Stocks Radar: Bharti Infratel, Om Metals, State Bank Of India
Indian shares climbed for a second day along with Asian peers.
Indian shares climbed for a second day along with Asian peers after positive U.S. consumer confidence data rekindled optimism.
Here are the stocks moving the market this morning:
State Bank Of India: To Relocate 1,800 Banks
Shares of the largest Indian bank rose 0.9 percent to Rs 284 after its Chairman, Arundhati Bhattacharya, said the process of merging the five associate banks and Bharatiya Mahila Bank will be completed by April 1, 2017.
In an interview with BloombergQuint, Bhattacharya said that the lender will relocate more than 1,800 branches in an effort to avoid duplication.
Om Metals Infraprojects: Jumps On Pipeline Project
The company rose 5 percent to Rs 47 after it received a letter of intent from Indra Sagar Project by the Madhya Pradesh Government, for a project worth Rs 13.5 crore.
The project involves supply and laying of pipeline on a turnkey basis, the company said in an exchange filing.
Persistent Systems: Collaborates With AWS
The software technology company rose 2.9 percent to Rs 612 after it claimed to be among the first Amazon Web Service Partner Network (APN) partner to create a support practice around Amazon Connect.
Amazon Connect is a new cloud-based contact centre service from AWS and was launched on Tuesday.
Healthcare Global: Acquires Cancer Care
The company rose 2.7 percent to Rs 234 after it acquired Cancer Care Kenya for Rs 58.7 crore ($904,341) through its step-down subsidiary, Healthcare Global Kenya.
The subsidiary will hold 93.66 percent in Cancer Care after the acquisition, the company said in a notification to the exchanges.
Block Deal: Axis Bank, Bharti Infratel
- Axis Bank: The lender rose 2 percent to Rs 513 after 80 lakh of its shares exchange hands in a block deal.
- Bharti Infratel: The company rose 3 percent to Rs 328 after 20.9 crore of its shares changed hands in four block deals. The exchange, which took place in Mumbai, amounted to around 11.3 percent of the company’s equity, according to Bloomberg data.
Automobile Stocks: Supreme Court Verdict Awaited
Car makers swung between gains and losses on Wednesday morning, before the Supreme Court's verdict on whether to allow sale of vehicles compliant with Bharat Stage-III emission norms beyond march 31, 2017.
Bulk of the BS-III inventory will be sold in six to seven months, said Abhishek Manu Singhvi, the counsel for Society of Automobile Manufacturers. He added that “if the sale is banned, we will have to make distress sales or destroy the vehicles."
- Maruti Suzuki (+0.6 percent to Rs 6,008)
- Tata Motors (+0.6 percent to 475)
- Ashok Leyland (+0.6 percent to Rs 87)
- Mahindra & Mahindra (-0.8 percent to Rs 1,266)
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