Stocks Radar: Bharti Airtel, NTPC, Yes Bank
Indian shares began Friday’s trade on a tepid note in-line with its Asian peers.
Indian shares opened on a quiet note in-line with Asian peers, with the NSE Nifty Index 50 Index trading in a 40-point range. Banking stocks and Bharti Airtel were among the top gainers on the benchmark index.
Here are the stocks moving the market this morning:
Yes Bank Launches QIP
Shares of the private lender rose as much as 1.7 percent to Rs 1,544 after announcing the launch its qualified institutional placement to raise as much as $750 million (about Rs 4,900 crore). The bank has set the floor price for the issue at Rs 1,498.95 per share.
Yes Bank also has the option to raise $100 million through a greenshoe option, according to a person with direct knowledge of the matter. A greenshoe option allows the company to sell more shares than had been planned if the demand for the issue is higher than expected.
Bharti Airtel: Another Acquisition
Shares of the telecom firm rose as much as 2.8 percent to Rs 348 after it said it will acquire Tikona Digital network's 4G business for Rs 1,600 crore.
Airtel will buy 100 megahertz spectrum in five circles in the 2,300 MHz band, the company said in an exchange statement.
NTPC May Buy Government’s Stake In SJVN
The government-owned company fell 0.5 percent to Rs 163 after Bloomberg News reported that the power generation firm may buy the government's Rs 8,720 crore stake in SJVN, a hydroelectric power company.
NTPC has sent a proposal to the Department of Investment and Public Asset Management, according to people with knowledge of the matter cited by Bloomberg.
Also Read: NTPC May Buy Indian Government’s $1.3 Billion SJVN Stake
Siemens Bags Order
Siemens shares rose 1.4 percent to Rs 1,256 after it won a Rs 187.4 crore order from the Bangladesh Rural Electrification Board.
The project includes construction of new air insulated substations in Dhaka, Chittagong and Sylhet, the company said in a notification to the exchanges.
Bharat Petroleum Announces Special Dividend
The stock fell as much as 1.5 percent to Rs 645, after the government-owned refiner announced a mid-year special dividend of Rs 12 per share.
The board has fixed March 27 as the record day for the dividend payment.
On RBI’s Watchlist: IDBI Bank, Indian Overseas Bank, UCO Bank
Shares of three government-owned lenders, IDBI Bank, Indian Overseas Bank, and UCO Bank, reversed early losses after the Reserve Bank of India put them under watch and advised them to stay off risky assets.
The banks have been advised by both the Finance Ministry and the RBI to improve their financials and to look for avenues of capital infusion to create a self sustaining model, according to a report by the Press Trust of India.
Suzlon To Wind-Up Dormant Entities
The renewable energy company rose 1.3 percent to Rs 19.3 after its board members decided to restructure its overseas subsidiaries in order to align with the group's "futuristic focus". Suzlon also wants to align its legal entity structure with verticals based on geography, business and certain mega-projects. This will allow the company to cut costs by eliminating "dormant entities".
The board also reappointed Tulsi Tanti, the company’s chairman and founder, for a further term of five years.
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