Stocks Radar: Airtel, Indiabulls Housing Finance, Lakshmi Vilas Bank, Reliance, Torrent Pharma
Here are the stocks in news moving the markets today.
Indian equity benchmarks resumed declines on Thursday, after a day of gains.
At 11:02 am, the S&P BSE Sensex was trading 0.25 percent lower at 38,082.71 points while the NSE Nifty 50 declined 0.28 percent percent to 11,281.50. Bharti Airtel Ltd. was the top gainer on the Nifty 50 index while Yes Bank Ltd. was the top loser.
The market breadth was tilted in favour of sellers. About 911 stocks declined and 728 shares advanced on National Stock Exchange. Ten of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank’s 2.22 percent fall. On the flipside, NSE Nifty IT was the only gainer, up 0.16 percent.
Here are the stocks in news moving the market today:
Airtel Surges After Raising $750 Million From Global Investors
Shares of Bharti Airtel Ltd. advanced as much as 7.12 percent—the steepest intraday gain since Sep. 30—to Rs 385.00 apiece.
On Wednesday, Airtel said it has raised $750 million (about Rs 5,330 crore) from investors based in Asia, Europe and the U.S. through a hybrid financial instrument. "Wholly-owned subsidiary Network i2i Limited has priced offering of $750 million 5.650 percent subordinated perpetual securities," Bharti Airtel said in a statement.
The Airtel Stock has advanced 40 percent in the past year, Bloomberg data shows.
Bank of Maharashtra Slumps After RBI Rejects Proposal To Cut Losses
Shares of Bank Of Maharashtra declined the most since Sept. 30, falling as much as 4.17 percent intraday to Rs 10.35 apiece.
On Wednesday, the public sector bank said that the Reserve Bank of India has denied permission to settle accumulated losses of Rs 7,360 crore against the balance lying in its share premium account and revenue reserve account.
The trading volume for the Bank of Maharashtra stock was more than triple the 20-day average for this time of the day, Bloomberg data shows.
Indiabulls Housing, Lakshmi Vilas Fall After RBI Rejects Merger Plan
Indiabulls Housing Finance Ltd. fell to its lowest since Sept. 30 and The Lakshmi Vilas Bank Ltd. extended its losing streak to eight days after the Reserve Bank of India rejected their proposal for a merger.
“...RBI vide their letter dated October 09, 2019, informed that the application for voluntary amalgamation of lndiabulls Housing Finance Limited and lndiabulls Commercial Credit Limited with The Lakshmi Vilas Bank Limited...cannot be approved.”
Trading volume for the Indiabulls Housing Finance stock was more than triple the 20-day average for this time of the day, but 93 percent lower for the Lakshmi Vilas Bank stock, Bloomberg data shows.
Reliance Jio's IUC Tariff Boosts RIL Stock
Shares of Reliance Industries Ltd. clocked their best intraday gain since Sept. 24, rising as much as 3.11 percent to Rs 41.25 apiece.
Reliance Jio Infocomm Ltd. will now start charging customers for voice calls to recover interconnection usage charges, going back on its promise to keep voice calls free on its network.
On Wednesday, the Mukesh Ambani-controlled telecom firm said that it will charge customers 6 paise per minute for voice calls made to other phone networks. Users, however, will be compensated with free data of similar value.
The trading volume for the RIL stock was more than triple the 20-day average for this time of the day, Bloomberg data shows.
Torrent Pharma Slumps After Warning Letter From U.S. FDA
Shares of Torrent Pharmaceuticals Ltd. fell as much as 6.67 percent, the steepest intraday decline since May 21, to Rs 1,555.00 apiece.
Torrent Pharma has received a warning letter from the U.S. FDA for its Indrad, Gujarat facility, barring fresh approvals from its largest unit that contributes bulk of its sales in the American market.
The warning letter follows the August “official action indicated” by the U.S. Food and Drug Administration, according to the drugmaker’s exchange filing. The status pointed to potential regulatory and administrative action.
The trading volume for the Torrent Pharma stock was more than 15 times the 20-day average for this time of the day, Bloomberg data shows.