Stocks Radar: Cairn India, Hindustan Zinc, Sadbhav Infrastructure
Indian shares snapped a three-day losing streak reflecting a rebound in U.S. equities.
Indian shares snapped a three-day losing streak as a rebound in U.S. equities provided a measure of calm to the market after a selloff spread across the region on Wednesday.
Here are the stocks moving the market this morning:
Hindustan Zinc: Dividend Bonanza
Shares of the mining company rose 3.3 percent to Rs 322 after its board members approved a special interim dividend of 1,375 percent amounting to Rs 27.5 per share. The record date has been set to March 30, 2017, the company said in a filing.
Cairn India: Cabinet Extends Contract
Shares of the oil company rose 2.4 percent to Rs 299 after the cabinet extended the production sharing contracts between the Government of India and companies, to "facilitate investment to extract the remaining of the oil reserves".
During this extension period, the contractors are expected to receive additional investment of $5.4 billion. The extension also includes oil block in Rajasthan, where Cairn will stand to benefit as the company owns an oil block in Barmer, Rajasthan.
Sadbhav Infrastructure: Bags NHAI Contract
The company rose 11.6 percent to Rs 108 after it emerged as the lowest bidder for a hybrid annuity model project, to be awarded by the National Highway Authority of India.
While the cost of the project is Rs 1,059.7 crore, as per NHAI, Sadbhav's bidding price stood at Rs 982 crore, according to its exchange filing.
Delta Corp: Board Approves QIP
The real-estate company rose 2 percent to Rs 181 after its board members approved a proposal to raise Rs 750 crore though qualified institutional placement.
The board will now hold an extra ordinary general meeting on April 18, for the approval of the QIP.
Just Dial: Receives NCLT Approval
Shares of the local search engine company rose 1.2 percent to Rs 571 after the National Company Law Tribunal approved its move to demerge a part of its business from Just Dial Global into Just Dial.
The company is looking to transfer its data and information undertaking, currently under the Just Dial Global, into the listed company.
Sensex, Nifty: Movers & Shakers
