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Stocks Radar: Bharat Road Network, DHFL, Infibeam, Kalpataru Power Transmission, Manpasand Beverages

A look at the stocks in news moving the markets today.

A stockbroker at a brokerage in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
A stockbroker at a brokerage in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Indian equity benchmarks fluctuated in morning trade Friday as gains by automakers were offset by losses in private lenders.

At midday, the S&P BSE Sensex was trading 0.05 percent higher 37,121.43 points while the NSE Nifty 50 was 0.01 percent lower at 10,981.90 points. Titan Co. Ltd. was the top gainer on the Nifty 50 Index while Yes Bank Ltd. was the top loser.

The market breadth was tilted in favour of sellers. About 855 stocks declined and 792 shares advanced on National Stock Exchange.Seven out of the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 1.67 percent fall. Nifty Realty Index was the top gainer, up 1.10 percent.

A look at the stocks in news moving the markets today:

DHFL Slumps After Fresh Default

Shares of Dewan Housing Finance Corporation Ltd. fell as much as 5.07 percent, the steepest since Aug. 23, to Rs 48.65 apiece.

This after the non-bank lender reported a fresh case of default on bond repayments worth Rs 196.65 crore. The DHFL default is towards principal and interest on non-convertible debentures worth Rs 350 crore issued by it, it said in a regulatory filing.

The DHFL stock has declined 92 percent in the past 52 weeks, while the Sensex lost 1.8 percent, Bloomberg data shows.

Infibeam Rises On Demerger Plans

Shares of Infibeam Avenues Ltd. rose as much as 5.62 percent, the steepest intraday gain since Aug. 9, to Rs 42.30 apiece, after the e-commerce firm announced plans for demerger of subsidiaries Suvidhaa Infoserve and DRC Systems, which will be listed at a later date.

The demergers are seen as part of Infibeam’s broader business restructuring plan.

Infibeam will spin off its SME e-commerce services unit to Suvidha Infoserve, which will then get listed on the bourses, the company said in an exchange filing on Thursday. According to the swap ratio set for the demerger, an Infibeam shareholder will get 197 shares in Suvidhaa Infoserve for every 1,500 shares they hold in the company.

DRC Systems will house Infibeam’s themepark and event software business and will also get listed on the stock excchanges. Every Infibeam shareholder will one share of DRC Systems for every 412 shares they hold in the company. Infibeam had acquired DRV Systems in 2017.

Infibeam’s trading volume was almost quadruple the 20-day average for this time of the day, Bloomberg data shows.

Bharat Road Network Rises SEBI Revokes March 14 Order

Shares of Bharat Road Network Ltd. rose as much as 5.60 percent to Rs 74.5 apiece after the capital markets regulator revoked a Mar. 14 order against it.

The Securities and Exchange Board of India had told Bharat Road Network Ltd. not to dispose or alienate any if its assets or divert any funds, except for meeting day-to-day expenses, without prior permission of the regulator.

The order now stands revoked in favour of the company, Bharat Road Network said in a regulatory filing on Thursday.

The stock's trading volume was 47 percent above the 20-day volume for this time of the day, Bloomberg data shows.

Manpasand Slumps After Promoter Disputes Audit, Stake Sale Decisions

Shares of Manpasand Beverages Ltd. fell as much as 4.85 percent to Rs 12.75 apiece, extending their losing streak to five days.

On Thursday, Manpasand Beverages’ Chairman and Managing Director Dhirendra Singh contested the outcome of a board meeting held Sept. 6 and said the promoters do not intend to sell any stake in the company.

According to an NSE filing on Sept. 6, Manpasand Beverages' board decided to appoint an independent forensic auditor to scrutinise transactions between 2016-17 and 2018-19. Batliboi & Purohit, the new auditor, subsequently suspected fraud at the maker of MangoSip, prompting the board to order a forensic audit, BloombergQuint reported on Sept. 9.

Manpasand Beverages also said Finquest will acquire nearly 22.16 percent stake in the company from Singh, who had in June offered to step down from day-to-day operations of the company.

The beverage maker’s stock has declined 91 percent in the past 52 weeks while the Sensex has declined 1.7 percent, Bloomberg data shows.

Kalpataru Fluctuates After HDFC AMC Raises Stake

Shares of Kalpataru Power Transmission Ltd. rose as much as 2.28 percent and then fell up to 0.67 percent to Rs 621.25 apiece, a day after HDFC Mutual Fund picked up an additional 2.26 percent stake in the company.

According to Kalpataru's regulatory filing on Thursday, HDFC Mutual Fund now holds 9.63 percent stake in the company valued at Rs 309,430,940.

The Kalpataru stock advanced 43 percent in the last year, while the Sensex lost 1.6 percent, Bloomberg data shows. Its dividend yield is 0.6 percent on a trailing 12-month basis, the data shows.