Stocks Radar: IRCTC, Lakshmi Vilas Bank, Manpasand Beverages, VA Tech Wabag, Yes Bank
Here are the stocks in news moving the markets today.
Indian equity benchmarks were trading at day’s high after opening marginally higher.
At 11:28 am, the S&P BSE Sensex was trading 0.60 percent higher at 38,445.49 points while NSE Nifty 50 was up 0.55 percent at 11,403.65. Eicher Motors Ltd. was the top gainer on the Nifty 50 index while Bharti Airtel Ltd. was the top loser.
The market breadth was tilted in favour of buyers. About 857 stocks advanced and 778 declined on the National Stock Exchange. Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto index’s 1.3 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.7 percent.
Here are the stocks in news moving the markets today:
VA Tech Wabag Falls 18.4% On 11th Consecutive Day Of Declines
Shares of VA Tech Wabag Ltd. extended declines for the 11th consecutive trading session, falling as much as 18.6 percent to Rs 189 apiece, the lowest since July 30, 2013. This is the stock’s steepest intraday decline since Sep. 17, 2012.
The Trading volume for the VA Tech Wabag stock was more than 20 times its 20-day average for this time of the day, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold. The scrip has slumped 80 percent from its all-time high.
Indiabulls Housing Finance Falls After Announcing Buyback Plan
Shares of Indiabulls Housing Finance Ltd. fell as much as 7.89 percent, the most since Oct. 11, to Rs 182.20 apiece.
On Monday, the housing finance company told the stock exchanges that its board intends to go for a share buyback and will take final decision in this regard after receiving concurrence from Securities and Exchange Board of India.
"The board is inclined for a buyback of shares, the route being the buying of company shares through the exchanges and shall take final decision on this proposed buyback upon receipt of confirmation from SEBI," Indiabulls Housing Finance said in a filing.
The Indiabulls Housing Finance stock has declined 80 percent in the past 52 weeks, Bloomberg data shows.
IRCTC Cools Off After Strong Market Debut
Shares of Indian Railway Catering & Tourism Corporation Ltd. slumped a day after a bumper listing on the bourses.
On Monday, IRCTC shares more than doubled on their first day of trade, the best debut for a local company in two years, driven by a strong demand for its offering. The stock listed at Rs 644 apiece—a premium of 101 percent over its issue price of Rs 320 a share—on the BSE. The scrip closed over 13.12 percent higher to Rs 728.6.
But on Tuesday, IRCTC fell as much as 3.54 percent to Rs 702.00 apiece. The relative strength index on the stock was below 30, indicating that it may be oversold. Of the shares that were traded, 40 percent were at the ask price and 37 percent were at the bid.
Lakshmi Vilas Bank Slumps After RBI Imposes Fine
Shares of The Lakshmi Vilas Bank Ltd. extended their losing streak for the 11th day, falling as much as 4.96 percent to Rs 22.05 apiece—the lowest since Jul. 3, 2006.
This, after Reserve Bank of India imposed on the South India-focused bank a monetary penalty of Rs 1 crore for violating asset classification and fraud detection norms.
"The Reserve Bank of India (RBI) has, by an order dated Oct. 14, 2019, imposed monetary penalty of Rs 1 crore on The Lakshmi Vilas Bank Ltd. for non-compliance with certain provisions of directions issued by RBI on 'Income Recognition and Asset Classification IRAC norms," the central bank said in a release on Monday.
The Lakshmi Vilas Bank stock has declined 73 percent in the past 52 weeks, according to Bloomberg data.
BSE To Halt Trading In Manpasand Beverages, Shares Slump
Shares of Manpasand Beverages Ltd. fell as much as 4.73 percent, the steepest intraday decline since Oct. 3, to Rs 7.05 apiece.
The Bombay Stock Exchange will suspend trading in shares of 16 companies, including Manpasand Beverages and Binani Industries Ltd., from Nov. 4 for not complying with listing norms pertaining to submission of quarterly financial results, among others, the stock exchange said in a circular on Monday.
The beverage maker’s stock has declined 93 percent in the past year, Bloomberg data shows.
Yes Bank Gains After Selling Stake In Fortis Healthcare
Shares of Yes Bank Ltd. extended their winning streak to a second consecutive trading session, gaining as much as 3.37 percent to Rs 41.45 apiece.
On Monday, the private sector lender offloaded 6.56 percent stake in Fortis Healthcare Ltd. for a little over Rs 645 crore through an open market transaction. After the stake sale, it now holds 1,850 shares in the hospital chain, latest shareholding data available with the BSE showed.
The Yes Bank stock has declined 84 percent in the past 52 weeks, Bloomberg data shows. The shares are down 12 percent in the past five days and fell 41 percent in the past 30 days.
Adani Transmission Near Lifetime High
Adani Transmission Ltd.’s soared 12.4 percent, its biggest intraday jump in nearly seven months, to Rs 253 apiece.
The company completed the acquisition of a special purpose vehicle project incorporated by REC Transmission Projects Company, according to an exchange filing. Adani Transmission had won this project through a Tariff Based Competitive Bidding process and received the letter of intent in July 2019, the filing said.
The trading volume was over 10 times the 20-day average for this time of the day, Bloomberg data showed.