Stocks In News Today: Bharti Infratel, ICICI Bank, Indiabulls Housing Finance, RIL, Zee Stocks
Here’s a look at the stocks in news that moved the markets today.
Indian equity benchmarks ended higher on F&O expiry day, led by the gains in Reliance Industries Ltd. and and ICICI Bank Ltd.
On Thursday, the S&P BSE Sensex and the NSE Nifty 50 closed at all-time high levels for the second day in a row. RIL became the first listed Indian company to have a market capitalisation of Rs 10 lakh crore. Bharti Infratel Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Enterprises Ltd. was the top loser.
The market breadth was tilted in favour of buyers. About 972 stocks advanced and 810 shares declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 3.5 percent gain. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down 0.28 percent.
Here’s a look at the stocks in news that moved the markets today.
Balkrishna Industries Rises Most In 10 Weeks
Shares of Balkrishna Industries Ltd. rose 5.66 percent to Rs 933.05 apiece, the highest since Apr. 26, 2019.
Trading volume in the stock was triple the 20-day average—of the shares that were traded, 50 percent were at the ask price and 34 percent were at the bid. Insiders hold 28 percent stake in the company.
Balkrishna Industries’ shares are up 11 percent in the past five days and rose 11 percent in the past 30 days, Bloomberg data shows.
The stock, which trades at 22 times its estimated earnings per share for the coming year, has declined 2.6 percent in the past 52 weeks, according to the data.
Bharti Infratel Rises Most Since Listing, Emerges Top Gainer On Nifty 50
Shares of Bharti Infratel Ltd. rose the most since listing on Dec. 28, 2012, gaining 13.89 percent to Rs 256.60 apiece. The stock was the top gainer on the Nifty 50 index.
Trading volume in the company’s stock was double the 20-day average for this time of day—of the shares that were traded, 47 percent were at the ask price and 41 percent were at the bid.
Bharti Infratel shares are up 6.1 percent in the past five days and rose 21 percent in the past 30 days, Bloomberg data shows. The stock, which trades at 16 times its estimated earnings per share for the coming year, has declined 1.2 percent in the past 52 weeks, according to the data.
BSE Rises After Selling 4% Stake In CDSL To Meet SEBI Norms
Shared of BSE Ltd. extended their winning streak to two days, gaining 1.32 percent to end the day at Rs 503.75 apiece.
BSE will sell 41.8 lakh equity shares, or 4 percent stake, in Central Depository Services Ltd. using the offer for sale route. BSE is the promoter of CDSL. The stake sale is being conducted on NSE for institutional investors today. Retail investors will be able to participate in the OFS on Friday.
CDSL shares closed 1.07 percent higher at Rs 225.70.
Top PE Firms Said To Be In Talks To Buy Granules India, Shares Surge
Shares of Granules India Ltd. rose as much as 6.25 percent to Rs 135.90 apiece, the highest since Jan. 29, 2018, on reports that top private equity firms are in talks to buy one of the largest contract research and manufacturing companies in India.
The stock, however, pared the gains to end the day 1.64 percent higher at Rs 130.00.
The Blackstone Group, KKR & Co., Apax Partners, Advent International and Bain Capital are among the leading global private equity companies engaged in early-stage discussions to acquire Granules India, The Economic Times reported on Nov. 28.
The Chigurupati family, the founding promoter, holds 43 percent stake in Granules India that has roped in Kotak Mahindra Capital for the sale, the report said.
The trading volume for the Granules India stock was more than seven times the 20-day average today, Bloomberg data shows.
Hindustan Construction Declines After Court Rejects $550 Million Claim
Shares of Hindustan Construction Company Ltd. fell the most since Oct. 15, 2019, declining 9.68 percent to Rs 11.20 apiece.
This, after the Supreme Court rejected HCC’s petition seeking due worth $550 million, or Rs 3,891 crore, from four state-owned companies.
Trading volume for the HCC stock was more than double the 20-day average today, Bloomberg data shows.
ICICI Bank Shares Rise To Highest Since Listing
Shares of ICICI Bank Ltd. rose 2.70 percent to Rs 519.15 apiece—the highest since listing on Sept. 25, 1997.
On Thursday, India’s second-largest private bank sold its entire 7.8 percent stake in Shree Benzophen Industries Ltd., a maker and supplier of construction chemicals. The promoters of Benzophen offered to acquire 539,800 equity shares held by ICICI Bank.
The divestment follows a BSE order for compulsory delisting of Benzophen, following which promoters of the company were liable to acquire delisted equity shares from public shareholders at independent valuation.
IIFL Finance Shares Surge To Highest In More Than Five Months
Shares of IIFL Finance Ltd. rose 11.88 percent intraday to Rs 169.95 apiece—highest since Jun. 14, 2019. The stock later pared some gains to end 10.60 percent higher at Rs 168.00.
Trading volume for the stock was 530,272 shares, more than 12 times the 20-day average of 43,808 shares, Bloomberg data shows. Of the shares that were traded, 65 percent were at the ask price and 23 percent were at the bid.
IIFL Finance shares are up 16 percent in the past five days and rose 42 percent in the past 30 days, Bloomberg data shows. The stock has declined 33 percent in the past 52 weeks, according to the data.
IDBI Bank Shares Surges 9%, Trading Volume Quadruples
Shares of IDBI Bank Ltd. gained the most in six trading sessions, rising as much as 8.69 percent to Rs 39.40 apiece. The stock pared some of the gains to end 4.55 percent higher at Rs 37.90.
Trading volume in the stock was almost quadruple the 20-day average today. Of the shares that were traded, 51 percent were at the ask price and 41 percent were at the bid, Bloomberg data shows. The shares are up 15 percent in the past five days, rose 24 percent in the past 30 days and declined 36 percent over the 52-week period.
IDBI Bank, majority held by Life Insurance Corporation of India, was in news recently for selling its mutual fund business to gold loans provider Muthoot Finance Ltd.
The move wasn’t aimed at shoring up capital but for complying with market regulator’s norms, its deputy managing director told BloombergQuint in an interview Wednesday.
Indiabulls Housing Finance Rises Most Since Listing
Shares of Indiabulls Housing Finance Ltd. rose the most since listing on Jul. 24, 2013, to end the day 24.84 percent higher at Rs 334.75.
The Narendra Modi government and Reserve Bank of India are discussing a proposal to unburden stressed assets from Top 25 NBFCs in the country, ET Now reported, citing people it didn’t identify. They are discussing a proposal similar to the Troubled Assets
Relief Program introduced by the U.S. in 2008, ET Now tweeted.
The proposal mulls creation of a special purpose vehicle backed by the central bank to buy stressed assets from financial companies.
Trading volume in the Indiabulls Housing Finance stock was more than triple the 20-day average today, Bloomberg data shows.
Jet Airways Rises After Deadline To Submit Resolution Plan Is Extended
Shares of Jet Airways (India) Ltd. rose as much as 4.15 percent to Rs 22.60 apiece, a day after the submission date for the airline’s resolution plan was extended to Dec.16, 2019. The stock pared some of the gains to end 3.46 percent higher at Rs 22.45.
On Wednesday, the government said that providing jobs to former employees of now-defunct airline is not in its domain. A portal opened for the former employees is helping them in looking for new jobs, Civil Aviation Minister Hardeep Singh Puri told the Rajya Sabha.
The Jet Airways stock has declined 93 percent in the past 52 weeks, Bloomberg data shows.
L&T Finance Shares Rise To Highest In 17 Weeks
Shares of L&T Finance Holdings Ltd. rose 6.31 percent to Rs 114.50 apiece—the highest since Jul. 18, 2019.
Trading volume in the stock was more than triple the 20-day average—of shares that were traded, 51 percent were at the ask price and 44 percent were at the bid.
L&T Finance shares are up 19 percent in the past five days and rose 28 percent in the past 30 days, Bloomberg data shows. The stock, which trades at 11 times its estimated earnings per share for the coming year, has declined 18 percent in the past 52 weeks, according to the data.
Network18 Surges As Ambani Looks To Sell News Assets To Times Group
Shares of Network18 Media & Investments Ltd. rose as much as 10.34 percent to Rs32.00 apiece after Bloomberg reported that Mukesh Ambani is looking to sell news assets to Times Group. When contacted, a Reliance Industries Ltd. spokesperson called the report “false and baseless”.
The stock pared most of the gains to end the day 2.24 percent higher at Rs 29.65.
Bennett Coleman & Co., the publisher of The Times of India, is looking to hire advisers for due diligence on the news properties of Ambani’s Network18, Bloomberg reported citing people, who requested anonymity as the discussions are private. Ambani is considering various options, ranging from an outright exit to a stake sale, one of the people said.
Trading volume in the Network18 stock was more than double the 20-day average today, Bloomberg data shows.
RBL Bank Continues To Gain On Fundraising Plans
Shares of RBL Bank Ltd. extended their winning streak for the second consecutive trading session, rising as much as 6.43 percent intraday to Rs 391.20 apiece. The stock pared some of the gains to end 3.66 percent higher at Rs 381.00.
After market hours on Wednesday, the private sector lender in a filing to the stock exchanges said its board will meet on Nov. 30 to consider raising of funds by way of issue of equity shares. BloombergQuint had reported on RBL Bank’s fundraising plan just hours prior.
The fundraising plan comes after the mid-sized lender reported a sharp fall in net profit for the quarter ended Sept. 30 due to a surge in bad loans.
The trading volume in the RBL Bank stock was 92 percent above the 20-day average today, Bloomberg data shows.
Tata Communications Surges After Winning Contract From Kacific
Shares of Tata Communications Ltd. rose as much as 12.73 percent to Rs 464.80 apiece—the highest since Jun. 22, 2017. The stock pared some of the gains to end the day 8.17 percent higher at Rs 446.00.
The Tata Group firm, which has sold its mobile telephony business to Bharti Airtel Ltd., has entered into an agreement with Kacific Broadband Satellites Group for providing global internet and cyber security services.
"Kacific has selected Tata Communications...to provide terrestrial connectivity services as it readies for the launch of its first satellite, Kacific1," Tata Communications said in a regulatory filing.
Trading volume in the Tata Communications stock was more than 20 times the 20-day average today, Bloomberg data shows.
Tata Steel Gains As Restructuring Talks Begin For Europe Business
Shares of Tata Steel Ltd. rose as much as 3.07 percent intraday to Rs 434.30 apiece—the highest since July 30, 2019. The stock pared some of the gains to end the day 2.29 percent higher at Rs 431.00 apiece.
On Wednesday, Tata Steel Europe said it has started consultations with the European Works Council on restructuring plans for its business. This would include up to 3,000 job losses, 1,000 of which will be in the U.K.
The job cuts had been announced by the Indian steelmaker last week as part of a wider transformation programme, even as it blamed ongoing losses and continued global headwinds faced by the steel industry.
Tata Steel shares are up 12 percent in the past five days and rose 18 percent in the past 30 days, Bloomberg data shows. The stock has declined 18 percent in the past 52 weeks, according to the data.
Union Bank of India Jumps Most in A Month, Volume Doubles
Shares of Union Bank of India rose 10.58 percent to Rs 64.80 apiece, the highest since Aug. 6, 2019.
Trading volume was 19.7 million shares, more than double the 20-day average of 8.59 million shares. Of the shares that were traded, 50 percent were at the ask price and 45 percent were at the bid. The one-month implied volatility was 49 percent.
The shares are up 13 percent in the past five days and rose 22 percent in the past 30 days, Bloomberg data shows. The stock has declined 18 percent in the past 52 weeks, according to the data.
Yes Bank Gains Ahead Of Board Meeting To Discuss Fundraising
Shares of Yes Bank Ltd. extended their winning streak for the second straight day, rising as much as 3.52 percent to Rs 70.65 apiece. The stock pared some of the gains to end 2.64 percent higher at Rs 70.05.
Yes Bank's board will meet on Friday to consider a fundraising plan, even as the private sector lender continued to offload shares in Reliance Capital Ltd. to shore up much-needed capital.
Yes Bank shares are up 7.9 percent in the past five days and rose 27 percent in the past 30 days, Bloomberg data shows. The stock has declined 57 percent in the past 52 weeks, according to data.
Zee Media Plunges After Lenders Sell Pledged Shares
Shares of Zee Media Corporation Ltd. fell 4.49 percent to Rs 8.50 apiece, the lowest since Nov. 22.
Lenders have sold shares pledged by Zee Media founder Subhash Chandra, bringing down his stake in the company to 19.8 percent from 25.1 percent, according to Bloomberg.
Zee Media shares are up 3 percent in the past five days and rose 56 percent in the past 30 days, Bloomberg data shows. The stock has declined 64 percent in the past 52 weeks, according to the data.
Zee Entertainment Slumps After Shareholder Hikes Stake
Shares of Zee Entertainment Enterprises Ltd. fell as much as 5.41 percent to Rs 302.20 apiece, making the stock the worst performer on the Nifty 50 index. The stock pared some of the gains to end 2.66 percent lower at Rs 311.00.
OFI Global China Fund LLC has consolidated its stake in the media company with the acquisition of an additional 1.37 crore equity shares, Zee Entertainment said in an exchange filing Thursday. With this, OFI Global China Fund LLC's shareholding in Zee Entertainment increased to 10.99 percent.
Zee Entertainment shares are down 9.9 percent in the past five days and rose 31 percent in the past 30 days, Bloomberg data shows. The stock has declined 35 percent in the past 52 weeks, according to the data.