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Stocks Radar: Reliance Industres, Shree Renuka, Gujarat State Fertilizers

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Indian shares rose for a third day, with Tata Consultancy Services Ltd. poised to kick off the latest results season.

The S&P BSE Sensex climbed 0.6 percent to 36,151.11 while the NSE Nifty 50 Index added 0.6 percent to 10,915.10. The market breadth was in favour of the buyers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange rose led by the Nifty Realty Index’s 1.74 percent jump.

Here Are The Stocks Moving The Market This Morning

Reliance Industries Gains After Rating Upgrade

The Mukesh Amabani-owned company gained as much as 1.68 percent today after Credit Suisse upgraded the company to ‘Outperform’. The shares rose to Rs 1,013.50 apiece after analysts assigned a target price of Rs 1,180.

The company’s new refining and petrochemical projects are set to drive over 20 percent earnings per share growth in 2018-19.

The stock trades at 17 times trailing the 12-month earnings per share, according to Bloomberg Data.

Shree Renuka Rises After Recovery Plan for Brazil Plant

India’s largest sugar refiner and ethanol producer gained as much as 3.20 percent today at Rs 12.85 apiece.

The company, in an exchange filing, announced the approval of a new recovery plan for its Brazilian unit, Shree Renuka Do Brasil Participacoes Ltd. According to the plan, one of the production units will be sold through auction after 60 days of approval of the plan by the designated court. Officers and directors disclosed no open market purchases.

HCL Technologies Gains On Buyback Plans

Shares of the IT company jumped as much as 4 percent at Rs 1,000.05 apiece.

HCL Tech has announced that its board will meet on July 12 to consider a proposal for buyback of equity shares of the company. The price and the quantum of the buyback would be announced after the meeting, according to its exchange filings.

The stock trades at 16 times trailing 12-month earnings per share, and is 8.1 percent below the Bloomberg consensus one-year target price, according to Bloomberg data.

Gujarat State Fertilizers & Chemicals Rises On Rs 693-Crore Subsidy

Vadodara-based industrial chemical and fertilizer maker’s shares rose as much as 2.74 percent in today’s session at Rs 110.70 apiece.

The Department of Fertilizers has agreed to release the subsidy on ammonium sulphate for the period from March 18, 2013 to March 5, 2017 amounting to Rs 693 crore, according to an exchange filing.

The trading volume was 5.4 times its 20-day average, according to Bloomberg data.

SRF Gains On $60 Million Thai Plant Plan

Shares of the textile and chemical maker jumped as much as 1.9 percent today to Rs 1760.55 apiece.

The company announced the setting up of a bi-axially oriented polyethylene terephthalate film line and a resin plant in Thailand at an investment of about $60 million.

The stock trades at 21.9 times trailing 12-month earnings per share, Bloomberg data showed. The scrip is 18 percent below the Bloomberg consensus one-year price target.

Astral Polytechnik Gains For Three Sessions In A Row

Shares of the CPVC pipe and fittings maker climbed as much as 1.6 percent at Rs 1,011.10 apiece. The company on Monday acquired Rex Poly Extrusion Pvt Ltd. for Rs 147.50 crore, according to its exchange filing.

The stock trades at 69.2 times trailing the 12-month earnings per share and is 11 percent above the Bloomberg consensus one-yer target, according to Bloomberg Data.

Hexaware Tech Slumps After Two-Day Rally

Shares of the midcap IT firm declined 3.8 percent to Rs 492 apiece. The stock had closed over 13 percent higher to Rs 512.30 at a new all-time high.

Trading volume was 10 times its 20-day average for this time of the day. The stock has risen 45 percent so far this year and a gain of 104 percent in the past 52-weeks.

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