Stocks In News Today: Airtel, Fortis, ICICI Bank, Indian Oil, Vodafone Idea
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks are trading 200 points higher with public sector banks led the gains following Supreme Court’s verdict in the Essar Steel case.
At 1:10 pm, the S&P BSE Sensex was trading 0.54 percent higher at 40,498.08 points while the NSE Nifty 50 rose 0.52 percent to 11,934.00. Bharti Airtel Ltd. was the top gainer on the Nifty 50 index while Indian Oil Corporation Ltd. was the top loser.
Here’s a look at the stocks in news today that are moving the markets.
Airtel Surges Most In 15 Weeks After Record Loss
Shares of Bharti AIrtel Ltd. rose as much as 9.13 percent, the most since Aug. 2, 2019, to Rs 395.60 apiece—a day after it posted a record quarterly loss in the September quarter of the ongoing financial year.
Airtel’s net loss widened to Rs 23,045 crore as India's second largest telecom operator provided Rs 28,450 crore for settling AGR dues with the government. This came on the back of revenue that rose 1.89 percent sequentially to Rs 21,131 crore.
Also Read: How Airtel, Vodafone Idea Can Pay Rs 60,000 Crore To Government
The trading volume for the Airtel stock was six times the 20-day average for this time of the day, Bloomberg data shows.
Cipla Falls Most In A Month On U.S. FDA Observations
Shares of Cipla Ltd. fell 3.54 percent intraday, the most since Oct. 11, to Rs 435.40 apiece, after U.S. FDA observations for its Patalganga plant in Maharashtra.
The U.S. Food and Drug Administration has issued four observations from routine Current Good Manufacturing Practice inspection for the formulation and active pharmaceutical ingredient units at Patalganga. Cipla said that the U.S. FDA observations were neither of repeat nature nor related to data integrity.
Cipla shares are down 7.2 percent in the past five days and fell 1.9 percent in the past 30 days, Bloomberg data shows. The stock has declined 13 percent in the past 52 weeks.
Fortis Healthcare Shares Plunge After Takeover By IHH Is Halted
Shares of Fortis Healthcare Ltd. fell as much as 17.41 percent, the most since Feb. 16, 2018, to Rs 129.00 apiece.
The Supreme Court has refused to lift the block on completion of Fortis’ takeover by Malaysian operator IHH Healthcare Bhd. The apex court found the Singh brothers—Malvinder Singh and Shivinder Singh—guilty of contempt of court and said it could start similar proceedings against Fortis, according to a judgment Friday.
Trading volume in the Fortis Healthcare stock was 20 times the 20-day average for this time of the day, Bloomberg data shows.
Indian Oil Slumps On Report Of Govt's Stake Sale Plan
Shares of Indian Oil Corporation Ltd. fell as much as 3.18 percent, the most since Nov. 4, to Rs 132.50 apiece. The stock was the worst performer on the Nifty 50 index.
India is planning to reduce its stake in Indian Oil to below 51 percent while ensuring the government and its companies retain control of the nation’s largest oil refiner, Bloomberg quoted people with knowledge of the matter as saying in a Nov. 14 report.
The stock has declined 9.3 percent in the past 52 weeks, Bloomberg data shows.
ICICI Bank, IDBI Bank Surge After Supreme Court’s Essar Steel Verdict
Shares of ICICI Bank Ltd. rose as much as 2.22 percent to Rs 509.70 apiece—the highest since listing on Sept. 25, 1999. Shares of IDBI Bank Ltd. rose 8.32 percent intraday to Rs 34.50 apiece.
On Friday, the Supreme Court allowed ArcelorMittal to make the payment for Essar Steel's acquisition and set aside NCLAT's order that had given secured and unsecured creditors equal right over the sale proceeds.
ICICI Bank and IDBI Bank are secured lenders to Essar Steel. (read more)
IDBI Bank shares have declined 45 percent in the past 52 weeks, while those of ICICI Bank advanced36 percent over the same time period, Bloomberg data shows.
Glenmark Pharma Jumps Most In 13 Years After Q2 Results
Shares of Glenmark Pharmaceuticals Ltd. rose 7.94 percent intraday, the most since Aug. 25, 2015, to Rs 304.45 apiece—a day after reporting its second-quarter earnings.
The drugmaker’s net profit fell 38.3 percent year-on-year to Rs 255.5 crore in the September quarter on the back of revenue that rose 9.1 percent to Rs 2,815 crore.
- Glenmark Q2 Results 2019-20: Key Highlights (Year-on-Year)
- Revenue rose 9.1 percent to Rs 2,815 crore
- Net profit fell 38.3 percent to Rs 255.5 crore
- Ebitda rose 2.3 percent to Rs 450.3 crore
- Margin at 16 percent versus 17 percent
- Exceptional Loss of Rs 167.2 crore in base quarter
- Employee expenses rose 13 percent at Rs 686.6 crore
- Other Income fell 42 percent to Rs 80.8 crore.
Trading volume for the Glenmark Pharma stock was more than 13 times the 20-day average for this time of the day, Bloomberg data shows.
PSU Banks Rally, Central Bank of India Top Gainer
The NSE Nifty PSU Bank Index rose nearly 4 percent, led by the rally in shares of Central Bank of India, Bank of India and State Bank of India.
SBI To Sell 4% Stake In SBI Caps Via IPO, Shares Surge
Shares of State Bank of India rose as much as 4.38 percent, the most since Oct. 31, to Rs 319.40 apiece.
India’s largest bank has given final approval to sell up to 37.29 million shares in SBI Cards through an offer-for-sale in an initial public offering, according to a stock exchange filing. SBI had in August said it plans to sell stake in its SBI Cards via an IPO.
SBI shares are down 0.4 percent in the past five days and rose 23 percent in the past 30 days, Bloomberg data shows. The stock has advanced 7.9 percent in the past 52 weeks.
Vodafone Idea Fluctuates After Posting Biggest Loss In India Inc.’s History
Shares of Vodafone Idea Ltd. fluctuated wildly between gains and losses a day after posting the biggest quarterly loss in India’s corporate history. The stock fell 18 percent at the open and then rose as much as 10 percent to trade at Rs 3.25 apiece.
Net loss widened to Rs 50,922 crore as India's largest telecom firm by subscriber base provided for Rs 25,678 crore in AGR dues. That came on the back of revenue that fell 3.8 percent on a sequential basis to Rs 10,844 crore.
Also Read: Vodafone India Unit Pleads for Relief After $7 Billion Loss
Trading volume for the Vodafone Idea stock was more than triple the 20-day average for this time of the day, Bloomberg data shows.
