Stocks Radar: IndoStar Capital, MSTC, PNB, SBI Life, WABCO India
Indian equity benchmarks extended gains for the second consecutive trading session.
The S&P BSE Sensex rose as much as 0.53 percent to 38,748.54 and the NSE Nifty 50 rose as much as 0.52 percent to 11,630.20. The broader market index represented by the NSE Nifty 500 Index rose as much as 0.54 percent.
The market breadth was tilted in favour of buyers. About 980 stocks advanced and 467 shares declined on the National Stock Exchange.
Nine out of the 11 sectoral gauges compiled by NSE rose, led by the NSE Nifty Metal Index’s 1 percent advance. On the flip side, the NSE Nifty Private Bank was the top sectoral loser, down 0.17 percent.
Here Are The Stocks Moving The Market This Morning
MSTC Hits Upper Circuit After Shaky Debut
State-run MSTC Ltd. listed at a discount of 5.4 percent at Rs 111 per share on the BSE. compared to its issue price of Rs 120 apiece. The stock hit an upper circuit of 5 percent thereafter.
Wabco India Jumps The Most In Over Two Years
Shares of Wabco India Ltd. rose as much as 12.1 percent, the most since March 24, 2017, to Rs 7,100.
The automotive parts maker’s holding company said that it has entered into a definitive agreement to sell all of its outstanding shares in an all-cash transaction at $136.5 per share aggregating to $7 billion to ZF Friedrichshafen. The transaction is expected to close in early 2020.
The stock is also expected to remain in focus as ZF Friedrichshafen will have to make an open offer for public shareholders, according to the SEBI guidelines.
Trading volume was more than 12 times its 20-day average, Bloomberg data showed. The stock fell 2.9 percent so far this year and declined 14.6 percent in the past 12 months.
SBI Life Falls Over 5% After Block Deals
Shares of SBI Life Insurance Company Ltd. fell as much as 5.6 percent to Rs 581.60.
About 3.79 crore shares of the company changed hands in 14 block deals on Bombay Stock Exchange, according to Bloomberg data.
While buyers and sellers were not known immediately, Bloomberg reported, “BNP Paribas plans to sell 30 lakh shares of the company at a fixed price of Rs 575 apiece,” quoting the terms of the deal.
Trading volume was more than 20 times its 20-day average, according to Bloomberg data.
Punjab National Bank Swings On Housing Finance Arm’s Stake Sale Plan
Shares of the state-run lender fluctuated between gains and losses to trade 0.58 percent higher at Rs 95.95
The public sector bank entered into an agreement to sell 1.08 crore shares in PNB Housing Finance to General Atlantic Group at Rs 850 apiece, according to its stock exchange filing. The bank also plans to sell 1.08 crore shares in the housing finance arm to Varde Partners at Rs 850 apiece, it said in an exchange filing, adding that the total stake sale is worth about Rs 1,851.6 crore.
“PNB would continue to hold strategic stake of 19.78 percent of the paid-up capital of PNB Housing Finance (as on December 2018) and shall continue as a promoter and strategic shareholder of the housing finance company,” it said.
IndoStar Capital Finance Jumps On Heavy Volumes
Shares of IndoStar Capital Finance Ltd. extended gains for the fifth consecutive trading session, its longest gaining streak in over three weeks. The stock rose as much as 10.7 percent, the most in over three months, to Rs 422.40.
Trading volume was almost 11 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.