Stocks Radar: CG Power, DLF, LIC Housing Finance, NMDC, Sterling And Wilson Solar
The Indian stock markets extended their decline for the third day in a row led by losses in Indiabulls Housing Finance Ltd. and Nifty Realty index.
At 10:55 am, the S&P BSE Sensex was down 0.54 percent to 36,860.11 points while NSE Nfity 50 was 0.65 percent lower at 10,847.75 points.
The market breadth was tilted in the favour of sellers as 1,135 stocks declined and 342 advanced on the National Stock Exchange. Of the eleven sectors, only Nifty FMCG was trading in the green while Nifty Realty lost the most at 6.54 percent.
Here’s a look at the stocks in news moving the markets today:
LIC Housing Finance Falls Most In Almost A Year
Shares of LIC Housing Finance Ltd. declined as much as 7.6 percent in the biggest intraday slide since September last year.
This, after 3.4 crore shares of the non-banking lender changed hands in seven block deals, according to Bloomberg data. Buyers and sellers were not known immediately.
An undisclosed institutional shareholder of the company has sought to raise $200-211 million by offering of about 3.37 crore shares, according to terms for the deal obtained by Bloomberg. The offering was said to be at priced at Rs 425.15-449.50 per share, the Bloomberg report added.
The LIC Housing Finance stock has declined 18 percent in the past one year.
NMDC Shares Surge After Stay On Karnataka Mine Order
Shares of NMDC Ltd. snapped a four-day losing streak and rose 4.5 percent intraday after a mines tribunal put a stay on Karnataka’s decision to withdraw extension of lease of its mine in Donimalai until the next hearing.
The tribunal—headed by Anil Kumar Nayak, joint secretary and revisionary authority, Ministry of Mines—held the hearing after India’s largest iron ore miner filed a revision application against the state’s order. No representative from the Karnataka government was present at the hearing.
The NMDC stock has declined 17 percent in the last year, Bloomberg data show.
CG Power Hits Lower Circuit For A Third Straight Day
As many as 9.7 million shares of the Gautam Thapar-founded Avantha Group flagship changed hands in five bunch trades, Bloomberg data shows. The buyers and sellers weren’t immediately known.
The CG Power stock has declined 36 percent in the last two trading sessions, eroding the company’s market capitalisation by about Rs 400 crore. Its slump has also had a bearing on Yes Bank Ltd., which holds 12.79 percent stake in the company.
Supreme Court Notice Batters DLF Stock
Shares of DLF Ltd. fell as much as 19.70 percent to Rs 137.75 apiece, the most in seven months.
The Supreme Court has issued a notice to the real estate firm regarding a petition that highlighted how DLF had suppressed key information pertaining to judicial proceedings against its largest chunk of land-bank in Haryana.
The DLF stock has fallen 26 percent in the last year, according to Bloomberg data.
Sterling And Wilson Solar Extends Loss After Weak Debut
The Shapoorji Pallonji-owned solar power producer fell 7 percent from its IPO price on Tuesday, after its Aug. 6-8 initial public offering failed to get full subscription.
The issue comprised an offer for sale by biggest stakeholders Shapoorji Pallonji (Rs 2,083.33 crore) and Chairman Khurshed Yazdi Daruvala (Rs 1,041.67 crore).