Stocks Radar: Jindal Steel, Jai Corp, GE Power
Here are the stocks moving the market this morning.
Most Indian shares fell, with key indices hovering close to record high levels, ahead of company quarterly earnings reports scheduled to kick off Thursday.
The S&P BSE Sensex fell less than 0.1 percent to 34,406, while the NSE Nifty 50 Index fell as much as 0.2 percent to 10,612. The market breadth, however, was tilted in the favour of buyers.
Fourteen of the 19 sector gauges compiled by BSE Ltd. rose, led by the S&P BSE Realty Index’s 1.7 percent advance. On the flip-side, the S&P Energy Index was the worst performer, down nearly 0.3 percent.
Here Are The Stocks Moving This Morning:
Jindal Steel And Power: Chairman In Trouble?
Shares of the New Delhi-based steel manufacturer fell as much as 2.59 percent to Rs 255.6. The Central Bureau of Investigation has charged its Chairman Naveen Jindal for bribery, as irregularities were noticed in the allocation of a Jharkhand block.
The stock has risen over 27 percent so far this year. The Relative Strength Index was 80, indicating it may be overbought.
Jai Corp: Stake Sale Murmurs
Shares of the steel sheets manufacturer rose as much as 10 percent to Rs 223.3, highest in seven years.
Reliance Industries Ltd. Chairman Mukesh Ambani through his personal investment firms, is in talks with the company to buy 24 percent of its stake in the Navi Mumbai Special Economic Zone, as reported by Business Times.
The stock snapped a two-day decline period today. RSI of the stock is 72, indicating the stock may have been overbought.
GE Power: Contract Win Boost
Shares of the power generation company rose as much as 6 percent to Rs 908.5.
The company won a contract worth Rs 818 crore from Navayuga Engineering for 12 units of a turbine generator.
RSI of the stock is 83, indicating the stock may have been overbought. Trading volume was 17.6 times the 20-day average.
India Nippon Electricals: Stock Split Intimation
Shares of the auto parts manufacturer rose as much as 9.45 percent to Rs 1,200, highest in a little over one month.
The company’s board will consider a stock split in a board meeting on January 29.
The stock has been gaining for three consecutive days. Trading volume was 47.5 times the 20-day average.