Stocks Radar: Simbhaoli Sugar, Sterlite Technologies, Venky’s
Indian equity benchmarks edged higher led by gains in Tata Motors Ltd., Adani Ports and Special Economic Zone Ltd. and IndusInd Bank Ltd. Most Asian markets were trading higher tracking a positive close on Wall Street Friday.
The S&P BSE Sensex rose 249 points or 0.7 percent to 34,391 and the NSE Nifty 50 Index gained 0.67 percent or 71 points to 10,562.
The broader market indices were in line with the benchmarks with the S&P BSE MidCap and S&P BSE SmallCap Indices climbing 0.6 percent each.
The realty index, up almost 2.1 percent, was the top gainer amongst the sector gauges compiled by both, BSE and National Stock Exchange. Information technology shares were trading lower at the start of the week, with the IT index falling 0.5 percent.
Here Are The Stocks Moving This Morning:
Venky's: Rises On Profit Surge
Shares of the packaged food maker gained as much as 5.5 percent, to Rs 3,385, rising for the fourth consecutive session.
Venky's (India) Ltd.'s net profit for the October to December quarter rose more than 66 percent to Rs 69.4 crore, according to the company's exchange filing.
Earnings Highlight:
- Revenue up 12.7 percent at Rs 696 crore versus Rs 617.4 crore
- EBITDA up 46 percent at Rs 123 crore versus Rs 84.3 crore
- EBITDA margin at 17.7 percent vs 13.7 percent
- Net profit up 66.4 percent at Rs 69.4 crore vs Rs 41.7 crore
The stock's relative strength index is 72, indicating that it may be overbought, according to Bloomberg. Trading volume was 9.4 times the 20-day average.
Aster DM Healthcare: New Kid On The Block
Aster DM Healthcare Ltd. listed at a discount of 4.16 percent to its issue price at Rs 182.10 per share on the BSE Ltd. On its first day of trade, the stock has so far fallen as much as 7.13 percent to Rs 176.45.
The healthcare services provider's Rs 980-crore initial public offering was subscribed 1.3 times on the final day of bidding. The portion reserved for qualified institutional buyers was subscribed the most, 2.14 times the number of shares on offer. (To read more on the listing, click here)
Simbhaoli Sugars Falls On CBI Complaint
Shares of the Noida-based sugar refinery hit their lower circuit in trade today after the Central Board of Investigation registered a case against it in connection with an alleged bank loan fraud.
The CBI registered a case against Simbhaoli Sugars Ltd., its Chairman Gurmit Singh Mann and others for allegedly defrauding Oriental Bank of Commerce of Rs 97.85 crore. (More details here)
The relative strength index of the stock was 19, indicating that it may be oversold, according to Bloomberg. Trading volume was 281.7 times the 20-day average.
Sterlite Technologies: Order Boost
Shares of the Pune-based electrical components manufacturer extended gains for a second day and rose over 10 percent, the most in nearly two months, to Rs 378.85.
Sterlite Technologies Ltd. has been awarded a Rs 3,500-crore order to design, build, and manage the Indian Navy's communications network, according to a press release.
Trading volume of the stock was 5.4 times the 20-day average.
Stocks Reacting To Block Deals
Coffee Day:
- 55 lakh shares changed hands in a single block deal
- Shares of Coffee Day Enterprises Ltd. rose as much as 3.47 percent to Rs 335.
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