Stocks Radar: Ceat, Infosys, SBI, Sunteck Realty
Indian equity benchmarks declined in opening trade dragged lower by technology and pharma stocks. Investors were also reluctant to make any big moves as projections showed U.K. faces a hung parliament.
The S&P BSE Sensex fell 0.3 percent to 31,101 while the NSE Nifty too dropped 0.3 percent to 9,615. The market breadth was skewed 3:1 in favour of the sellers on the NSE.
Barring the Nifty FMCG index, all other sectoral indices declined led by the Nifty IT index.
#BQMarketsNow | Sensex, Nifty opens marginally lower. https://t.co/7iunGBSafj pic.twitter.com/B78EZ9MeK5
June 9, 2017Here Are The Stocks Moving The Market This Morning:
Infosys Worst Performer On Nifty
Shares of the country's second largest technology firm dropped as much as 3.5 percent after a report suggested that the founders are looking to sale stake in the Bengaluru-based firm.
The stock was the worst performer on both the Sensex and the Nifty, extending its losses to day 3. Founders including Narayana Murthy and Nandan Nilekani are exploring sale of their entire 12.75 percent stake in the technology company, Times of India reported citing unidentified sources.
Murthy denied any move to sell holding in Infosys.
Sunteck Realty: Stock Split
Shares of the real estate developer rose 1.65 percent to Rs 472 after the company said it would sub-divide shares to face value of Re 1 each, according to its exchange filing.
The company said that the move will improve liquidity of the company's shares on the stock market and also make them affordable for small investors.
Bloomberg data showed that about 66 percent of analysts covering the company have changed their price targets over the past month (4 up, 0 down, 2 unchanged). The stock returned 114 percent so far this year.
Ceat: Macquarie Initiates Coverage
Shares of the tyre manufacturer rose 1.22 percent to Rs 1,916 after Macquarie analyst Amit Mishra initiated coverage on the stock with an outperform rating.
Mishra pegged a 12-month target of Rs 2,250 rupees for Ceat, implying an upside potential of 19 percent from its Thursday's closing price.
The new target is 28 percent above the consensus average of Rs 1,751.45 and is at the high end of forecasts ranging from Rs 1,000 to Rs 2,250.
The company had 13 buy recommendations and 4 holds before today. The Relative Strength Index (RSI) is 73, indicating that the stock may be slightly overbought.
Cipla: To Sell Yemeni Subsidiary
Shares of the drug maker rose 1 percent to Rs 555.8 after Saba Investment, a subsidiary of the company, entered into an agreement to sell its entire 99 percent equity stake in Al Jabal to Khalil Ghaleb Ali Al-Jabal, according to company's exchange filing.
According to Bloomberg Data, about 69 percent of analysts covering the company have changed their price targets over the past month. (1 up, 29 down, 13 unchanged) as of June 5.
SBI: Raises Funds Through QIP
The public sector lender fell 0.83 percent to Rs 286.2 after it raised Rs 15,000 crore selling 52.2 crore shares through qualified institutional placement (QIP).
The QIP, according to an investment banker aware of the transaction, has been subscribed three to four times, and Life Insurance Corporation of India is likely to be allotted as much as 25 percent of the shares on offer.
Also Read: Will Investors' Faith In SBI Be Repaid?
Pidilite Industries: To Sell Car Maintenance Unit
Shares of the consumer product manufacturer rose 1.98 percent to Rs 812.8 after U.S. unit of the company decided to sell its cyclo division to Niteo Products.
On June 5, Credit Suisse analyst Rohit Kadam initiated on the stock coverage with a rating equivalent of a strong buy. The analyst currently has a price target of Rs 920, around 13.6 percent above market price.
Sagar Cements: Increase In May Sales
Shares of the cement manufacturer rose 1.37 percent to Rs 847 after the company's May sales increased by 8.8 percent on year-on-year basis, according to its exchange filing.
The company had produced 2,07,404 million tonne and 2,03,925 million tonne in May 2017 .
Ujaas Energy: Commissioned Solar Power Plant
Shares of the power transformer manufacturer rose 2.8 percent to Rs 32.85 after the company planed to commission one megawatt power solar plant for Numaligarh Refinery Limited (NRL), according to its exchange filing.
The stock has dropped 27 percent so far this year, compared to a 11 percent gain in the S&P BSE India Power index.
Pennar Industries: Jumps On Stake Sale
Shares of the engineering services company rose 7.48 percent to Rs 57.50, its highest since January of last year, after Franklin Templeton India bought 24.94 lakh shares (or 2.1 percent stake) in the company at Rs 52.25 apiece.
Eight Capital Master Fund Ltd. sold 32.73 lakh shares (or 2.7 percent stake) at Rs 52.51 each.
Sensex, Nifty Top Movers
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