Stocks In News Today: Chalet Hotels, Jet Airways, Piramal, RattanIndia, Tech Mahindra
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks opened lower on Tuesday, led by the declines in HDFC twins.
At 10:33 am, the S&P BSE Sensex was trading 0.36 percent lower at 41,407.58 points while the NSE Nifty 50 was down 0.36 percent at 12,211.95. Coal India Ltd. was the top gainer on the Nifty 50 index while Tech Mahindra was the top loser.
Here’s a look at the stocks in news moving the markets today.
Chalet Hotels Hits Record High After New Deals With Marriott
Shares of Chalet Hotels Ltd. rose 12.91 percent intraday to Rs 402.00—the highest since listing on Feb. 7, 2019.
The company has entered into five new agreements with global hospitality major Marriott International Inc., extending their collaboration. As part of the agreements, Chalet Hotels would build hotels and extend contracts across brands such as 'W', 'Westin' and 'Marriott Executive Apartment' in Hyderabad and Mumbai.
Trading volume in the Chalet Hotels stock was more than 40 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 43 percent were at the ask price and 37 percent were at the bid.
Jet Airways Rises After Hindujas Said To Bid For The Grounded Airline
Shares of Jet Airways (India) Ltd. rose as much as 4.87 percent to Rs 29.05 apiece.
The Hinduja Group is preparing a bid to buy the grounded carrier, according to people familiar with the matter.
The U.K.-based group, run by brothers Gopichand Hinduja and Ashok Hinduja, plans to submit an expression of interest by the Jan. 15 deadline, signaling its intent to make a formal offer, the people said, asking not to be identified as the discussions are private. Hinduja is seeking a partner to bid, one of the people said.
Jet Airways shares are up 15 percent in the past five days and rose 30 percent in the past 30 days, Bloomberg data shows. The stock has declined 90 percent in the past 52 weeks, according to the data.
Piramal Enterprises Falls After Approval To Raise Rs 1,600 Crore Via NCDs
Shares of Piramal Enterprises Ltd. fell as much as 2.53 percent to Rs 1,545.00 apiece, the lowest since Oct. 25, 2019, after its plan to raise as much as Rs 1,600 crore was approved.
The company’s board has approved allotment of 16,000 secured, rated, unlisted, redeemable nonconvertible debentures of face value of Rs 10 lakh each on private placement basis, according to a regulatory filing on Monday.
Piramal Enterprises shares are down 2.4 percent in the past five days and fell 11 percent in the past 30 days, Bloomberg shows. The stock has declined 31 percent in the past 52 weeks, according to the data.
RattanIndia Rises After Goldman Sachs-Led Consortium Buys Its Debt
Shares of RattanIndia Power Ltd. gained the most in a week, rising as much as 2.70 percent to Rs 1.90 apiece.
A consortium led by Goldman Sachs Group Inc. and Varde Partners LP will buy Rs 6,575 crore of debt from the Indian power company at 38 percent discount, in one of the largest restructuring deals outside the nation’s bankruptcy court.
Creditors of RattanIndia will sell the debt via an asset reconstruction company controlled by the Aditya Birla Group, the company said in a filing late Monday.
Trading volume in the stock was 95 percent above the 20-day average for this time of the day, Bloomberg data shows.
Tech Mahindra Falls After Approving Share Issue
Shares of Tech Mahindra Ltd. declined the most since Dec. 2, 2019, falling as much as 2.26 percent to Rs 765.00 apiece.
The company's board has passed a resolution for issue and allotment of 64,246 equity shares of face value Rs 5 each as employee stock options, or ESOPs, according to an exchange filing on Monday.
Tech Mahindra shares are down 0.9 percent in the past five days and rose 1 percent in the past 30 days, Bloomberg data shows. The stock has advanced 9.6 percent in the past 52 weeks, according to the data.