of its shares each thereafter.
The stock rose 5.1 percent in the past month, compared to a 8.2 percent fall in its Bloomberg peers.
Pokarna: Stock Split
The company rose 2.8 percent to Rs 1,585 after it announced a stock split in the ratio of 5:1. The company also announced its earnings for the January to March quarter, with its profit rising 2.2 times on a year-on-year basis.
Federal Bank: Seeks To Raise Foreign Investment Limit
The lender fell as much as 2 percent to Rs 116, snapping a three-day winning streak. The bank said it will seek shareholders' approval to raise the foreign investment limit to 74 percent of its paid-up capital.
The stock rose 17.7 percent in April, compared to a 1.1 percent advance for the benchmark Sensex index.
Earnings Reaction: Bharti Infratel, Canara Bank, Precision Wires
ABB India rose nearly 12 percent to Rs 1,574 after its order book grew 28 percent to Rs 2,342 crore on a year-on-year basis. Net profit rose 3.5 percent to Rs 88 crore while profitability margins contracted by 50 basis points, according to its exchange filing.
Bharti Infratel rose 1.9 percent to Rs 371 after falling as low as 2.3 percent to Rs 356 on Tuesday morning. The tower company's net profit declined 17 percent to Rs 596 crore for the fourth quarter, as per its filing. However, its earnings before interest, tax, depreciation and amortisation rose 15 percent while profitability margins expanded by 50 basis points.
Union Bank of India fell 3.6 percent to Rs 180 even after its net profit rose 12.5 percent to Rs 108 crore. Gross non performing assets contracted by 53 basis points compared to the previous quarter while Net NPAs also fell.
The lender, however, increased its provisions for bad loans by 46 percent to Rs 2,444 crore on a quarter-on-quarter basis.
Canara Bank fell 3.7 percent to Rs 380 after its gains from selling a stake in Can Fin Homes led to a profit of Rs 214.8 crore compared to a loss of Rs 3,905 crore in the same quarter last year. Net interest income rose 14 percent to rs 2,708 crore while provision spiked, nearly two-fold, to Rs 2,924 crore. This was the largest fall for the bank since January 20.
Precision Wires rose 6.5 percent to Rs 148 after its profit rose 40 percent to Rs 7 crore. This was after the profitability margins contracted by 50 basis points.
Earnings Radar
- Bharti Airtel (-1.1 percent to Rs 347)
- Interglobe Aviation (+1.8 percent to Rs 1,139)
- Thyrocare technologies (+2.5 percent to Rs 731)
- Dena Bank (-1.9 percent to Rs 46)
- Godrej Consumer Products (+2.2 percent to Rs 544)
Sensex, Nifty: Movers & Shakers
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