1. Tata Steel, Orient Cement, South Indian Bank among 10 stocks that remained in news today

Tata Steel, Orient Cement, South Indian Bank among 10 stocks that remained in news today

South Indian Bank reported 18.36 per cent rise in its net profit at Rs 110.52 crore for the quarter ended September 30, 2016 as compared to Rs 93.38 crore for the same quarter in the previous year.

By: | New Delhi | Updated: October 7, 2016 4:14 PM
BSE Sensex, NSE Nifty South Indian Bank reported 18.36 per cent rise in its net profit at Rs 110.52 crore for the quarter ended September 30, 2016 as compared to Rs 93.38 crore for the same quarter in the previous year.

Domestic equity markets ended in red on Friday on the back of weak global cues. The BSE Sensex closed 45.07 points down at 28061.14, while Nifty settled 11.95 points down at 8697.60. Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “Lack of confidence due to global ambiguity has refrained investors to go long. The US payroll and unemployment data will increase the chance for a hike in FED rate by Dec-2016. In the domestic market, investors are shifting their focus to quarter earnings which start next week and the GST Council to finalise the neutral rate. The expectation for Q2 PAT is at 5 per cent to 7 per cent which is better than it actually was in Q1.”

Below are 10 stocks that remained in news today:

UCO Bank: State-owned UCO Bank said it will sell 7.17 crore shares to LIC on a preferential basis, which may fetch about Rs 270 crore to the bank. Shares of the bank closed 0.93 per cent down at Rs 37.15.

DHFL: Dewan Housing Finance Corporation Ltd (DHFL) on Thursday slashed lending rate by 0.2 per cent to 9.35 per cent to cash in on the festival fervour. Shares of DHFL closed 0.88 per cent down at Rs 292.55.

Jaiprakash Power Ventures (JPVL): Shares of the company jumped over 2 per cent on Friday after the company decided to sell its Nigrie Cement Grinding unit to Orient Cement for an Enterprise Value of Rs 500 crore. The Enterprise Value is on a cash-free, debt-free basis and is subject to adjustments on account of working capital, if any. The 2 mtpa Nigire cement grinding unit which began operations in 2015 is wholly owned by JPVL. This grinding unit is located very close to the end markets in Bihar, Jharkhand and Eastern UP.

Fiem Industries: Fiem Industries has inked a ‘Technology License and Assistance Agreement’ (TAA) with Aisan Industry Co., Japan and Toyota Tsusho Corporation, Japan for manufacturing of ‘Canister’. Under the TAA, the Canister will be manufactured by Fiem Industries with the technical support of Aisan Industry Co., for two-wheelers and three-wheelers in Indian market. Shares of the company settled 1.55 per cent up at Rs 1,221.20.

ABG Shipyard: The company has decided to divest its subsidiary Western India Shipyard Ltd and will invite bids from prospective investors. The scrip closed 0.90 per cent down at Rs 32.85.

Telecom Stocks: Telecom spectrum auction closed on Thursday with bids worth Rs 65,789 crore over the last five days, a mere 40 per cent of the total worth of spectrum that was placed on the block.

Tata Steel: Tata Steel on Thursday said its sales rose by 12 per cent to 2.62 million tonnes (MT) in the quarter ended September 30, 2016. Shares of Tata Steel settled 4.39 per cent up at Rs 406.40.

Grasim Industries: The company said that as part of its proposed merger scheme, 10 shares of Aditya Birla Nuvo Ltd (ABNL) will get 15 shares of the firm. Grasim Industries closed 1.60 per cent up at Rs 1024.55.

Orient Cement: Orient Cement said it will acquire two cement plants of debt-laden JP Group for Rs 1,950 crore in an all-cash deal, a move that will help the CK Birla Group firm enter central and eastern regions of the country. Shares of Orient Cement settled 6.56 per cent down at Rs 207.30.

South Indian Bank: South Indian Bank reported 18.36 per cent rise in its net profit at Rs 110.52 crore for the quarter ended September 30, 2016 as compared to Rs 93.38 crore for the same quarter in the previous year. Total income of the bank increased by 4.58 per cent at Rs 1596.08 crore for Q2FY17 as compared Rs 1526.19 crore for the corresponding quarter previous year. The scrip closed 3.23 per cent down at Rs 23.95.

 

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