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Stocks In News: Den Networks, DHFL, Hathway, Huhtamaki, JSW Energy, Network18, RIL

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

Pedestrians walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
Pedestrians walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

India’s equity benchmarks declined as regional markets remained subdued, with disruptions from the coronavirus outbreak clouding the outlook for an economy already facing its weakest expansion in 11 years.

The S&P BSE Sensex Index dropped 0.79 percent to 40,729.95 points as of 910:53 am in Mumbai, set for its longest losing streak in more than four months. The NSE Nifty 50 Index retreated 0.86 percent to 11,942.15. Zee Entertainment Enterprises 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.

Huhtamaki Tops BSE Industrials Index As Q3 Profit More Than Trebles

Shares of Huhtamaki PPL Ltd. gained the most since May 15, 2019, rising as much as 12.98 percent to Rs 282 apiece. The company announced its December quarter results on Monday.

Net profit of the maker of packaging products rose 3.8 times year-on-year to Rs 68.2 crore in the fourth quarter of 2019, on the back of revenue that increased 9.8 percent to Rs 673.2 crore, the company quarterly results showed.

Huhtamaki follows the January-December fiscal year.

Huhtamaki December Quarter Results: Key Highlights (YoY)

  • Revenue rose 9.8 percent to Rs 673.2 crore
  • Net profit rose 3.8 times to Rs 68.2 crore
  • Ebitda rose 1.7 percent to Rs 66.8 crore
  • Margin stood at 9.9 percent versus 10.7 percent
  • Margins impacted due to higher raw material costs
  • Tax writeback of Rs 32 crore aided profit numbers

The trading volume in the stock was almost 200 times the 20-day average for this time of the day, Bloomberg data showed. Of the shares that were traded, 36 percent were at the ask price and 42 percent were at the bid, according to the data.

DHFL Shares Gains After Receiving Interest From 24 Bidders

Shares of Dewan Housing Finance Corporation Ltd. gained the most since Feb, 14, 2020, rising as much as 4.59 percent to Rs 10.25 apiece.

Lenders to DHFL have received expressions of interest from 24 bidders under the insolvency process, two people in the know told BloombergQuint on the condition of anonymity. The deadline for submitting EoIs ended at midnight on Monday.

Trading volume in the DHFL stock was 59 percent above the 20-day average for this time of the day, with a one-month implied volatility of 186 percent, Bloomberg data shows.

JSW Energy To Buy GMR’s Odisha Plant, Shares Rise Most Since Nov. 2019

Shares of JSW Energy Ltd. gained the most since Nov. 4, 2019, rising as much as 8.31 percent to Rs 68.40 apiece.

On Monday, The billionaire Sajjan Jindal-led company said it will buy GMR Energy Ltd.'s 1,050 MW thermal power plant in Odisha for Rs 5,321 crore.

JSW Energy signed a share purchase agreement to acquire 100 percent of GMR Kamalanga Energy Ltd, which owns and operates a 1,050 MW thermal power plant in Odisha, for Rs 5,321 crore (subject to working capital and other adjustments), the company said in a statement.

"Post-acquisition, the total installed power generation capacity of the company will increase to 5,609 MW," it said.

Trading volume in the JSW Energy stock was 30 times the 20-day average for this time of the day, with a one-month implied volatility of 88 percent, Bloomberg data shows,

Hathway, TV18, Den Networks Surge After RIL Consolidates Media Business

Shares of Hathway Cable & Datacom Ltd., TV18 Broadcast Ltd. and Den Networks Ltd. surged after Reliance Industries Ltd. unveiled a plan to consolidate its media business under Network18 Media & Investment Ltd. Network18 rose as well, by as much as 4.87 percent, but the RIL stock fell 1.16 percent.

According to RIL’s consolidation plan, shareholders will get:

  • 92 shares of Network18 for every 100 shares held in TV18
  • 78 shares of Network18 for every 100 shares held in Hathway
  • 191 shares of Network18 for every 100 shares of Den Networks

Also Read: RIL To Merge TV18, Hathway And Den Networks With Network18

Reliance’s holding in Network18 will reduce to around 64 percent from 75 percent once the merger, subject to approvals, is completed.