Stocks Radar: Tata Power, Reliance Industries, Mahanagar Gas And More
Mahanagar Gas jumped more than 7 percent on its second quarter earnings.
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Indian shares climbed for a third straight session led by metals and telecom companies as investors look for value buys after a recent drop wiped out most of the year-to-date gains of key benchmarks.
Here are the stocks in focus for the day:
Tata Steel
The steel giant gained as much as 2.7 percent, trading at Rs 417, after it inked a pact with Liberty House group to sell Speciality Steel for £100 million, according to the company’s statement.
The letter of intent signed with Liberty House covers several South-Yorkshire based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, U.K., and in Suzhou and Xi'an, China.
Reliance Industries
Shares of Reliance Industries rose 0.9 percent to Rs 995 after Jio crossed the 50 million subscriber mark in 83 days, according to a report by the Press Trust of India.
After its full-fledged 4G services launch to emerge as the largest broadband operator in the country, Reliance Jio has set a new record of 1,000 customers per day and 6 lakh customers per day.
Reliance Jio continues to be the fastest growing company in the world and has crossed 50 million subscribers in a record 83 days.PTI sources.
Hindustan Unilever
Shares of the FMCG company slid 0.3 percent to Rs 835, snapping two-day gaining streak. Yesterday, it warned that demonetisation has put its near-term performance under pressure. Market growth is expected to take a hit for a few months, the company said in a statement to the exchanges.
Narendra Modi's demonetisation drive has reduced consumption in the shirt term only to essentials while traders are also down-stocking due to the liquidity squeeze, the company explained.
Read More: HUL Says Near-Term Performance Under Pressure Due To Demonetisation
Sun Pharmaceutical
Shares of the drug maker rose 0.6 percent to Rs 719 after it launched the first branded opthalmic product Bromsite 0.075 percent in the U.S.
It is a nonsteroidal anti-inflammatory drug which can treat postoperative inflammation and prevent ocular pain during cataract surgeries.
As the first branded ophthalmic product launched by Sun Ophthalmics business division, BromSite’s launch is a significant milestone for Sun Pharma in the USA. Clinical studies have reinforced BromSite’s strong safety and efficacy profile in cataract surgery patients, culminating in this FDA indication for the prevention of ocular pain following surgery. We are confident BromSite™ will prove itself a quality treatment option for cataract surgeons and their patients.Sun Pharmaceutical’s statement
Earnings Reaction
- Mahanagar Gas rose as much as 7.4 percent to Rs 828.
- Cox & Kings fell as much as 5.5 percent to Rs 158.
- Triveni Engineering jumped 10 percent to Rs 65
Earnings Watch
Tata Powers will be one of the last companies to come out with its financial results. The feud between Ratan Tata and Cyrus Mistry has affected all the companies under the Tata Group.
At such a time, the earnings of Tata Power will be closely watched. The share rose 1.4 percent higher to Rs 73.