Stocks In News Today: Bosch, Federal-Mogul Goetze, Paper Stocks, RIL, Trident
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmark, S&P BSE Sensex, crossed a new milestone today.
The 31-share index rose as much as 0.66 percent to hit an all-time high of 41,207.96 points, while the 50-stock NSE Nifty 50 rose as much as 0.6 percent to 12,126.20. The NSE Nifty Bank Index, too, hit an all-time high of 32,197.60, gaining as much as 0.7 percent.
The market breadth was tilted in favour of buyers. About 1,049 stocks advanced and 547 shares declined on National Stock Exchange. All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 1.3 percent advance.
Here’s a look at the stocks in news moving the markets today.
Paper Stocks Rally, JK Paper Surges More Than 6%
Shares of the paper companies advanced, led by the rally in Seshasayee Paper Ltd. and JK Paper Ltd.
Trident Falls Over 16% After Rallying For Two Straight Days
Shares of Trident Ltd. halted a two-day rally and fell as much as 16.36 percent—the most in over three years—to Rs 6.90 apiece. The stock had rallied nearly 24 percent in the last two trading sessions.
Trading volume in the stock was almost 15 times the 20-day average for this time of the day, Bloomberg data showed. Of the shares traded, 61 percent were at the ask price and 37 percent were at the bid.
Trident trades at 7.9 times its estimated earnings per share for the coming year.
Bosch Shares Surge After Large Trade
Shares of Bosch Ltd. rose as much as 2.99 percent to Rs 15,436.00 apiece—the highest since Dec. 13, 2019.
About 366,900 shares of the company changed hands in a large trade during pre-market, Bloomberg data showed. Buyers and sellers were not known immediately.
Trading volume in the stock was 18 percent below the 20-day average for this time of the day, Bloomberg data showed. Of the shares that were traded, 38 percent were at the ask price and 42 percent were at the bid.
RIL Gains On Another JV With BP, New Acquisition
Shares of Reliance Industries Ltd. gained the most since Dec. 13, 2019, rising as much as 0.79 percent to Rs 1,579.00 apiece.
The Mukesh Ambani-led conglomerate and BP Plc. signed a partnership agreement to jointly grow the Indian firm's network of petrol pumps to 5,500 from current 1,400, according to a statement. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.
Besides, RIL acquired 90.5 percent stake in Bengaluru-based education technology startup Funtoot for a cash consideration of Rs 71.64 crore.
RIL shares are up 0.6 percent in the past five days and rose 6.9 percent in the past 30 days, Bloomberg data showed. The stock has advanced 39 percent in the past 52 weeks, according to the data.
Federal-Mogul Goetze Surges Over 19% To Hit Record High
Shares of Federal-Mogul Goetze (India) Ltd. rose as much as 19.52 percent to Rs 663.80 apiece—the highest since listing on Jul. 3, 1997.
Trading volume hit a peak of more than 350 times the 20-day average, according to Bloomberg data. Of the shares traded on NSE, 40 percent were at the ask price and 47 percent were at the bid.
The stock has advanced 13 percent in the past 52 weeks compared to 14 percent rally in the Sensex.
