Stocks In News Today: Equitas, Godrej Properties, Infosys, L&T Infotech, Tech Mahindra
Indian equity benchmarks sustained their opening gains led by a rally in metal stocks.
At 11:50 am, the S&P BSE Sensex was trading 0.37 percent higher at 40,563.64 points while the NSE Nifty 50 was up 0.44 percent at 11,962.70. Yes Bank Ltd. was the top gainer on the Nifty 50 index while Infosys Ltd. was the top loser.
The market breadth was tilted in favour of buyers. About 992 stocks advanced and 619 shares declined on the National Stock Exchange.
Ten out of 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty Metal Index’s 1.61 percent gain. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 0.27 percent.
Here’s a look at the stocks in news moving the markets today:
Airtel Clarifies On Reports Of Its Merger With Dish TV, Shares Fall
Shares of Bharti Airtel Ltd. fell as much as 1.20 percent to Rs 437.45 apiece while those of Dish TV India Ltd. declined 1.12 percent intraday to Rs 13.20 apiece after the firms issued clarifications on a Business Standard report that said they are set to merge.
“The company, as a matter of policy, does not wish to comment on the present speculative news item and will make necessary disclosures at an appropriate time,” Airtel said in an exchange filing on Wednesday.
Dish TV said “the company is not aware of the alleged transaction mentioned in the above mentioned report.”
BPCL Rises After Ratings Revision On Account Of Privatisation Plans
Shares of Bharat Petroleum Corporation Ltd. rose as much as 2.14 percent intraday to Rs 493.00 apiece after credit rating agencies revised their outlook for the oil refiner on account of its impending privatisation.
Moody’s Investors Service has changed its BPCL outlook from Baa2 (Stable) to Baa2 (Negative) in respect of senior unsecured debts-foreign currency. The new rating has been put on “Review for Downgrade” considering the government’s plan for BPCL privatisation.
Crisil Ltd. has placed long-term rating of AAA (Stable) with respect to non-convertible debentures and bank facilities on "Rating Watch with Developing Implications", considering the disinvestment plan.
CARE Ratings Ltd. has placed long-term rating of AAA (Stable) with respect to non-convertible debentures on "Rating Watch with Developing Implications" considering the disinvestment plan.
Further, Fitch Ratings Inc. also continues to monitor developments with regard to the government’s stake sale in the state-run refiner, along with transfer of management control to strategic partner.
BPCL shares have advanced 49 percent in the past 52 weeks, Bloomberg data shows.
Equitas Falls After Allotting Shares Of Small Finance Bank To Investors
Shares of Equitas Holdings Ltd. extended their losing streak to a fourth day, falling as much as 5.79 percent to Rs 100.10 apiece—the lowest since Nov. 29.
The microfinance firm has allotted 47.50 million shares of Equitas Small Finance Bank to investors, a day after the lender announced a fundraising plan to garner up to Rs 2,500 crore via private placement of shares.
Trading volume in the Equitas Holdings stock was 61 percent above the 20-day average for this time of the day, Bloomberg data shows.
Godrej Properties Gains After Adding Four Residential Projects To Portfolio
Shares of Godrej Properties Ltd. rose as much as 3.53 percent to Rs 934.00 apiece—the highest since Nov. 14, 2019.
The real estate developer has four new residential projects to its portfolio, including three in the Mumbai Metropolitan Region and one in North Bengaluru, according to an exchange filing Thursday. These new projects will add approximately 1.18 million square metres to its development portfolio.
Godrej Properties’ shares are up 3.3 percent in the past five days and fell 2.2 percent in the past 30 days, Bloomberg data shows. The stock has advanced 40 percent in the past 52 weeks, according to the data.
Infosys Shares Falls The Most Since Nov. 22
Shares of Infosys Ltd. declined the most since Nov. 22, 2019, falling as much as 2.60 percent intraday to Rs 702.30 apiece.
Brokerage Bank of America Merill Lynch has raised the recommendation on Infosys’ american depository receipts, or ADRs, to buy from neutral, Bloomberg reported. The target price was set at $11.70—am 18 percent increase from last price and higher than the average target price of $10.95.
Analysts have decreased their consensus one-year target price for the stock by 3 percent in the past three months. Targets range from $8.50 to $12.90. Infosys ADRs had 2 buys, 13 holds, 0 sells previously.
Infosys shares have advanced 4.1 percent in the past 52 weeks, Bloomberg data shows.
L&T Infotech Wins Hoist Finance Contract, Shares Rise
Shares of Larsen & Toubro Infotech Ltd. gained the most since Dec. 4, rising as much as 1.88 percent to Rs 1,665.25 apiece.
The software services arm of L&T has won a multiyear contract from Hoist Finance AB to manage the Swedish financial company’s IT operations, according to an exchange filing on Thursday. L&T Infotech will leverage its operate to transform approach to enhance stability, security and efficiency of Hoist's IT environment.
L&T Infotech shares have advanced 1.1 percent in the past 52 weeks, Bloomberg data shows.
Prakash Industries Rises After Winning A Coal Mine In Chhattisgarh
Shares of Prakash Industries Ltd. gained the most since Dec. 5, rising as much as 5.42 percent intraday to Rs 43.80 apiece.
The company has emerged as the highest bidder for the Bhaskarpara coal mine in Chhattisgarh, which was auctioned by the coal ministry recently, according to an exchange filing on Wednesday. Availability of coal from this mine will substantially enhance the operating margins of the company, the filing read.
Trading volume in the Prakash Industries stock was more than quadruple the 20-day average for this time of the day, Bloomberg data shows.
Sintex Industries Slumps After Defaults
Shares of Sintex Industries Ltd. declined the most since Nov. 7, falling as much as 3.33 percent to Rs 1.45 apiece.
The maker of water tanks has failed to pay Rs 3 crore interest on a bond, Bloomberg reported on Thursday. Sintex Prefab too has defaulted on interest payments worthRs 58 lakh.
Sintex shares are down 6.5 percent in the past five days and rose 107 percent in the past 30 days, Bloomberg data shows. The stock has declined 87 percent in the past 52 weeks, according to the data.
Tech Mahindra Bags Pimpri-Chinchwad Smart City Project, Shares Rise
Shares of Tech Mahindra Ltd. rose as much as 1.06 percent to Rs 766.00 apiece—the highest since Dec. 6, 2019.
The software services arm of Mahindra Group has won a Rs 500-crore contract from Pimpri Chinchwad Municipal Corporation to develop the area in the outskirts of Pune as a smart city. The project will be executed in a period of one year implementation and the operations and maintenance for five years.
Tech Mahindra shares have advanced 7.8 percent in the past 52 weeks, Bloomberg data shows.