Indraprastha Gas, NTPC, Manpasand Beverages, Lupin Among 10 Stocks in News Today
Indraprastha Gas shares jump 8% after the company reported a 28% rise in its March quarter net profit to Rs 224.72 crore on the back of higher sales.
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The benchmark stock market indices held firm near day’s high in afternoon session on Monday. At 12:46pm, the S&P BSE Sensex was up 358.69 points, or 0.91%, to 39,793.41, while the Nifty 50 index jumped 108.25 points, or 0.9%, to 11,952.35. The market breadth, indicating the overall health of the market, was strong. On BSE, 1,702 shares rose and 680 shares fell. A total of 150 shares were unchanged. Here’s a look at the 10 stock counters that were buzzing today:
Indraprastha Gas: Indraprastha Gas shares jump 8% after the company reported a 28% rise in its March quarter net profit to Rs 224.72 crore on the back of higher sales. After Q4 results, global brokerage firms such as Morgan Stanley, Nomura and Deutsche Bank maintained their buy rating on Indraprastha Gas and see upside of up to 30% from 24 May close of Rs 313.
Manpasand Beverages: Manpasand Beverages Ltd shares tanked 20% on Monday to hit the lower circuit at Rs 88 after the Vadodra-based company’s top management was arrested by the Goods and Services Tax (GST) department for an alleged fraud.
NTPC: NTPC shares gained as much as 5.8% after the state-run company on Saturday posted a 48.7% jump in its standalone net profit at Rs 4,350.32 crore for the March quarter compared with the year-ago period mainly on the back of lower expenses.
Page Industries: Shares of Page Industries, the licensee of Jockey International and Speedo in India, plunged over 11% after the company reported profit at Rs 75 crore in March quarter against Rs 94 crore in the same period last year. Global brokerage house Credit Suisse downgraded Page Industries to underperform from neutral after earnings announcement and also slashed target price by 19% to Rs 18,700 from Rs 23,221 apiece earlier.
Lupin: Lupin shares declined as much as 5.7% in early trade after the US Food and Drug Administration (USFDA) classified the inspection conducted at its Goa facility as official action indicated (OAI).
Dish TV: Dish TV shares surged 5.4% even as the company reported a consolidated net loss of Rs 1,316.30 crore for the fourth quarter ended March. The company had posted a net profit of Rs 118.21 crore in the January-March quarter a year-ago.
Bata: Bata India shares jumped 2.5% to Rs 1,373.70 after the footwear company reported a 69.47% jump in its standalone profit to Rs 88.26 crore for the fourth quarter ended March. It had posted a profit of Rs 52.08 crore in the March quarter of the preceding fiscal year.
NCC: NCC shares climbed over 4.5% in intraday trade after the company reported a 70% year-on-year growth in its March quarter profit at Rs 175 crore. CLSA said it sees 27% potential upside in the stock.
Zee Entertainment: Zee Entertainment Enterprises Ltd shares fell as much as 2.7% ahead of the company’s fourth quarter earnings announcement on Monday. Investors will keenly be watching out for the management’s commentary on the impending promoter-pledged stake sale.
Yes Bank: Yes Bank stock jumped as much as 5% to Rs 148.45 in intraday trade and was one of the top gainers among the Nifty stocks.
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