Stocks Radar: Idea Cellular, ICICI Bank, V-Guard Industries And More
Idea jumped more than 8 percent on Vodafone merger talks and highest new subscribers.
Indian shares dropped for second straight session amid weak global cues as investors brace for a barrage of key policy decisions both locally and globally.
The S&P BSE Sensex declined 0.3 percent to 27,747 while the NSE Nifty slid 0.4 percent 8,597.
Here are the stocks moving the market this morning:
Idea Cellular: Highest Subscriber Additions
Shares of the country’s third largest telecom company rose as much as 8.2 percent to Rs 105 after it emerged as the company with the highest subscriber additions in the month of December.
According to the data release by Cellular Operations Association of India, Idea added a net 2.84 million subscribers in December. Idea was followed Bharti Airtel which added 2.5 million subscribers during the month, the PTI news report added.
On Monday, Vodafone confirmed that the two companies were in talks for a possible merger to create the largest telecom operator in India.
Full report: Vodafone In Merger Talks With Idea Cellular
Natco Pharma: Gains On Teva’s Pain
Shares of the drug maker jumped 6.4 percent to Rs 702 after a court ruling which invalidated four of Teva's patents on its blockbuster drug for multiple sclerosis - Copaxone.
The ruling could open door to a generic competition between companies like Natco and Novartis, for a drug that accounts for nearly 20 percent of Teva's sales, said a news report by Bloomberg.
Teva, however, intends to move forward with the appeal in Washington, where the appeals court specialises in patent law, the report added.
Tata Steel: Voting Begins
The steel giant rose 1.2 percent to Rs 467 after its workers began to vote on a plan that includes a 1 billion pound investment over 10 years. The possible investment will be in an effort to save the debt-ridden firm and thousands of jobs associated with it.
The result of the ballot is expected in mid February, according to the news report by the Press Trust of India.
Dilip Buildcon: Project Recall
Shares of the infrastructure company rose 1.1 percent to Rs 243 even after the Ministry of Road Transport and Highways recalled a project. Dilip Buildcon had earlier emerged as the lowest bidder for the project involving two-laning of a stretch in Andhrda Pradesh.
The project was recalled because the price offered by the lowest bidder was higher than the departmental estimate of Rs 222.9 crore.
Shree Cement: One-Time Special Dividend
Shares of the cement manufacturer rose 1.2 percent to Rs 15,911 after it declared a one-time special dividend of Rs 100 per equity share as of February 9, 2017.
The company further clarifies that "there will not be any further announcement of interim dividend for the year 2016-17 other than the first interim dividend declared on August 12, 2016 and one-time special dividend declared on January 30, 2017."
V-Guard Industries: Jumps On Bonus Issue
The company rose as much as 7.7 percent to Rs 208 after it board members approved a bonus issue in the ratio of 2:5.
This means that the board will award two shares fir every five shares held. The bonus issue will be carried out of free reserves which amount to Rs 440.7 crore as of March 31, 2016. The company needs 12.1 crore to implement the issue, it said in a statement to the exchanges.
Ahead Of Earnings
- ICICI Bank (-1.3 percent to Rs 267)
- InterGlobe Aviation (-1.4 percent to Rs 922)
- JSW Steel (+0.7 percent to Rs 197)
- ONGC (+5 percent to Rs 212)
- Indian Oil Corporation (-4.8 percent to Rs 359)
- Dabur India (-0.8 percent to Rs 278)
- Bajaj Auto (-1.3 percent to Rs 2,789)
Sensex, Nifty: Movers & Shakers
