Stocks Radar: HDFC Bank, Vedanta, Shalby
Here are the stocks moving this morning.
Indian equity benchmarks rose today shrugging off weak Asian markets cues as exit polls predicted a victory for Prime Minister Narendra Modi-led Bharatiya Janata Party in Gujarat.
The S&P BSE Sensex rose as much as 1.13 percent to 33,621.96, while the NSE Nifty 50 Index rose 1.18 percent to 10,373.10. Meanwhile, Indian rupee rose as much as 0.38 percent, the most since Nov. 23, to 64.10, its highest level in nearly three months against U.S. dollar.
The market breadth was tilted in favour of buyers. All of the 19 sector gauges compiled by the BSE Ltd. rose, led by the S&P BSE Metal Index’s 2.56 percent gain. The sector which gained the least was S&P BSE Information Technology Index, which rose 0.28 percent.
Here Are The Stocks Moving This Morning:
Shalby: New Listing On The Block
Shalby Ltd. made its stock market debut at a discount of 4.4 percent at Rs 237 per share compared to an issue price of Rs 248 apiece.
Ahmedabad-based hospitals' Rs 504 crore initial public offer saw moderate demand with bidders subscribing 1.08 times till the final day. Most of the demand came in from qualified institutional buyers. (For more on this story, click here!)
HDFC Bank: Surges To Record High On Fund Raising Proposal
Shares of the country's largest private sector lender by assets rose as much as 2.72 percent, the most in nearly five months, to record high of Rs 1,888.
Bank's board will meet on Dec. 20 to discuss raising funds via way of qualified institutions placement or American depository receipts or by preferential allotment, HDFC Bank said in a stock exchange filing.
HDFC Ltd. rose 1.76 percent to Rs 1,734.
Vedanta: Upgrade Boost
Shares of the Goa-based metal maker rose as much as 4.6 percent, the most in four months, to Rs 297.70.
The company's board will is planing to raise Rs 500 crore via non-convertible debentures next week, Vedanta said in a press release.
Brokerage firm Credit Suisse initiated coverage on Vedanta Ltd. with an ‘Outperform’ rating. Credit Suisse predicts that the company’s stock will trade at Rs 345 apiece within a year, implying a 16 percent increase from the last regular trade.
Godrej Industries: Rises After Merger Approval
Shares of Godrej Industries Ltd. rose as much as 2.68 percent to Rs 610.7.
The company informed the bourses in an exchange filing yesterday that it will merge with promoter group company Vora Soaps. Currently, Vora Soaps holds 57.66 percent of the total paid-up capital of Godrej Industries.
The company rose for the second consecutive day today.
Quess Corp: Rises On Stake Acquisition
Shares of the Bengaluru-based professional services provider rose as much as 3.18 percent to Rs 1,055.25, rising for the second consecutive day.
The company said in a release yesterday that Quess Corp Ltd. completed the acquisition of 45 percent equity in Simpliance Technologies Private Ltd. yesterday.
Quess Corp trades at 113 times the trailing 12-months earnings per share.
Stocks Reacting To Block Deals
ICICI Bank
- About 80 lakh shares changed hands in a block deal.
- Shares of ICICI Bank Ltd. rose as much as 2.09 percent to Rs 310.7.
Bharti Airtel
- About 30 lakh shares changed hands in a block deal.
- Shares of Bharti Airtel Ltd. rose as much as 2.63 percent to Rs 534.