Indian stock markets started the week on a weaker note and benchmarks, BSE Sensex and Nifty 50, were trading in red in the noon deals of Monday, April 11, 2022, tracking weakness across other Asian markets.
At 2:00 pm, the S&P BSE Sensex was trading at a loss of 322.33 points or 0.53% at 59,200.23. The Nifty 50 index was 69.65 points or 0.41% down at 17,721.20. Meanwhile, certain stocks were in action in either direction based on reports linked to them.
ITC
Shares of ITC hit an over two-year high of Rs 273.10, up nearly 2 per cent on the BSE on Monday in an otherwise weak market. The stock has rallied 6 per cent in the past two sessions on an expectation of strong earnings due to improved cigarette volumes.
The share price of the cigarettes to fast-moving consumer goods (FMCG) major was trading at its highest level since July 2019. In comparison, at 01:11 pm, the S&P BSE Sensex was down 0.42 per cent at 59,196 points.
Veranda Learning Solutions
Shares of Veranda Learning Solutions opened 15 per cent higher at Rs 157 against its issue price of Rs 137 per share on the BSE on Monday. At 10:22 am; the stock locked in an upper circuit of Rs 164.85, after hitting a low of Rs 149.15 in intra-day trade so far. According to the exchange data, around 775,000 equity shares changed hands with pending buy orders of 5,151 shares on the BSE.
However, the stock is locked in a lower circuit of Rs 131.25 on the National Stock Exchange (NSE). It opened 9 per cent lower at Rs 125 against its issue price of Rs 137 per share. Around 3.03 million shares changed hands with pending sell orders of 2.8 million shares so far.
Bharat Dynamics (BDL)
Shares of Bharat Dynamics (BDL) hit a new high of Rs 775 after they rallied 8 per cent on the BSE in Monday’s intra-day trade in an otherwise weak market on the back of the heavy volume. The stock of the state-owned aerospace and defense company has zoomed 36 per cent in the past three trading days.
At 09:58 am; BDL traded 7 per cent higher at Rs 769.05, as compared to a 0.62 per cent decline in the S&P BSE Sensex. The trading volume at the counter nearly doubled with a combined 3.65 million equity shares changing hands on the NSE and BSE.
BDL is a public-sector enterprise supervised by the Ministry of Defence. The company manufactures Surface to Air Missile (SAM), Anti-Tank Guided Missile (ATG M), Torpedoes, and Allied Defence Equipments.
IDBI Bank
The bank is penalized by the Reserve Bank of India. The Reserve Bank of India has imposed a monetary penalty of Rs 90 lakh on the bank for non-compliance with guidelines related to ‘frauds – classification and reporting by commercial banks and select financial institutions, Strengthening the Controls of Payment Ecosystem (between sponsor banks and corporate customers like SCBs/UCBs), and Cyber Security Framework.
The stock has gained 7.7 percent in the past one week and 13.5 percent in the past month.
Tata Motors
JLR sales decline by 36 percent YoY in Q4FY22; every quarter, the decline is 1.4 percent. Luxury carmaker Jaguar Land Rover continued to face the risk of global semiconductor shortage as its retail sales fell sharply by 36 percent year-on-year to 79,008 vehicles in Q4FY22 and the sequential decline was just 1.4 percent.
The Jaguar brand recorded sales of 14,574 units for the March 2022 quarter, down 37.9 percent and Land Rover reported sales of 64,434 units, down 35.6 percent compared to the year-ago period. The company, however, said it continued to see strong demand for its products with global retail orders at over 1,68,000 units as of March 2022.
Adani Group
Shares of Adani Group companies traded higher by up to 8 per cent on the BSE in Monday’s intra-day trade, extending their previous week’s rally.
After UAE’s International Holding Company (IHC) agreed to invest 7.3 billion dirhams ($2 billion) in three group companies through preferential issues. In comparison, the S&P BSE Sensex was down 0.60 per cent at 59,092 points at 09:37 AM.
IHC will invest Rs 3,850 crore in Adani Green Energy (AGEL), Rs 3,850 crore in Adani Transmission (ATL), and Rs 7,700 crore in Adani Enterprises (AEL), in compliance with SEBI regulations.
