Stocks Radar: CG Power, Bharti Airtel, Welspun Corp, Yes Bank, Zee Entertainment
Indian equity benchmarks opened higher, resuming gains after a one-day blip.
At 9:42 am, the S&P BSE Sensex rose 0.12 percent to 40,331.54 and the NSE Nifty 50 rose 0.09 percent to 11,898.95. The broader market, represented by the NSE Nifty 500 Index, rose 0.13 percent. The market breadth was tilted in favour of buyers. About 840 stocks advanced and 723 shares declined on National Stock Exchange.
Seven of the 11 sectoral gauges traded lower, led by the NSE Nifty Metal Index’s 0.92 percent loss. On the other hand, the NSE Nifty Pharma Index was the top gainer, up 0.58 percent.
Here Are The Stocks Moving The Market Today
CG Power Drops On India Ratings Downgrade
Shares of CG Power and Industrial Solutions Ltd. slumped as much as 4.01 percent intraday to Rs 14.35 apiece, the lowest since Nov. 1, 2019.
India Ratings cut the graft probe-hit electrical parts maker’s long-term rating and bank facilities to ‘D’ from ‘B’. Rating agency has cited delays in debt payments by the company since last month due to weak performance and tight liquidity.
The company’s stock has declined 58 percent in the past year, Bloomberg data showed.
Telecom Stocks Surge On Plans To Hike Tariffs
The telecom operators announced plans to increase tariffs from next month, days after the Supreme Court ordered India’s struggling telecom operators to pay pending dues worth thousands of crores.
Shares of Bharti Airtel have advanced 34 percent over the past year, while that of Vodafone Idea have declined 83 percent, Bloomberg data showed.
Welspun Rises On CCI Nod For Rs 845.5 Crore Deal
Shares of Welspun Corp Ltd. rose as much as 3.62 percent intraday, the steepest intraday gain since Nov. 6, 2019, to Rs 139 apiece.
The Competition Commission of India has approved the company’s plan to sell plates and coils mills division to Laptev Finance Pvt. Ltd. for Rs 848.50 crore, according to Bloomberg report.
The trading volume of the company’s stock trades at 55 percent below the 20-day average, Bloomberg data showed.
Yes Bank Rises After Buying Stake In Tulip Star Hotels
Shares of Yes Bank Ltd. rose as much as 2.13 percent to Rs 67.25 apiece, the most since Nov. 11, 2019, after the private lender acquired 20.61 percent stake in Tulip Star Hotels over invocation of pledge of shares, according to an exchange filing on Monday.
“We wish to inform you that Yes Bank Ltd. has, pursuant to invocation of pledge of shares, acquired 949,930 equity shares having nominal value of Rs 10 per share, constituting approx. 20.61 percent of the post-issue paid-up share capital as at Sept. 30, 2019, of a listed company, namely, Tulip Star Hotels Ltd.,” the filing read.
The trading volume of the company’s stock was 38 percent below the 20-day average for this time of day. Bloomberg data showed.
Zee Entertainment Falls On Brickwork Ratings’ Downgrade
Shares of Zee Entertainment Enterprises Ltd. fell as much as 2.77 percent, the most since Nov. 14, to Rs 286 apiece.
Brickwork Ratings downgraded the non-convertible preference share issuer rating of the Subhash Chandra-led content creator to ‘BWR AA+’ from ‘BWR AAA’, with a credit watch with negative implications due to deteriorating financial flexibility of the group marked by increased pledge of promoter holding.
The company’s stock has declined 34 percent in the past year, Bloomberg data showed.