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Stocks In News: Airtel, Canara Bank, CSB Bank, L&T Infotech, Mindtree, Yes Bank

Here’s a look at the stocks in news moving the markets today.

Men look up at an electronic ticker board that indicates stock figures at the Bombay Stock Exchange (BSE) in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
Men look up at an electronic ticker board that indicates stock figures at the Bombay Stock Exchange (BSE) in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

The Indian equity benchmarks extended declines from opening trade.

At 11:30 am, the S&P BSE Sensex was trading 0.52 percent lower at 41,736.18 points while NSE Nifty was down 0.50 percent at 12,301.05 points. The broader markets represented by the NSE Nifty 500 Index fell 0.35 percent. Yes Bank Ltd. was the top gainer on the Nifty 50 index while IndusInd Bank Ltd. was the top loser.

Here’s a look at the stocks in news moving the markets today.

L&T Infotech Shares Surge To Record High After Q3 Results

Shares of L&T Infotech Ltd. surged as much as 6.66 percent to Rs 2,003, the highest since listing on Jul 21, 2016. The company declared its third-quarter results today.

L&T Infotech’s net profit rose 4.7 percent quarter-on-quarter to Rs 377 crore on the back of revenue that surged 9.3 percent quarter-on-quarter to Rs 2,811 crore. Analysts polled by Bloomberg had estimated a net profit of Rs 436 crore and revenue of Rs 2,699 crore.

L&T Infotech Q3 Results 2019-20: Key Higlights

  • Net profit rose 4.7 percent QoQ to Rs 377 crore
  • Revenue rose 9.3 percent QoQ to Rs 2,811 crore
  • EBIT rose 14.3 percent QoQ to Rs 457 crore
  • EBIT margin rose to 16.3 percent in Q3 from 15.6 percent in Q2

Trading volume in the stock was 11 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 39 percent were at the ask price while 36 percent were at the bid, according to the data.

Canara Bank Share Fall As Can Fin Stake Sale Plan Is Called Off

Shares of Canara Bank fell as much as 3.02 percent to Rs 209.05 apiece—the lowest since Jan. 8, 2020.

The public sector lender has called off a plan to sell stake in its housing finance arm, Can Fin Homes Ltd., according to an exchange filing on Tuesday. In 2018 too, the bank had forgone the stake sale after receiving lower-than-expected price quotation.

Canara Bank shares are up 1.1 percent in the past five days and fell 7.8 percent in the past 30 days, Bloomberg data shows. The stock has declined 22 percent in the past 52 weeks, according to the data.

CSB Bank Now Allowed To Open New Branches, Shares Surge

Shares of CSB Bank Ltd. gained the most since Jan. 7, 2020, rising as much as 4.69 percent to Rs 202 apiece.

The Reserve Bank of India has allowed the private sector lender to open new branches, wihch so far was barred due to a delayed initial public offering. Now that CSB Bank is listed following a bumper IPO, it can now open new branches, albeit subject to RBI approval.

Trading volume in the stock was quadruple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 19 percent were at the ask price and 69 percent were at the bid, according to the data.

Yes Bank Shares Gain Most In Nearly A Month

Shares of Yes Bank Ltd. snapped a three-day losing streak and surged the most since Dec. 20, 2019, rising as much as 6.61 percent to Rs 41.10 apiece.

The private sector lender’s capital adequacy ratio is comfortably above regulatory requirements, and all efforts are being made to financially strengthen the bank further, according to an exchange filing on Wednesday. The filing was in response to speculation about the bank in the press and social media, Yes Bank said.

Trading volume in the stock was more than double the 20-day average for this time of the day, Bloomberg data shows.

Airtel Shares Decline Completion Of Fundraising Via QIP, FCCBs

Shares of Bharti Airtel Ltd. declined the most since Jan. 10, 2020, falling 0.64 intraday to Rs 466.35 apiece, after raising $2 billion via a QIP and $1 billion using FCCBs.

The telecom firm has announced allotment of 32.35 crore equity shares to eligible institutional buyers at an issue price of Rs 445 apiece as part of $2 billion QIP that closed on Tuesday. The QIP issue price was at a discount of 1.57 percent to the stated floor price of Rs 452.09 per equity share.

The company has also raised $1 billion via issuance of foreign currency convertible bonds due 2025. The FCCBs will bear a coupon rate of 1.50 percent.

Trading volume in the stock was 12 percent below the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 37 percent were at the ask price while 53 percent were at the bid, according to the data.

Q3 Results Power Mindtree To Highest Since July 2019

Shares of Mindtree Ltd. rose as much as 4.32 percent to Rs 901.70 apiece, the highest since Jul 5, 2019, a day after the company declared its December quarter results.

Mindtree Q3 Results 2019-20: Key Highlights (QoQ)

  • $ Revenue rose 1.5 percent to $275.2 million.
  • Revenue increased 2.7 percent to Rs 1,965.3 crore. (Estimate: Rs 1,971 crore)
  • Net profit rose 45.9 percent to Rs 197 crore. (Estimate: Rs 163 crore)
  • Ebitda rose 23 percent to Rs 306 crore. (Estimate: Rs 278cr)
  • Margin stood at 15.6 percent versus 13 percent. (Estimate: 14.1 percent)

BPCL, Indian Oil Fall, HPCL Rises After Govt Said To Seek Record Dividend

Shares of Bharat Petroleum Corp. Ltd. and Indian Oil Corp. Ltd. fell while those of Hindustan Petroleum Corp. Ltd. rose after a report said the government is seeking a record dividend from state oil companies.

The government is seeking a record Rs 19,000 crore in dividend from state oil firms— about 5 percent more than last year—to shore up its finances, The Economic Times reported, citing people familiar with the matter. ONGC and Indian Oil, the biggest firms in the club, have been asked to pay about 60 percent of the total.