Stocks Radar: Ricoh India, KEC International, Crompton Greaves And More
Indian shares swung between gains and losses amid a rally in automakers while stocks of banking companies traded mixed.
Here are the stocks that are moving the market:
IL&FS Engineering and Construction Company
Shares of the company rose 8.1 percent to Rs 46 after it emerged as the lowest bidder in a bid for two rural electrification projects and two integrated power development projects.
The Rs 677.8 crore worth order was awarded by the West Bengal State Electricity Distribution Company.
IL&FS has been given 24 months to complete the projects, according to its notification to the exchanges.
Shares of the mineral producer rose 3.3 percent to Rs 120 after the government announced a strategic divestment of the under construction Nagarnar Steel Plant of the company. The decision, taken by the Cabinet Commitee on Economic Affairs, was communicated by the steel ministry, according to the exchange filing.
The company had reached 75 percent completion on the under construction plant which would have the capacity of producing 3 million tonnes of steel per annum. The plant saw an invesment of Rs 9,162 crore as of March 31 according to the company's earlier notifications.
The construction company rose 3.9 percent to Rs 144 after it bagged contracts worth Rs 840 crore. The new additions to the order book include a Rs 429 crore turnkey project in Malaysia, a Rs 248 crore turnkey project in Egypt and supply orders worth Rs 46 crore across North and South America.
Additionally, the EPC major also received a Rs 117 crore order for cable supplies, it said in an exchange filing.
With these orders we have significantly strengthened our order book position and continue to consolidate our presence in the international T&D arena.These are major accomplishments in our pursuit to diversify and de-risk our geographic spread.Vimal kejriwal, managing director and chief executive officer, KEC International.
Shares of the steel maker rose 1 percent to Rs 410 after Moody's said that the potential sale speciality steel in the U.K. will be a credit positive move.
Tata Steel is seeking an enterprise valuation of £100 million for the unit, the company said in a press release. The letter of intent signed with Liberty House covers several South Yorkshire-based assets, including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, U.K., and in Suzhou and Xi'an, China.
The company fell as much as 9.2 percent to Rs 69 after it decided to complete its share purchase agreement for the sale of its power business in Europe, North America and Indonesia.
Meanwhile, the company said it is in the process of selling its B2B automation business in Spain, U.K., Ireland, France and India for 120 million euros.
The sale of these businesses are expected to reduce Crompton Greaves' debt, the company said in a statement to the exchanges.
Shares of the company fell 5 percent to Rs 203, the only day in the week when it opens for trading.
From December 13, trading in shares of Ricoh India will be suspended, the Bombay Stock Exchange announced on Friday. The company had recently released its earnings for quarter-ended December 2015 and March 2016 and as well as full-year earnings for financial year 2015-16.
However, it is yet to release earnings for quarter-ended June 2016 and September 2016. The delay in releasing the first and second quarter earnings of financial year 2016-17 has triggered the suspension of trading in the stock.
Earlier, Ricoh India had failed to file its financial results for two quarters, ending December 2015 and March 2016. As a result, the normal trading in the stock was suspended in May and it was moved to the Z category of the BSE– a category where settlement takes place on a trade-for-trade basis.
- Ballarpur Industries (-4.5 percent to Rs 16)
- Colgate Palmolive (India) (+0.9 percent to Rs 935)
- Future Enterprises (-3.7 percent to Rs 16)
- Ashoka Buildcon (+6.2 percent to Rs 151)
- Endurance Technologies (+2 percent to Rs 584)