Stocks Radar: Dena Bank, Lupin, L&T, ONGC

Indian shares climbed, snapping a two-day losing streak, led by gains in the nation’s largest construction company Larsen and Toubro Ltd., after it reported better-than-anticipated earnings.

The S&P BSE Sensex rose as much as 0.4 percent to 32,451.72 while the NSE Nifty 50 Index rose as much as 0.3 percent to 10,048.90. The market breadth was skewed in favour of the buyers.

Here Are The Stocks Moving The Market This Morning

L&T Jumps Most In Two Months

Shares of the infrastructure major gained as much as 4 percent to Rs 1,207, the most in over two months, after reporting quarterly earnings.

Most brokerages have maintained their ratings and price targets on the stock:

• CLSA maintains 'Buy' with price target of Rs 1,400
• Citi maintains 'Buy' with price target of Rs 1,341
• Deutsche Bank maintained 'Buy' with price target of Rs 1,350

The analyst consensus price target, tracked by Bloomberg was Rs 1,248.2, around 4.6 percent higher than the current market price. The stock has gained 33.1 percent so far this year, compared to 21.6 gain in the Sensex Index.

Lupin: Swings After FDA Nod

Shares of the drug maker fell as much as 2 percent to Rs 1,042, extending its losing streak to day three. This after the stock had gained 2.4 percent in opening trades.

The U.S drug regulator completed GMP (Goods Manufacturing Practice) inspection and PA (prior approval) inspection on Lupin’s Pithampur plant’s unit 1 facility, without any observations.

On July 28, IIFL downgraded the stock to a rating equivalent of sell. The broking firm currently has a price target of Rs 1,000 — 6 percent below the current market price. The stock trades at 18.8 times trailing 12-month earnings per share, Bloomberg data showed.

HDFC: To Sell Some Of Its Stake In Unit Via IPO

Shares of the mortgage lender pared its opening gains to trade little changed at Rs 1,784 on the NSE.

The company plans to offload 9.57 percent stake in its subsidiary HDFC Standard Life through an initial public offering.

About 56 percent of the analyst covering the company have changed their price targets over the past month (23 up, 0 down, 16 unchanged, 2 dropped), according to Bloomberg Data.

The Relative Strength Index (RSI) was 79, indicating that the stock may be overbought.

NTPC: Beats Street, Mulls Fund Raising

Shares of the county’s largest power producer rose as much as 2.4 percent, the most in three weeks, after reporting quarterly earnings.

The company’s net profit rose 12 percent year-on-year to Rs 2,618 crore for April-June period on higher other income, beating street estimates. Besides that, the company’s shareholders approved raising funds via bonds and NCDs worth up to Rs 15,000 crore.

The analyst consensus price target was Rs 185.88—12.2 percent above current market price, Bloomberg data showed. It has returned 2.1 percent so far this year and a gain of 7.4 percent in the past 52-weeks.

IL&FS Transportation: New Order Boost

Shares of the engineering firm snapped five-day decline and rose as much as 9.5 percent, the most in over six months.

The company bagged contract for Zojila tunnel project in J&K. It had quoted an amount of Rs 4,899.4 crore to be constructed in a period of 2,555 days or seven years, according to an exchange filing.

Trading volume was 55 times its 30-day average. The stock has declined 6 percent so far this year, and a gain of 31 percent in the past 52-weeks.

Marico: Swings After New Acquisition

Shares of the FMCG company swung between gains and loses and was trading at Rs 332.10.

Its wholly-owned subsidiary Marico South Africa has acquired hair styling brand Isoplus for 75 million South African Rand (over Rs 36 crore) from JM Products Pty. The acquisition will strengthen Marico's portfolio to make it a complete ethnic hair care player in that country, according to its exchange filing.

The analyst consensus rating on stock is equivalent to sell, according to Bloomberg data. Marico trades at 53.7 times trailing 12-month earnings per share.

Indian Hume Pipe: New Order Boost

Shares of the steel pipe manufacturer extended its gains for the second day and rose as much as 4.1 percent, the most in two-weeks, to Rs 570.45.

The company secured a work order worth Rs 163.50 crore from Raipur Municipal Corporation, Chhattisgarh, for work on augmentation of water supply to Raipur under the Amrut Mission.

The order is on turnkey basis and includes operation and maintenance for five years. The work is to be completed within 30 months, Indian Hume Pipe informed the exchanges after market hours.

ONGC: Gains On Government Nod

Shares of the oil explorer rose as much as 2.5 percent, the most in two weeks.

The company received a green signal from the government for the acquisition of Gujarat State Petroleum Corp’s entire 80 percent holding in a KG basin gas block for Rs 7,738 crore.

The stock was testing resistance at 50-day moving average, according to Bloomberg data. About 38 percent of analysts covering the company have changed their price targets over the past month (4 up, 9 down, 19 unchanged, 2 dropped)

Stocks Reacting To Earnings

Equitas Holdings (Q1, YoY)

• Shares of the financial services provider fell as much as 3.3 percent, the most in over two months, to Rs 162.25
• Net profit down 74.5 percent to Rs 156 crore
• EBITDA down 9.2 percent to Rs 201.5 crore
• EBITDA margin down to 44.5 percent from 63.8 percent

Alembic Pharmaceuticals (Q1, YoY)

• Shares of the drug maker swung between gains and losses and was trading at Rs 529.75
• Net profit up 139.3 percent to Rs 3.35 crore
• EBITDA up 38.1 percent to Rs 1.7 crore
• EBITDA margin expands to 5.9 percent from 3.8 percent

Coromandel International (Q1, YoY)

• Shares of the fertilizer manufacturer rose as much as 6 percent, the most in a month, to Rs 463.20
• Net profit up 900 percent to Rs 75 crore
• EBITDA up 94.1 percent to Rs 172 crore
• EBITDA margin expands to 7.7 percent from 4.4 percent

Oberoi Realty (Q1, YoY)

• Shares of the real estate developer fell as much as 3.9 percent, the most in over a month, to Rs 376.40
• Net profit down 15.8 percent to Rs 91.4 crore
• EBITDA down 18.6 percent to Rs 135.6 crore
• EBITDA margin flat at 52 percent from 52.1 percent

Kewal Kiran Clothing (Q1, YoY)

• Shares of the textile maker fell as much as 4.7 percent, the most in over a month, to Rs 1702.50
• Net profit down 47 percent to Rs 8.2 crore
• EBITDA down 62.6 percent to Rs 7.3 crore
• EBITDA margin contracts to 9.3 percent from 18.7 percent

Astra Microwave (Q1, YoY)

• Shares of the wireless communication solutions provider extended its decline for the fourth day as it fell as much as 0.8 percent to Rs 136.85
• Net profit of Rs 4.2 crore from loss of 6.7 crore
• EBITDA of Rs 8.5 crore from EBITDA loss of 1.5 crore
• EBITDA margin at 23.9 percent from negative 4.1 percent

Dena Bank Q1

• Shares of the lender fell as much as 5.6 percent, the most in over two months to Rs 32.10
• Net loss of Rs 132 crore from loss of Rs 279 crore (YoY)
• Net interest income up 8.7 percent to Rs 675 crore (YoY)
• Gross NPA at 17.37 percent from 16.27 percent (QoQ)
• Net NPA at 11.22 percent from 10.66 percent (QoQ)

Central Bank of India Q1

• Shares of the Mumbai-based commercial bank fell as much as 5.9 percent, the most in over a month, to Rs 85.90
• Net loss of Rs 576.7 crore from Rs 599.8 crore (YoY)
• Net Interest Income down 20 percent to Rs 1,330 crore
• Gross NPA at 18.23 percent from 17.81 percent (QoQ)
• Net NPA at 11.04 percent from 10.20 percent (QoQ)

Ramky Infrastructure (Q1, YoY)

• Shares of the integrated construction company swung between gains and losses, down 0.6 percent to Rs 98
• Net profit down 74 percent to Rs 12 crore
• EBITDA at Rs 118 crore versus loss of Rs 74 crore
• EBITDA margin at 6.8 percent from -3.6 percent