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Stock Analysis, IPO, Mutual Funds, Bonds & More

After Market: Maruti, DHFL sink; Axis Bank, Tata Steel log gains

Falling crude oil prices and a stronger rupee triggered the rally in Indian stocks.

Apr 26, 2019, 05.50 PM IST
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MACD showed bearish crossovers on 71 counters on the BSE.
NEW DELHI: Underpinned by healthy gains in banking, metals, IT and oil & gas stocks, equity benchmarks Sensex and Nifty closed in the positive territory on Friday.

Falling crude oil prices and a stronger rupee triggered the rally while sustained flows from foreign investors kept the sentiment positive.

Sensex jumped 336 points, or 0.87 per cent, to close at 39,067, while NSE benchmark Nifty50 closed 113 points or 0.97 per cent, higher at 11,754. On a weekly basis, Sensex slipped 73 points, or 0.2 per cent while Nifty added 2 points.

We walk you through the highlights of Friday's session:

Neogen IPO subscribed 40 times
The initial public offering (IPO) by Neogen Chemicals, which got fully subscribed on Day 2 itself, continued its stellar show even on Friday, the last day for bidding. Till 5 pm, the Rs 132 crore issue received bids for 17,49,57,510 shares, which was 40.41 times the total issue size of 43,29,038 shares.

Tata Steel shares jump 7%
Shares of Tata Steel closed 6.67 per cent higher at Rs 545, a day after the company reported Rs 2,430.92 crore profit (attributable to shareholders) for March quarter. Brokerages had a mixed verdict on the March quarter numbers. JM Financial maintained a 'buy' rating, with a target price of Rs 715 while ICICI Securities gave a 'hold' recommendation. CLSA maintained a 'sell' rating on the stock, with a price target of Rs 395.

Axis Bank shares jump 3%
Shares of Axis Bank jumped 2.61 per cent to Rs 760.20. On Thursday, the bank reported Rs 1,505.06 crore profit for the quarter ended March 31. UBS maintained a 'buy' recommendation on the stock with a price target of Rs 1,010. Credit Suisse gave an 'outperform' rating with a target price of Rs 850 per share.

Maruti falls for sixth day
Falling for sixth consecutive session, shares of Maruti Suzuki closed 1.03 per cent lower at Rs 6,832. In last six sessions, the stock retreated 8.5 per cent. On Thursday, the company posted a 4.59 per cent year-on-year (YoY) drop in profit at Rs 1,795.60 crore over Rs 1,882.10 crore reported for the same quarter a year ago. Even though the numbers were broadly in line with Street expectations, analysts said the company’s growth prospects are clouded.

DHFL shares extend losses
Extending their losses into the second session in a row, shares of Dewan Housing Finance Corporation (DHFL) closed 1.14 per cent down at Rs 143. ET reported this morning that global distressed funds Oaktree Capital, Cerberus Capital, Lone Star Funds and Piramal Group are in talks to acquire the firm. The company is planning to split the wholesale loan and retail loan businesses. Most investors are keen on the retail loan book.

Rallis India shares drop 4%
Shares of agriculture solutions firm Rallis India closed 4.04 per cent down at Rs 150.85 after the company reported a 93 per cent drop in consolidated net profit for March quarter. Shares of the company dropped 4.86 per cent to Rs 149.55 on the BSE.

HDFC Life shares end flat
Shares of HDFC Life Insurance Company closed 0.04 per cent down at Rs 399.35. Post market hours, the company reported a 5 per cent rise in standalone profit to Rs 364.01 crore for March quarter.

Piramal Enterprises falls 6%
Shares of Piramal Enterprises closed 5.70 per cent down at Rs 2,409.65 after it reported an 88 per cent plunge in consolidated net profit at Rs 456.24 crore for March quarter.

Torrent Pharma shares rise 2%
Shares of Torrent Pharmaceuticals closed 1.85 per cent higher at Rs 1,759.85 after the company said the USFDA has made 'certain' observations after inspection of its Indrad facility in Gujarat.

71 stocks signal fall
Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 71 counters on the BSE, indicating that these stocks may see losses ahead. Among the stocks were Tata Motors, M&M Financial Services, Sheela Foam and Minda Corporation. On the other hand, Sterlite Technologies, Reliance Industries, MCX, SBI Life Insurance and Cyient were among the 60 stocks that showed bullish crossovers.
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