Tata Motors, ACC, Sterlite, Maruti, Tata Global Among 10 Stocks in News Today
At 11.40am, the BSE Sensex was up 88.95 points, or 0.23%, to 38,653.83, while the Nifty was trading at 11,604.15, up 28.20 points, or 0.24%.
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Indian stocks are trading marginally higher today, with the benchmark Nifty index trading above the 11,600 mark. At 11.40am, the BSE Sensex was up 88.95 points, or 0.23%, to 38,653.83, while the Nifty was trading at 11,604.15, up 28.20 points, or 0.24%. Here are the 10 stocks that are keeping traders busy today:
Tata Motors: Tata Motors shares are down nearly 5% today to Rs219 levels. The stock is in the red for a third straight day after a long and sharp rally in the past month.
ACC: The stock is down over 4% to Rs1,587 in trade after the company said consolidated profit jumped 38.3% year-on-year to Rs346 crore in March quarter, driven by a tax refund that was partially included in other income. The company said revenue from operations during the quarter grew by 8.1% to Rs3,919.1 crore y-o-y, with cement sales volume growth of 5.6% to 7.5 million tonnes.
Tata Global Beverages: Tata Global sharMotoes are down nearly 3% as profit fell 61.5% to Rs22.9 crore in the March quarter compared with Rs59.4 crore a year ago. Revenue inched up 5.2% to Rs1,775.5 crore during the quarter. The board recommended a final dividend of Rs2.50 per equity share for 2018-19. Tata Global Beverages has also entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea and Industries for up to Rs 101 crore.
Sterlite Technologies: Sterlite stock has plunged over 5% to Rs196.80 despite the company posting about 47% rise in consolidated net profit to Rs165.17 crore for the quarter ended March. This is against a net profit of Rs112.42 crore in the same quarter last fiscal. Revenue from operations more than doubled to Rs1,791.16 crore during the quarter from Rs 846.64 crore in the year-ago period.
Maruti Suzuki: Maruti shares are trading down nearly 1.2% to Rs6959 apiece. The company on Tuesday launched the Alto 800 facelift at a starting price of Rs2.94 lakh for the base standard variant which goes all the way up to Rs3.72 Lakh for the top-spec VXI variant.
Tata Power: Tata Power stock is marginally down by 0.2% to Rs68.15 after the company signed a binding agreement with an undisclosed firm to sell its 32Mw operating wind assets in Maharashtra for an undisclosed sum.
Sasken Technologies: Sasken shares jump over 4% to Rs738 levels after the company announced a buyback programme of up to Rs170 crore. Sasken said it would buy back 19.98 lakh shares from shareholders at Rs850 apiece. The company also posted a net profit of Rs25.98 crore in the March quarter, up 5.7% year-on-year. Revenue increased 5.3% to Rs135.54 crore from Rs 128.73 crore in the year-ago quarter.
Coromandel International: Coromandel shares are trading up over 3% at Rs439 apiece after the company’s March quarter profit rose 23.2% to Rs110.4 crore compared with Rs89.6 crore in the year-ago quarter. Revenue jumped 9.4% to Rs2,638.3 crore versus Rs2,411.8 crore a year ago.
Lupin: Lupin shares slip 1.5% after the US Food and Drug Administration (FDA) said the company’s Pithampur facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed. Lupin shares had gained over 4% on Tuesday after Morgan Stanley upgraded its rating on the stock to overweight from equal-weight earlier and also increased price target by 40%, citing reasonable valuations.
ITC, Hotel Leelaventure: ITC stock slips 1.3% to Rs299.45 as the company approached the National Company Law Tribunal (NCLT) against debt-ridden Hotel Leelaventure Ltd alleging oppression of its rights as a minority shareholder and mismanagement. ITC held a 7.92% stake in Hotel Leelaventure at the end of March, stock exchange data show. Hotel Leela shares are trading marginally up.
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