Stocks In News: Bharti Airtel, ITC, Navin Fluorine, RIL, Suzlon Energy, Vodafone Idea, Yes Bank

Indian equity benchmarks pared opening losses that were due to Iran’s missile attacks on two U.S. airbases in Iraq.

At 11:32 am, the S&P BSE Sensex was trading 0.69 percent lower at 40,587.83 points while the NSE Nifty 50 was down 0.75 percent at 11,962.15. Tata Consultancy Services Ltd. was the top gainer on the Nifty 50 index while Eicher Motors Ltd. was the top loser.

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

ITC Resumes Decline, Shares At Over Three-Year Low

Shares of ITC Ltd. resumed declines after a one-day breather, falling as much as 0.89 percent to Rs 233.25—the lowest since Dec. 29, 2016.

The shares are down 1.4 percent in the past five days and fell 3.6 percent in the past 30 days, Bloomberg data shows. The stock has declined 17 percent in the past 52 weeks, according to the data.

Navin Fluorine Extends Gains, Shares Surge 6% To Record High

Shares of Navin Fluorine International Ltd. extended gains for the second consecutive trading session, rising as much as 5.9 percent to hit an all-time high at Rs 1,083.80.

The company has commenced commercial production in its cGMP capacity addition at its Madhya Pradesh plant, according to an exchange filing.

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, 50 percent were at the ask price while 27 percent were at the bid.

Suzlon Energy Halts Five-Day Rally, Shares Hit 10% Lower Circuit

Shares of Suzlon Energy Ltd. halted a five-day gaining streak and hit the lower circuit of 10 percent at Rs 3.15 apiece.

The company’s default on loans from financial institutions and banks stood at Rs 7,256 crore as on Dec. 31, according to an exchange filing on Tuesday.

Suzlon Energy shares are up 66 percent in the past five days and rose 43 percent in the past 30 days, Bloomberg data shows. The stock has declined 41 percent in the past 52 weeks, according to the data.

Vodafone Idea Surges, Airtel Pares Losses

Shares of Vodafone Idea Ltd. surged as much as 5 percent intraday while Bharti Airtel Ltd.’s pared losses after Bloomberg reported that the Supreme Court will hear telecom companies’s plea against AGR dues on Thursday.

The companies had on Nov. 22 moved the Supreme Court seeking review of certain directions passed in its judgment favouring the government on recovering adjusted gross revenue of about Rs 92,000 crore from telecom service providers.

The apex court had on Oct. 24 upheld the AGR definition formulated by Department of Telecommunications and termed the nature of objections raised by the telecom service providers as “frivolous”.

RIL Said To Raise $2 Billion In Foreign Debt For Capex, Shares Slump

Shares of Reliance Industries Ltd. fell as much as 0.91 percent to Rs 1,510.65 apiece—the lowest since Jan. 6, 2020.

The Mukesh Ambani-led company is planning to raise as much as $2 billion via overseas syndicated loans to fund routine capital expenditure in telecommunications and petroleum businesses, The Economic Times reported Wednesday, citing multiple people aware of the matter.

RIL plans to launch the formal process to raise funds by mid-February. The money could be raised in one or two tranches. This would be among the largest fundraising efforts by an Indian company in 2019-20.

RIL shares are up 0.5 percent in the past five days and fell 2.4 percent in the past 30 days, Bloomberg data shows. The stock has advanced 37 percent in the past 52 weeks, according to the data.

Yes Bank Rises After Plan To Consider Fundraising Proposals

Shares of Yes Bank Ltd. advanced the most since Dec. 20, 2019, rising as much as 4.77 percent to Rs 47.20 apiece.

The private lender will consider proposals to raise funds via issue of equity shares, depository receipts, convertible bonds, debentures and any other equity-linked securities on Jan. 10, according to an exchange filing on Wednesday.

Trading volume in the stock was 6 percent below the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 48 percent were at the ask price and 50 percent were at the bid.