Stocks Radar: Tata Motors, United Spirits, JSW Steel And More
United Spirits jumped more than 4% as Diageo considers increasing stake its stake in the company.
Indian shares climbed and rupee strengthened against the dollar for a third straight session as investors assessed the political rumblings in two of the world’s largest economies.
The S&P BSE Sensex gained 0.6 percent to 27,401 while the NSE Nifty too advanced 0.6 percent to 8,453.
Here are the stocks moving the market this morning:
JSW Steel
Shares of the steel company rose 1.2 percent to Rs 189 after Sajjan Jindal, chairman of JSW Group said that the company was keen grow through acquisition of distressed assets such as Tata Steel's U.K. buisness.
JSW Steel is one of the better steel companies in India. It has a good balance sheet and sound management. So we can definitely acquire some good assets.Sajjan Jindal, Chairman, JSW Group
Speaking to BloombergQuint's Menaka Doshi at WEF's annual meet, in Davos, Jindal also added that the private investment cycle was finally turning around.
Bharat Forge
Shares of the Indian multi-national firm rose 1 percent to Rs 943 after Baba Kalyani, chairman and managing director of the company, said that it would use the recently acquired forging firm in U.S. to offset any trade restrictions that may come up after Donald Trump steps in as president.
Bharat Forge was considering utilising the forging firm to capitalise on the largest economy in the world, especially when it comes to the automobile sector, Kalyani added, speaking to BloombergQuint at the World Economic Forum summit in Davos.
United Spirits
Shares of the alcohol maker rose 4.2 percent to Rs 2,172 after Diageo said it was considering increasing its stake in the company.
This might be done through an open offer to other shareholders, according to what people familiar with the matter said to Bloomberg.
The Johnnie Walker scotch maker already holds a majority stake of 55 percent in United Spirits.
Tata Motors
Shares of the automaker gained 1.1 percent to Rs 529 after it appointed N Chandrasekaran as additional director and chairman of the board.
Tata Motors, which owns luxury car brand Jaguar Land Rover, is the first among the Tata companies to appoint Chandrasekaran as its chairman.
Chandrasekaran will assume office as Tata Sons chairman on February 21.
NBCC India
Shares of the state-owned firm rose 1.3 percent to Rs 283 after it signed memorandum of understanding (MoU) with the All India Institute of Medical Sciences, Delhi.
MoU to focus on developing a housing complex for AIIMS’ staff at its western campus at a cost of Rs 4,698 crore.
Mercator
Shares of the energy-focused conglomerate fell 3.7 percent to Rs 42 after it set an issue price of Rs 40.75 for its qualified institutional placement (QIP) offering.
QIP price is at a discount of 4.79 percent implying Rs. 2.05 per equity share on the floor price of Rs. 42.80 per share, the company said in a stock filing.
The stock has a one-year return of nearly 1.2 times its value.
Earnings Watch
- Hindustan Oil (+0.7 percent to Rs 67)
- International Paper APPM (+1.8 percent to Rs 326)
- Sterlite Technologies (+4 percent to Rs 111)
Sensex, Nifty: Movers & Shakers
