Stocks Radar: Den Networks, Morepen Labs, L&T Tech And More
Stocks Radar: Den Network gains big on share issue, BHEL swings between loss & gain.
Indian shares declined after registering their biggest single-day gain in three weeks on Thursday, as investors booked profits in lenders and select auto companies.
Here are the stocks in focus for the day ahead:
Bharat Financial Inclusion: Gains on QIP
Shares of the microfinance company gained 3.4 percent at market opening to trade at Rs 839. The company’s Rs 750 crore qualified institutional placement will open on Friday with a floor price of Rs 769.95 per share.
Also Read: Bharat Financial Inclusion President Dilli Raj Resigns
Den Networks: Gains on Share Issue
Shares of the cable television service provider gained 8.6 percent to Rs 85 after it decided to issue 1.58 million shares to the non-promoter group at Rs 90 per share, according to the company’s exchange filing.
Morepen Labs: To Sell Over-The-Counter Business
Shares of Morepen Laboratories rose more than 9 percent to Rs 27 on plans to sell its over-the-counter drug business to Piramal Group. Additionally, the brand plans to monetise some of its mainstream brands.
Larsen & Toubro: Biggest Gainer on Sensex
The company rose 0.8 percent to Rs 1,512 as its technology services arm listed on the exchanges. L&T Technology Service’s Rs 900 crore initial public offer was subscribed 2.5 times on the third and final day with more than 72 lakh subscriptions coming in. L&T was the biggest gainer on the BSE Sensex as of 9:30 a.m.
The issue price was set at Rs 860 per shares, according to the company’s filing on the Bombay Stock exchange.
L&T Tech: Lists at Premium
The stock rose as much as 8.2 percent to Rs 930 after listing on the National Stock Exchange. Soon after, the stock dropped to a negative 2.2 percent at Rs 900 on the NSE.
The stock listed at a premium of Rs 63 per share to its issue price.
Wipro: Consumer Arm Acquires Chinese FMCG Company
Shares of the information technology service provider gained 0.5 percent to Rs 484 after Wipro Singapore Pte, part of Wipro’s consumer arm, agreed to acquire Chinese FMCG company Zhongshan Ma Er Daily Products in an all-cash deal, the company said in a press release.
After this deal, the South East Asian arm of Wipro Consumer Care will have a revenue of $150 million.
BHEL: Swings Between Gain & Loss
Bharat Heavy Electrical rose 0.7 percent to Rs 148 before falling 0.6 percent to Rs 146 on the exchanges after the company announced its highest ever order inflow standing around Rs 43,727 crore and a 5-year high of total order book worth Rs 1,10,730 crore.
Enhanced focus on project execution has resulted in BHEL creating history by way of commissioning/synchronizing an all-time high 15,059 megawatt of power generating equipment during the year.Atul Sobti, Chaiman & MD, BHEL