Stocks Radar: HDFC, IDFC Bank, ICICI Bank
Indian equity benchmarks surged to fresh highs led by gains in HDFC Ltd., ICICI Bank Ltd. and Tata Steel Ltd.
The S&P BSE Sensex rose as much as 1 percent to 34,963, while the NSE Nifty 50 Index gained as much as 0.9 percent to 10,782. The market breadth firmly tilted in the favour of the buyers.
All of the 19 sector gauges compiled by BSE Ltd. rose, led by the S&P BSE Metal Index’s 1.5 percent advance.
Here Are The Stocks Moving This Morning:
Market Reacts To IDFC Bank-Capital First Merger
The boards of IDFC Bank Ltd. and Capital First Ltd. on Saturday approved a merger between the two entities, creating a lender which will have a portfolio diversified across large corporate lending, small and medium enterprise loans and retail credit.
While IDFC Bank fell as much as 3.5 percent to Rs 65.1, Capital First rose as much as 7.7 percent to Rs 902, highest in almost 10 years.
(To read more on this year’s first merger, click here!)
HDIL: Warrant Allotment To Promoter
Shares of the Mumbai-based real estate developer rose as much as 8.3 percent to Rs 69.1, highest in five months. The company's board approved an allotment of Rs 200 crore warrants to promoter at Rs 70.5 per warrant.
HDIL’s shares snapped a two-day losing streak today.
HDFC: Board Approves Fund Raising
Shares of the mortgage lender rose as much as 2.1 percent to Rs 1,797.9.
The lender’s board approved raising over Rs 11,000 crore by selling shares to a consortium of investors including private equity firm KKR and Singapore’s sovereign wealth fund GIC.
HDFC’s shares have risen for three consecutive days now.
(For more details, click here!)
ICICI Bank: Morgan Stanley Boost
Shares of the private sector lender rose as much as 4.1 percent to Rs 330, highest in two months.
International brokerage Morgan Stanley said the bank’s stock has the potential to return more than 50 percent this year as its loan quality and weak probability will “turn around meaningfully” in the coming months.
It also initiated coverage on ICICI Bank Ltd.’s American Depository Receipts with an ‘over-weight’ rating and a target price of $15.
Trading volume of the stock was four times the 20-day average.
Stocks Reacting To Block Deals
- 36 lakh shares changed hands in a single block
- Shares of Hathway Cable And Datacom Ltd. rose as much as 19.9 percent to Rs 48.7.
Buyers and sellers were not immediately known