Stocks In News Today: Bajaj Finance, BHEL, Crisil, Kolte-Patil, NMDC
Elevators travel next to electronic boards displaying stock figures at the National Stock Exchange of India Ltd. (NSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Stocks In News Today: Bajaj Finance, BHEL, Crisil, Kolte-Patil, NMDC

Indian equity benchmarks regained momentum to trade at record highs.

The S&P BSE Sensex rose as much as 0.3 percent to 41,809 and the NSE Nifty 50 rose as much as 0.28 percent to 12,293.90.

The market breadth was tilted in favour of buyers.

About 947 stocks advanced and 522 shares declined on National Stock Exchange. Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 2.23 percent advance. On the flipside, the NSE Nifty FMCG Index was the only sectoral loser, down 0.17 percent.

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

BHEL Declines After Morgan Stanley Cuts Target Price

Shares of Bharat Heavy Electricals Ltd. extended declines for the third consecutive trading session, falling as much as 2.92 percent to Rs 43.15 apiece, after brokerage Morgan Stanley cut its target price for the firm to Rs 37 from Rs 46.

Morgan Stanley on BHEL:

  • Maintains ‘Underweight’, cuts target price to Rs 37 from Rs 46.
  • Macro outlook looks tougher for BHEL.
  • Negatives: Delay in new orders, contraction in PLF and weaker balance sheet of state plants and renewable generation continues to gain share.
  • Cuts earnings estimate by 22 percent and 19 percent for 2020-21 and 2021-22, respectively.

Trading volume in the BHEL stock was almost triple the 20-day average fo this time of the day, Bloomberg data shows. Of the shares that were traded, 34 percent were at the ask price and 63 percent were at the bid.

Crisil At 15-Month High On Acquisition Plans

Shares of Crisil Ltd. extended gains for the third consecutive trading session, rising as much as 1.13 percent to Rs 1,810.00 apiece.

The credit ratings agency plans to buy data analytics firm Greenwich Associates for $40 million; the acquisition is expected to be completed in the January-March quarter, according to an exchange filing.

Crisil shares are up 4.9 percent in the past five days and rose 19 percent in the past 30 days, Bloomberg data shows. The stock has advanced 11 percent in the past 52 weeks, according to the data.

Kolte-Patil Extends Gains After Pabrai Group Increases Stake

Shares of Kolte-Patil Developers Ltd. extended gains for the second consecutive trading session, rising as much as 4.22 percent to Rs 263.00 apiece. This after Pabrai Group increased stake in the real estate developer to 9.23 percent from 7.09 percent earlier.

Trading volume in the Kolte-Patil stock was almost five times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 65 percent were at the ask price and 15 percent were at the bid, according to the data.

NMDC At Over 19-Month High After It Diversifies Into Coal

Shares of NMDC Ltd. extended gains for the ninth consecutive trading session, rising as much as 1.14 percent to 124.70 apiece—the highest since May 2, 2018.

The country's largest iron ore miner has diversified into coal with allotment of two coal blocks in the Hazaribagh district of Jharkhand. That will also help the state-owned company set up coal washeries.

"NMDC Ltd. diversifies into coal. The Ministry of Coal has allocated two coal blocks to NMDC, Rohne and Tokisud North. I thank Government of India, Ministry of Steel, and Ministry of Coal for reposing faith on NMDC for diversifying into coal," said NMDC Chairman and Managing Director N Baijendra Kumar.

The coal ministry has allocated Rohne and Tokisud North coal blocks under Section 5(1) of the Coal Mines (Special Provisions) Act, 2015, for commercial mining, NMDC said in a statement.

Also Read: How NMDC Managed To Outperform Peers

NMDC shares are up 8.6 percent in the past five days and rose 22 percent in the past 30 days, Bloomberg data shows. The stock has advanced 27 percent in the past 52 weeks, according to the data.

Bajaj Finance Invokes Pledged Shares In Karvy Data Management

Shares of Bajaj Finance Ltd. rose as much as 0.69 percent to Rs 4,120.00 apiece.

The non-banking financial company has invoked 24 lakh pledged shares of Karvy Data Management Services Ltd. to recover outstanding dues from a group firm, according to an exchange filing on Thursday.

Bajaj Finance said it acquired 24 lakh equity shares of face value of Rs 10 each, or 10 percent of the paid-up capital of Karvy Data management. The company was incorporated in April 2008 in Telangana for providing IT solutions.

The NBFC’s shares have advanced 59 percent in the past 52 weeks, Bloomberg data shows.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.