Indian equity benchmarks rose for the first time in three sessions after Asian peers bounced back from their longest losing streak in more than two years.
The S&P BSE Sensex rose as much as 0.42 percent to 32,732 while the NSE Nifty 50 Index gained 0.40 percent as well to 10,085. This while a gauge of expected stock-price swings declined for the first time in six trading sessions.
The market breadth was tilted in favour of buyers. All 19 sector gauges compiled by the BSE Ltd. rose led by the S&P BSE Utilities Index's 1.2 percent jump.
Here Are The Stocks Moving The Market This Morning
IRB Infra: CBI Files Charge Sheet
Shares of the infrastructure developer fell as much as 6.1 percent, the most in nearly four months to Rs 197.
The Central Bureau of Investigate filed a charge sheet against the road builder in a Pune court over alleged illegal purchase of government land in Pimpoli village and in Maval Taluka.
Trading volume was 14.9 times its 30-day average. The Relative Strength Index was 28, indicating that the stock could be oversold.
HSBC on IRB Infra
- Downgraded to ‘Hold' from ‘Buy'; cut price target to Rs 200 from Rs 331.
- CBI filed a charge sheet against IRB, its promoter, its subsidiary, and few other employees in a government land grab case.
- Historically, the stock has reacted very negatively on such news flow.
- Very difficult to predict how the case will progress.
- Expect stock to be under pressure and will not be driven by business fundamentals.
- Downgrade to Hold despite attractive valuations.
Infosys: Submits Settlement Plea With SEBI
Shares of the information technology company extended gains for the second trading session and rose as much as 0.8 percent to Rs 997.90.
The Bengaluru-based software developer filed a consent application with the market regulator over its settlement of former Chief Financial Officer Rajiv Bansal's severance pay, according to its stock exchange notification.
Infosys trades at 15.7 times trailing 12-month earnings per share and 15 times its estimates for the coming year, according to Bloomberg data. The stock has returned 1.5 percent so far this year and a gain of 6.1 percent in the past 12 months.
Hatsun Agro: Board Approves Rights Issue
Shares of the skimmed milk powder maker rose as much as 3.2 percent to Rs 899.20.
The company's board approved to raise Rs 900 crore via a rights issue of equity shares, according to its exchange filing.
About 47 percent of the company's shares that traded were at the ask price and 38 percent were at the bid in today's trading session. The analyst consensus rating tracked by Bloomberg is equivalent to 'Buy'.
Also Read: Nilekani Predicts ‘Really Good Performance' From Infosys Next Year
Bank of Maharashtra: Sets MCLR At 8.65%
Shares of the lender rose as much as 1.9 percent to Rs 26.15. The bank set one-year MCLR at 8.65 percent from Dec. 7, according to its stock exchange notification.
The stock has returned a negative of 9.1 percent so far this year, compared to 24.6 percent advance in Sensex.
Stocks Reacting To Earnings
Pokarna (Q2, YoY)
- Stock fell as much as 7.4 percent to Rs 208.
- Revenue down 9 percent to Rs 85 crore.
- Net profit down 37 percent to Rs 12 crore.
- EBITDA down 27 percent to Rs 27 crore.
- Margins at 31.8 percent from 39.6 percent.
Centum Electronics (Q2, YoY)
- Stock fell as much as 9.5 percent to Rs 580.
- Revenue down 14 percent to Rs 91 crore.
- Net loss of Rs 9 crore from a net profit of Rs 10 crore.
- EBITDA at Rs (6.7 crore) versus Rs 16.6 crore.
- Margins at (7.4 percent) from 15.7 percent.
Arshiya (Q2, YoY)
- Stock rose as much as 2.3 percent to Rs 98.35.
- Revenue up 11 percent to Rs 24 crore.
- Net loss of Rs 22.5 crore versus Net loss of Rs 22.6 crore.
- EBITDA up 14 percent to Rs 16.3 crore.
- Margins at 67.9 percent from 66.2 percent.
Ador Welding (Q2, YoY)
- Stock rose as much as 4.9 percent to Rs 514.
- Revenue up 20 percent to Rs 122 crore.
- Net profit up 4 percent to Rs 5.5 crore.
- EBITDA up 8 percent to Rs 10.8 crore.
- Margins at 8.9 percent versus 9.8 percent.
Stocks Reacting To Bulk Deals
C&C Constructions
- Stock rose as much as 4.9 percent to Rs 73.80.
- Ketan Karani sold 1.94 lakh shares or 0.8 percent stake at Rs 77.67 each.
Weizmann Forex
- Stock rose as much as 6.4 percent to Rs 1,550.
- Girik wealth advisors bought 70,000 shares or 0.6 percent stake at Rs 1399.52 each.
- Parmatma Power Projects Pvt Ltd sold 79,711 shares or 0.6 percent stake at Rs 1399.52 each.
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