Stocks In News: Airtel, GMR Infra, GTPL Hathway, Infosys, Tata Stocks, Yes Bank
Indian stocks pared some of its gains to trade off day’s high.
At 2:24 pm, the S&P BSE Sensex rose 0.43 percent to 41,629 and the NSE Nifty 50 rose 0.36 percent to 12,260. The broader markets represented by the NSE Nifty 500 Index rose 0.4 percent. Coal India Ltd. was the top gainer on the Nifty 50 index while Yes Bank Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Tata Stocks Gain After Supreme Court Stays NCLAT Order In Tata-Mistry Case
Shares of Tata companies gained after the Supreme Court of India put of hold NCLAT's order in the Tata-Mistry case.
Chief Justice of India SA Bobde observed that the appellate tribunal granted reliefs which were not even sought by the ousted chairman.
Until the apex court pronounces its final verdict, Tata Sons has given an undertaking to not use Article 75 of its articles of association. This article permits the company at any time, by a special resolution of shareholders, to force a shareholder to sell his shares.
Yes Bank Falls Most In A Month After Independent Director Resigns
Shares of Yes Bank Ltd. declined the most since Dec. 11, falling as much as 7.40 percent to Rs 43.80 apiece.
Uttam Prakash, chairman of Yes Bank's audit committee, has resigned as indepedent director on the private lender's board, according to a filing to the Ministry of Corporate Affairs.
"There are serious concerns as regards deteriorating standards of the corporate governance, failure of compliance, management practices and the manner in which the state of affairs of the Company are being conducted by Mr Ravneet Gill - MD/CEO, Dr Rajiv Ubeoi - Senior Group President Governance & Controls, Mr Sanjay Nambiar - Legal Head and Board of Directors," Agarwal said in the filing.
He has sent his resignation letter to Yes Bank Chairman Brahm Dutt.
Infosys Top Performer On Sensex, Nifty Ahead Of Q3 Results
Shares of Infosys Ltd. gained the most since Dec. 17, 2019, rising as much as 1.91 percent to Rs 741.45 apiece, ahead of its December quarter results.
The stock was the best performer on Sensex and Nifty.
Infosys Q3 Results: Preview (year-on-year)
- Dollar revenue seen 1.4 percent higher at $3,254 million.
- Revenue seen 2.4 percent higher at Rs 23,168 crore.
- EBIT seen 4.9 percent higher at Rs 5,154 crore.
- EBIT margin seen at 22.2 percent versus 21.7 percent.
- Net profit seen 3.9 percent higher at Rs 4,194 crore.
Trading volume in the stock was more than double the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 42 percent were at the ask price while 39 percent were at the bid.
GTPL Hathway Surges Most In Nearly Three Months After Q3 Results
Shares of GTPL Hathway Ltd. extended gains for a fourth consecutive trading session, rising as much as 10.77 percent to Rs 90.00 apiece—the highest since Oct. 15.
The broadband service provider’s net profit rose 77.4 percent year-on-year to Rs 33 crore in the December quarter of 2019-20, on the back of revenue that surged 2.1 times to Rs 674 crore.
GTPL Hathway Q3 Results 2019-20: Key Highlights (year-on-year)
- Revenue rose 2.1 times to Rs 674 crore.
- Revenue (Ex EPC) rose 41 percent to Rs 449.9 crore.
- Net profit surged 77.4 percent to Rs 33 crore.
- Ebitda up 56 percent to Rs 121.7 crore.
- Margin stood at 18.1 percent versus 24.8 percent.
Trading volume in the stock was more than 140 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 51 percent were at the ask price while 35 percent were at the bid.
HDFC Shares Swing After Acquisition Of Apollo Munich Health Insurance
Shares of Housing Development Finance Corporation Ltd. fluctuated between gains and losses to trade 0.1 percent lower at 2,454 apiece.
HDFC has completed acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore. The mortgage lender bought 50.80 percent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 percent shareholding of employees for Rs 10.67 crore, according to a Press Trust of India report.
The HDFC stock traded at 31 times its estimated earnings per share for the coming year, according to Bloomberg data.
GMR Infra Gains After Forming JV With Hong Kong’s ESR Cayman
Shares of GMR Infrastructure Ltd. rose as much as 2.07 percent to Rs 24.60 apiece after forming a real estate joint venture with a Hong Kong-based firm.
The said joint venture with Hong Kong’s ESR Cayman will develop a 66-acre logistics and industrial park at Hyderabad Airport City. GMR Group will hold 30 percent equity interest in the JV while the rest will be held by ESR Cayman.
Trading volume in the stock was more than double the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 74 percent were at the ask price and 24 percent were at the bid, according to the data.
Airtel's $3 Billion Fundraising Said To Be Subscribed 3 Times, Shares Rise
Shares of Bharti Airtel Ltd. gained for the third consecutive day, rising 1.27 percent intraday to Rs 465.95 apiece.
The telecom operator’s $3 billion fundraising exercise has been subscribed more than three times, garnering pledges of $9-10 billion, The Economic Times reported Jan. 10, citing people with knowledge of the matter.
Its special committee will now meet on Jan. 14 to determine the issue price of its $2-billion qualified institutional placement (QIP) and issue price and other terms of the up to $1 billion foreign currency convertible bonds offer (FCCBs).
Vodafone Idea Slumps After China Mobile Said To Eye Indirect Stake
Shares of Vodafone Idea Ltd. extended their losing streak for the second consecutive trading session, falling as much as 4.00 percent to Rs 6.00 apiece.
Top executives of China Mobile met with senior management of India’s Vodafone Idea and Bharti Airtel separately in December, Mint reported Jan. 10, citing an unidentified
person aware of the matter. The Chinese company is interested in working with one or both of the companies to develop cloud services in India.
China Mobile proposed an arrangement similar to the one Singtel has with Airtel, in which Singtel owns 48% of a holding company that holds a 35% stake in Airtel.
Vodafone Idea shares are down 0 percent in the past five days and fell 6.9 percent in the past 30 days, Bloomberg data shows. The stock has declined 73 percent in the past 52 weeks, according to the data.
Tata Steel Rises 1.83%, Shares At Highest In Over Six Months
Shares of Tata Steel Ltd. rose as much as 1.83 percent to Rs 492.00 apiece—the highest since Jul. 5, 2019.
The company’s India steel production rose 1.8 percent year-on-year to 4.46 million tonnes (provisional) in the December quarter of 2019-20, according to an exchange filing on Friday. Its sales volume in the third quarter increased 17 percent quarter-on-quarter.
As for international operations, "Tata Steel Europe's 3QFY20 production and sales volume was flattish on QoQ basis. Tata Steel South East Asia operations registered lower production volume QoQ due to continued sluggishness in Singapore and Thailand markets," the filing read.
Trading volume in the stock was 10 percent below the 20-day average for this time of the day, Bloomberg data shows.