Indian equity markets are trading flat ahead of key earnings from Nifty companies including HDFC Bank Ltd., ITC ltd., Cairn India Ltd., and Hindalco Industries Ltd. Refiners like Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. are up between 2 and 4 percent.
Here’s a look at the other stocks that are on the move today.
VRL Logistics: Promoters’ U-Turn
Shares of VRL Logistics Ltd. jumped as much as 20.1 percent intraday, after the promoters dropped their plan to float an airline.
Policy changes, including the new regional connectivity scheme, do not augur well for the company’s business model, VRL Logistics said in a filing to the stock exchanges.
The regional connectivity scheme, introduced by the Narendra Modi government in June, outlines measures to boost rural connectivity, including a cap on airfares of Rs 2,500 for flights less than 1 hour.
Wipro: Airport Deal Boost
Wipro Ltd. clinched a seven-year information technology and business transformation contract from the Greater Toronto Airports Authority (GTAA). Shares of Wipro rose 1.1 percent to Rs 545 a piece after the announcement.
GTAA operates the Toronto Pearson International Airport, which is the largest in Canada and second largest in North America in terms of international traffic.
Dabur: Fizzy Drink Foray
Shares of Dabur India Ltd. rose as much 1.7 percent to Rs 309.40 a piece after the company announced its foray into the aerated drinks category.
250 milliliter cans of the fruit-based Real VOLO drink that will be available for Rs 40, the company informed the Bombay Stock Exchange. The product will be available in two variants: Cranberry-Blueberry and Grape-Blackcurrant, the company added.
Welspun: Order Boost
Welspun Corporation Ltd. shares jumped as much as 7 percent after the company won an order to supply 274 kilometres of Line Pipe for a gas project for a U.S company. With the addition of this order, the company’s total order book will stand at Rs 5.500 crore.
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