Stocks In News Today: Dish TV, D-Mart, Hindalco, Maruti Suzuki, TCS
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks fluctuated between gains and losses in opening trade on Monday.
At 9:45 am, the S&P BSE Sensex was trading 0.06 percent lower at 40,419.69 points while the NSE Nifty 50 was down 0.06 percent at 11,914.75. Maruti Suzuki India 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.
Dish TV Shares Rise After Care Ratings Downgrade
Shares of Dish TV India Ltd. gained the most since Dec. 4, rising as much as 12.35 percent to Rs 14.10 apiece.
Credit ratings agency Care Ratings Ltd. has downgraded ratings assigned to the direct-to-home service provider’s bank facilities, taking into account a default in payment of short-term loans due o n Nov. 28, 2019, according to an exchange filing on Dec. 6.
Trading volume in the Dish TV stock was more than double the 20-day average for this time of the day, Bloomberg data shows.
D-Mart Shares Fall After Radhakishan Damani Said To Sell Stake
Shares of Avenue Supermarts Ltd., which operates the D-Mart chain of supermarkets, extended their losing streak to a third straight trading session, falling as much as 1.74 percent to Rs 1,770 apiece.
Bank of America Corp. and Kotak Mahindra Capital Co. Ltd. are among banks D-Mart founder Radhakishan Damani picked for another planned stake sale in Avenue Supermarts Ltd, Bloomberg reported Friday, citing people with knowledge of the matter.
Damani is looking to sell about 5.2 percent stake next year, the people said, asking not to be identified as the discussions are private. He sold about 1 percent earlier this year, and has to sell more shares before the end of March to meet a minimum requirement for public float, one of the people said.
D-Mart shares are down 2.7 percent in the past five days and fell 8.7 percent in the past 30 days, Bloomberg data shows. The stock has advanced 19 percent in the past 52 weeks, according to the data.
Hindalco Gains On Sanjeev Gupta's Plan To Buy Novelis’ Belgian Plant
Shares of Hindalco Industries Ltd. rose as much as 2.17 percent to Rs 202.25 apiece—the highest since Nov. 28, 2019.
Sanjeev Gupta’s GFG Alliance has reached an agreement with Hindalco unit Novelis Inc. to buy the Duffel aluminum rolling plant in Belgium, subject to regulatory approvals, a GFG spokesman told Bloomberg on Dec. 6. The deal unlocks synergies for GFG’s production sites in France and Scotland, he said.
A spokesperson for Novelis confirmed the agreement, adding that the sides are now awaiting an approval from the European Commission.
No details on deal value were provided.
The Hindalco stock has declined 8.1 percent in the past 52 weeks, Bloomberg data shows.
Maruti Suzuki Hikes Production After Nine Months Of Cuts, Shares Rise
Shares of Maruti Suzuki India Ltd. gained the most since Nov. 25, rising as much as 2.51 percent to Rs Rs 7,059.50 apiece.
India’s largest carmaker increased production in November, after nine straight months of output cuts, even as the country geared to move stricter emission norms from April 1. The company produced 1.41 lakh units in November—that compares with 1.19 units in October and 1.35 lakh units in November 2018.
Almost 80 percent of Maruti Suzuki’s portfolio is now compliant with Bharat Stage-VI emission norms, and inventory of BS-IV models is on the decline.
Also Read: Maruti Suzuki To Hike Car Prices From January 2020
Maruti Suzuki shares have declined 5.8 percent in the past the past one year, during which India’s faced its worst auto slowdown in at least two decades.
TCS Says It May Move 1,000 Staff Due to Brexit, Shares Fall
Shares of Tata Consultancy Services Ltd. declined the most Nov. 26, falling as much as 1.82 percent intraday to Rs 2,085 apiece.
TCS may have to relocate about 1,000 workers because of Brexit, the Financial Times reported, citing an interview with Chief Executive Officer Rajesh Gopinathan.
According to Gopinathan,
- Knock-on effects of Brexit have become increasingly negative .
- Job moves could lead to added temporary costs.
- Company has about 15,000 workers in the U.K., according to the report.
- Direct impact of Brexit on the business would be contained as there isn’t as much overlap with mainland European business.
- Expects slowdown in India IT industry because of weaker business and consumer sentiment in U.K. and slower growth in Europe.
Trading volume in the TCS stock was 39 percent below the 20-day average for this time of the day, Bloomberg data shows.