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Stocks Radar: Jaiprakash Power, Yes Bank, Indian Oil, And More

Reliance Industries rose over 2 percent, comping up as the biggest gainer on Sensex.

Employees monitor stocks at a brokerage firm in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)
Employees monitor stocks at a brokerage firm in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Indian shares climbed higher amid a rebound in U.S. equities as energy producers gain while lenders continue to drag.

Here are the stocks in focus for the day:

Jaiprakash Associates: Debt Restructuring Boost

Shares of the companies rose before its board is apprised of “the board of the recommendations of the restructuring committee and the progress on the various divestment initiatives of the company.”

Both, Jaiprakash Associates and Power announced that they would consider restructuring options on October 6, in separate exchange filings.

  • Jaiprakash Associates (+5.4 percent to Rs 11.6)
  • Jaiprakash Power (+11 percent to Rs 4.6)

Sobha: Sales Boost

Shares of the real estate developer rose as much as 3 percent to Rs 315 after the company achieved new sales of 8.5 lakh square feet, valued at Rs 518.2 crore in the September quarter.

The company’s value from new sales increased 10.3 percent in the second quarter of financial year 2016-17, from the previous quarter. However, the new sales value increased only 4.7 percent when compared on a year-on-year basis, according to the company’s exchange filing.

Indian Oil: Hits 52-Week High

Shares of the government-owned oil company increased 1.9 percent to Rs 629 after it announced October 19 as the record date of its bonus share issue. The share issue will be in the ratio of 1:1, the company said in an exchange filing.

Addtionally, the company completed its acquisition of 23.9 percent stake in Russia’s JSC Vankroft, which is under Russia’s national oil company. The transaction was completed through Indian Oil’s joint venture with Oil India and Bharat PetroResources, the company said in a release.

NMDC: Gains on Price Hike

Shares of the National Mineral Development Corporation rose 4.5 percent to Rs 115 after the company hiked the price of iron ore by 23 percent to Rs 21,000 per wet metric tonne.

It also increased the price of fines by 20.5 percent to Rs 1,760 per wet metric tonne, according to an exchange filing posted on Tuesday evening.

Telcos: RIL Gains Most on Sensex

Shares of telecom giants climbed on the exchanges after the fourth day of the spectrum auction. The fourth day saw a mere 4 percent increase in bids from companies. With this, the government has received total bids worth Rs 63,451 crore.

Reliance Industries grew 2.8 percent to Rs 1,119, rising as the biggest gainer on Sensex as of 9:40 a.m.

  • Bharti Airtel (+1.1 percent to Rs 325)
  • Idea Cellular (+1.3 percent to Rs 80)

Yes Bank: Falls on Speculation

Shares of the private lender fell as much as 3.9 percent to Rs 1,229 after the market regular SEBI, found it guilty for the violating norms to raise $1 billion through qualified institutional placement, according to a media report.

Yes Bank, on the other hand, called the media report a “speculative story” in a clarification to the Bombay Stock Exchange.

Jindal Steel & Power: Short on Cash?

Shares of the steelmaker fell 3.2 percent to Rs 82 after it failed to pay interest on non-convertible debentures, due on September 30, indicating a shortage of cash. The company shares the information in an exchange filing without specifying the reason behind it.

The company has been running a loss for the last seven quarters and now plans to sell assets in Australia and Mozambique, the company’s CEO Ravi Uppal told Bloomberg in an interview last month.

Ashok Leyland: Pins Hopes on Defence

Shares of the heavy-duty vehicles maker rose 0.7 percent to Rs 82 after it told PTI that it expects its defence business to grow four folds, roping in Rs 2,000 crore in the next five years, on mobility solutions for the armed forces.

In defense, we have got tremendous growth. We have won 13 out of the last 15 tenders..we are today a Rs 500 crore company in defence and in five years we should be well above Rs 2,000 crore.
Vinod Dasari, managing director, Ashok Leyland