Stocks In News: Airtel, Can Fin Homes, Dish TV, Escorts, Fortis, Info Edge, Vodafone Idea
Here’s a look at the stocks in news moving the markets today.
Most Indian stocks declined as investors assessed the outlook for company earnings, and as most equity markets across Asia retreated ahead of Lunar year holidays this week.
At 11:05 am, the S&P BSE Sensex was down 0.41 percent at 41,357.30 points while the NSE Nifty 50 was 0.37 percent lower at 12,179.25 points. Bharti Infratel Ltd. was the top gainer on the Nifty 50 index while Tata Steel Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Dish TV Surges After Merger Talks With Airtel Digital Are Said To Stall
Shares of Dish TV India Ltd. rose as much as 6.27 percent to Rs 13.55 apiece—the highest since Jan. 10, 2010.
Dish TV's talks to merge with Airtel Digital TV have stalled on differences over the deal’s
structure, Bloomberg reported Tuesday citing people with knowledge of the matter.
Essel Group’s Dish TV has opted to explore a sale of the business for cash instead of an all-stock merger, said the people, who asked not to be identified as the discussions are
private. The direct-to-home arm of Bharti Airtel remained committed to offering shares, contributing to the stalemate, the people said.
Info Edge India Rises After Zomato-Uber Eats Deal
Shares of Info Edge (India) Ltd. rose as much as 3.21 percent to Rs 2,675 apiece due to the Zomato-Uber Eats deal. The operator of the Naukri.com website is an investor in the Deepinder Goyal-led foodtech startup.
Uber Technologies Inc. will sell Uber Eats in India to local rival Zomato in a $172 million deal, according to a person familiar with the transaction, underscoring the ride-hailing giant’s effort to cut back on loss-making operations.
Trading volume in the Info Edge stock was more than double the 20-day average for this time of the day, Bloomberg data showed.
Fortis Rises To Highest In Two Months After Rakesh Jhunjhunwala Hikes Stake
Shares of Fortis Healthcare Ltd. rose as much as 2.31 percent to Rs 146.45 apiece—the highest since Nov. 22, 2019.
Serial investor Rakesh Jhunjhunwala has purchased 7.5 million shares of Fortis Healthcare, Bloomberg reported, citing shareholding data of the company on the BSE.
His stake in the hospital operator stood at 2.65 percent at the end of the December quarter, up from 1.66 percent in the previous quarter.
Trading volume in the Fortis stock was almost triple the 20-day average for this time of the day, Bloomberg data showed. Of the shares that were traded, 37 percent were at the ask price and 44 percent were at the bid.
Vodafone Idea Surges 20%, Airtel Falls After Hitting Record High
Shares of Vodafone Idea Ltd. gained the most since Dec. 2, 2019, rising as much as 19.59 percent to Rs 5.80 apiece. Shares of Bharti Airtel Ltd., meanwhile, hit a fresh record high but pared some of the gains.
Vodafone Idea, Bharti Airtel and Tata Teleservices Ltd. have jointly filed a modification application in the Supreme Court, seeking more time to pay the adjusted gross revenue dues to the government, Mint reported.
The top court has decided to hear their pleas next week, Bloomberg reported.
This is the final attempt by the debt-laden operators to negotiate an easier payment schedule with the department of telecommunications and get an extension to the Jan. 23 deadline.
Also Read: What Will It Take To Save Vodafone Idea...
Trading volume in the Vodafone Idea stock was quadruple the 20-day average for this time of the day. Trading volume in the Airtel stock was 59 percent above.
Can Fin Homes Gains Most In Seven Weeks After Q3 Results
Shares of Can Fin Homes Ltd. gained the most since Dec. 5, rising as much as 5.70 percent intraday to Rs 411.50 apiece. The company reported its December quarter results on Monday.
Net profit of Canara Bank's NBFC arm rose 40.6 percent year-on-year to Rs 106.6 crore in the December quarter on the back of net interest income that rose 23.6 percent to Rs 168.1 crore.
The quarterly results came days after Canara Bank called off a plan to sell its entire stake in Can Fin Homes—the second time it did so since 2018. "We hereby inform the stock exchanges that the bank has decided to call off the divestment process of its entire stake in Can Fin Homes Ltd., which was under progress," the lender said in a regulatory filing last Tuesday.
Trading volume in the Can Fin Homes stock was more than 15 times the 20-day average for this time of the day, Bloomberg data showed. Of the shares that were traded, 47 percent were at the ask price and 37 percent were at the bid.
KEI Industries Rises To Highest In Nearly Two Months After Q3 Results
Shares of KEI Industries Ltd. rose as much as 4.18 percent to Rs 539.00 apiece—the highest since Nov. 27, 2019. The company announced its December quarter results on Monday.
Net profit of the cablemaker rose 49.4 percent year-on-year to Rs 72.3 crore in the December quarter on the back of revenue that rose 20.8 percent to Rs 1,314.2 crore, according to the company.
KEI Industries Q3 Results 2019-20: Key Highlights (YoY)
- Revenue rose 20.8 percent to Rs 1,314.2 crore (Estimate: Rs 1306.5 crore)
- Net profit rose 49.4 percent to Rs 72.3 crore (Estimate: Rs 66.5 crore)
- Ebitda rose 18.4 percent to Rs 139.3 crore (Estimate: Rs 134.4 crore)
- Margin stood at 10.6 percent versus 10.8 percent (Estimate: 10.3 percent)
Also Read: KEI Industries Aims To Grow At Over 15% In The Coming Years
Trading volume in the stock was almost six times the 20-day average for this time of the day, Bloomberg data showed. Of the shares that were traded, 43 percent were at the ask price and 44 percent were at the bid, according to the data.
Zee Entertainment Gains Most In Two Weeks Ahead Of Q3 Results
Shares of Zee Entertainment Enterprises Ltd. gained the most since Jan. 9, 2020, rising as much as 3.97 percent to Rs 281.50 apiece. The company is due to report its December quarter results today.
Zee Entertainment Q3 Results 2019-20: Preview (YoY)
- Revenue seen down 2 percent at Rs 2,116 crore
- Ebitda seen down 32 percent at Rs 597 crore
- Net profit seen down 24 percent at Rs 428 crore
- Margins seen at 28 percent vs 39 percent in Q3FY19
Shares of the company are up 3.1 percent in the past five days and fell 2.1 percent in the past 30 days, Bloomberg data showed. The stock has declined 36 percent in the past 52 weeks, according to the data.
Escorts Falls After Rakesh Jhunjhunwala Cuts Stake In Company
Shares of Escorts Ltd. declined the most since Jan. 8, 2020, falling as much as 1.63 percent to Rs 701.50 apiece.
Serial investor Rakesh Jhunjhunwala offloaded 525,000 shares of the tractor maker in the December quarter, Bloomberg reported citing shareholding data of the company on the BSE. His stake in the company stood at 7.73 percent as on Dec. 31 as against 8.16 percent on Sept. 30.
Trading volume in the Escorts stock was 41 percent below the 20-day average for this time of the day, Bloomberg data shows.