Stocks In News Today: Indiabulls Housing Finance, Adani Ports, HUL, RIL, Yes Bank
Employees walk past electronic ticker boards that indicate the latest stock figures inside the atrium at the National Stock Exchange (NSE) in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Stocks In News Today: Indiabulls Housing Finance, Adani Ports, HUL, RIL, Yes Bank

Indian equity benchmarks extended opening declines to trade at day’s low.

At 1:59 pm, the S&P BSE Sensex was trading 0.97 percent lower at 40,730.14 points while the NSE Nifty 50 was down 0.95 percent at 12,035.90. Bharti Infratel Ltd. was the top gainer on the Nifty 50 index while Hindalco Industries Ltd. was the top loser.

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

Indiabulls Housing Finance Falls 20% After Court Defers Hearing To Feb. 28

Shares of Indiabulls Housing Finance Ltd. fell the most since Oct. 10, declining as much as 19.91 percent to Rs 268.10 apiece.

On Friday, the Delhi High Court deferred hearing on a petition to probe Indiabulls Housing Finance to Feb. 28, 2020, and gave more time to Securities and Exchange Board of India, Reserve Bank of India, Serious Fraud Investigation Office and the govenrment to file their submissions in writing.

The petition had sought a probe against Indiabulls Housing Finance for alleged
financial irregularities.

On Thursday, the company informed the stock exchanges that the government has given it a clean chit on some loans.

Trading volume in the stock was almost triple the 20-day average for this time of the day, Bloomberg data showed.

Adani Ports Surges After Multiple Bunched Trades

Shares of Adani Ports and Special Economic Zone Ltd. rose 3.14 percent intraday to Rs 384.30 apiece—the highest since Nov. 13, 2019.

This, after 13.1 million shares of the billionaire Gautam Adani-led company changed hands on the bourses. The buyers and sellers weren’t immediately known.

The trading volume in the Adani Ports stock was almost 12 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 46 percent were at the ask price and 39 percent were at the bid, according to the data.

Aditya Birla Capital Rises After Arm Lists Commercial Paper

Shares of Adani Birla Capital Ltd. rose as much as 4.04 percent to Rs 114.60 each—its highest level in more than a year.

On Thursday, Aditya Birla Finance Ltd. became the first company to list a commercial paper on the National Stock Exchange. The paper will mature in February next year.

The move will help issuers of commercial papers make appropriate disclosures on a continuous basis and will lead to deepening of the debt markets in the country, the exchange said in a statement.

Trading volume in the Aditya Birla Capital stock was 12 percent above the 20-day average for this time of the day, Bloomberg data shows.

Aurobindo Pharma To Buy Centain Assets Of Profectus, Shares Surge

Shares of Aurobindo Pharma Ltd. resumed gains after a one-day blip—rising as much as 2.71 percent to Rs 461.85 apiece, the highest since Nov. 6.

The drugmaker’s U.S. subsidiary Auro Vaccines LLC has entered into a pact to acquire certain business assets from Profectus BioSciences Inc. for upfront cash consideration of $11.29 million, about Rs 80 crore, with potential earnouts on achieving certain milestones, according to a statement on Thursday.

Trading volume in the Aurobindo Pharma stock was 13 percent below the 20-day average for this time of the day, Bloomberg data shows. Of the shares traded, 42 percent were at the ask price and 38 percent were at the bid, according to the data.

Bharti Infratel Rebounds From 7% Fall, Shares Surge Nearly 11%

Shares of Bharti Infratel Ltd. swung to gain 10.6 percent intraday to Rs 283.30 apiece from a fall of as much as 7.3 percent.

The stock had ended 14 percent higher on Thursday.

Bharti Infratel shares are up 20 percent in the past five days and rose 44 percent in the past 30 days, Bloomberg data shows. The stock has declined 1.2 percent in the past 52 weeks, according to the data.

Future Retail Surges 18.5% After Deal With Amazon Is Approved

Shares of Future Retail Ltd. surged the most since Oct. 16, 2018, rising as much as 18.47 percent to Rs 389.40 apiece, after a deal with Amazon.com Inc. was approved.

Other Future Group stocks too are reacting to the news. While Future Consumer Ltd. is up 15.81 percent intraday, Future Enterprises Ltd. surged as much as 20 percent.

On Thursday, Competition Commission of India approved Amazon.com NV Investment Holdings’s proposal to acquire about 49 percent stake in Future Coupons Ltd., a promoter group entity of Future Retail.

Amazon.com NV Investment Holdings—the investment arm of the U.S.-based retailer—had entered into an agreement on Aug. 23 with the promoters of Future Group buy a 49 percent stake, comprising both voting and non-voting shares, in Future Coupons.

HUL Shares Fall Over 2% Outpacing Losses In Sensex

Shares of Hindustan Unilever Ltd. declined the most since Nov. 8, falling as much as 2.30 percent to Rs 2,039.05 apiece.

Trading volume in the HUL stock, priced at 61 times its estimated earnings per share, for the coming year, was 10 percent above the 20-day average for this time of the day. Of the shares that were traded, 61 percent were at the ask price and 26 percent were at the bid.

HUL shares are up 0.9 percent in the past five days and fell 5.3 percent in the past 30 days, Bloomberg data shows. The stock has advanced 16 percent in the past 52 weeks, according to the data.

Also Read: How To Manage An Economic Slowdown, HUL Style

ICICI Securities Surges To Highest In A Month After It Settles A SEBI Case

Shares of ICICI Securities Ltd. rose as much as 6.09 percent to Rs 350.00 apiece—the highest since Oct. 24.

On Thursday, ICICI Securities said it has settled with SEBI a case of an alleged violation of the market regulator’s stockbroker norms by paying over Rs 28 lakh towards settlement charges. While disposing of the case, SEBI said "the enforcement proceedings for the alleged default are settled qua the applicant."

Trading volume in the ICICI Securities stock was more than triple 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 44 percent were at the bid.

Despite Fresh Default, Reliance Capital Shares Surge Due To Large Trades

Shares of Reliance Capital Ltd. extended their winning streak to a second staright day, rising as much as 4.76 percent to Rs 16.50 apiece.

About 35 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately. Besides, the company has delayed payments of interest, principal obligations due on Nov. 27 on non-convertible debentures, according to its stock exchange notification.

Trading volume in the Reliance Capital stock was more than triple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 31 percent were at the ask price and 35 percent were at the bid.

RCom Hits Upper Circuit After Airtel Bids Highest For Its Assets

Shares of Reliance Communications Ltd. hit the upper circuit for the sixth consecutive trading session, rising as much as 5.26 percent to Rs 1.00 apiece—the highest since Sept. 17.

Bharti Airtel Ltd. has submitted conditional bids of Rs 9,500 crore for RCom’s telecom assets, including spectrum, mobile towers and optical fibre, the Press Trust of India quoted an industry source as saying on Thursday.

"Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors opens all the bids," the source said.

RCom shares are up 33 percent in the past five days and rose 43 percent in the past 30 days, Bloomberg data shows. The stock has declined 93 percent in the past 52 weeks, according to the data.

RIL Shares Off Record Highs, Market Cap Falls Below Rs 10 Lakh

Shares of Reliance Industries Ltd. fell as much as 2.04 percent to Rs 1,548.00 apiece, a day after the Mukesh Ambani-led firm became India’s listed company to achieve a market cap of Rs 10 lakh crore.

On Thursday, RIL rejected as “false and baseless” a Bloomberg report earlier in the day that said Ambani is in talks to sell his news assets comprising Network18 to Times Group, the publisher of The Times of India newspaper.

RIL shares are up 0.7 percent in the past five days and rose 6.1 percent in the past 30 days, Bloomberg data shows. The stock has advanced 33 percent in the past 52 weeks, according to the data.

Yes Bank Board Meets Today To Consider Fundraising, Shares Surge

Shares of Yes Bank Ltd. rose as much as 5.64 percent to Rs 74.00 apiece—the highest since Nov. 13—on a day the company’s board is meeting to consider a fundraising proposal.

The private sector lender is expected to name the investors and the amount of money they will contribute after its board signs off on the plan at the meeting. Then it will be up to the Reserve Bank of India to consider approving the arrangement.

The stock has been raised to buy at Edelweiss Capital, with a target price of Rs 101.00. Its 2023 dollar bond has gained the most in more than a month.

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