Stocks Radar: Idea Cellular, Welspun Enterprises, NHPC And More
Idea Cellular falls 5% as P5 Asia offers to sell 120 million co’s shares.
Indian shares climbed tracking positive Asian cues, but indices remained in a very tight range as investors held big bets ahead of Donald Trump’s speech and as they await GDP data due later in the day.
The S&P BSE Sensex gained 0.2 percent to 28,866 while the NSE Nifty advanced 0.2 percent as well to 8,913.
Here are stocks that are moving the market:
Idea Cellular: Falls After Block Deal
Shares the country’s third largest telecom company dropped as much as 6.5 percent, the most since February 13, and was also the worst performing stock on the Nifty 50 Index.
About 12 crore shares changed on the BSE in a single block deal, according to Bloomberg data. While the buyers and sellers were not immediately known, private equity firm Providence was expected to sell 3.33 percent stake in the telecom company.
Welspun Enterprises: Share Buyback
Shares of Welspun Enterprises rose 1.5 percent to Rs 67.50 after the company said its Rs 270 crore buyback offer will open on Friday.
"The buyback offer opens on March 3, 2017 and closes on March 17, 2017," Welspun Enterprises Ltd said in a filing to stock exchanges.
The company, part of Welspun Group, had earlier said it plans to buy back up to 25 percent of its share capital at a price of Rs 62 a share.
Coal India: Unit To Buy Back Shares
Shares of Coal India fell 1.5 percent to Rs 325.05 after its unit South Eastern Coalfields agreed to pay Rs 1,200 crore to Coal India by way of a buyback of shares.
South Eastern Coalfields on Monday said it will buy back 150,443 shares, representing 4.18 percent of its equity capital, for Rs 79,777 each, or Rs 1,200.19 crore in all.
Sanofi India: Dec-Quarter Profit Falls
Shares of drug firm fell 1.7 percent to Rs 4,087.90 after it reported a near 58 percent decline in December-quarter net profit due to higher expenses.
Sanofi India profit fell to Rs 50.5 crore in the three months ended December 31, from Rs 120.2 crore in the same period a year ago.
Net sales increased to Rs 592 crore in the quarter compared to Rs 568.7 crore in the same period last year.
Transformers & Rectifiers: Gets Rs 153 Crore Contract
Shares of the company rose 2.5 percent to Rs 399.51 after it received an order of Rs 153 crore from Gujarat Energy Transmission Corp. (GETCO)
With this order, Transformers & Rectifiers' order book around Rs 1020 crore as on date.
Stock has risen nearly 16 percent so far this year and has a one-year return of about 94 percent.
NHPC: Signs PPA with Odisha
Shares of the company rose 1 percent to Rs 30.05 after it signed a power purchase agreement with Odisha for Teesta-IV and Teesta-V projects.
The agreement the government of Odisha is for a period of 35 years from the date of commercial operation of the project/power station, the company said in a stock exchange filing.