Stocks Radar: Biocon, Hatsun Agro, ITDC, Prism Cement
Indian stocks declined on the first day of the May series, amid weak trade in Asian equities. The NSE Nifty 50 index slipped below the 9,300-mark while the S&P BSE Sensex index failed to hold the 30,000 level after it lost as much as 0.4 percent in early trade.
Here are stocks that are moving the market:
ITDC: Jumps On Stake Transfer
Shares of the state-owned firm rose to their highest level since August 2013, after it signed an agreement for the transfer of equity stake in its joint venture subsidiaries.
According to the company’s exchange filing:
- 51 percent equity stake in MP Ashok Hotel Corporation Ltd. will be transferred to Madhya Pradesh State Tourism Development Corporation
- 51 percent equity stake in Assam Ashok Hotel Corporation Ltd. will be transferred to the Government of Assam
- Transfer of Hotel Bharatpur Ashok to Government of Rajasthan
Shares gained as much as 10.12 percent to Rs 735.60.
Prism Cement: Surges On Mining Lease
The company received a letter of intent from the Madhya Pradesh government for allotment of a mining lease for 50 years in the Satna district of the state.
The district has reserves worth 23.6 million tonnes, according to the company's filing on the exchanges. The allotment is subject to completion of formalities.
Shares gained as much as 9.17 percent, the most since June 2016, to a new 52-week high of Rs 129.20.
Biocon: Earnings Reaction
Shares of the biopharmaceutical company fell as much as 3.39 percent, the most since March 2, 2017, after its fourth quarter missed analyst estimates.
Net profit for the company fell 62 percent year-on-year to Rs 128 crore. The high base during the corresponding quarter last year was due to an exceptional gain of Rs 268 crore.
The board has recommended offering two free shares for every share held in the company. It has also recommended a final dividend of Rs 3 per share.
Indiabullls Real Estate: Q4 Reality Check
Shares of the real estate company fell as much as 7.57 percent to Rs 144.65 after its January-March quarter missed analyst estimates. Net profit for the quarter was down 4 percent to Rs 601.8 crore compared to Rs 625.1 crore in the corresponding quarter last year.
Lower revenue and a higher tax outgo were the key reasons behind the fall in profits. Sales fell 38 percent to Rs 437 crore compared to Rs 709 crore last year.
Hatsun Agro: QIP Boosts Stock To A 52-Week High
Shares of the dairy company rose as much as 9.92 percent to its 52-week high of Rs 680 after the board of directors approved raising funds of up to Rs 500 crore through a QIP.
The company would issue 80.83 lakh equity shares at current market price, subject to shareholder approval.
Public shareholding post the approval would increase to 29.1 percent from 25.29 percent earlier.