Companies and Markets

Companies & Markets

Volatility hits Idea stock on merger deal with Vodafone

Idea Cellular stock had a roller coaster ride on Monday, as its merger with Vodafone’s Indian subsidiary was announced. The stock hit both the upper and the lower circuits as investors tried to assess the contours of the deal and value Idea Cellular stock price based on the swap ratio and other details made available by the company to the stock exchanges.
The stock first hit the upper circuit at Rs 123.75 (per share) on BSE

IT stocks crash on Cognizant woes, strong rupee

IT major Cognizant’s plan to reduce its workforce in India and strengthening of the rupee to an 18-month high led to selling in the stocks of IT heavyweights on Monday.
The stocks that saw a sharp fall included Tata Consultancy Services, down 1.82 per cent, Infosys (-1.87 per cent), Wipro, (-1.59 per cent), Tech Mahindra (-0.63 per cent) and HCL Technologies (-0.23 per cent).

Sensex down 129 pts in early trade on profit booking

The benchmark BSE Sensex fell almost 129 points in early trade today due to profit booking by investors after recent strong gains.

The 30-share barometer declined 128.72 points, or 0.43 per cent, to 29,520.27 points, with shares of IT, Teck, metal, banking, oil & gas and capital goods trading with losses.

The index had gained 250.88 points in the last two sessions. Also, the NSE Nifty fell by 31.55 points, or 0.34 per cent, to 9,128.50.

Jewellery stocks sparkle again

Select jewellery stocks saw a sharp rise in their prices on Thursday amid intense speculation that government trading company MMTC may offload a large quantity of gold soon. Centre’s gold monetisation scheme has mobilised around seven tonnes of gold so far. A stronger rupee also boosted the sentiment, as it would be cheaper to import gold.

Metal stocks rally, sectoral index goes up 2.84 per cent

Most metal stocks rose on Thursday, mirroring the strong buying in this space. The BSE Metal Index, which advanced 2.84 per cent, topped other sectoral indices on Dalal Street. The Nifty Metal was up 2.15 per cent.
SAIL led the metal rally, rising 5.91 per cent, followed by Hindustan Zinc, up 5.71 per cent, JSW Steel, up 5.02 per cent, Tata Steel, up 4.30 per cent, Jindal Steel & Power (JSPL), up 4.15 per cent and Hindalco was up 4.06 per cent.

Sensex jumps 206 pts, Nifty at new peak after Fed move

The Sensex rebounded by over 206 points and the NSE Nifty scaled a life-time high of 9,153 (rpt) 9,153 in opening trade today amid a firming trend in global markets after the US Fed hiked the key lending rate.

The Federal Reserve, as expected, raised the benchmark interest rate by a quarter percentage point, but gave a more dovish outlook for future hikes.

The rupee was in a sweet spot, strengthening by another 47 paise to hit a fresh 16-month high of 65.22 against the dollar.

Shankara Building plans Rs 345-cr IPO

The positive market sentiment generated by the state poll results has prodded companies like Shankara Building Products and C L Educate to launch their initial public offerings without delay.
Shankara Building Products' announced a Rs 345-crore IPO in the price band of Rs 440 to Rs 460 that opens on March 22, while C L Educate's Rs 238.95-crore IPO in the price band of Rs 500 to Rs 502 per share will open on March 20.

HCL Technologies too plans share buyback

The board of HCL Technologies is meeting next week to consider a share buyback offer in line with the latest industry trend.
TCS has already announced a mega Rs 16,000-crore share buyback programme last month and Infosys Technologies has made an enabling provision in its articles of association for taking up share buyback. IT companies, sitting on huge cash piles, have been facing pressure from shareholders to utilise a part of the money for rewarding their shareholders.

Quality growth stocks to stay attractive

Key benchmark indices posted strong gains on Tuesday on ruling Bharatiya Janata Party's (BJP) phenomenal success in the assembly election Uttar Pradesh and Uttarakhand. The scale of the BJP’s victory paves the way for further reforms and should lead to more inflows, supporting asset prices. For international investors, India is one of the few emerging markets that has everything going for it: demographics, economics and politics. With elections settled, it is clear that the Prime Minister Narendar Modi-led government will gain better leverage in the Upper House by 2018.

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