Stocks Radar: Indiabulls Real Estate, MTNL, Vodafone Idea, Yes Bank, Zee Entertainment
Indian equity benchmarks extended gains to trade at day’s high.
The S&P BSE Sensex rose as much as 0.73 percent to hit an all-time high at 40,457.94. The NSE Nifty 50 rose 0.78 percent to 11,983.75. The broader markets represented by the NSE Nifty 500 Index rose 0.77 percent. Bharti Infratel Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Ltd. was the top loser.
Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s over 3 percent rally. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down by more than 1 percent. The market breadth was tilted in favour of buyers. About 1179 stocks advanced and 536 shares declined on the NSE.
A look at the stocks in news moving the markets today.
Indiabulls Real Estate Rises After Selling London Property To Cut Debt
Shares of Indiabulls Real Estate Ltd. rose as much as 4.92 percent to Rs 60.80 apiece, the highest since Sept. 23, 2019.
On Saturday, Indiabulls Real Estate said it has sold its property in London to a promoter group firm for £200 million, or about Rs 1,830 crore, as part of its plan to focus on the India business and cut debt.
The "company's wholly owned subsidiary has divested its entire stake in Century Ltd., which indirectly owns Hanover Square property, London, to Clivedale Overseas Ltd., an entity owned by the promoters of the company,” Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.
The stock has declined 30 percent in the past 52 weeks, Bloomberg data showed.
MTNL Rises For An 11th Consecutive Trading Session
Shares of Mahanagar Telephone Nigam Ltd. extended their winning streak for the 11th consecutive trading session, rising as much as 4.97 percent to Rs 8.45 percent apiece.
Telecom Minister Ravi Shankar Prasad has directed Bharat Sanchar Nigam Ltd. (BSNL) and MTNL, which are set for a merger, to implement quickly guidelines on a voluntary retirement scheme, and initiate proactive measures to monetise assets in time-bound manner, the Press Trust of India quoted people as saying in a report on Sunday.
BNSL and MTNL have also been asked to become more aggressive in the telecom market, according to the report.
The MTNL stock has declined 43 percent in the past 52 weeks, while the sensex has gained 15 percent, according to Bloomberg data.
Vodafone Idea Extends Rally Despite Ratings Downgrade
Shares of Vodafone Idea Ltd. rose up to 10.47 percent to Rs 4.75 apiece, extending gains for three straight trading session.
Fitch Ratings Inc. subsidiary India Ratings & Research has cut Vodafone Idea's long-term rating and bonds to BBB from A+, citing increased liquidity risk, deteriorating operations and weakening support from promoters, according to a Nov. 1 note.
In the past year, the telecom company’s stock had a similar or greater gain 13 times at the close. It advanced in the next trading session six times (8.2 percent, on average) and declined seven times (5.2 percent, on average).
Yes Bank Plunges 15% After Q2 Results, Stake Sale Plans
Shares of Yes Bank Ltd., fell 14.94 percent, the most since Oct. 1, to Rs 56.65 apiece.
Analysts are concerned about the private sector lender’s asset quality, as reflected in its September quarter results, despite a binding offer of at least $1.2 billion from a global investor. Late evening on Friday, Chief Executive Officer Ravneet Gill said Yes Bank has it has investment offers worth more than $3 billion on its table.
The Yes Bank stock is up 22 percent in the past five days and rose 58 percent in the past 30 days, according to Bloomberg data.
Zee Entertainment Falls On Essel Group’s Plans To Sell More Stake
Shares of Zee Entertainment Enterprises Ltd. fell as much as 5.93 percent, the most since Oct. 18, to Rs 291.15 apiece.
Essel Group is planning to sell more stake in Zee Entertainment as the promoter looks to pare debt, BloombergQuint quoted two people involved in the transaction as saying in a Nov. 1 report. As part of the process, mutual funds will transfer shares of the broadcaster offered as collateral by the Subhash Chandra-led group into an escrow account, the people said on the condition of anonymity.
The stock is up 25 percent in the past five days and rose 26 percent in the past 30 days, according to Bloomberg data.