Stocks Radar: Suzlon, Wipro, Welspun Enterprises And More
Welspun Enterprises fell 3.7% on a Rs 270 crore buyback.
Indian shares fell for an eighth straight session, their longest losing since August 2013, amid thin trading as uncertainty over economic growth and corporate profits persisted.
The S&P BSE Sensex declined 0.2 percent to 25,915 while the NSE Nifty dropped 0.3 percent to 7,955. The market breadth, however, was skewed in favour of the buyers with 770 stocks advancing, 634 declining and 479 remaining unchanged.
Here are the shares that are moving the market for the day:
Wipro: $5 Million Penalty
Shares of the information technology company fell 0.8 percent to Rs 457 after it was slapped with a $5 million penalty.
The Securities Exchnage Commission issued a penalty against Wipro and two of its employees from 2006-09, for embezzlement and personal transactions with their superiors.
From 2006 through 2009, an accountant in Wipro’s Controllership Division, Anup Agarwal, embezzled money from Wipro and was involved in other misconduct, including personal transactions with his supervisors, Badree Komandur and Satish Arunachalam. Komandur and Arunachalam, who served as Wipro’s corporate controller and Wipro’s Assistant Controller and General Manager of Finance, respectively, and KPMG India Audit Manager, Alok Saraf (“Saraf”), who was responsible for KPMG India’s audit procedures around Agarwal’s work related to Wipro’s foreign exchange and derivatives accounting, each accepted money from Agarwal during this time period.Wipro’s Statement To The Exchanges
Welspun Enterprises: Approves Buyback
Shares of the construction firm fell 3.9 percent to Rs 59 after its board approved share buyback worth Rs 270 crore.
The promoters, which hold about 37 percent stake in the company, intend to participate in the proposed buyback, the company said in a filing.
- Shares represent 25 percent of the total paid up equity capital of the company.
- Price for the buyback fixed at Rs 62 per share.
- Company has cash worth Rs 173.48 crore and liquid investment of Rs 655.33 crore as of September 30, 2016.
- Stock has a negative 4.1 percent return in 2016.
Jindal Staniless: Board Meeting Today
Shares of the steelmaker gained 0.7 percent to Rs 38 ahead of its board meeting to discuss issue of equity shares to the lenders of the company.
The board would also consider issuing convertible warrants or equity shares to the promoters on a preferential basis, the company said in a statement on December 16.
Suzlon Energy: Inks Agreement
Shares of the wind turbine supplier rose 1.4 percent to Rs 14 after it entered into a shareholders’ agreement with AMP Solar India and Rudra Solarfarms.
The deal involves setting-up a solar power project under Rudra, a wholly-owned subsidiary of Suzlon, and the subsequent sale. The project is expected to be commissioned by the end of financial year 2016-17.
Shares of the company have fallen nearly 7 percent this year and have a one-year negative return of 32.5 percent.
Phoenix Mills: To Sell Stake In ISLM
Real estate company shares gained as much as 2.3 percent to Rs 387 after it entered into a non-binding pact with investment management firm Canada Pension Plan Investment Board to sell upto 49 percent stake in Island Star Mall Developers.
If the transaction is consummated in its entirety, then the company’s shareholding in ISML shall stand reduced to, but in any event not below 51 percent of the paid-up equity capital on a fully diluted basis.Phoenix Mills Exchange Filing
Sensex, Nifty: Movers & Shakers
