1. Bharti Airtel, Idea Cellular, Patel Engineering among 10 stocks that made news in Thursday’s trade

Bharti Airtel, Idea Cellular, Patel Engineering among 10 stocks that made news in Thursday’s trade

Reliance Industries stocks settled the day 2.73 per cent down at Rs 1029.15 after the company announced the September 5 launch date for its telecom venture Reliance Jio, which will offer free voice calls and lower data tariffs.

By: | Updated: September 1, 2016 4:39 PM
Stocks in focus today Reliance Industries stocks settled the day 2.73 per cent down at Rs 1029.15 after the company announced the September 5 launch date for its telecom venture Reliance Jio, which will offer free voice calls and lower data tariffs.

Domestic equity markets ended on a flat note on Thursday in the absence of any triggers. Investor sentiments were also subdued after  macroeconomic data released on Wednesday showed economy grew at a much lower-than-expected 7.1 per cent in the April-June quarter, its slowest pace in 15 months. Sensex ended 28.69 points at 28,423.48, while NSE Nifty was closed 11.55 points down at 8,774.65.

Below are the 10 stocks that remained in focus in Thursday’s trade

Reliance Industries: Stocks of the company settled the day 2.73 per cent down at Rs 1029.15 after the company announced the September 5 launch date for its telecom venture Reliance Jio, which will offer free voice calls and lower data tariffs.

Telecom stocks: Shares of Idea Cellular, Bharti Airtel and Reliance Communications plunged after RIL Chairman Mukesh Ambani announced the launch of Reliance Jio with features like free voice calling and cheaper data tariffs for its customers. Shares of Bharti Airtel and Idea Cellular closed 6.37 per cent and 10.48 per cent down at Rs 310.70 and Rs 83.70, respectively. While Reliance Communications ended 8.81 per cent down at Rs 49.15.

Ashok Leyland: Stocks of the company closed 4.45 per cent down at Rs 83.80 after the commercial vehicle manufacturer registered 6 per cent fall in its total sales to 10,897 units in August 2016 as compared to 11,544 units sold in the same period of last year.

Eicher Motors: Stocks of the company closed 0.03 per cent up at Rs 22740.05 after its motorcycle division – Royal Enfield-  reported a 32 per cent jump in total sales in August 2016 at 55,721 units, as against 42,360 units in the same month last year.

Patel Engineering: Shares of the company closed 12.92 per cent up at Rs 53.75 after the company informed bourses that the Cabinet decision that requires government agencies to pay 75 per cent of the arbitral awards is expected to reduce the company’s debt by more than 50 per cent. The company has won arbitration award in excess of Rs 2,500 crore.

Maruti Suzuki India: Shares of the automaker settled 0.11 per cent up at Rs Rs 5058.25 after it released the August car sales figures, posting a rise of 12.2 per cent at 1,32,211 units, as against 1,17,864 units in August 2015.

Bharat Petroleum Corporation Ltd: Stocks of the company ended 2.57 per cent down at Rs 586.85 despite reporting 11 per cent jump at Rs 2,621 crore for the June quarter.

Indiabulls Housing Finance: Stocks of the company ended 2.13 per cent up at Rs 837 after the company said it plans to raise up to Rs 100 crore through issuance of non-convertible debentures (NCDs).

Hindustan Construction Company (HCC): Stocks of the company ended 19.91 per cent up at Rs 32.75 after the company announced that the Cabinet decision that needs government agencies to pay 75 per cent of arbitral awards will result in HCC’s debt being reduced by half. HCC has arbitration awards for over Rs 3,200 crore and with the Wednesday’s decision, the company will get 75 per cent of this amount immediately.

Cement companies: Stocks of cement companies were trading lower after Competition Commission of India imposed more than Rs 6,700 crore penalty on 11 cement companies, including ACC and Binani, for cartelisation. Shares of ACC, Binani Industries and Ambuja Cements closed 1.25 per cent, 3.06 per cent and 0.54 per cent down at Rs 1686.35, Rs 106 and Rs 277.50 respectively. While Ultratech Cements, India Cements and JK Cement ended 1.58 per cent, 1.87 per cent and 0.50 per cent up at Rs 4093.00, Rs 152.65 and Rs 796 respectively.

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