Stocks In News: Abbott India, RITES, Thomas Cook, Yes Bank
Indian equities traded lower, extended declines for the fifth consecutive trading session.
The S&P BSE Sensex fell nearly 1 percent to 39,506 and the NSE Nifty 50 fell 1 percent to 11,562. The broader markets represented by NSE Nifty 500 Index fell 1.1 percent. All the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 2.9 percent fall.
Here’s a look at the stocks in news moving the markets today.
Abbott India Gains For Fourth Trading Session; Stock Hits Record High
Shares of Abbott India extended gains for the fourth consecutive trading session. The stock rose as much as 1.3 percent to hit an all-time high at Rs 16,450.
The Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data. The scrip advanced 121 percent in the past 12 months compared to a 11 percent gain in the Sensex.
Yes Bank Pares Opening Gains After Large Trade
Shares of Yes Bank pared opening gains. The stock rose 0.6 percent after gaining as much as 3.2 percent earlier.
About 10.4 lakh shares of the lender changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Thomas Cook India Falls On Buyback Plans
Shares of Thomas Cook India extended declines for the third consecutive trading session. The stock fell as much as 3.2 percent to Rs 48.50.
The company plans to buyback up to 2.60 crore equity shares at Rs 57.5 each. Post the buyback, the promoter’s holding in the company will increase to 70.46 percent from 65.60 percent.
Trading volume was 20 times its 20-day average, Bloomberg data showed. The scrip advanced 21 percent in the past five days and fell 14 percent in the past 30 days.
RITES Falls 6% On Government's Stake Divestment Plans
Shares of RITES fell as much as 5.7 percent, the most since Dec. 10, 2019, to Rs 300.
The Government proposed to sell 1.25 crore shares (5 percent equity) in the company via offer for sale with an option to sell an additional 5 percent stake. The floor price for the offer has been fixed at Rs 298 per share, a discount of 6.6 percent to the yesterday’s closing price.
Trading volume was more than 16 times its 20-day average, Bloomberg data showed.