Stocks Radar: NDTV, Coal India, Bharti Infratel
Indian equity benchmarks edged lower on Friday, dragged down by losses in Infosys, Coal India and HDFC.
The S&P BSE Sensex fell a percent to 36,074.5 and the NSE Nifty 50 Index declined 1.1 percent to 10,835.85, as of 10:40 a.m.
The market breadth was tilted in favour of sellers. All of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 1.7 percent fall in the Nifty Realty Index.
Here Are The Stocks Moving The Market Today
Coal India Swings After Dividend Announcement
Shares of the India’s largest coal miner fluctuated between gains and losses to trade at Rs 250.55 per share.
Coal India said it would pay interim dividend of Rs 7.25 per share aggregating to Rs 4,500 crore to its shareholders with an implied dividend yield of 3 percent, according to its exchange filing. The company fixed Dec. 31 as the record date.
The stock trades at 9.5 times its estimated earnings per share for the coming year, according to Bloomberg data.
NDTV Locked In Upper Circuit After Rs 300-Crore Deal
Shares of the Delhi-based news broadcast company rose as much as 10 percent, its biggest intraday gain in over five months, to Rs 39.25 apiece.
The company struck Rs 300-crore deal with content discovery platform Taboola for a period of five years, NDTV said in a press release.
The stock declined 25 percent in the past 12 months compared to 7.8 percent gain in the BSE Sensex Index.
Bharti Infratel Falls After Parent Sells Stake To Unit
Shares of the tower operator declined as much as 5.6 percent intraday, the most in a month, to Rs 247.45 per share.
Its parent Bharti Airtel’s board approved sale of up to 59.12 crore equity shares, representing 32 percent stake of Bharti Infratel owned by the company to its arm Nettle Infrastructure Investments, according to an exchange filing. After the deal, Bharti Airtel will own 18.33 percent stake in its Infratel arm and Nettle Infrastructure Investments and the public will hold 35.18 percent and 46.49 percent, respectively.
The stock was trading 21 percent below the Bloomberg consensus one-year target price.
Indian Hume Pipe Surges After Bagging Order
Shares of the steel pipes maker rose close to 8 percent to a seven-month high of Rs 368.35 apiece.
The Mumbai-headquartered company received letter of acceptance for construction of drinking water supply projects worth Rs 502.89 crore in Andhra Pradesh, according to its notification to the bourses. The project will be completed within 24 months.
The trading volume was more than 100 times the 20-day average for this time of the day, Bloomberg data showed.
Dr Reddy’s Labs Declines After Competitors To Appeal Against Ruling
Shares of the drugmaker declined as much as 1.1 percent to Rs 2,600 apiece.
Aquestive and Indivior, who have partnered to sell Suboxone in the U.S., said they would file a petition with the U.S. Court of Appeals for the Federal Circuit for rehearing against the ruling that allowed Dr. Reddy’s to launch its generic buprenorphine/naloxone sublingual film.
Out of the 45 analysts polled by Bloomberg, 22 analysts recommended ‘Buy’ on the stock and 11 had a ‘Sell’ rating and 12 analysts recommended ‘Hold’.