Stocks Radar: SpiceJet, Bharat Financial, Religare And More
Bharat Finanicial jumped 5.6% after Morgan Stanley hiked its stake in the company.
Indian shares climbed for a second day tracking a positive trade in Asian markets amid thin volumes led by automakers and information technology companies.
The S&P BSE Sensex gained 0.2 percent to 26,269 while the NSE Nifty advanced 0.2 percent as well to 8,050. The market breadth was also encouraging with more buyers than sellers: 968 advances, 410 declines and 458 stocks remaining unchanged.
Barring the S&P Realty Index, all other 18 sectoral gauges advanced on the BSE.
Here are the stocks moving the markets for the day:
SpiceJet: Snaps 10-Day Losing Streak
Shares of the aviation company rose 1.4 percent to Rs 57, snapping a 10-day losing streak. In fact, this the stock’s only second day of advance in 18 sessions.
On Tuesday, SpiceJet shareholders cleared the Rs 15 crore remuneration of Managing Director Ajay Singh. The payment was cleared as the airline continued to make profit for seven straight quarters.
Singh, who has led the company out of trouble after it almost shut shop in 2015, had decided to not take remuneration until the airline turned profitable.
Tree House: Founder Files Police Complaint
Shares of the playschools operator gained 4.7 percent after dropping over 12 percent in last two trading sessions. Founder Rajesh Bhatia filed a police complaint at Khar police station, stating proper procedures were not followed during a board meeting held on Dec. 2.
The company secretary was forced to sign the outcome of the meeting (for a meeting which was never conducted) and file the outcome of board meeting...The management was shocked about the frivolous nature of fraud and it was in the stage of deciding about how to proceed, investigate and respond to unforeseen catastrophes at large.Rajesh Bhatia’s Police Complaint
The company is also in the process of taking legal action on the matter with the Bombay High Court, Bhatia stated in his police complaint.
This comes after Zee Learn called off its merger with Tree House, citing bad press and worsening financials of Tree House.
Religare Enterprises: Streamlining Efforts
The financial serices company rose 3 percent to Rs 261 after it decided to merge 11 of its wholly-owned subsidiary into self. The companies include Religare Securities (excluding broking business), Religare Commodity Broking, RGAM Investment Advisers, Religare Venture Capital, Religare Arts Initiative, and Religare Capital Markets India.
The move will help Religare to streamline the organisation and achieve optimal resource utilisation, the company said in a statement to the exchanges.
The company aims to reduce operational and administrative costs of maintaining multiple companies and refocus the resources on Religare's core business.
Sunil Hitech Engineers: Bags Rs 434 Crore Project
Shares of the engineering company rose 5.1 percent to Rs 12.4 after it bagged a Rs 434 crore order in Arunachal Pradesh for National Highways & Infrastructure Development Corporation.
The engineering, procurement and construction order includes two-laning of a 41 kilometer stretch.
Our total order book on road segment is now approximately Rs 1,352 crore comprising of 6 projects in the states of Bihar, Karnataka, West Bengal and Arunachal Pradesh. The company proposes to bid for the projects worth Rs 6,000 crore in the remaining period of this financial year.Exchange Filing
Bharat Financial Inclusion: Popular With Morgan Stanley
Shares of the finance company rose 5.6 percent to Rs 548 after Morgan Stanley raised its stake in the company from 1.1 percent to Rs 7.86 percent.
Morgan Stanley Asia (Singapore) and Morgan Stanley Mauritius Company increased purchased the stake through open market operations, as per Bharat Financial's statement to the exchanges.
Sensex, Nifty: Movers & Shakers
