Indian equity benchmarks were deep in the red on Thursday, after the U.S. Federral Reserve cut its benchmark rate by 25 basis points.
At 1:03 pm, the S&P BSE Sensex was trading 1.04 percent lower at 36,183.47 points while the NSE Nifty 50 was down 1.09 percent at 10,722.50. Tata Motors Ltd. was the top gainer on the Nifty 50 Index while Yes Bank Ltd. was the top loser.
The market breadth was tilted in favour of sellers. About 1,366 stocks declined and 366 shares declined on the National Stock Exchange. All 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 4.7 percent fall.
Here’s a look at the stocks in news moving the markets today:
Jindal Stainless Falls After Allotment Of Shares To Promoter Group
Shares of Jindal Stainless Ltd. fell as much as 4.15 percent to Rs 33.50 apiece, extending their decline for a third straight trading session.
Jindal Stainless has allotted 80 lakh shares at Rs 35.65 apiece to JSL Ltd., a promoter group entity, in a transaction d at Rs 28.6 crore, the company said in an exchange filing on Wednesday. The promoter shareholding in the company now stands at 67.8 percent versus 67.3 percent.
The Jindal Stainless stock has declined 48 percent in the past 52 weeks while the Sensex lost 2.3 percent, Bloomberg data shows.
Madhav Infra Swings After Bagging Rs 96.3 Crore Contract
Shares of Madhav Infra Projects Ltd. hit a low of Rs 173.00 apiece and a high of Rs 183.00 apiece after winning mutliple contracts from state-run entities.
Madhav Infra has received a Rs 160 crore contract from the Office of Chief Engineer (Konkan) & Project Director (EAP) Konkan, Mumbai, for a road project. State-run Energy Efficiency Services Ltd. has awarded it a Rs 100 crore contract for a solar power project.
The company is a part of Madhav Group, which operated in the sector of energy, road construction, urban infrastructure and real estate.
The Madhav Infra stock advanced 1,725 percent in the past 52 weeks while the Sensex lost 2.2 percent, Bloomberg data shows.
Likely Delay In Scrapping Of IUC Sends Vodafone Idea Soaring
Shares of Vodafone Idea Ltd. rose as much as 16.7 percent intraday to Rs 5.66 apiece after the telecom regulator indicated that call-connect charges may stay around a little while longer.
The Telecom Regulatory Authority of India floated a fresh consultation paper to see if there’s a need to revise the date for scrapping interconnection usage charges, given the adoption of VoLTE (voice over long-term evolution) technology is much below expectation, and traffic imbalance—albeit reduced—still exists.
A short-term delay in scrapping of IUC benefits Bharti Airtel Ltd. and Vodafone Idea, but Reliance Jio Infocomm Ltd. is likely to gain if the charges stay on for longer.
Yes Bank Falls After Promoter Entity Is Downgraded
Shares of Yes Bank Ltd. fell as much as 10.61 percent to Rs 57.30 apiece, marking the stock’s steepest decline since Aug. 22.
Care Ratings Ltd. has downgraded Rana Kapoor-owned Morgan Credits Pvt. Ltd., a promoter entity of Yes Bank, to BBB- from A-. "The revision in rating takes into account the fall in the stock price of the underlying shares of Yes Bank Ltd. (YBL) which are held by MCPL or promoters and/or their relatives," Care Ratings said in its report.
Morgan Credits holds 3.03 percent stake in Yes Bank.
The private lender’s stock has declined 86 percent in the past 52 weeks while the Sensex 2.3 percent, Bloomberg data shows.
Zee Falls After Subhash Chandra Barred From Selling Stake
Shares of Zee Entertainment Enterprises Ltd. fell as much as 8.65 percent to Rs 306.40 apiece, extending the stock’s losing streak to four trading sessions.
A Delhi High Court-appointed arbitrator has asked Essel Group Chairman Subhash Chandra not to sell his unpledged stake in Zee till next month, in light of an ongoing dispute with Indiabulls Housing Finance Ltd. over default in repayment of loans worth Rs 200 crore, The Economic Times reported on Thursday.
Trading volume of the Zee stock was almost triple the 20-day average for this time of the day.
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