Stocks In News Today: Alkem, Adani Green Energy, Care Ratings, IRCTC, Sterling & Wilson Solar
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks began 2020 on a positive note, led by the gains in Reliance Industries Ltd. and Infosys Ltd.
At 12:30 pm, the S&P BSE Sensex was trading 0.08 percent higher at 41,286.46 points while the NSE Nifty 50 was up 0.07 percent at 12,176.60. Adani Ports and Special Economic Zone Ltd. was the top gainer on the Nifty 50 index while Titan Co. Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
Adani Green Energy At All-Time High, Trading Volume Triples
Shares of Adani Green Energy Ltd. extended their gaining streak to a third consecutive trading session, rising as much as 4.99 percent to Rs 174.75 apiece—the highest since listing on June 19, 2018.
Adani Renewable Energy, the company's stepdown subsidiary, has commissioned its 75 MW wind power project—a power purchase agreement with Maharashtra State Electricity Distribution Co. Ltd.—at Rs 2.85 per unit for a period of 25 years, according to an exchange filing on Tuesday.
Commercial sale of power from the project to the state utility is commenced today.
Trading volume in the stock was more than triple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 50 percent were at the ask price and 21 percent were at the bid.
IRCTC Rises After Hike In Train Ticket Prices
Shares of Indian Railway Catering and Tourism Corp. Ltd. extended gains for a fourth consecutive trading session, rising as much as 1.99 percent to Rs 952 apiece.
A passenger fare hike, announced by the Indian Railways on the last day of the previous year, came into effect today.
While suburban fares remain unchanged, ordinary air-conditioned, non-suburban fares have been hiked by 1 paisa per km of journey. The railways also announced a 2 paise per km hike in fares of mail and express non-AC trains and 4 paise per km hike in the fares of AC classes.
Trading volume in the IRCTC stock was 27 percent below the 20-day average for this time of the day, Bloomberg data shows.
Sterling & Wilson Solar Rises On Promoters’ Repayment
Shares of Sterling & Wilson Solar Ltd. extended their gaining streak to a fourth straight trading session, rising as much as 5 percent to Rs 339.45 apiece—the highest since Nov. 27, 2019.
The company's promoters have enabled repayment of Rs 1,000 crore from the date of listing of shares till Dec. 31, 2019, according to an exchange filing on Tuesday.
The outstanding loan of Rs 2,563 crore due from Sterling and Wilson Pvt. Ltd. and Sterling and Wilson International FZE as on the date of listing stands reduced to Rs 1,644 crore.
Trading volume in the stock was more than six times the 20-day average for this time of the day, Bloomberg data shows.
Alkem Labs Surges After Acquiring Certain Assets Of U.S.-Based AbbVie
Shares of Alkem Laboratories Ltd. gained the most since Nov. 13, 2019, rising as much as 4.28 percent to Rs 2,100.00 apiece.
The Mumbai-based drugmaker has entered into an asset purchase agreement with AbbVie Inc. of the U.S for the acquisition of certain assets related to Dronabinol, for over $10 million (approximately Rs 71 crore).
Dronabinol is a man-made form of cannabis. It is used to treat loss of appetite that causes weight loss in people with AIDS.
Trading volume in the Alkem stock was almost quadruple the 20-day average for this time of the day, Bloomberg data shows.
Care Ratings Rises To Highest In Five Months, Trading Volume Surges
Shares of Care Ratings Ltd. extended their winning streak to a seventh straight trading session, rising as much as 13.78 percent to Rs 727.00 apiece—the highest since Aug. 1, 2019.
The Securities and Exchange Board of India has imposed a penalty of Rs 25 lakh on one of Care Ratings' customers and customer subsidiaries under Section 15HB of the SEBI Act, 1992. The ratings agency is reviewing SEBI's adjudication order against said company and considering the appropriate course of action.
Trading volume in the Care Ratings strock was more than 30 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 44 percent were at the ask price and 33 percent were at the bid.