Stocks Radar: Bharti Infratel, Yes Bank, Motherson Sumi and More
The BSE Bank Index falls 0.93% with all member banks in red.
Indian shares declined as investors weighed prospects for further monetary easing in Europe and possibility of interest rate hike by the U.S. Fed.
Here are the stocks in focus for the day:
Yes Bank: The QIP Debacle
The private lender dropped 6.1 percent to Rs 1,246 after the bank withdrew its $1 billion qualified institutional placement. The bank is the biggest loser on the Nifty and S&P BSE Bank Index.
Yes Bank cited misinterpretation of regulatory guidelines related to QIPs. The share issue was announced on September 7.
ICICI Bank: Slumps with Bank Index
Shares of the biggest private sector bank fell 1 percent to Rs 273 along with the BSE Bank Index.
The lender’s insurance providing subsidiary, ICICI Prudential Life Insurance Company, announced a price band of Rs 300 to Rs 334 for its initial public offer. The offer will open for subscription on Monday, September 19 and close on Wednesday, September 21, the company said in a filing on stock exchanges.It is the country’s first insurance company to file for an IPO.
Also Read: ICICI Bank’s “I, Robot” Moment
Motherson Sumi: Share Sale
Shares of the auto maker gained 3.4 percent to Rs 339 after it announced a qualified institutional placement to raise funds up to $250 million (Rs 1,664 crore). The price band set for the share issue at Rs 317 to Rs 327.95 per share.
Also Read: Motherson Sumi Acquires Hungarian Firm’s Automotive Business
Zensar Technologies: Big Mover of the Day
The digital solutions provider’s shares increased 10.9 percent to Rs 1,115 after the company cracked a multi-million dollar development deal with South Africa’s Avis fleet.
The 2-year deal deal includes adding “scalability and agility” to the company’s strategic technology roadmap in order to improve consumer experience and market growth.
We are confident that the Zensar team will assist us in building a strategic IT landscape with results driven digital technologies. We look forward to partnering with Zensar in creating a flexible and professional fleet management solution that reduces costs, risk and hassle of fleet management.Albert Geldenhuys, CEO, Avis Fleet
Bharti Infratel: Positive Outlook
Shares of the telecom tower company rose 1.8 percent to Rs 364 after the company spoke of seeing benefits from India’s data growth irrespective of with telecom operator holds the dominant position in the market.
The company is also looking to explore “inorganic growth opportunities” and ways to return excess cash back to the shareholders.
Also Read: Idea Cellular Prepares To Protect Its Turf Against Reliance Jio Assault
Earnings Reaction
- Jindal Steel and Power (-5.9 percent to Rs 81)
- Essar Shipping (-3.6 percent to Rs 25)
- Eros International Media (+3.6 percent to Rs 234)
- Cimmco (-3.3 percent to Rs 72)
- Financial Technologies India (+16.7 percent to Rs 91)
- SAIL (-6.6 percent to Rs 50)
Earnings Watch
- National Fertilizers (+5.3 percent to Rs 36)
- Zee Media Corporation (-1.6 percent to Rs 24)
- Vascon Engineers (-1.5 percent to Rs 36)
- Jaiprakash Associates (-4.5 percent to Rs 11)
- Gujarat Gas (+0.8 percent to Rs 634)