Indian shares gained to over one-week high as a recovery in oil prices helped energy producers extend a rebound.
The S&P BSE Sensex index gained 0.4 percent to 31,353 while the NSE Nifty 50 index gained 0.3 percent to 9,650. Metals were the second-best performing sectoral gauge among the BSE sectoral indices.
The market breadth was firmly in favour of the buyers. About 1,050 stocks advanced and 459 stocks that declined on the National Stock Exchange.
Here Are The Stocks Moving The Market This Morning:
GTPL Hathway: Lackluster Debut
Cable TV and broadband services provider listed at its issue price of Rs 170 on both the NSE and the BSE.
The twelfth listing of 2017 saw its initial public offering subscribed 1.53 times on the last day of bidding. The company had raised Rs 145 crore from anchor investors.
The company plans to use the IPO proceeds towards repayment of loans and other general corporate purposes.
Hero MotoCorp: Block Deal Impact
Shares of the two-wheeler maker fell 2.41 percent, the most in two months, after 16 lakh shares of the company changed hands in multiple block deals. The average price of the deal was Rs 3,865 per share on the BSE, Bloomberg data showed.
The buyers and sellers were immediately unknown.
The company was also in news as it decided to stop paying royalty to its former partner Honda. Trading volumes jumped 270 times its 30-day average. The stock has returned 26 percent so far this year and a gain of 22 percent in the past 52 weeks.
Yes Bank: Stock Spilt Consideration
Shares of the private sector lender rose 1.4 percent to Rs 1,512.95 after it said it will consider a proposal to divide the equity share of the company in a board meeting to be held later this month.
However, the bank did not provide any further details on the ratio in which the shares will be divided. Companies generally go for a stock division to improve liquidity of its shares in the stock market and to make them affordable to the small investors.
Trading volume was 2.2 times its 30-day average. Yes Bank trades at 19 times trailing 12-month earnings per share and 17 times its estimates for the coming year.
Wockhardt: FDA Boost
Shares of the drug maker rose 1.8 percent to Rs 616 after the pharma company received approval from the U.S drug regulator for an eye drop, used for the treatment of ophthalmic allergies.
Wockhardt trades at 25 times its estimated earnings per share for the coming year. The stock has returned a negative 7.2 percent so far this year and a loss of 35 percent in the past 52 weeks.
Ambuja Cement: Secured Limestone Block
Shares of the cement maker rose 2.2 percent to Rs 253 after the company secured 42 million tonne limestone block at Nandgaon Ekodi, Maharashtra.
The company acquired the limestone block at a final bid price of 125.05 percent of the mineral dispatched. The stock is up on a high trading volume of 3.7 times its 30-day average.
JK Cement: Seeks Nod To Raise Funds
Shares of the grey and white cement maker swung between gains and losses after it sought approval from shareholders to raise capital up to Rs 1,500 crore by issuing equity shares and NCDs.
The Relative Strength Index (RSI) is 29, indicating that the stock may be oversold. The stock returned 32 percent so far this year and a gain of 36 percent in the past 52 weeks.
Stocks Reacting To Brokerage Radar
Persistent Systems
- Shares of the software developer rose 0.8 percent to Rs 675
- Brokerage firm HSBC downgraded the stock rating to ‘Hold' from ‘Buy', while maintaining its price target at Rs 660
Godrej Properties
- Shares of the real estate developer fell 1.1 percent to Rs 518.25
- Brokerage firm Morgan Stanley downgraded the stock to ‘Equal-weight' from ‘Overweight'. However, it increased price target to Rs 475 from Rs 433 earlier
Ultratech Cement
- Shares of the cement manufacturer parred its early losses and gained 1 percent to Rs 4,040
- Brokerage firm Reliance Securities upgraded the stock rating to ‘Buy' from ‘Hold', however maintained its price target at Rs 4,500
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