Stocks Radar: Tata Motors, ICICI Bank, Hero MotoCorp And More
Titan rose 3% after Tanishq saw a boost in demand in the festive season.
Indian shares declined for a second time in as many sessions as investors sold shares of automakers, lenders and technology companies.
The S&P BSE Sensex dropped 0.3 percent to 26,520 while the NSE Nifty too, declined 0.3 percent to 8,155. The market breadth, however, remained encouraging with more buyers than sellers. Around 905 stocks advanced, 480 declined and 436 remained unchanged.
Here are the stocks moving the market this morning:
Hero Motocorp: Hit By Demonetisation
Shares of the bike maker dropped 1.4 percent to Rs 2,988 after its sales plummeted 34 percent to 3,30,202 units in December compared to 4,99,665 units in the corresponding month of the previous year.
The country’s largest two-wheeler manufacturer’s sales for the calendar year, however, was capped off as the company saw its highest-ever monthly sales of 6,74,961 in September, with sales crossing the 6 lakh-mark four times this year.
Dhanuka Agritech: To Finalise Buyback
Shares of the pesticides maker rose 1.5 percent to Rs 758 percent after the committee approved buyback of equity shares.
Dhanuka Agritech will hold a meeting on Tuesday to approve the final terms and conditions of the buyback, it said in an exchange filing.
The stock has a one-year return of about 44 percent.
TVS Motor: Falls With Rest Of The Pack
Two wheeler manufacturer fell 1.8 percent to Rs 359 on Tuesday morning. TVS Motor Company Ltd.’s sales dropped 8.5 percent in December, but the fall was lesser than that of its larger rivals in the two-wheeler segment.
The company sold 1,84,901 units in December 2016, compared to 2,02,021 units in December 2015, the company said in a statement to the exchanges. The Chennai-based company’s sale of two-wheelers grew 3.9 percent in the October to December quarter.
Titan: Gains On Festive Demand
Shares of the Tata Group firm gained 3.4 percent to Rs 345 after its jewellery brand Tanishq recorded like-to-like sales growth of 40 percent over the festive season while retail sales grew 15 percent in the third quarter.
Titan, which saw an “abnormally high rush of buyers” at its stores on the day demonetisation was announced, said after a brief lull sales have picked possibly due "strong wedding season and closure of a number of smaller jewellers across the country".
The company said that almost all of its sales were either through its Gold Harvest scheme – where customers had paid advances for custom jewellery before demonetisation – or through digital modes of payment.
Tata Motors: Growth In Sales
Shares of the car maker rose 0.7 percent to Rs 490 after it saw a 2 percent growth in sales during the month of December. Tata Motors sold 40,944 units during the month compared to 39,973 units in the same month last year.
Passenger vehicle sales rose 35 percent year-on-year to 10,827 units. Of that, passenger cars maintained the growth momentum at 40 percent due to robust demand for the Tata Tiago, the statement added.
Bajaj Hindusthan: To Sell Power Business
Shares of the sugar producer rose 3.5 percent to Rs 15 after the company said its seeking shareholder’s approval to sell power generation business for about Rs 1,800 crore.
Bajaj Hindusthan posted standalone net loss of Rs 137.71 crore for the second quarter of the current fiscal on high finance cost. Last month, it announced plans to sell its co-generation power business to Lalitpur Power Generation Company.
Balrampur Chini Mills: Share Buyback on Cards
Shares of the sugar company rose 4.1 percent to Rs 135 after it fixed January 13 as the record date for the buyback of equity shares.
Balrampur Chini had received board’s approval in November for share buyback of up to 4.08 percent of the total share capital of the company amounting to Rs 175 crore.
The stock trades at a price-to-earnings ratio of 32.16, at a slight discount to the median of 36.25 for the sector, according to Bloomberg data.
ICICI Bank, Oriental Bank: MCLR Cut
Shares of the private lender fell 0.5 percent to Rs 250 after it reduced its marginal cost of funds lending rate by 70 basis points across tenors, joining a handful of other banks in offering cheaper loans.
ICICI Bank’s one-year MCLR, the benchmark for retail loans, now stands at 8.20 percent, according to a press release sent out by the bank Monday.
Among the other private sector banks, only Kotak Mahindra bank has cut its lending rate so far, by 20 basis points to 9.0 percent.
Oriental Bank of Commerce, a public sector bank, also slashed its one-year MCLR by 80 basis points, the company anounced on Monday evening. The stock fell 1.1 percent to Rs 105 on Tuesday morning.
Sensex, Nifty: Movers & Shakers
