Stocks Radar: Infosys, Kridhan Infra, Tata Steel, HT Media
Indian indices rose reflecting their Asian peers amid optimism of progress in trade deal between U.S. and China.
The S&P BSE Sensex Index rose as much as 0.65 percent to 36,216, while the NSE Nifty 50 Index climbed 0.57 percent to 10,864.20, as of 10:00 am.
The market breadth was tilted in favour of buyers. Nine out of the 11 sectoral indices advanced, led by the NSE Nifty IT Index’s 1.3 percent gain. On the flip side, the NSE Nifty Metal Index was the top loser, down 0.44 percent.
Here Are The Stocks Moving The Market This Morning
Infosys Tops Nifty After Buyback, Special Dividend Proposals
Share of India’s second-largest IT firm rose 2.8 percent intraday to Rs 688.70 apiece.
Infosys Ltd. will consider a share buyback and special dividend during its board meet scheduled on Jan. 11, the company said in an exchange filing. As of Sep. 30, the company had cash and cash equivalents of Rs 17,851 crore and current investments worth Rs 7,580 crore, according to its filings.
The stock rose 29 percent in the past 12 months compared to a 4.7 percent gain in the S&P BSE Sensex Index.
Newspaper Stocks Jump After Government Hikes Ad Rates
Shares of print media companies gained as the Information & Broadcasting Ministry hiked the advertisement rates for print media by 25 percent for a period of three years. The ministry, in a press release, stated that this decision will be of immense benefit to small and medium newspapers.
- Shares of DB Corp gained 8 percent intraday to Rs 183 apiece.
- Jagran Prakashan rose 8.6 percent, the most in over five months, to Rs 125.30 apiece.
- HT Media rose 17.7 percent to Rs 46 a share.
Tata Steel Falls After Report Of Asset Sale, Q3 Update
Shares of the steelmaker declined close to 1.7 percent to Rs 486.85 apiece.
Tata Steel is in talks to sell its Southeast Asian assets under NatSteel to China’s HeSteel, according to Bloomberg News. The report cited a S&P Global Platts newsletter which stated the Tata group company may also sell its Thailand Operations. Also, the company’s quarterly update said that its standalone sales for the December quarter stood at 2.97 million tonnes, declining 9 percent on a yearly basis.
The stock traded at 5.8 times its estimated earnings per share for the coming year, Bloomberg data showed.
Kridhan Infra Surges After Arm Wins Singapore Government Order
Shares of the steel products maker rose as much as 10 percent to Rs 49.75 a share.
Kridhan Infra’s Singapore subsidiary won sewer construction order worth Rs 168 crore from the Public Utilities Board of Singapore, according to its notification to the bourses.
The trading volume was more than 20 times the 20-day average for this time of the day, according to Bloomberg data.
Indian Bank Falls After Board Approves ESOP
Shares of the state-run lender declined nearly 1.4 percent to Rs 254.15 apiece.
Indian Bank board approved issuing equity shares worth Rs 800 crore under employees stock options scheme. The bank will also raise Rs 3,300 crore via bonds in financial year 2019-20, the filing said.
The stock traded 20 percent below the Bloomberg consensus one-year target price.