Stocks Radar: Binani Cement, Canara Bank, Future Retail
Here are the stocks moving this morning.
Most Indian stocks rose, with the benchmark equities gauges set to snap four days of losses, as investors weighed of returns against the cost of a tax on equity gains that takes effect from April 1.
The S&P BSE Sensex Index rose as much as 0.3 percent to 33, 023, while the NSE Nifty 50 Index rose as much as 0.3 percent to 10,123.
The number of stocks that gained and lost were more or less equal on the BSE. Out of the 19 sectoral gauges, compiled by the exchange, five fell led by S&P BSE Metal index's 0.52 percent decline.
Here Are The Stocks Moving This Morning:
Binani Industries: Rises On UltraTech’s Offer For Binani Cement
Shares of the Mumbai-based cement manufacturer rose as much as 4.9 percent to Rs 98, rising after two sessions of declines.
UltraTech Cement Ltd. has agreed to pay Rs 7,270 crore for a 98.4 percent stake in Binani Cement, subject to termination of insolvency proceedings, according to a stock exchange notification.
A committee of Binani Cement’s creditors had earlier approved the resolution plan from a consortium led by Dalmia Bharat, which is competing against UltraTech Cement to acquire the assets of the Binani cement unit, which is undergoing insolvency proceedings.
(Also Read: IBC: Binani Cement Promised To UltraTech Even As Dalmia Bharat Wins Insolvency Bid)
Canara Bank: Falls As Former CMD Named In Fraud
Shares of the Bengaluru-based public sector bank fell as much as 5.4 percent to Rs 250.
The Central Bureau of Investigation named Canara Bank’s former Chairman and Managing Director RK Dubey and two former executive directors in a Rs 68.3 crore fraud investigation, according to a statement on the CBI website. The investigation pertains to a loan that was disbursed in December 2013.
The bank’s scrip was the worst performer among other public sector banks on the NSE Nifty PSU Bank index in early trading. Trading volume was 2.3 times the 20-day average.
Future Retail: Gains As RBI Raises Overseas Investment Limit
Shares of the Rakesh Biyani-headed supermarket operator rose nearly 3 percent to Rs 544.95.
The increased interest in the company seems to be related to the RBI’s lifting of limits on overseas investments into its scrip. The RBI has increased the limit for investments by registered foreign portfolio investors and foreign institutional investors to up to 49 percent of the paid up capital of the company.
The stock had fallen in the previous two trading sessions. Trading volume twice as high as the 20-day average.
Elpro International: Stake Sale In PNB Metlife
Shares of the Mumbai-based medical and industrial equipment manufacturer rose as much as 19.73 percent, the most in three months, to Rs 49.45.
Elpro International Ltd.’s chairman holds a strategic investment amounting to 12.75 percent of the paid-up capital of PNB MetLife Insurance Company Ltd. For cash flow requirement, the company is evaluating the sale of a part of its stake to a potential buyer, it said in a notification to the stock exchanges on Monday.
The company’s stock has snapped a three-session long losing streak. Despite the significant rise so far today, the company’s scrip has lost about 15 percent of its value so far in 2018.
Cipla: Falls 5%, Trading Volume Triples
Shares of the Mumbai-based pharmaceutical firm fell as much as 6 percent, more than any full-day drop since Nov. 7, to Rs 525.9.
That compares with a 1.1 percent drop in the NSE Nifty Pharma Index so far today. Cipla Ltd. was the top loser on the index.
Trading volume of the stock was 3.5 times the 20-day average. The relative strength index of the stock was below 30, indicating that the stock may be oversold.