Indian equity benchmarks extended gains for the fifth consecutive trading session, led by Mahindra & Mahindra after CLSA upgraded the stock to ‘Buy'.
The S&P BSE Sensex Index rose as much as 0.2 percent to 31,749 and the NSE Nifty 50 Index climbed as much as 0.2 percent to 9,937. The market breadth tilted in favour of buyers. Sixteen out of the 19 sector gauges compiled by BSE Ltd. advanced led by the S&P BSE Realty Index's 1.2 percent gain.
Here Are The Stocks Moving The market This Morning
Prataap Snacks: Debuts On Dalal Street
Shares of Potato chips maker Prataap Snacks Ltd. debuted at Rs 1,270 apiece on the BSE Ltd., a premium of 35.4 percent over its issue price of Rs 938. The stock saw an intraday high of Rs 1,318 on the National Stock Exchange before paring some of the gains.
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State Bank Of India: New Chairman Appointed
Shares of the country's largest lender dropped as much as 1.1 percent to Rs 250 apiece.
The government appointed Rajnish Kumar as the new chairman of the bank for next three years. Kumar will take over charge of the post on or after October 7, according to the bank's exchange notification.
SBI trades at 20 times its estimated earnings per share for the coming year. The stock has returned a negative of 1.9 percent in the past year, compared to the gain of 13.8 percent advance in the Sensex.
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Mahindra & Mahindra: New Stock Upgrade
Shares of the Anand Mahindra-led automaker extended gains for the fourth trading session and rose as much as 2.1 percent to Rs 1,316.
Brokerage house CLSA has upgraded M&M's stock rating to ‘Buy' from ‘Outperform' and hiked its price target to Rs 1,610 from Rs 1,585. The hike implies a potential upside of 22.3 percent from the current market price.
The brokerage house expects volumes and earnings per share to grow at a Compound Annual Growth Rate of 11 percent and 13 percent respectively over FY17-20, according to its research report.
The stock was the best performer on the Nifty. It has returned 11.5 percent so far this year, compared to 21 percent advance in the benchmark.
Parag Milk Foods: Increase In FII/FPI Limit
Shares of the dairy product distributor extended gains for the fourth trading session and rose as much as 3.5 percent to Rs 265.30.
The Reserve Bank of India has increased Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) limit to 40 percent from 24 percent earlier, according to its statement.
Trading volume was 20.8 times its 30-day average. The stock trades at 32.8 times estimated forward earnings per share and 28.8 times for the two-year historical average.
Infosys: Gains After Block Deal
Shares of the software solutions provider rose as much as 0.6 percent to Rs 905.
The Bengaluru-based information technology company had 13.5 lakh shares or 0.05 percent equity stake changed hands in a block deal, according to Bloomberg data. Buyers and sellers were immediately not known.
Trading volume was 3.6 times the 20-day average for this time of day. The stock has It returned a negative 9.2 percent so far this year and a loss of 11 percent in the past 12-months.
Other Stocks Reacting To Bulk Deals
Kiri Industries
- Stock rose as much as 4.3 percent to Rs 387
- GMO Emerging Markets Fund sold 1.39 lakh shares (0.5 percent) at Rs 374.19.
- GMO held 17.54 lakh shares (6.30 percent) as per June filing
India Grid Trust
- Stock swung between gains and losses and traded at Rs 94.73
- Reliance Venture Asset Mgmt sold 65.57 lakh shares at Rs 95 each
- Shine Star Build Cap bought 63.83 lakh shares at Rs 95 each
Bigbloc Construction
- Stock rose as much as 8.2 percent to Rs 97.45
- Meinl India Growth bought 74,000 shares at Rs 90 each
Kerala Ayurveda
- Stock rose as much as 4.9 percent to Rs 72.95
- Equity Intelligence India (Porinju Veliyath) bought 1.4 lakh shares (1.3 percent) at Rs 72.95 each
- Anil Kumar Kunjupanicker sold 1.38 lakh shares (1.3 percent) at Rs 72.92 each
Omkar Speciality Chemicals
- Stock rose as much as 19.9 percent to Rs 91.05
- Promoter Omkar Herlekar sold 3 lakh shares (1.5 percent) at Rs 88.51 each
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