Stocks In News Today: IndiGo, RCom, Thomas Cook, Yes Bank, Zee Entertainment
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks crossed new milestones in opening trade Tuesday, with the S&P BSE Sensex scaling 41,000 points for the first time and the NSE Nifty 50 hitting an all-time high of 12,111.
At 10:50 am, Sensex was trading 0.16 percent higher at 40,956.11 points while the Nifty was up 0.09 percent at 12,085.05 points. Yes Bank Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Enterprises Ltd. was the top loser.
Here’s a look at the stocks in news moving the markets today.
IndiGo Slumps On DGCA Directive To Ground Unmodified A320neo Planes
Shares of InterGlobe Aviation Ltd., the operator of India’s largest airline IndiGo, marked their steepest decline since Oct. 29—falling as much as 4.25 percent to Rs 1,388.50 apiece.
The Directorate General of Civil Aviation, or DGCA, has directed IndiGo to ground one Airbus A320neo plane with unmodified Pratt & Whitney engines for every new A320neo it inducts to its fleet.
The directive comes less than two weeks after DGCA gave IndiGo more time to modify Pratt & Whitney engines powering its Airbus A320neo planes. On Oct. 29, InterGlobe Aviation placed a $33 billion order with Airbus SA to procure 300 A320neo planes. The deal is one of the biggest in the history of the aircraft maker.
The stock has advanced 41 percent in the past 52 weeks, Bloomberg data shows.
RCom Rises After Receiving Bids From Airtel, Reliance Jio
Shares of Reliance Communications Ltd. extended their winning streak for the sixth consecutive trading session, rising 6.25 percent intraday to Rs 0.85 apiece.
A motley of companies, including Bharti Airtel Ltd. and Reliance Jio Infocomm Ltd., have placed bids for assets of RCom as the debt-ridden telecom operator heads for insolvency proceedings.
RCom shares are up 42 percent in the past five days and rose 21 percent in the past 30 days, Bloomberg data shows. The stock has declined 94 percent in the past 52 weeks, according to the data.
Thomas Cook Surges After Corporate Restructuring Process Is Completed
Shares of Thomas Cook (India) Ltd. extended their winning streak for the third straight trading session, rising 11.04 percent intraday to Rs 170.00 apiece.
On Monday, the travel services firm said its corporate restructuring process has been completed after receiving approvals from the Mumbai and Bengaluru benches of the National Company Law Tribunal.
Also Read: Hedge Funds May Pocket $250 Million From Thomas Cook Collapse
Trading volume in the Thomas Cook India stock was almost quadruple the 20-day average for this time of the day, Bloomberg data shows.
Yes Bank Rises After Selling Shares Of Reliance Capital
Shares of Yes Bank Ltd. posted their steepest intraday gain since Nov. 11, rising as much as 3.06 percent to Rs 65.70 apiece.
On Monday, Yes Bank sold more than 16 lakh shares of Reliance Capital Ltd. for about Rs 3 crore in an open market transaction. According to data available with the National Stock Exchange, the private sector bank sold 16,78,900 shares at an average price of Rs 16.26 apiece, valuing the transaction at Rs 2.72 crore.
The buyers and sellers of the shares weren’t known immediately.
Yes Bank share are up 4.1 percent in the past five days and rose 28 percent in the past 30 days, Bloomberg data shows. The stock has declined 65 percent in the past 52 weeks, according to the data.
Zee Entertainment Shares Slump After Subhash Chandra's Resignation
Shares of Zee Entertainment Enterprise Ltd. recorded their steepest intraday decline since Oct. 18, falling as much as 9.13 percent to Rs 312.40 apiece.
On Monday, Subhash Chandra stepped down as chairman of Zee Entertainment. The move came a week after debt-ridden promoter Essel Group cut its shareholding in the broadcaster to 5 percent due to a 16.5 percent stake sale.
Chandra’s resignation is effective immediately, according to Zee Entertainment’s exchange filing. He stays on as a non-executive director.
The trading volume in the Zee Entertainment stock was almost quadruple the 20-day average for this time of the day, Bloomberg data shows.
