Stocks Radar: Fortis Healthcare, Bajaj Auto, Ashoka Buildcon
Indian equity benchmarks pared early gains in the first hour of trading today, in line with weakness across equity markets globally. Asian markets opened with deep cuts following declines in the U.S. benchmarks.
The S&P BSE Sensex Index fell as much as 0.21 percent to 34,113.85, while the NSE Nifty 50 Index fell as much as 0.17 percent to 10,475.20.
The market breadth was tilted in favour of the sellers, with two stocks declining for every one that advanced on the BSE. Twelve of the 19 sectoral gauges compiled by BSE traded higher, led by S&P BSE Realty Index's 3.8 percent. The sector which lost the most was S&P BSE Information Technology Index, with losses of 0.6 percent.
Here Are The Stocks Moving The Market This Morning:
Fortis Healthcare: Auditor Raises Red Flag
Shares of the hospital chain operator rose as much as 3.19 percent to Rs 164.9.
Fortis Healthcare Ltd.'s auditor, Deloitte, said in a statement that it was unable to form effective conclusions on the company's financial results. This, it said, was due to pending investigations by the government and Securities and Exchange Board of India and also due to unsecured advances to vendors. (Read more on this story here)
The company declared the results for the third and the second quarter of the ongoing fiscal. It recorded a loss of Rs 36.8 crore in the third quarter as compared to a net profit of Rs 442 crore in the same period last fiscal. The loss in the second quarter, the results of which were also released on Wednesday, stood at Rs 45.7 crore.
Fortis Healthcare declares earnings for July-September and October-December quarters. pic.twitter.com/jM8ZtzoKG5
February 28, 2018The stock rose for the second consecutive session today.
Bajaj Auto: Rises As Sales Surge
Shares of Pune-based automobiles manufacturer rose nearly 2 percent to Rs 3,080 in early trade.
The two- and three-wheeler maker sold 3.57 lakh units last month, an increase of 31 percent from the year-ago period. Overall, motorcycles sales rose 21 percent year-on-year to 2.97 lakh units. Motorcycle sales in the domestic market rose 23 percent.
(Also Read: Bajaj Auto Sales Rise For Seventh Straight Month)
Ashoka Buildcon: Lowest Bidder For NHAI Project
Shares of the Nashik-based construction company rose as much as 7.6 percent to Rs 235.6 after it emerged as the lowest bidder for highway order.
Ashoka Buildcon Ltd. via its subsidiary Ashoka Concessions Ltd. submitted its bid to the Natioinal Highways Authority of India for a six lane road project in Jharkhand, the company informed the exchanges. The company's bid had stood at Rs 860.1 crore.
(Also Read: Dilip Buildcon Bags NHAI Orders Worth Rs 5,400 Crore In Karnataka, Jharkhand)
The company has given negative returns of 4.41 percent this year. That compares with the benchmark index, Sensex's returns of 0.46 percent.
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