Stocks Radar: Coal India, NMDC, Max India
Indian equity benchmarks took a breather on Tuesday, after rising for four straight sessions in line with the record run in Asian peers.
The S&P BSE Sensex rose as much as 0.39 percent to 34,487.52 before paring most of its gains, while the NSE Nifty 50 Index rose as much as 0.33 percent to 10,659.15 to shortly trade little changed.
The market breadth was tilted in the favour of buyers. Thirteen of the 19 sector gauges compiled by BSE Ltd. rose, led by the S&P BSE Realty Index's 1.33 percent gain. On the flip-side, the S&P Power Index was the worst performer, falling 0.58 percent.
Here Are The Stocks Moving This Morning:
Coal India: Pricing Boost
Shares of the world's largest coal miner rose as much as 7.7 percent, the most in two years, to Rs 310 apiece – a nine-month high.
The company raised thermal coal prices for the first time since May 2016. It will allow it to earn an incremental revenue of Rs 1,956 crore for the remainder of the fiscal year, the miner said in an exchange filing. Moreover, the projected annual incremental revenue will be Rs 6,421 crore.
Max Healthcare: Stake Sale Buzz
Shares of the insurance service provider rose as much as 7.1 percent, most since August last year, to Rs 129 apiece on the BSE.
Radiant Life Care is in talks with Life Healthcare Group Holding to acquire 49.7 percent stake in Max Healthcare, according to a report in Economic Times. This comes after a report by Bloomberg suggested Life Healthcare is looking to exit Max Healthcare, its six-year-old investment.
Only two analysts have this stock in their portfolio with a ‘buy' recommendation.
Aarti Drugs: Rises On Share Buyback
Shares of the drugmaker rose as much as 7.2 percent to Rs 785, a nearly three-year high. The board approved a buyback of 2.75 lakh shares (or 1.15 percent equity) at Rs 875 each, the Thane-based company said in a filing.
Sutlej Textiles: Sets Up New Facility
Shares of the Rajasthan-based textile player rose as much as 7 percent to Rs 108.8, the most in a little over one month.
The company is planning to set up a green fibre project to manufacture polyester staple fibre by recycling pet bottles at Samba, Jammu & Kashmir.
Trading volume was 10.4 times its 20-day average. It trades at 11.0 times trailing 12-month earnings per share.
NMDC: Government Mulls Stake Sale
Shares of the Hyderabad-based minerals explorer fell as much as 4.36 percent to Rs 154.8. The government will sell 1.5 percent of its stake in NMDC Ltd. through an offer for sale at a floor price of Rs 153.50 per share. The stock snapped a long six-day gaining streak.
The stock snapped a long six-day gaining streak. More on this story here!)
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