Stocks Radar: ONGC, Reliance Industries, Coal India, SPARC And More
Reliance Industries continued its rally with a 5.6% increase after an upgrade.
Indian shares fluctuated between gains and losses following weak trade in Asian peers as index heavyweight Reliance Industries advanced, countering decline in financial stocks.
The S&P BSE Sensex was little changed at 28,914 after swinging in a 120-point range. Meanwhile, the NSE Nifty too was unchanged at 8,947.
Here are the stocks moving the market this morning:
Reliance Industries: Continues Rally
The Mukesh Ambani led company rallied another 5.6 percent to rs 1,248 crore after Morgan Stanley upgraded the target price on the company by 17.7 percent to Rs 1,506 per share on February 24, 2017.
Also Read: RIL Rallies As Analysts Get Clarity Over Reliance Jio’s Future Revenue
ONGC: Approves Investment Worth Rs 7,327 Crore
The government-run oil and gas company rose 1 percent to Rs 197 after it approved the development of five projects with an investment of Rs 7,327 crore.
The investment will lead to production of 14.969 MMT of oil and 2.972 BCM of gas, the company said in an exchange filing.
ONGC also approved the execution of a 'Farm-in/farm-out' agreement with Gujarat State Petroleum Corporation. The agreement included 80 percent participative interest in the Krishna-Godavari block, the company added.
Coal India: Subsidiary To Buyback Shares
Shares of the world’s largest coal producer rose 1.4 percent to Rs 332 after it announced that its subsidiary, Northern Coalfield, will buyback 76,356 equity shares representing 4.29 percent of the total shares in the subsidiary.
The Rs 1,244.1 crore buyback will be carried out at a price of Rs 1,62,937 per share, the company said in an exchange filing.
Larsen & Toubro: Subsidiary Bags Contract From IOC
Shares of the infrastructure company rose 0.9 percent to Rs 1,500 after its wholly-owned subsidiary, L&T Hydrocarbon Engineering , bagged a Rs 1,100 crore project from Indian Oil Corporation.
The project includes engineering, procurement and construction of a fluidised cracking unit including an LPG treatment facility in Assam, the company said in an exchange filing. The contract was acquired though a competitive bidding process, it added.
Bharat Electronics: Raises 1,670 Crore From Offer For Sale
The company rose 0.6 percent to Rs 1,514 after the government's offer for sale of 5 percent of its equity received an enthusiastic response garnering Rs 1,670 crore.
The government sold 1.11 crore shares through the offer for sale at a floor price of Rs 1,498 per share, the company mentioned in a filing. Non-retail investors subscribed more than 2.3 times their limit while retail investors subscribed 3.7 times their limit.
This is one of the highest instances of interest and participation shown by the investors including domestic and foreign institutional investors and retail investors in any issue.Finance Ministry Statement
Sun Pharma Advanced Research: Receives Demand Notice
Shares of the research facility fell 1.5 percent to Rs 313 after it received a demand notice, under section 156 of the income tax rules, demanding for Rs 32.9 crore for 2013-14.
"The company is contesting the demand and would file an appropriate appeal against this order under the applicable provisions of the Income Tax Act, 1961 within the stipulated period," the company said in an exchange filing.
Canara Bank: To Dilutes Shares In Can Fin Homes
Shares of the lender rose 1.4 percent to Rs 295 after it decided to dilute the Bank's stake of 70 percent in Can Bank Factors and 34.45 percent in Can Fin Homes.
The company has floated an RFP and investment bankers have been enrolled by the bank to over look the dealings with Can Fin Homes, it said in an exchange filing. The base price for Can Fin Homes has been fixed at Rs 2,000 per shares, it added.
GMR Infrastructure: Completes Debt Restructuring
Shares of the infrastructure company rose after it completed the strategic debt restructuring of its subsidy, GMR Chattisgarh Energy. The subsidy has allotted equity shares to all the lenders accordingly, it said in a statement to the exchanges.
As per the scheme, Rs 2,992 crore of the the total outstanding debt of Rs 8,800 crore has been converted into equity. This means that the consortium lenders will have 52,4 percent of the stake while GMR will hold 47.6 percent of the shares.
"Post the conversion, the balance project debt stands at Rs 5,800 crore with rs 2,992 crore equity held by lenders and Rs 2,721 crore held by GMR group, resulting in a debt to equity ration of 1 times,” the company added.
Sensex, Nifty: Movers & Shakers
