1. Punjab National Bank, Tata Metaliks among 10 stocks that trended in Wednesday’s trade

Punjab National Bank, Tata Metaliks among 10 stocks that trended in Wednesday’s trade

Tata Metaliks shares hit upper circuit for the second consecutive session on Wednesday following its parent’s decision to call off the merger plan.

By: | Updated: May 18, 2016 4:48 PM
Stocks in focus Tata Metaliks shares hit upper circuit for the second consecutive session on Wednesday following its parent’s decision to call off the merger plan. (Photo: Reuters)

The BSE Sensex and NSE Nifty snapped two sessions of gains on Wednesday on weak global cues after data showed rising US inflation and hopes of interest rate hike by Fed by June. Sensex shed 69 points to end at 25,704.61, while NSE Nifty fell 20.60 points to 7,870.15.

Below are the 10 stocks that trended in Wednesday’s trade

GlaxoSmithkline Consumer Healthcare: Shares of the company ended 3.87 per cent down at Rs 5850.20 after the company on Tuesday reported 8.18 per cent decline in its standalone net profit at Rs 180.68 crore for the quarter ended March 31, 2016. It had posted a net profit of Rs 196.78 crore for the corresponding period a year ago.

Tata Metaliks: Shares of the company hit upper circuit for the second consecutive session on Wednesday following its parent’s decision to call off the merger plan. Tata Steel on Tuesday said that it has decided to drop its plan to merge Tata Metaliks and Tata Metaliks DI Pipes with itself due to delay in regulatory and statutory approvals among other factors. Reacting to the announcement, shares of Tata Metaliks surged 19.94 per cent to Rs 168.40.

Cupid: Shares of the company hit upper circuit on Wednesday after it informed bourses that it has executed agreement worth Rs 13.58 crore with PSI India. As per the terms of agreement, Cupid is required to supply 83.5 million units of male condoms to distribute in India.

Syndicate Bank: Stocks of the state-owned bank were trading 2.11 per cent down at Rs 65.10 after it reported a net loss of Rs 2,158.17 for the quarter ending March 2016 due to more than three-fold rise in provisions for bad loans and contingencies. Later, the share price of the company ended 2.93 per cent up at Rs 68.45.

Maruti Suzuki and Mahindra & Mahindra: Shares of Maruti Suzuki and Mahindra & Mahindra fell after their popular passenger vehicle models in India — Celerio, Eeco and Scorpio — failed crash test by vehicle safety group Global NCAP with ‘zero star’ ratings. Maruti Suzuki shares ended 0.81 per cent down at Rs 3917 and Mahindra & Mahindra shares ended 1.59 per cent down at Rs 1320.10.

Voltas: Voltas on Tuesday reported a 51.43 per cent increase in its consolidated net profit at Rs 180.71 crore for the March quarter on account of improvement in order execution by projects business. It had posted a net profit of Rs 119.33 crore in the January-March quarter of 2014-15 fiscal. At 9.25 am, stocks of the company were trading 1.76 per cent up at Rs 340.95. Later, stocks of the company ended 1.21 per cent down at Rs 331.

State Bank of India: SBI on Tuesday proposed merger of its five associate banks and newly created Bharatiya Mahila Bank (BMB) with itself, a move that will create Rs 37-lakh crore banking behemoth with over 50 crore customers. Stocks of the bank ended 1.78 per cent up at Rs 180.20.

Punjab National Bank: Shares of the public sector bank closed 3.25 per cent up at Rs 76.20 despite the bank reporting a net loss of Rs 5,367.14 crore for the fourth quarter ended March 31, 2016, on account of higher provisioning for bad loans. On Wednesday’s stock price movement, G Chokkalingam, founder, Equinomics Research & Advisory said, “Trading interest in PNB shares supported the price movement on Wednesday as it was hovering near to its 52-week low level of Rs 69.40. Also, possible short covering in F&O segment further lifted the scrip.”

JSW Steel: Shares of the company ended 1.45 per cent up at Rs 1310.35 after Sajjan Jindal-led firm reported an over two-fold jump in consolidated net profit at Rs 171.25 crore for the quarter ended March 31, mainly due to higher sales.

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