Stocks In News: Asian Paints, Allcargo, Gati, GMR Infra, IndiGo, Jet Airways, Yes Bank
Here’s a look at the stocks in news moving the markets today.
S&P BSE Sensex crossed the 42,000-points mark for the first time on Friday while NSE Nifty 50 closed in on 12,400 points.
At 11:25 am, however, Sensex was trading 0.07 percent lower at 41,843.49 points while the Nfity 50 was down 0.14 percent at 12,326.55 points. Eicher Motors Ltd. was the top gainer on the Nifty 50 index and Coal India Ltd., the top loser.
Here’s a look at the stocks in news moving the markets today.
GMR Infra Rises Most In A Week After Reworking Airport Stake Sale Plan
Shares of GMR Infrastructure Ltd. gained the most since Jan. 8, 2020, rising as much as 4.38 percent to Rs 25.00 apiece.
The company has decided to increase the quantum of stake sale in GMR Airports Ltd. from 44.44 percent previously agreed, according to a statement on the exchanges. GMR Infra plans to sell the stake to a consortium of Tata Group, a unit of Singapore’s sovereign wealth fund GIC Pte Ltd. and SSG Capital Management in one or more tranches. “This is another step in our endeavour to deleverage,” the company said.
Trading volume in the GMR Infra stock was almost five times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 48 percent were at the ask price and 49 percent were at the bid, according to the data.
IndiGo, SpiceJet Rise, Jet Airways Tanks Due To Multiple News Triggers
Shares of InterGlobe Aviation Ltd., the operator of IndiGo airlines, rose as much as 4.6 percent to Rs 1,509.70 apiece—the highest since Nov. 15, 2019.
While announcing Qatar Airways PJSC's full-year earnings in Kuwait on Wednesday, Chief Executive Officer Akbar Al Baker said the Gulf carrier continues to be in talks to invest in IndiGo.
The Doha-based carrier is ready to buy as much as IndiGo “can give us,” Al Baker said.
Also Read: Have No Interest In Air India, Only IndiGo, Qatar Airways CEO Says
Qatar Airways forged a code sharing partnership with IndiGo and has asked authorities to temporarily allow it to add more seats on higher-volume routes to fill the gap left by Jet Airways (India) Ltd., a partner of rival Etihad Airways PJSC, which went bust in April.
Talking of Jet Airways, two investors—South American Synergy Group and New Delhi-based Prudent ARC—have submitted bids to purchase the grounded airline, BloombergQuint reported on Jan. 15, citing two people privy to the development.
SpiceJet, India’s only other listed aviation company, too was in the news. The Ajay Singh-led budget carrier plans to introduce four new domestic flights, Bloomberg reported on Wednesday.
SpiceJet shares rose as much as 1.44 percent to Rs 105.95 apiece while those of Jet Airways fell 4.96 percent intraday to Rs 46.95.
Asian Paints Faces Anti-Trust Probe For Blocking JSW Paints, Shares Swing
Shares of Asian Paints Ltd. fluctuated between gains and losses after the Competition Commission of India ordered a probe against it for allegedly hindering the entry of JSW Paints into the decorative paints market.
JSW Paints told CCI that Asian Paints threatened various dealers in Karnataka, Tamil Nadu and Telangana against dealing with JSW Paints.
Responding to the anti-trust probe, Asian Paints said it is examining the CCI order and will take appropriate legal recourse, and assured full cooperation to the investigation.
Trading volume in the stock was almost the same as the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 42 percent were at the ask price and 43 percent were at the bid, according to the data.
Allcargo Falls, Gati Surges After Their Deal Is Said To Face SEBI Scrutiny
Shares of Allcargo Logistics Ltd. fell as much as 0.24 percent to Rs 105.90 apiece while those of Gati Ltd. gained 4.67 percent to Rs 71.70.
Securities and Exchange Board of India, or SEBI, has sought clarifications on Allcargo's proposed acquisition of Gati, amid a court dispute over ownership of the shares within Gati’s promoter family, Mint reported on Jan. 16, citing two unnamed people with direct knowledge of the matter.
On Jan. 9, Press Trust of India reported that 87 percent of Gati shareholders voted for the company's sale to Allcargo. Bloomberg was the first to report on a likely Allcargo-Gati merger in September 2019.
Yes Bank Gains After Invoking Pledged Shares of Sical Logistics
Shares of Yes Bank Ltd. gained for the second straight trading session, rising as much as 2.89 percent to Rs 40.90 apiece.
The private sector lender has acquired 60 lakh shares, equivalent to 10.25 percent stake, of Sical Logistics Ltd. by invoking a pledge, the Coffee Day Group company said in a regulatory filing Thursday. The pledged shares were invoked after default/breach of terms of credit facilities sanctioned by Yes Bank to Sical Connect Ltd.
Also Read: Yes Bank Assures Customers About Its Liquidity And Stability
Trading volume in the Yes Bank stock was 21 percent below the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 49 percent were at the ask price and as much were at the bid, according to the data.
Sterlite Technologies Falls By Most In A Month After Q3 Results
Shares of Sterlite Technologies Ltd. declined the most since Dec. 11, 2019, falling as much as 6.55 percent to Rs 122.75 apiece. The company declared its December quarter results on Wednesday.
The cablemaker’s net profit fell 68.3 percent quarter-on-quarter to Rs 50 crore in the third quarter of 2019-20, on the back of revenue that fell 11.5 percent to Rs 1,202.70 crore.
Sterlite Tech Q3 Results 2019-20: Key Highlights (QoQ)
- Revenue fell 11.5 percent to Rs 1,202.7 crore
- Net profit fell 68.3 percent to Rs 50 crore
- Ebitda fell 16.3 percent to Rs 241.4 crore
- Margin was at 20.1 percent versus 21.2 percent
In an interview with BloombergQuint on Jan. 3, Sterlite Technologies' Chief Financial Officer Anupam Jindal said the company is aiming to post a profitability margin of around 20 percent in 2019-20, on the back of a Rs 1,800-crore order from the Telangana government.
Trading volume in the stock was more than double the 20-day average for this time of the day, Bloomberg data shows, Of the shares that were traded, 41 percent were at the ask price and 49 percent were at the bid, according to the data.