ADVERTISEMENT

Stocks In News Today: Airtel, Coffee Day, Mphasis, PC Jeweller, Yes Bank

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

Employee monitoring securities at the BSE (Photographer: Dhiraj Sing/Bloomberg)
Employee monitoring securities at the BSE (Photographer: Dhiraj Sing/Bloomberg)

Indian equity benchmarks fluctuated between gains and losses in opening trade on Tuesday.

At 10:40 am, the S&P BSE Sensex was trading 0.42 percent lower at 40,391.00 points while the NSE Nifty 50 was down 0.23 percent at 11,909.75. Grasim Industries Ltd. was the top gainer on the Nifty 50 index and Zee Entertainment Enterprises Ltd. the top loser.

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

Warburg, Carlyle Said To Be Interested For Stake In Airtel, Shares Rise

Shares of Bharti Airtel Ltd. extended their winning streak to a second consecutive trading session, rising as much as 1.16 percent to Rs 451.00 apiece.

Private equity players have expressed initial interest to buy stake in Bharti Airtel, CNBC-TV18 tweeted on Tuesday, adding that Warburg Pincus and Carlyle may be among the potential suitors. On Monday, Moneycontrol said the company has picked advisers for a qualified institutional placement.

Also Read: Airtel Raised $10 Billion In Three Years To Fend Off Jio

Trading volume for the Airtel stock was 73 percent below the 20-day average for this time of the day, Bloomberg data shows.

Coffee Day Falls After Sale Of Tech Park To Blackstone Is Said To Stall

Shares of Coffee Day Enterprises Ltd. extended losses for a second straight trading session, falling as much as 4.22 percent intraday to Rs 42.00 apiece.

Coffee Day’s sale of its technology park to Blackstone Group Inc. is stalled as one of its creditors hasn’t approved the deal, Bloomberg reported Monday citing people with the knowledge of the matter.

Private lender Yes Bank Ltd. hasn’t issued the so-called no objection certificate as it’s seeking assurances on repayments of other loans taken by Coffee Day, said the people, asking not to be identified as the information isn’t public. All other creditors have approved the transaction, the people said.

Trading volume for the Coffee Day stock was 89 percent below the 20-day average for this time of the day, Bloomberg data shows.

Insurance Stocks Surge After ET Says FDI In Insurance May Be Raised

Shares of insurance companies gained in today’s trade, led by New India Assurance Company Ltd.’s 8 percent surge.

“The government may raise the overseas investment limit in insurance to 74 percent in the February budget, up from 49 percent now, possibly paving the way for foreign control of companies,” The Economic Times quoted people familiar with the matter as saying.

Stocks In News Today: Airtel, Coffee Day, Mphasis, PC Jeweller, Yes Bank

Mphasis Says DXC Continues To Be A Strategic Partner, Shares Fall

Shares of Mphasis Ltd. declined the most since Dec. 3, 2019, falling as much as 2.60 percent to Rs 854.20 apiece.

Clarifying on an Economic Times report that said analysts have turned cautious on growth from DXC for MPhasis, the IT company in an exchange filing said the $990 million Minimum Revenue Commitment with DXC starting from September 2016 is not a cumulative calculation and works on the basis of annual thresholds that run for the full tenure of the MRC.

Mphasis and DXC continue to be strategic partners, the filing stated.

Mphasis shares are up 1.9 percent in the past five days and fell 1.7 percent in the past 30 days, Bloomberg data shows. The stock has declined 11 percent in the past 52 weeks, according to the data.

PC Jeweller At Record Low On Ratings Downgrade By Crisil

Shares of PC Jeweller Ltd. fell as much as 5.24 percent to Rs 23.50 apiece—the lowest since listing on Dec. 28, 2012.

Ratings agency Crisil Ltd. has downgraded the jewellery amker’s long-term and short-terms ratings to the bank loan facilities of the company to CRISIL D, PC Jeweller said in an exchange filing on Monday. "The downgrade in the rating factors in the instances of devolvement of Letter of Credits and overutilization in working capital limits for more than 30 days.”

Trading volume in the PC Jeweller stock was 59 percent above the 20-day average for this time of the day, Bloomberg data shows.

Yes Bank Falls Ahead Of Board Meeting Today To Consider Fundraising Plan

Shares of Yes Bank Ltd. fell as much as 5.16 percent to Rs 53.35 apiece, the lowest since Oct. 29, 2019.

The private lender’s board will meet today to consider a $2 billion fundraising plan, amid reports that Canadian investor Erwin Singh Braich's offer to put in $1.2 billion may be rejected.

Trading volume in the Yes Bank stock was about the same as the 20-day average for this time of the day, Bloomberg data shows.