Stocks Radar: Tech Mahindra, South Indian Bank, Bharat Financial
Shares of Tech Mahindra rose 1.2 percent after $89.5 million acquisition.
Indian shares swung between gains and losses on Tuesday, tracking cautious trading in Asian equities, amidst looming U.S. Federal Reserve interest rate hike next week.
The S&P BSE Sensex was little changed at 29,074 while the NSE Nifty too was flat at 8,961. The market, however, was more encouraging with more number of buyers than sellers. About 848 stocks advanced, 607 declined and 448 remained unchanged on the NSE.
Here are stocks that are moving the market:
Tech Mahindra: Deal Boost
Shares of the software maker rose 1.2 percent to Rs 505.12 after it bought a 84.7 percent stake in U.S.-based CJS Solutions Group LLC for $89.5 million.
The enterprise value of the deal stands at $110 million and could go up to $130.5 million, Tech Mahindra said in a release on Monday.
Tech Mahindra, through its U.S. subsidiary, plans to eventually buy out the remaining 15.3 percent over the next three years for up to $41 million, subject to the performance of the company, it said.
Bharat Financial Inclusion: Portfolio Risks
Shares in the non-banking finance company fell 3.9 percent to Rs 770.42 after the company said 4.5 percent of its gross loan portfolio is under risk of slipping into bad loan in the fourth quarter.
The management said that portfolio with more than eight weeks overdue stood at Rs 383 crore or 4.5 percent of the total loan book. This compared to 0.2 percent reported in the third quarter, the company said in an investor call.
South Indian Bank: RBI Removes From Caution List
Shares in the private-sector lender rose 2.2 percent to Rs 20.75 after the central bank removed the bank from foreign investment caution list.
Overseas share holdings in the South Indian Bank have gone below the prescribed threshold caution limit, the Reserve Bank of India said in a release on Monday.
Hence, the restrictions placed on the purchase of shares of South Indian Bank are withdrawn with immediate effect, the central bank added.
Arfin India: Secures Order
Shares in the aluminum recycling firm climbed 5.1 percent to Rs 505.10 after it received an order from JSW Steel Limited worth around Rs 107 Crores.
The order includes supply of its products to JSW's three units at Bellary, Dolvi and Salem for the financial year 2017-18, the company said in a stock filing.
Airfin supplies its products such as aluminium ingots, cubes, wire rods to steel, chemical, power and conductor industries.
Den Networks: Raises Stake In Unit
Shares of cable television distribution company jumped 3.4 percent to Rs 84.07 after it raised its stake in the subsidiary by 35.57 percent.
Den Networks raised stake in Den Digital Network Private Ltd to 88.57 percent from 51 percent earlier.
Den Digital Network distributes cable connection in Gurgaon and the additional stake would help consolidate the cable business of the company in the state of Haryana, the company said in a regulatory filing.
PNC Infratech: Order Win
Shares of infrastructure company rose 4.2 percent to Rs 104.90 after it won an order worth Rs 1,434 crore.
PNC Infratech was declared the lowest bidder for National Highway Authority of India project of six laning Chitradurga - Davanagere bypass, the company said in a regulatory filing.
PNC has, till date, executed 59 major infrastructure projects and is currently working on 17 projects, as per company data.