Stocks Radar: Reliance Industries, Mahindra & Mahindra, ITC And More
What’s moving the markets today
Indian equities snapped a three-day losing streak, opening with gains of 0.5 percent. The S&P BSE Sensex rose 110 points to 28,176 while the NSE Nifty50 gained 0.4 percent to 8,733.
Here are the stocks in focus for the day:
Reliance Industries: Jio Boost
Shares of the Mukesh Ambani led company gained 1.2 percent to Rs 1,122 after Reliance Jio Infocomm Ltd. claimed the world record by roping in 16 million subscribers within a month of its launch.
Reliance Jio said its subscriber base has grown faster than the likes of WhatsApp, Facebook and Skype.
We are delighted and humbled by the overwhelming response across India to the Jio Welcome Offer. Jio is built to empower every Indian with the power of data.Mukesh Ambani, Chairman, Reliance Industries
Also Read: Reliance Jio: The Ultimate Review
Mahindra & Mahindra: Foray Into China’s Electric Car Market
Shares of the car maker rose 1 percent to Rs 1,387 on its prospects of entering the Chinese electric car market.
The company's current electric car unit is looking for a joint venture partner in China to manufacture and sell units, said Arvind Matthew, CEO of Mahindra Reva Electric Vehicles in an interview to Bloomberg.
We are continuously looking at the Chinese market to build up scale. The Chinese market is an attractive market as it has all range of electric cars, including two-wheelers, three-wheelers, cars and buses.Arvind Matthew, CEO, Mahindra Reva Electric Vehicles
ITC: U.S. Unit Divestment
Shares of the consumer giant rose 1.6 percent to Rs 242 after it decided to divest 100 percent stake in King Maker, its wholly owned subsidiary in the U.S. The sale is expected to be completed by November 30, according to the company’s filing on the BSE.
King Maker, which houses brands like as Ace, Checkers, Hi-Val and Gold Crest, will cease to be ITC’s subsidiary after the sale.
IRB Infra: Termination Of Project
Shares of IRB Infrastructure Ltd. dropped 1.8 percent to Rs 244 after its concession agreement with the Maharashtra State Road Development Corporation (MSRDC) for phase two of the Mumbai-Pune highway got terminated. The project was for some additional work on the Mumbai-Pune section of national highway four, and would give the contractor tolling rights.
The project was awarded to IRB Infrastructure in 2014, according to the exchange filing.
MSRDC, however, was unable to provide the necessary work order for the commencement of the construction, leading to the termination.