Stocks Radar: Welspun India, Tata Power, Hindustan Petroleum and More
Indian shares dip marginally for a third day in a row, as lack of any meaningful data left investors nothing to do but focus their attention on U.S. Federal Reserve’s Jackson Hole summit later this week.
Here are the stocks in focus for the day:
Welspun India: Troubles Expand
Shares of the textile maker drop another 20 percent to Rs 65, hitting its daily limit, after Wal-Mart Stores said it is reviewing supplier Welspun’s cotton certification records.
This follows Target Corp. ending all business with Gujrat-based firm after saying the supplier was sending it phony Egyptian cotton sheets.
Wal-Mart is Welspun’s third-biggest customer, according to data compiled by Bloomberg.
Welspun stock has lost over 40 percent since Monday.
The engineering, procurement and construction service provider shot up 22.2 percent to Rs 26 after the company bagged a an overseas contract of Rs 1,530 crore ($230 million) through its wholly-owned subsidiary.
The order is for the construction of a mini mill plant in Oman and has to be completed within 32 months.
MEP Infrastructure: Gains on NHAI Contract
The Mumbai based infrastructure developers gained 6.3 percent to Rs 45 after the National Highway Authority of India approved its one year contract as a collector of user fee for a section of National Highway No. 2 in the State of Jharkhand.
According to the contract, MEP will pay Rs 79.2 crore to the NHAI per week.
Fortis Malar: Rallies Ahead
The Chennai based multi-speciality hospital’s shares touched an all-time high of Rs 82 after the company de-merged from Fortis Healthcare. Fortis Malar will subsequently be merged with SLR Ltd.
HPCL & Shree Renuka: Earnings Reaction
Shree Renuka’s shares rallied 2.9 percent to Rs 17 after the company reported a profit for the second straight quarter. Net profit stood at Rs 3.2 crore in the April-June quarter, from Rs 150.2 crore loss in the same quarter last year.
Aurobindo Pharmaceuticals and Tata Power are the two Nifty companies releasing their first quarter earnings today. Also announcing results, United Breweries, Gillette India and Engineers India.
Take a look at how the stocks are performing.
- Aurobindo Pharma (-1.3 percent to Rs 740)
- Tata Power Company (+1.6 percent to Rs 78)
- United Breweries (Holdings) (+1.3 percent to Rs 30)
- Gillette India (+1.2 percent to Rs 4,838)
- Engineers India (+1.7 percent to Rs 236)
- Nectar Lifesciences (+1.7 percent to Rs 35)
- Jai Corp (+1.1 percent to Rs 79)
- Sundaram Brake Linings (+2.9 percent to Rs 413)