Stocks Radar: GVK Power & Infra, Jet Airways, State Trading Corp., Unitech
Here are the stocks moving the markets in today’s trade.
Indian equity benchmarks opened higher following gains amid U.S. President Donald Trump postponing the date for boosting tariffs on Chinese imports.
The S&P BSE Sensex Index rose as much as 0.12 percent to 35,916.60 and the NSE Nifty 50 Index traded flat at 10,795, as of 9:50 a.m.
The market breadth was tilted in favour of buyers. Seven out of 11 sectoral gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty Index's 1.2 percent gain. On the other hand, the Nifty PSU Bank Index was the top loser, down 0.75 percent.
Here Are The Stocks Moving In Today’s Trade:
State Trading Corporation Falls After Insolvency Plea Initiated
Shares of the state-owned company declined nearly 5.8 percent, the most in nearly two weeks, to Rs 107.75 per share.
Syndicate Bank filed insolvency pleas against the company for Rs 625.32 crore, the agricultural products seller said in an exchange filing.
The trading volume was almost five times the 20-day average for this time of the day, Bloomberg data showed.
GVK Gains After Increasing Stake In Mumbai Airport
Shares of the non-residential building construction company rose for the third day in a row after it surged 17 percent intraday to Rs 8.60 per share. The stock returned 53 percent in the past five trading sessions.
GVK will acquire 13.5 percent stake of Mumbai International Airport Ltd. from Bidvest for Rs 1,247.4 crore, according to its notification to the exchanges. The company will acquire 16.2 crore equity shares at Rs 77 each. Post acquisition, GVK will hold 64 percent stake in the airport.
The trading volume was more than 20 times the 20-day average for this time of the day, according to Bloomberg data.
Jet Airways Slumps Despite Shareholders’ Approval Of Resolution Plans
Shares of the cash-strapped carrier snapped its three-day rally and declined 4.8 percent intraday to Rs 225 apiece.
Jet Airways extra-ordinary general meeting saw 98 percent of shareholders vote in favour of conversion of loan into shares, increase in authorised share capital and to alter the articles of association, according to its notification to the bourses. Besides, the company’s additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
The stock declined nearly 70 percent in the past 12 months compared with a 5.1 percent gain in the BSE Sensex Index.
IFB Agro Gains After Middle East Expansion Plans
Shares of the beverage seller gained for the second-straight session after it rose as much as 2.6 percent to Rs 427 apiece.
IFB Agro Industries Ltd. said its wholly owned subsidiary will distribute seafood products in the local markets of UAE, according to an exchange notification.
The stock declined 38 percent in the past 12 months compared with a 5.1 percent gain in the BSE Sensex Index.
Metal Stocks Gain After Morgan Stanley Boost
Shares of the base-metals manufacturers rose after brokerage firm Morgan Stanley upgraded its recommendation on the stocks.
- Jindal Steel and Power rose 3.3 percent intraday to 164.40 per share.
- JSW Steel gained 2.2 percent to Rs 293.35 apiece.
- Steel Authority Of India Limited rose 2.3 percent to Rs 50.40 per share.
(prices as of 9:30 a.m.)
Here’s What The Brokerage Had To Say On The Stocks:
- Steel companies’ earnings will accelerate led by domestic demand and price hikes.
- Non-ferrous downgrades reflects earnings risk from commodity prices.
Realty Index Extends Rally On GST Relief
The NSE Nifty Realty Index extended gains for the sixth consecutive trading session, its longest gaining streak in nearly four months.
This is after the Goods and Services Tax Council approved lowering the tax rate on under-construction properties to 5 percent without input tax credit, from 12 percent earlier, while the affordable housing projects will attract t 1 percent tax as against 8 percent earlier.
The 10-share gauge rose over 2 percent, aided by Sunteck Realty Ltd.’s 4.7 percent rally.
Motital Oswal, IIFL Decline After SEBI Action
Shares of IIFL Holdings Ltd. declined as much as 5.1 percent and Motilal Oswal Financial Services Ltd. fell 7.7 percent after Securities and Exchange Board of India declared the commodity broking arms of Motilal Oswal and India Infoline as not "fit and proper", as part of the action in the National Spot Exchange Ltd. case.
SEBI is investigating as many as 300 brokers on charges of colluding with NSEL to defraud investors.
