Stocks In News: Bajaj Auto, Coal India, Gujarat Narmada, PNB Housing Finance, Sintex, SAIL
Here are the stocks to watch out for in today’s trade.
Indian equity benchmarks extended opening gains after India Manufacturing PMI rose to 52.7 in December 2019 compared to 51.2 in the previous month. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
At 11:10 am, the S&P BSE Sensex was trading 0.36 percent higher at 41,453.53 points while the NSE Nifty 50 was up 0.37 percent at 12,227.00. UltraTech Cement Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Enterprises Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Indiabulls Real Estate Gains For A Third Day, Shares Surge 10%
Shares of Indiabulls Real Estate Ltd. extended gains for a third straight trading session, rising as much as 9.74 percent to Rs 78.85 apiece—the highest since Nov. 13.
Trading volume in the stock was almost eight 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 and 49 percent were at the bid.
Indiabulls Real Estate shares are up 30 percent in the past five days and rose 19 percent in the past 30 days, Bloomberg data shows. The stock has declined 19 percent in the past 52 weeks, according to the data.
Gujarat Narmada Falls To Lowest In More Than Three Years
Shares of Gujarat Narmada Valley Fertilizers and Chemicals Ltd. extended declines for the fifth consecutive trading session, declining as much as 4.38 percent to Rs 155.40 apiece—the lowest since Sep. 14, 2016.
On Wednesday, the fertiliser maker said the telecom ministry has asked it to pay Rs 15,000 crore in overdue fees by Jan. 23. The company will seek legal advice in the matter, which pertains to licences for satellite phones and internet services held between 2005 to 2019, according to its exchange filing. The amount sought is 20 times Gujarat Narmada’s Rs 740 crore net profit for the year ended March 2019.
Trading volume in the stock was almost seven times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 47 percent were at the ask price and 38 percent were at the bid.
Bajaj Auto Erases Gain After December Sales Decline 3%
Shares of Bajaj Auto Ltd. erased opening gains and fell as much as 1.21 percent to Rs Rs 3,112.05 apiece after the company announced its December sales data.
The company's total sales fell 3 percent year-on-year to 3,36,055 vehicles last month, according to its stock exchange filing.
Bajaj Auto Sales In December: Key Highlights (Year-on-Year)
- Domestic motorcycle sales fell 21 percent to 1,24,125 units.
- Motorcycle exports rose 13 percent to 1,60,677 units.
- Total motorcycle sales fell 5 percent 2,84,802 units.
- Domestic commercial vehicles sales rose 26 percent to 29,038 units.
- Commercial vehicles’ exports fell 8 percent to 22,215 units.
- Total commercial vehicle sales rose 8 percent to 51,253 units.
- Total domestic sales fell 15 percent to 1,53,163 units.
- Total exports rose 10 percent to 1,82,892 units.
Media Shares Decline After TRAI’s Tariff Order For TV Channels
Most media shares declined in today’s trade, led by the fall in Sun TV Network Ltd. and Zee Entertainment Enterprises Ltd.
The Telecom Regulatory Authority of India, in its latest tariff order that was posted on its website on Wednesday, has increased the number of free-to-air channels, reduced pricing for pay channels and capped the number of bouquets of pay channels offered by broadcasters.
TRAI has reduced the ceiling price of pay channels for inclusion in bouquets from Rs 19 to Rs 12. This means while broadcasters are still free to price the channel, if they seek to include them in a bouquet, their à la carte price will be capped at Rs 12 plus taxes.
Coal India Slumps After Shipments Fall For The First Time In Six Years
Shares of Coal India Ltd. declined the most since Dec. 26, falling as much as 1.72 percent to Rs 208.30 apiece.
The state-run miner posted the first decline in annual shipments in at least six years as demand from power producers weakened and its production was hit by heavy rains earlier in 2019.
Shipments fell 3.8 percent in 2019 from a year ago to 580.8 million tonnes, according to Bloomberg calculations based on data from the state-run company dating back to 2013. Production slipped 2.2% to 582.8 million tons, the data showed.
Coal India shares are up 6.6 percent in the past five days and rose 2.2 percent in the past 30 days, Bloomberg data shows. The stock has declined 12 percent in the past 52 weeks, according to the data.
PNB Housing Finance Rises Most In 9 Weeks, Trading Volume Surges
Shares of PNB Housing Finance Ltd. gained the most since Oct. 25, 2019, rising as much as 12.12 percent to Rs 499.00 apiece.
The non-banking arm of state-run lender Punjab National Bank has met its interest payment commitments on non-convertible debentures due on Dec. 31, 2019, according to an exchange filing on that day.
Trading volume was more than 14 times the 20-day average for this time of the day, Bloomberg data shows.
Sintex Industries Gains After PNB Files For Its Insolvency At NCLT
Shares of Sintex Industries Ltd. gained as much as 5.56 percent to Rs 0.95 apiece.
Punjab National Bank has filed a petition before the National Company Law Tribunal seeking to initiate corporate insolvency resolution process against Sintex Industries for Rs 1,078 crore of dues, according to an exchange filing on Thursday.
Trading volume in the stock was triple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 60 percent at the ask price and 10 percent were at the bid, according to the data.
SAIL Rises To Highest In Over 5 Months After Best-Ever Monthly Sales
Shares of Steel Authority of India Ltd. rose as much as 6.76 percent to Rs 45.80 apiece—the most since July 24, 2019.
The state-run steelmaker achieved its highest-ever monthly sales in December 2019, Chairman Anil Kumar Chaudhary said while addressing employees on new year's day.
SAIL sold 1.68 million tonnes of steel last month, 47 percent higher than the year-ago period. The company had posted 36 percent year-on-year jump in sales in November.
Trading volume in the stock was more than triple the 20-day average for this time of the day, Bloomberg data showed. Of the shares that were traded, 57 percent were at the ask price and 41 percent were at the bid.