Stocks In News Today: Avanti Feeds, NMDC, Sintex Industries, Tata Group Companies
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks fluctuated between gains and losses after closing at all-time highs on Wednesday.
At 10:30 am, S&P BSE Sensex was trading 0.22 percent lower at 41,465.36 points while NSE Nifty 50 was down 0.21 percent at 12,195.80. Mahindra and Mahindra Ltd. was the top gainer on the Mifty 50 index while Yes Bank Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today:
Sintex Slumps After Lenders Said To Reject $1-Billion Revamp Plan
Shares of Sintex Industries Ltd. declined for the eighth consecutive trading session, falling as much as 4.00 percent to Rs 1.20 apiece.
Lenders to Sintex Industries have rejected a debt restructuring plan by the company and intend to push it into bankruptcy, Bloomberg reported on Thursday, quoting people familiar with the matter.
Representatives of Sintex and lead lender Punjab National Bank didn’t immediately respond to emails and phone calls seeking comment.
The company’s stock has declined 90 percent in the past 52 weeks, Bloomberg data shows.
NMDC Extends Gains For Fifth Day In A Row After Mining Wins
Shares of NMDC Ltd. extended gains for the fifth consecutive trading session, rising as much as 2.71 percent to Rs 123.20 apiece.
The company has received approval for modified mining plan of Kumaraswamy Iron Mines from 7 mtpa to 10 mtpa from India Bureau of Mines. Effective date for approval is till 2022. NMDC operates these mines at its facility in Karnataka.
Also, on Wednesday, the Andhra Pradesh government signed a memorandum of understanding with NMDC for the supply of iron ore to the proposed integrated steel plant in Kadapa district.
Trading volume in the NMDC stock was almost quadruple the 20-day average for this time of the day, Bloomberg data shows.
Tata Group Stocks Trade Mixed After NCLAT Order
Shares of the Tata Group companies traded mixed after the National Company Law Appellate Tribunal restored Cyrus Mistry as chairman of Tata Sons Ltd.
The Shapoorji Pallonji scion is now legally entitled to attend a board meeting of the Tata Group holding company.
The NCLAT found Tata Sons' affairs were conducted in a manner that was "prejudicial" and "oppresive" to shareholders, and took cognizance of the power Tata Trusts wields on the holding company.
Latest on the Tata-Mistry tussle:
- Cyrus Mistry legally entitled to attend next Tata Sons board meeting
- Chandrasekaran’s letter to Tata employees
- Why NCLAT found oppression and mismanagement at Tata Sons
- Cyrus Mistry welcomes NCLAT order in his favour
Avanti Feeds Gains For Sixth Day, Shares Near 18-Month High
Shares of Avanti Feeds Ltd. extended gains for the sixth consecutive trading session, rising as much as 5.88 percent to Rs 581.05 apiece—the highest since Jun. 28, 2018.
Trading volume in the stock was almost nine times the 20-day average for this time of the day. Of shares that were traded, 51 percent were at the ask price and 31 percent were at the bid.
Avanti Feeds shares are up 15 percent in the past five days and rose 13 in the past 30 days, Bloomberg data shows. The stock has advanced 40 percent in the past 52 weeks, according to the data.
