Stocks In News: Indiabulls Stocks, M&M, Midhani, RIL, Yes Bank, Zensar Tech
India’s benchmark equity index rebounded after completing its worst February since 2016 as investors viewed the six-session decline as overdone.
The S&P BSE Sensex advanced 1.42 percent, as of 10:42 am in Mumbai, while the NSE Nifty 50 index also climbed 1.36 percent. ICICI Bank Ltd. was the top gainer on the Nifty 50 index while Bajaj Auto Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Midhani Shares Resume Gains To Hit Record High
Shares of Mishra Dhatu Nigam Ltd., or Midhani, resumed gains after a one-day blip—rising as much as 12.4 percent to hit an all-time high at Rs 278.80 apiece.
The stock’s Relative Strength Index was above 70, indicating it may be overbought, according to Bloomberg data. The scrip has advanced 114 percent in the past 12 months compared to a 6.2 percent gain in the Sensex.
Zensar Technologies' Shares At Near Five-Year Low
Shares of Zensar Technologies Ltd. fell for the second consecutive trading session. The stock fell as much as 2.4 percent to Rs 133.35, the lowest since July 2015.
Trading volume in the stock was almost five times the 20-day average, according to Bloomberg data. The Relative Strength Index was below 30, indicating that the stock may be overbought.
Yes Bank Rises After RBI Said To Ready A Rescue Plan If Fundraising Fails
Shares of Yes Bank Ltd. rose as much as 2.75 percent to Rs 35.55 apiece on reports that the Reserve Bank of India and the government may rescue the private sector lender if its $2 billion fundraising plan fails.
The government and RBI are considering all options, including an interim bailout of Yes Bank, in case a proposed $2 billion capital infusion into the private lender gets further delayed, the Mint newspaper reported on Mar. 2, 2020, citing two people aware of the development.
The possible intervention could include a sale of pooled assets to public sector banks or, as a last resort, sale of a small stake to a state-run bank to pave the way for further capital raising, the people said on condition of anonymity.
RIL Shares Gain After Stake Purchase In Alok Industries
Shares of Reliance Industries Ltd. gained the most since Feb. 4, 2020, rising as much as 3.04 percent Rs 1,369.00 apiece.
The Mukesh Ambani-controlled company has acquired 37.7 percent stake in textile maker Alok Industries for Rs 250 crore, Press Trust of India reported on Feb. 29, 2020. RIL had with JM Financial jointly bid for Alok Industries under the Insolvency and Bankruptcy Code. The Ahmedabad bench of the National Company Law Tribunal had last year approved their offer.
Trading volume in the RIL stock was 69 percent above the 20-day average for this time of the day with one-month implied volatility of 33 percent, Bloomberg data shows.
M&M Swings After Reporting February Auto Sales Data
Shares of Mahindra and Mahindra Ltd. fell to a six-year low in early morning trade, but pared all of the losses to trade 2.40 percent higher at Rs 468.00 apiece.
The company’s passenger vehicle sales nearly halved in February 2020 over the year-ago period as supply-chain disruptions due to the Coronavirus outbreak in China hit production. Domestic tractor sales, however, rose but exports fell.
Trading volume in the Mahindra and Mahindra stock was almost five times the 20-day average for this time of the day with one-month implied volatility at 42 percent, Bloomberg data shows.