Stocks In News: Dishman Carbogen, Edelweiss, Jet Airways, Rallis India, Yes Bank
Sensex and Nifty rose over 900 points higher today after exit polls indicated the NDA getting another term. (Photographer: Dhiraj Singh/Bloomberg) 

Stocks In News: Dishman Carbogen, Edelweiss, Jet Airways, Rallis India, Yes Bank

Indian stocks fluctuated between gains and losses in the opening trade, amid telecom firms making all the news.

At 11:20 am, the S&P BSE Sensex was trading 0.12 percent higher at 41,984.92 points while the NSE Nifty 50 was up 0.06 percent at 12,362.95 points. Bharti Airtel Ltd. was the top gainer on the Nifty 50 index while Bharti Infratel Ltd. was the top loser.

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

Dishman Carbogen Falls Most In Two Weeks After Buyback Is Approved

Shares of Dishman Carbogen Amcis Ltd. declined the most since Jan. 3, 2020, falling as much as 10 percent to Rs 84.25 apiece.

The company’s board approved share buyback of up to 48 lakh shares, equivalent to 2.97 percent equity, at Rs 150 apiece aggregating to Rs 72 crore. The buyback price is at a premium of 69 percent to closing prices as on Jan. 16.

Post the share buyback, promoters' stake in the company is expected to increase to 63.28 percent from 61.4 percent, while public shareholding will fall to 36.72 percent from 38.6 percent, at present.

Trading volume in the Dishman Carbogen stock was nine percent above the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 54 percent were at the ask price and 34 percent were at the bid, according to the data.

Rallis India Gains Most In Nearly Five Years On Growth Plans

Shares of Rallis India Ltd. gained the most since Mar. 3, 2013, rising as much as 14.97 percent to Rs 222.00 apiece. The company declared its December quarter results on Thursday.

Net profit of the Tata Chemicals subsidiary rose 2.7 times year-on-year to Rs 38.1 crore on the back of revenue that rose 27.8 percent to Rs 533.6 crore.

Rallis India Q3 Results 2019-20: Key Highlights (YoY)

  • Revenue rose 27.8 percent to Rs 533.6 crore.
  • Net profit rose 2.7 times to Rs 38.1 crore.
  • Ebitda rose 2 times to Rs 55.8 crore.
  • Margin was at 10.5 percent versus 6.6 percent.

Trading volume in the stock was 40 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 43 percent were at the ask price and 41 percent were at the bid, according to the data.

Yes Bank Falls After Moody’s Puts Rating Under Review

Shares of Yes Bank Ltd. fell as much as 7.38 percent to Rs 37.00 apiece after Moody’s Investor Services put the private lender’s ratings under review.

In a statement, Moody’s said Yes Bank’s standalone viability is increasingly challenged by delays in raising new capital.

“The potential credit risk to the bank’s senior creditors is uncertain, because there are a number of diverse scenarios that could affect the rating in either positive or negative
directions,” the statement said. The credit ratings agency has downgraded the lender’s baseline credit assessment and adjusted BCA to caa2 from b3.

Also Read: India Must End Yes Bank’s Theater of the Absurd

Trading volume in the Yes Bank stock was 8 percent above the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 56 percent were at the ask price and 41 percent were at the bid.

Edelweiss Gains Most In Nearly A Week After Bunched Trade

Shares of Edelweiss Financial Services Ltd. gained the most since Jan. 13, rising as much as 3.87 percent to Rs 107.25 apiece.

This after 2.5 million shares of the company changed hands in a bunched trade on the NSE, Bloomberg reported. Buyers and sellers were not immediately known.

On Wednesday, the company's chairman Rashesh Shah appeared before Enforcement Directorate officials for questioning with regard to a case of Foreign Exchange Management Act violation.

Trading volume in the Edelweiss stock was 56 percent above the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 52 percent were at the ask price and 42 percent were at the bid, according to the data.

Jet Airways To Sell Dutch Business, Shares Fall To Lowest In A Week

Shares of Jet Airways (India) Ltd. fell as much as 4.90 percent to Rs 44.65 apiece—the lowest since Jan. 10, 2020.

The bankrupt airline plans to sell its Netherlands business to KLM Royal Dutch Airlines, according to a regulatory filing on Friday. The domestic full-service carrier, which shuttered operations last April, is undergoing insolvency resolution process.

The insolvency resolution professional managing the affairs of Jet Airways said various options are being explored for the "company's resolution and maximising the value for its stakeholders".

Also Read: Jet Airways Gets EoIs From Synergy Group, Prudent ARC

Jet Airways shares are up 4.4 percent in the past five days and rose 114 percent in the past 30 days, Bloomberg data shows. The stock has declined 84 percent in the past 52 weeks, according to the data.

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