Cairn India falls, HSBC cuts to 'hold'

Cairn India fell as much as 2.54 per cent in early trade.

At 11.18 am, the stock was trading off the day's lows but was still down 1.34 per cent at Rs 147.70.

HSBC has downgraded the stock to 'hold' from 'buy'.

"We believe that the current share price does not offer any meaningful upside to our target price," it said in a note.

The stock has jumped 38 per cent from its January lows, in part due to a recovery in oil price.

Of 22 analysts covering the stock, 11 rate "hold", 9 "buy" or a higher rating, 2 have "sell", according to Thomson Reuters data.

Sobha, DLF gain after SEBI allows FPIs to invest in REITS

Real-estate firm DLF Ltd gained as much as 2.5 per cent.

At about 11.20 am, the stock was up 0.95 per cent at Rs 106.70 and was the second best peformer on the S&P BSE Realty index. Sobha was the top performer notching up gains of 1.15 per cent to trade at Rs 255.10.

Markets regulator SEBI has said it will allow foreign portfolio investors (FPIs) to invest in REITs, infrastructure investment trusts and alternative investment funds.

The move is seen as positive for DLF, which is likely to come up with first Real Estate Investment Trust (REIT) this year, said analysts.

Media reports earlier this month said that DLF was expected to form a special purpose vehicle within the next six months.

In 2016-17 Budget, the Government proposed to exempt REITs from the purview of dividend distribution tax, removing a major road block to listing REITs in India.

Asian Paints falls, Nomura cut to 'neutral' on valuations

Asian Paints fell nearly 2 per cent today after Nomura downgraded the stock.

At about 11.25 am, the stock was down 1.93 per cent or Rs 17.10 at Rs 869 on the BSE.

Nomura has downgraded the stock to "neutral" from "buy". It has cut the price target to Rs 798 from Rs 870.

Of 37 analysts covering the stock, 18 rated "buy", 6 "sell" and 13 "hold," and the median price target was Rs 870, according to Thomson Reuters data.

"We believe current valuations are expensive with not much earnings visibility once prices of crude stabilise," Nomura said.

It also revised down revenue growth assumptions, and expected improvements in EBITDA margins from FY2016 but not "significant expansion".

Lux Industries jumps over 15% on stock-split proposal

Shares of Lux Industries surged by 16 per cent today after the company said its board of directors will consider the stock-split proposal at a meeting on April 12.

The stock gained 15.9 per cent to Rs 3,480 on BSE.

At NSE, shares of the company surged 15.63 per cent to Rs 3,494.95.

“A meeting of the board of directors of the company will be held on April 12, 2016... to consider and approve the sub division of equity shares of the company and alteration of memorandum of association of the company,” the company had said in a BSE filing yesterday.

Lux Industries makes innerwear under the Lux brand.

Geometric surges on dividend announcement

Shares of IT firm Geometric surged nearly 8 per cent today after the company declared interim dividend for the financial year 2015-16.

The stock climbed 7.82 per cent to Rs 193.60 on BSE in afternoon trade.

On the NSE, shares of the company soared 7.75 per cent to Rs 193.80.

On the volume front, 4.75 lakh shares of the company changed hands at BSE and over 22 lakh shares were traded at NSE during the day.

Geometric Ltd had yesterday informed BSE that the Board of Directors of the company have considered and declared interim dividend for the financial year 2015—16 at a rate of 150 per cent or Rs 3 per equity share.

The interim dividend shall be payable on and from March 30, the company had said in a BSE filing.

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