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Stocks Radar: Autoline Industries, Eveready, Jaiprakash Associates

Indian equity benchmarks start the week marginally higher led by Tata Steel ahead of its earnings, while M&M declined on reports of a higher levy on sports utility vehicles (SUVs).

The S&P BSE Sensex gained as much as 0.2 percent to 32,386 while the NSE Nifty 50 rose as much as 0.2 percent to 10,088. The market breadth was firmly tilted in favour of the buyers. About 1,019 stocks advanced while 543 declined on the NSE.

Here Are The Stocks Moving The Market This Morning

Mahindra & Mahindra: Swings On Reports Of Higher SUV Tax

Shares of the auto maker dropped as much as 2.3 percent in early trade, but recovered most of it soon after.

The Times of India today reported, quoting unnamed sources, that both central and state governments were seeking to raise the cess on sport utility vehicles and luxury cars to 25 percent from the 15 percent under the Goods and Services Tax regime.

The move would entail a significant rise in the prices of most of M&M’s product offerings, making them less competitive in a hotly contested market.

Maruti Suzuki: Gains On July Production

Shares of the country’s largest automaker extended gains for the second straight session and rose as much as 1 percent to Rs 7848.

The company’s total production rose 14.8 percent year-on-year in July to 1.57 lakh units, according to its exchange filing on Friday. Earlier in the month, the automaker had reported that its wholesale sales in July had risen nearly 21 percent to 1.65 lakh units.

Maruti Suzuki’s performance is seen to have rebounded after destocking affected sales in the run up to implementation of GST on July 1.

Among the brokerages tracked by Bloomberg, 37 have a ‘Buy’ rating on the stock, while 14 have a ‘Hold’, and the remaining three have a ‘Sell’ rating. The analysts’ consensus price target is Rs 7,981, which is 2.7 percent above current market price, Bloomberg data showed.

Bank of Baroda: Gains On Savings Deposit Rate Cut

Shares of the lender extended gains for the second day and rose as much as 1.4 percent to Rs 161.15. The bank cut the rate on savings account deposits worth up to Rs 50 lakh from 4 percent to 3.5 percent, according to the company’s notification to the stock exchanges. The rate on deposits above Rs 50 lakh have been retained at 4 percent.

The lender followed market leader State Bank of India in reducing the rate. This is viewed as positive for banks’ cost of funds, as most banks witnessed a huge uptick in current and savings deposits after the demonetisation of Rs 500 and Rs 1,000 notes. A large portion of these deposits have remained with banks.

The stock was the best performer on NSE Nifty Bank Index, but this has not been the case so far this year. It has returned only 5.1 percent so far this year compared with a gain of more than 37 percent for the index.

Music Broadcast: Moves To SC On De-Merger

Shares of the Radio City’s parent gained for the second straight session and rose as much as 1.4 percent to Rs 358.

The private FM radio operator moved the Supreme Court (SC) to challenge Allahabad High Court’s order staying the sale of the radio business of Shri Puran Multimedia Ltd. (SPML) to the company, according to the company’s exchange filing.

Music Broadcast trades at 43.8 times trailing 12-month earnings per share, according to Bloomberg data. The analyst consensus price target is 26.3 percent higher than the current market price.

Autoline Industries: Gains On Property Sale

Shares of the auto component manufacturer extended gains for the sixth day and rose as much as 9.5 percent to Rs 80.80. The company has entered into an agreement to sell its manufacturing unit in Pimpri, Pune.

The proceeds of the sale will be used to settle a charge on one of its land holdings, and to reduce overall debt, it said in a notification to the stock exchanges. The activities of the company’s Pimpri unit will now shift to its Chakan facility, it said.

Trading volume was 34.5 times, its 30-day average. The Relative Strength Index was 81, indicating that the stock may be overbought.

Stock Reacting To Earnings

Berger Paints (Consolidated, YoY)

  • Stock fell as much as 1.5 percent to Rs 237.60
  • Profit declines 5.8 percent to Rs 113 crore
  • Revenue up 9.4 percent at Rs 1,363.5 crore
  • EBITDA down 5 percent at Rs 185 crore
  • Margin contracted to 14.8 percent from 17.4 percent

Fortis Healthcare (YoY)

  • Stock fell as much as 3.4 percent, the most in over a week to Rs 160.70
  • Profit down 11 percent at Rs 22.6 crore
  • Revenue up 3 percent at Rs 1,156.6 crore
  • EBITDA up 37 percent at Rs 86 crore
  • Margin expanded to 7.4 percent from 5.6 percent

Jaiprakash Associates (YoY)

  • Stock rose 19.9 percent, the most in over two-months to Rs 30.40
  • Net profit of Rs 765 crore from loss of Rs 603 crore
  • Revenue up 42.3 percent at Rs 2,585.4 crore
  • EBITDA up 267 percent at Rs 759.4 crore
  • Margins at 30.5 percent
  • Exceptional gain of Rs 606 crore

Syndicate Bank (YoY)

  • Stock fell as much as 2.2 percent to Rs 68.05
  • Net loss at Rs 263 crore from 79 crore profit
  • NII up 8.2 percent at Rs 1,600.5 crore
  • Gross NPA at 9.96 percent from 8.50 percent (QoQ)
  • Gross NPA up 14.6 percent at Rs 20184 crore (QoQ)
  • Net NPA at 6.27 percent (QoQ)
  • Net NPA up 17.1 percent at Rs 12188 crore (QoQ)
  • Provisions up 5 percent at Rs 1334 crore (QoQ)

Stocks Reacting To Bulk Deals

Gulf Oil Lubricants

  • Stock rose as much as 4 percent, the most in over a week to Rs 840
  • Promoter Gulf Oil International (Mauritius) bought 5 lakh shares or 1 percent stake at Rs 808.15 each
  • Dilipkumar Lakhi sold 5 lakh shares or 1 percent stake at Rs 808.15 each
  • Dilipkumar Lakhi bought 6.5 lakh shares or 1.3 percent stake at Rs 808.13 each

Eveready Industries

  • Stock fell as much as 10.9 percent, the most in nine-months to Rs 270
  • Nomura India Investment Fund sold 8.56 lakh shares or 1.2 percent stake at Rs 303 each

Unitech

  • Stock rose as much as 7.8 percent to Rs 8.90
  • Dilipkumar Lakhi bought 1.41 crore shares or 0.5 percent stake at Rs 7.94 each

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