Stocks In News Today: Airtel, DHFL, Piramal, RBL Bank, RIL, Raymond, Yes Bank
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks shed opening gains in afternoon trade, but telecom stocks remained the biggest winners.
At 1:21 pm, the S&P BSE Sensex was trading 0.19 percent lower at 40,727.53 points while the NSE Nifty 50 was down 0.24 percent at 12,026.90. Bharti Airtel Ltd. was the top gainer on the Nifty 50 index while Bajaj Finance Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Piramal Enterprises Swings After NBFC Arm Said To Borrow from Barclays
Shares of Piramal Enterprises Ltd. swung between gains and losses to trade 0.97 percent higher at Rs 1,828 apiece.
Billionaire Ajay Piramal’s shadow banking unit has borrowed Rs 11,000 crore from Barclays Plc to refinance part of its existing debt and extend new loans, Bloomberg quoted people familiar with the development as saying in a Dec. 2 report.
Trading volume for the Piramal Enterprises stock was 27 percent below the 20-day average for this time of the day, Bloomberg data shows.
Raymond Brand To Remain With Demerged Lifestyle Firm, Shares Surge
Shares of Raymond Ltd. rose as much as 5.36 percent intraday to Rs 773.10 apiece—the highest since Nov. 14, 2019.
On Monday, Gautam Singhania-controlled firm said ownership of the Raymond brand will remain with the demerged new lifestyle company. The company had earlier announced hiving off the consumer and lifestyle businesses into a separate entity.
Trading volume in the Raymond stock was 9 percent above the 20-day average for this time of day, Bloomberg data shows.
Reliance Shares At All-Time High After Jio Announces Tariff Hike
Shares of Reliance Industries Ltd. rose as much as 4.08 percent intraday to Rs 1,614.45 apiece—the highest since listing on Nov. 7, 1994.
On Sunday, Reliance Jio Infocomm Ltd. said it will launch new prepaid plans from Dec. 6, which will raise its voice and data tariff by up to 40 percent. The Mukesh Ambani-led company said that customers will get up to 300 percent more benefits under the new prepaid plans and it will offer fair usage policy for outgoing calls to rival telecom networks.
Also Read: Telcos Signal Easing Of Price War With New, Costlier Prepaid Plans
Trading volume in the RIL stock was more than double the 20-day average for this time of the day, Bloomberg data shows.
Airtel, Vodafone Idea Surge After Tariff Hikes
Shares of Bharti Airtel Ltd. rose as much as 9.23 percent to Rs 485.60 apiece while those of Vodafone Idea Ltd. gained 28.47 percent to Rs 8.80.
On Sunday, Airtel, Reliance Jio and Vodafone Idea announced new and costlier prepaid plans, signalling an easing of a price war that started after Asia’s richest man entered the sector in 2016. Brokerages cheered the move, as the tariff hikes are expected to boost incumbents’ quarterly revenue by 21 percent, according to BloombergQuint’s calculations.
Airtel is now valued more than Bajaj Finance Ltd., Bloomberg data shows, while Vodafone Idea shares have risen to their highest since July 29.
DHFL Slumps After RBI Files For Insolvency
Shares of Dewan Housing Finance Corporation Ltd. fell as much as 4.82 percent to Rs 19.75 apiece—the lowest since Nov. 28.
On Friday, the Reserve Bank of India said it has filed for insolvency proceedings to be initiated against DHFL at India’s bankruptcy courts. The action, the central bank said, was initiated under powers vested with it through a recent amendment to the Insolvency and Bankruptcy Code.
DHFL shares are down 10 percent in the past five days and rose 7.9 percent in the past 30 days, Bloomberg data shows. The stock has declined 90 percent in the past 52 weeks, according to the data.
NPTC Shares Fall After Plan To List Its Commercial Papers On BSE
Shares of NTPC Ltd. fell the most Nov. 26, 2019, declining as much as 1.07 percent to Rs 115.10 apiece.
On Friday, Bombay Stock Exchange said the state-owned firm has filed an application to list commercial papers on the stock exchange for an issue size of Rs 1,500 crore. After the process, the effective date of listing of such papers at the exchange will be Dec. 2, BSE said in a statement.
NTPC shares are down 2.4 percent in the past five days and fell 5.1 percent in the past 30 days, Bloomberg data shows. The stock has declined 0.5 percent in the past 52 weeks, according to the data.
Reliance Power Falls Despite ICRA Upgrade For Rosa Power Supply
Shares of Reliance Power Ltd. extended their losing streak to a second consecutive trading session, falling as much as 4.11 percent to Rs 3.50 apiece.
Ratings agency ICRA Ltd. has upgraded Reliance Power subsidiary Rosa Power Supply Co. Ltd.’s long-term and short-term ratings to ICRA B+ and ICRA A4, respectively, from ICRA D citing regularisation of debt servicing in the current fiscal by the company, track record of plant operations and adequate coal availability.
The Reliance Power stock has declined 87 percent in the past 52 weeks, Bloomberg data shows.
RBL Bank Shares Fall After Fundraising Plan Is Approved
Shares of RBL Bank Ltd. extended their losing streak to a second consecutive trading session, falling as much as 2.43 percent to Rs 365.05 apiece.
RBL Bank’s board has approved a plan to raise Rs 825 crore through a preferential issue of shares, according to an exchange notification Saturday. The private lender plans to sell 24,238,310 shares aggregating at Rs 340.70 apiece, it said in a statement.
Trading volume in the RBL Bank stock was 16 percent below the 20-day average for this time of the day, Bloomberg data shows.
Yes Bank Swings After $2 Billion Fundraising Plan Is Approved
Shares of Yes Bank Ltd. traded as much as 1.46 percent higher, after falling 7.69% intraday, in the first trading session since it disclosed a $2 billion fundraising plan.
After a 12-hour-long board meeting on Friday, the private lender’s board approved the issue $2 billion worth of equity shares on a preferential basis to a clutch of investors. The board will convene on Dec. 10 to finalise the details of the preferential allotment and thereafter it will hold an extraordinary general meeting to get shareholders’ approval for the fundraising.
Also Read: Yes Bank Fundraising: Who Are The Investors?
Trading volume in the Yes Bank stock was 87 percent above the 20-day average for this time of the day, Bloomberg data shows.