The Pulsar motorcycle, one of Bajaj Auto’s bestselling vehicle, parked outside a company showroom in Mumbai, India (Photographer: Adeel Halim/Bloomberg)

Stocks Radar: Tata Group Stocks, Bajaj Auto, Eicher Motors, JSW Steel And More

Indian shares declined reflecting weak Asian markets as investors parsed a slew of corporate results amid speculation that major central banks are moving closer to reining in stimulus.

Here are the stocks in focus for the day:

GMR Infrastructure

Shares of the infrastructure company gained 5.9 percent to Rs 14 after its subsidiary. GMR Male International Airport won the arbitration against the Government of Maldives for refusing to comply with a concession agreement.

The company has been awarded a compensation of approximately $270 million by a three member international arbitral tribunal, it said in a press release.

It has always been our firm belief that the cancellation of concession agreement by Government of Maldives was wrongful. We are happy to note that the Tribunal has unequivocally upheld this stand and closed the adjudication with a final award of compensation.
GMR Spokesperson.

Tata Group Stocks

Speculation continues to move stocks of Tata companies after feud between Ratan Tata and ousted Tata Sons Chairman Cyrus Mistry went public on Monday.

A quick rundown of the latest developments so far:

  • Ratan Tata is seeking a partner that could buy out the Tata Sons stake held by the family of ousted Chairman Cyrus Mistry, if and when they are made available, people with knowledge of the matter said to Bloomberg.
  • Tata Sons, in an emailed statement to the media, said that Cyrus Mistry has made ‘unsubstantiated claims and malicious allegations, casting aspersions on the Tata group, the Tata Sons board and several Tata companies and some respected individuals. These will be responded to in an appropriate manner’.
  • Tata Steel plans to move to the next stage in the sale of its specialty steels unit in the U.K. after it received interest from several buyers, Group Executive Director Koushik Chatterjee told Bloomberg reporters in Mumbai after the company’s annual general meeting.
  • Both Tata Motors and Tata Consultancy Services replied similarly to the exchange’s query on the alleged $18 billion writedowns. The clarifications mirror the ones sent in by Tata Steel and Indian Hotels Company.
Stocks Radar: Tata Group Stocks, Bajaj Auto, Eicher Motors, JSW Steel And More

Take a look at how the stocks are doing this morning:

  • Tata Steel (+2 percent to Rs 404)
  • Tata Power (-0.3 percent to Rs 79)
  • Tata Consultancy Services (-0.8 percent to Rs 2,397)
  • Tata Motors (+1.5 percent to Rs 530)

Wipro

Shares of the information technology company fell 0.9 percent to Rs 457.

The company scored a five -year engagement with Speciality Restaurants to help it reduce energy and operational costs. Speciality Restaurants own brands such as Mainland China, Oh! Calcutta, Cafe Mezzuna, Sigri and others.

The EcoEnergy arm of Wipro will work on the client's full service restaurants.

Spiralling energy costs is an area of concern in the quick service sector worldwide.
Syed Mansoor Ahmad, Vice President and Head, Wipro EcoEnergy

MOIL

Shares of the mineral exploration company rose 2 percent to Rs 325 after it signed a memorandum of understanding with the government of Madhya Pradesh "to carry out exploration in identified areas", the company said in its press release.

JSW Steel

Shares of JSW Steel rose 2.2 percent to Rs 1,671 after its board of directors approved a stock split in the ratio of 1:10. Accordingly, one share of Rs 10 face value will be split into ten shares of Rs 1 face value per share.

The steel maker saw a whopping 13 times rise in its net profit for the July-September quarter in the current financial year.

Earnings Reaction

Shares of Tech Mahindra rose 6.2 percent to Rs 439 after it saw its quarterly profit decline 19.2 percent sequentially, missing street estimates.

The company's net profit for the second quarter fell to Rs 643.4 crore while revenue increased 3.6 percent, exceeding estimates.

Overall, it was a very good quarter for us with the growth well supported by our key Communications and Enterprises businesses. We had some marquee wins which align very well with our strategy of catering to the connected world.
CP Gurnani, Managing Director & CEO, Tech Mahindra 
  • Jubilant Life Sciences (+2.3 percent to Rs 660)
  • Hindustan Oil Exploration Company (+1.9 percent to Rs 64)
  • Castrol India (-2.3 percent to Rs 446)
  • Glenmark Pharma (+3.2 percent to Rs 930)
  • United Spirits (+0.4 percent to Rs 2,281)
  • Bajaj Finserv (+3.1 percent to Rs 3.365)

*Jubilant Life Sciences to raise funds via NCDs up to 1,000 crore.

Earnings Watch

  • Vedanta (+1.2 percent to Rs 202)
  • Bajaj Auto (+0.9 percent to Rs 2,785)
  • Marico (-0.5 percent to Rs 277)
  • NTPC (+0.2 percent to Rs 152)
  • Eicher Motors (+0.8 percent to Rs 24,670)
  • Grasim Industries (-0.3 percent to Rs 956)