Stocks In News Today: Chalet Hotels, Crisil, Future Retail, IRCTC, Minda, NIIT Technologies

Indian equity benchmarks fluctuated between gains and losses in the opening trade.

At 10:51 am, the S&P BSE Sensex was trading 0.11 percent lower at 41,596.38 points while the NSE Nifty 50 was down 0.11 percent at 12,249.15. Yes Bank Ltd. was the top gainer on the Nifty 50 index while HCL Technologies Ltd. was the top loser.

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

Chalet Hotels Rises After Deal With Hyatt India

Shares of Chalet Hotels Ltd. gained the most since Nov. 29, rising as much as 4.18 percent intraday to Rs 355 apiece.

The company has entered into a franchise agreement with Hyatt India Consultancy for Hyatt Regency, Navi Mumbai. The company’s upcoming 260-key hotel will be the first Hyatt Regency branded hotel for the firm. The project is expected to be completed in 2022.

Trading volume in the Chalet Hotels stock was more than 60 times the 20-day average for this time of the day, Bloomberg data shows.

IRCTC Extends Gain After Signing Pact, Hiking Meal Prices

Shares of Indian Railway Catering and Tourism Corporation Ltd., gained the most since Dec, 13, rising as much as 3.38 percent to Rs 894.00 apiece.

The tourism and catering company of the Indian railways signed a memorandum of understanding with Hotel and Restaurant Association of Northern India for listing the association’s member hotels and their room rate inventory for sales on the IRCTC portal. According to a regulatory filing, the company said it has also revised tariff of standard meals on static units over the railways.

Trading volume in the IRCTC stock was more than five times the 20-day average for this time of the day, Bloomberg data shows.

Minda Rises After Board Approves Deal With Sensata Tech

Shares of Minda Industries Ltd. extended gains for the second consecutive trading session, rising as much as 2.18 percent to Rs 354.35 apiece—the highest since Dec. 3.

The auto components maker has entered the wheel speed sensor business in India and South Korea by purchasing certain machinery from Sensata Technology Baoying, Autocar Professional said in a Dec. 23 report. It is also availing technical know-how and engineering support from Sensata Technology Changzhou.

Minda is going to invest Rs 45.21 crore for the purchase of certain machinery of wheel speed sensors. The investment also includes availing the know-how related to the wheel speed sensors business and procuring the technical and engineering support.

Minda shares are up 2.2 percent in the past five days and fell 0.9 percent in the past 30 days, Bloomberg data shows. The stock has advanced 8.5 percent in the past 52 weeks, according to the data.

Future Retail Shares Advance Most In 14 Months

Shares of Future Retail Ltd. gained the most since Oct. 16, 2018, rising as much as 5.10 percent to Rs 357.40 apiece.

Kishore Biyani has said the promoter entities of Future Retail scaled down the level of shares pledged with banks and financial institutions last week after repaying loans of about Rs 1,500 crore, according to an Economic Times report on Dec. 23.

Trading volume in the stock was triple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 55 percent were at the ask price and 25 percent were at the bid.

NIIT Tech Surges To Near Record High After Share Buyback Plan

Shares of NIIT Technologies Ltd. rose as much as 3.03 percent to Rs 1,626.40 apiece after it announced a share buyback plan.

The company’s board has approved buyback of 19.6 lakh shares at Rs 1,725 per share, aggregating to Rs 337.5 crore. It will buyback 3.1 percent of the equity using 20.23 percent of the net worth. Promoters will be participating in the transaction.

Trading volume in the NIIT Technologies stock was almost 10 times the 20-day average for this time of the day, Bloomberg data shows.

CRISIL Shares Down Most In About Eight Months, Trading Volume Surges

Shares of CRISIL Ltd. lost the most since Apr. 18, 2019, falling as much as 5.6 percent to Rs 1,885.20 apiece.

Trading volume in the stock was more than six times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 45 percent were at the ask price and 43 percent were at the bid.

CRISIL shares are up 6.6 percent in the past five days and rose 25 percent in the past 30 days, Bloomberg data shows. The stock has advanced 18 percent in the past 52 weeks, according to the data.

The stock trades at 38 times its estimated earnings per share for the coming year.