Stocks Radar: Coal India, Gitanjali Gems, Alkem Laboratories, NBCC
The Nifty hit a life time high this morning, trading close to 9,122.75.
Indian shares opened at record highs after Prime Minister Narendra Modi-led BJP secured a thumping victory in the country’s largest state. The resounding mandate to the party is seen as a vote of confidence for Modi culling questions around his popularity among the masses.
The S&P BSE Sensex gained as much as 2.1 percent to 29,561 – a fresh 52-week high for the index. While the NSE Nifty 50 index jumped 2.1 percent as well to 9,122.75 – a new life-time high for the 50-share index.
Here are stocks that are moving the market this morning:
Coal India: Tough Targets
Shares of the world's largest coal producers fell as much as 5.5 percent to Rs 302 after Coal Secretary Susheel Kumar set the annual production target to 578 million tonne. While the target is 20 million tonnes lower than the initial one set, Coal India will still have to double its production in March in order to meet the total annual target.
The state-owned company has fallen short of the monthly target over the first 11 months of the financial year by 9 percent, according to a statement by Coal India.
It's subsidiary, Central Coalfields decided not to go ahead with the buyback of shares it had proposed earlier. On the other hand, South Eastern Coalfields proposed to buy back 6,09,250 equity shares for Rs 19,699.47 per share aggregating to Rs 1,200.19 crore.
Oil India: Call For Meeting
The oil company rose 1.8 percent to Rs 340 after it called for a board meeting on 20 March, 2017 to consider the buyback of company's equity.
Alkem Laboratories: Receives 3 Observations
Shares of the pharmaceutical company fell as much as 3.2 percent to Rs 1,915 after it received an inspection report a three form 483 observations from the U.S. Food and Drug Administration.
The inspection took place in Alkem's Baddi facility in Himachal Pradesh, according to the company's notification to the exchanges. The company will respond to the observations and ensure corrective measures, it added.
Canara Bank: Sells Can Fin Homes
Shares of Canara Bank rose 2.6 percent to Rs 291 after the company completed the sale of Can Fin Homes' 13.45 percent stake to Caladium Investment in Singapore for Rs 753.7 crore.
The 35.8 lakh shares were sold at a rate of Rs 2,105 per share, according to its statement to the exchanges. The off-market deal was a part of its efforts to monetize its non-core assets.
NBCC (India): Bags Project From Mauritius Government
The government run company gained 4.3 percent to Rs 178 after it bagged a $35 million (Rs 250 crore) project from the Mauritius government. The project entails construction the country's Supreme Court building on a project management consultancy basis.
The project is to be completed within 24 months, the notification added.
Gitanjali Gems: Jumps On Unit’s IPO Plans
Shares of the jewellery maker rose 9.6 percent to Rs 69 after its subsidiary, Nakshtra World Ltd., filed its red herring prospectus on March 8.
In other news, the Securities Exchange Board of India said it would conduct a probe into the company in the matter of alleged irregularities in the trading of the company’s shares.
The probe will focus on the role of the Choksi group and other promoter entities of the company. SEBI Whole Time Member S Raman that SEBI should look to complete the investigation within six months.
Crompton Greeves Electrical: Jumps 4%
Shares of the company gained as much as 4 percent to Rs 196.75 after it was included in the S&P BSE AllCap index.
Sensex, Nifty: Movers & Shakers
