Indian shares climbed higher, but continued their range-bound trade, as investors tread carefully ahead of next week’s central bank meetings in the U.S. and Japan.
Here are the stocks in focus for the day:
Ashok Leyland & Hinduja Foundries: Fall on Merger Plans
Shares of Hinduja Foundries fell 19.9 percent to Rs 44, touching its lower circuit, after the automobile component firm approved its merger with Ashok Leyland.
The board also approved the exchange ratio in the following manner:
- 100 equity shares of Rs 10 each of Hinduja Foundries will receive 40 equity shares of Re 1 each of Ashok Leyland
- 1000 global depository receipts of 2008 series of Hinduja will receive 133 equity shares of Ashok Leyalnd with a face value of Re 1 per share.
- 1 GDR of 2016 series, of Hinduja Foundries will receive 4,800 equity shares of Re 1 per share, of Ashok Leyland.
Shares of Ashok Leyland fell 3 percent to Rs 81 on the same news.
Reliance Communications: Gains on Mega Merger
The Anil Ambani-led company gained 1.5 percent to Rs 52 after it entered into an alliance with Aircel under which Reliance will de-merge its wireless business into Aircel.
Post the merger, both the companies will hold 50 percent stake each, having equal representation on the board of directors.
Monsanto India: Open Offer on Cards
Shares of Monsanto India rose 3.8 percent to Rs 2,670 on the likely open offer trigger resulting out of its deal with Bayer worth $66 billion.
Bayer AG plans to acquire Monsanto, creating a behemoth in the space of seed suppliers. The deal is expected to be reviewed by many international regulators to ensure competitiveness in the seeds segment.
ONGC: Increases Stake in Vankor
Shares of the government-owned company rose 0.3 percent to Rs 249 after its overseas company decided to increased its stake in Russia’s Vankor oil field by 11 percent.
ONGC had previously acquired 15 percent stake in the Russian company which now gives it control over 26 percent of its stake. The acquisition is subject to both the company’s board members and Indian and Russian regulatory approvals.
State Bank of India: Bond Issue
Shares of India’s largest bank fell 0.3 percent to Rs 257 after it announced the issue of bonds worth $300 million with a discount coupon rate of 5.5 percent payable semi-annually.
The “notes will be listed on Singapore Stock Exchange” , the company said in its filing on the Bombay Stock Exchange.
ITC: Gains on Goals
The Indian Tobacco Company’s shares rose 1.1 percent to Rs 254 after the company’s COO, Sanjiv Puri, announced that it aimed at earning 1 lakh crore revenue from ITC’s FMCG business.
- Welspun Enterprises (-2.2 percent to Rs 64)
- NBCC (India) (+0.6 percent to Rs 250)
- Den Networks (+1.5 percent to Rs 70)
- Unitech (+3 percent to Rs 6)
- Adhunik Metalinks (+1.1 percent to Rs 7)
- Advanced Enzyme Technologies (+0.3 percent to Rs 1,452)