Stocks Radar: Idea Cellular, Dena Bank, HSIL, Smartlink
Idea Cellular rose 14.5% to after its board approved its merger with Vodafone India.
Indian shares declined for the first time in three sessions, led by financial and technology stocks as investors take a breather after the recent run in benchmarks to record highs.
The S&P BSE Sensex dropped 0.4 percent to 29,536 after opening marginally higher. While the NSE Nifty 50 index fell 0.3 percent to 9,128.
Here are the stocks moving the market this morning:
Idea Cellular: Approves Merger With Vodafone
Shares of the company jumped as much as 14.5 percent to Rs 123 after it board approved its merger with Vodafone India.
Vodafone will own 45.1 percent of the combined company after transferring a stake of 4.9 percent to the promoters of Idea for Rs 3,874 crore. Promoters of Idea will hold 26 percent of the company, Idea said in a filing to the exchanges.
HSIL: To Shut Down Alwar Facility
Shares of the sanitaryware company fell 5 percent to Rs 310 after the company received an order from the Rajasthan State Pollution Control Board to close down its Kaharani unit in the state of Alwar.
The order, given on March 14, was under the water and air pollution control acts on account of a few sample tests carried out by the authority, the company explained in a filing. It further reassured that the order will nit adversely impact the sales of the company.
Dena Bank: To Receive Capital Infusion
Shares of the lender rose 7.8 percent to Rs 39.9 after the government of India made a capital allocation of Rs 600 crore in the bank, as a part of the turnaround linked infusion plan.
The capital will be raised through issue of equity shares to the government from LIC of India, the company said in a statement.
Adani Enterprises: To Start Mining In Australia
The company fluctuated between gains and losses on its plans to begin coal extraction from the $16.5 billion Carmichael project in Australia. Mining at Australia's largest coal project had been delayed due to environmental protests in the country.
The company will begin work three months after it receives the final go-ahead from the Australian government, reported Bloomberg.
Adani Enterprises rose as much as 1.1 percent to Rs 104 after falling as much as 1.25 percent to Rs 102. It then traded at a profit of 0.2 percent at Rs 103.5 as of 9:39 a.m.
Marico: Buys Stake In Zed Lifestyle
The company rose 0.9 percent to Rs 296 after it signed an agreement to acquire 45 percent in Zed Lifestyle. Marico did not disclose the amount paid for the stake. The company owns the male grooming brand 'Beardo', a male grooming brand which sells beard oils, waxes, soaps and other grooming products.
The equity stake will be acquired over the next two years through "primary infusion and secondary buyouts," the company said in a statement on the exchange.
Sensex, Nifty: Movers & Shakers
