Stocks Radar: Telecom Stocks, JP Associates, Grasim, Tata Steel And More
JP Associate gained 4 percent on sale of two cement plants to Orient Cements.
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Indian shares fluctuated between gains and losses as investors chose to hold back on big bets ahead of the U.S. jobs data, which is expected to bolster the case for a U.S. Fed interest rate hike.
Here are the stocks that are moving the market today
JP Associates: Sale of Assets To Reduce Debt
Shares of the debt-ridden firm gained 4 percent to Rs 11 after it announced plans to sell two of its cement assets to Orient Cement for Rs 1,950.
Orient cement will hold a 74 percent stake in jaiprakash Bhilai cement plant for Rs 1,450 crore and give an additional Rs 500 crore for a cement grinding unit, the companies said in separate exchange filings.
Telecom Stocks: Gain on Spectrum Acquisition
The spectrum auction saw bid increase to Rs 65,789 crore of bids against the expected Rs 5.6 lakh crore, by the end of its fifth day.
Reliance Industries rose 0.7 percent to Rs 1,118 after its telecom unit Reliance Jio acquired 214.6 MHz spectrum in three bands for Rs 13,672 crore.
We have expanded our spectrum footprint thereby significantly enhancing capacity of our all-IP data strong network and ensuring world class services for all Indians.Mukesh Ambani, Chairman, Reliance Industries
Idea Cellular rose 0.8 percent to Rs 80 after acquiring 349.2 MHz spectrum in four different bands for Rs 12,798 crore. The company can now provide 4G services in 20 circles, according to the company’s press release.
With an aggregate spectrum holding of over 890 MHz (in FDD and TDD technology bands) including acquisition in the current auction of 349.20 MHz, Idea has filled all of its spectrum coverage requirements, while procuring a substantial part of its broadband capacity needs for the next decade.Kumar Mangalam Birla, Chairman, Idea Cellular
Bharti Airtel’s shares increased 0.7 percent to Rs 324 after it acquired 173.8 MHz spectrum in three bands, worth Rs 14,244 crore.
Airtel now has a solid spectrum portfolio that will enable it to continue leading India’s data revolution. We remain fully committed to the Government’s Digital India vision.Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel
Tata Steel: Sales & Production Rise
Shares of the steelmaker rose 1 percent to Rs 393 after its domestic sales grew 12.5 percent to 26.2 lakh tonnes in the September ended quarter of 2016, according to the company’s exchange filing.
Production of Hot Metal went up 17 percent on a year-on-year basis. Crude steel production increased 13 percent while saleable steel production increased 11 percent in the second quarter of 2016-17.
ABG Shipyard: Invites Investors To Buy Asset
ABG Shipyard rose 3.5 percent to Rs 34 after it announced that it was looking to divest Western India Shipyard, a subsidiary, for undisclosed reasons.
The parent company invited “suitable bids from prospective investors”, according to its filing on the BSE.
Grasim: Announces Post-Share Split Agreement
Shares of the Aditya Birla Group company rose 1.7 percent to Rs 1,026 after it announced the proposed arrangement with Nuvo after Grasim splits its shares in the ratio of 1:5.
The agreement says:
- 15 equity shares of Rs 2 each of Grasim will be given for every 10 shares of Rs 10 each of AB Nuvo.
- 7 equity shares of Rs 10 each of Aditya Birla Financial Services Ltd. for every 5 shares of Rs 2 each held by Grasim shareholders.
ONGC: Biggest Gainer on Sensex
Shares of the government-owned oil exploration company gained 1.7 percent to Rs 273, continuing its rally on the markets. ONGC has closed on a positive note for the last eight days in a row.
Other oil stocks continued their gains as price of crude oil crossed the $50 mark.
- Hindustan Petroleum (+2.5 percent to Rs 462)
- Indian Oil (+2.6 percent to Rs 667)
Both the companies hit their 52-week highs.
Also Read: Undaunted by Gas Price Cut, ONGC Firm on $4.5 Billion Capex
Aurobindo Pharma: Biggest Nifty Gainer
Shares of the pharmaceutical company rose 2.1 percent to Rs 875 after around 7.64 million shares changed hands in three block deals, according to Bloomberg data.
The gain comes after a three-day losing making spree. The stock, which was the most traded scrip by volume and value, was also the top performer on the NSE Nifty index.
63 Moons Technology: Return of Some Normalcy
Shares of the erstwhile Financial Technologies (India) rose 1.4 percent to Rs 82 .
HDFC Bank, the bank of 63 Moons, was asked to secure an amount of Rs 30.27 crore and allow normal transactions in the company’s account thereafter, by the Enforcement Directorate.