Indian equity benchmarks turned sharply lower after the first hour of trade on Tuesday, dragged by public sector bank stocks.
Both the S&P BSE Sensex and the NSE Nifty fell as much as 1.1 percent to 31,915 and 9,947 respectively. The market breadth was firmly tilted in favour of the sellers. About 287 stocks advanced while 1,259 declined on the NSE.
Here Are The Stocks Moving The Market This Morning
Bharti Airtel: Raises Funds Via Stake Sale
Shares of the country's largest telecom operator snapped a two-day decline and rose as much as 1.9 percent, the most in a week, to Rs 425.35.
Earlier today, Bharti Airtel sold a 3.6 percent stake in its tower business, Bharti Infratel, through multiple block deals on the exchanges. The company raised around Rs 2,600 crore through the stake sale, which it will use to curb debt.
Bharti Airtel is currently trading at 61.7 times trailing 12-month earnings per share. The stock is among the best performers in trade today. It has gained 37 percent so far this year compared with a return of 22 percent for the 31-stock Sensex.
Cipla: FDA Boost
Shares of the drug maker rose as much as 1.1 percent to Rs 572.65.
The pharmaceutical company received approval from the U.S. drug regulator for Nevirapine syrup. The drug is used to decrease the amount of the human immunodeficiency virus (HIV) in blood, according to information on U.S National Library of Medicine.
The stock was the second-best performer on Nifty Pharma Index. Among the brokerages tracked by Bloomberg, 17 have a ‘Buy' rating on the stock, while 18 have a ‘Hold', and the remaining eight have a ‘Sell' rating.
Idea Cellular: Swings After SEBI Nod
Shares of the telecom operator swung between gains and losses in a volatile day session of trade.
The stock exchanges and the Securities and Exchange Board of India gave a conditional approval to the $23-billion merger deal between Idea Cellular Ltd. and Vodafone India, according to a PTI report.
Earlier today, Idea Cellular informed the exchanges that it had sought approval from the National Company Law Tribunal for the merger.
It has returned 27 percent so far this year, but has lost 8.2 percent of its value over the past year.
Hindalco: Gains On Novelis Earnings
Shares of the aluminium and copper maker rose as much as 7.6 percent, the most in nine months, to Rs 244.90. The stock has been gaining for the past two trading sessions.
Hindalco's overseas subsidiary, Novelis Inc, on Monday reported a four-fold jump in net income to $101 million in the first quarter, according to the company's exchange filing.
Other earnings highlights:
- Q1 shipments of 785 kilotonnes increased 4 percent on a year-on-year basis (YoY)
- Automotive shipment increased 16 percent
- Net sales increased 16 percent (YoY) to $2.7 million
- Adjusted EBITDA increased 8 percent to $289 million from $268 million
- Free cash flow improved $69 million (YoY)
Other Stocks Reacting To Earnings
Tata Steel (YoY)
- Stock rose as much as 3.7 percent to Rs 622.40
- Best performer on S&P BSE Sensex Index
- Reported profit stands at Rs 921 crore versus loss of Rs 3,183 crore
- Revenue up 19 percent to Rs 29,557 crore
- Consolidated volumes up 8.56 percent (YoY), but down 15 percent (QoQ) to 5.83 million tonnes
- EBITDA up 52 percent at Rs 4,974 crore
- Margins expanded to 17 percent vs 13 percent
Goodricke Group (YoY)
- Stock rose as much as 12.33 percent, the most since November 2015, to Rs 251.90
- Net profit up 57.1 percent at Rs 22 crore
- Revenue up 23.9 percent at Rs 152 crore
- EBITDA up 65.5 percent at Rs 23 crore
- Margin of 15.1 percent from 11.3 percent
Grauer & Weil (YoY)
- Stock fell as much as 3.1 percent, the most in over a month to Rs 38.70
- Net profit down 5.9 percent at Rs 12.8 crore
- Revenue up 13.6 percent at Rs 117 crore
- EBITDA up 3.5 percent at Rs 21 crore
- Margin narrowed to 19.6 percent from 21.5 percent
Polaris Consulting (QoQ)
- Stock fell as much as 8 percent, the most since December 2016, to Rs 221
- Net profit down 9.1 percent at Rs 30 crore
- Revenue down 2.4 percent to Rs 555 crore
- EBITDA up 3.1 percent to Rs 46.5 crore
- Margin expanded to 8.4 percent from 7.9 percent
Nilkamal Ltd (YoY)
- Stock rose as much as 2.2 percent to Rs 1,792.70
- Net profit down 30.4 percent at Rs 22 crore
- Revenue up 5.7 percent at Rs 524 crore
- EBITDA down 25.5 percent to Rs 43 crore
- Margin narrowed to 8.9 percent from 12.6 percent
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