Live: Sensex, Nifty Subdued; Oil Marketers Decline
BQ Live
Top Buzzing Stocks: Balrampur Chini Mills, Indiabulls Real Estate, Motilal Oswal, Gujarat Gas
- Balrampur Chini Mills: Shares of the company fell as much as 8.6 percent to Rs 133.20. Trading volume was five times its 20-day average.
- Indiabulls Real Estate: Shares of the real estate developer rose as much as 13.99 percent to Rs 102.90. Trading volume was more than five times its 20-day average.
- Motilal Oswal Financial Services: Shares of the asset management company rose as much as 6.9 percent to Rs 683. The Relative Strength Index was above 70, indicating that the stock may be overbought.
- Gujarat Gas: Shares of the natural gas distributor rose as much as 8.9 percent to Rs 167.40. The Realtive Strength Index was above 70, indicating that the stock may be overbought.
Oil Marketers Fall As Brent Crude Trades Above $70 Per Barrel
Shares of the oil marketing companies fell after the Brent crude extended gains for the third consecutive session to trade above $70 a barrel.
F&O Check: Nifty 11,700 Call Option Gains Falls Over 23%
Nifty’s 11,700 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract fell 23.18 percent to Rs 45.40. Over 8.2 lakh shares were added to the open interest which stood at over 19.05 lakh shares.
JPMorgan Initiates Coverage On Biocon
Brokerage and research firm JPMorgan initiated coverage on Biocon with an ‘Overweight’ rating and expects its shares to reach Rs 775 in the next 12 months, implying a potential upside of 27 percent from the current market price.
Shares of the pharmaceutical company erased morning gains and fell as much as 0.7 percent to Rs 607.15.
Here’s what JPMorgan had to say about the stock:
- Expect earnings visibility from biosimilars to improve.
- Sticky EM business and deep pipeline differentiates from peers.
- Valuations don’t factor in full upside potential of biosimilars.
HDFC Bank Gains On Q4 Business Update
Shares of the private bank rose as much as 1 percent to Rs 2,322.95.
The bank’s advances were up 24 percent to Rs 8.19 lakh crore on a yearly basis, according to its notification to the bourses. Deposits rose 17 percent to Rs 9.23 lakh crore. CASA ratio was at 42 percent versus 43.5 percent year-on-year.
The bank also said it purchased loans aggregating to Rs 1,924 crore through direct assignment route under the home loan arrangement with HDFC.
The stock traded at 29 times its estimated earnings per share for the coming year, Bloomberg data showed.