Stocks Radar: Adani Green Energy, Gruh Finance, Hindalco, ICRA, Redington
The Indian stock markets fluctuated between gains and losses on Friday, after Asian peers rose on news that China wouldn’t immediately retaliate against new U.S. tariffs.
At 11:05 am, the S&P BSE Sensex was trading 0.20 percent lower at 36,994.23 points while the NSE Nifty 50 fell 0.22 percent to 10,924.65. Hindalco Industries Ltd. was the top gainer while Bharti Infratel Ltd. the top loser on the Nifty 50 Index.
The market breadth was tilted in favour of buyers. About 850 stocks declined and 777 shares advanced on the National Stock Exchange. Seven of the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Index’s 0.79 percent fall. Nifty Metal Index was the top sectoral gainer, up 1.24 percent.
Here’s a look at the stocks in news moving the markets today:
Gruh Finance Rises After HDFC Sells Its Shares In Block Deal
Shares of Gruh Finance Ltd. rose as much as 8.05 percent intraday, the most in 10 months, after stakeholder Housing Development Finance Corporation Ltd. sold 6.47 crore shares of the company in a block deal on the BSE.
Around 27 lakh Gruh Finance shares changed hands in pre-market trade, according to Bloomberg data. Buyers and sellers were not known immediately. HDFC offered the shares at a 3 percent discount to Thursday’s closing price, according to a term-sheet reviewed by BloombergQuint.
The Gruh Finance stock has declined 23.46 percent in the past 12 months compared to a 4 percent fall in the Sensex.
ICRA Shares Fall After CEO Naresh Takkar Is Sacked
Shares of ICRA Ltd. fell as much as 4.68 percent intraday to Rs 2,655.05 apiece, after the ratings agency ousted its chief executive officer on Thursday.
ICRA has removed Naresh Takkar as managing director and group chief executive officer, a month after he was sent on forced leave. This comes after Securities and Exchange Board of India raised concerns over the company’s ratings on debt-ridden IL&FS Group.
Takkar’s employment has been terminated after taking into account the “best interests” of the company and its various stakeholders, ICRA said in an exchange filing. Vipul Agarwal, who was appointed as interim chief operating officer on July 1, remains responsible for the day-to-day operations of the company until a CEO is appointed.
The ICRA stock had declined 27 percent in the past 52 weeks, Bloomberg data shows.
Redington India Surges After Block Deal
Shares of Redington (India) Ltd. rose as much as 4.6 percent to Rs 115 apiece after a block deal on the National Stock Exchange.
About 1.06 crore shares, equivalent to 2.7 percent stake, of Apple Inc.’s licensed re-seller in India changed hands, but buyers and sellers were not known immediately.
The Redington stock traded at eight times its estimated earnings per share for the coming year, according to Bloomberg data.
Adani Green Energy Rises After Solar Deal With Essel Group
Essel Infraprojects Ltd. and Essel Green Energy Pvt. Ltd. sold 205-megawatt solar farms to Adani Green Energy at an enterprise value of Rs 1,300 crore, according to separate statements. The Subhash Chandra-led group will use the proceeds to pare debt.
The Adani Green Energy stock has declined 22 percent in the past 52 weeks while the Sensex has declined 4.30 percent, Bloomberg data shows.
Hindalco Rises After Novelis-Aleris Deal Gets EU Approval
Shares of Hindalco Industries Ltd. rose as much as 4.06 percent, the most since July 22, on report that the Novelis-Aleris deal has received approval in the European Union.
The U.S.-based Novelis Inc., owned by Hindalco, is set to secure EU antitrust approval for its $2.6 billion bid for Aleris, Reuters quoted people familiar with the development as saying.
Novelis has agreed to sell Aleris’ Belgian plant, the people said, to address European Commission worries that the deal may reduce competition and lead to higher prices, hitting carmakers in particular.
The Hindalco stock trades at 8.7 times its estimated earnings per share for the coming years, according to Bloomberg data.