Six Stocks In News At Noon: Gensol Engineering, IndusInd Bank, MTNL, SpiceJet And More

The NSE Nifty 50 and BSE Sensex pared gains around noon. The benchmark indices were trading 0.26% and 0.25% higher, respectively, as of 12:39 p.m.

Gensol Engineering Ltd., IndusInd Bank Ltd., Mahanagar Telephone Nigam Ltd., SpiceJet Ltd., Tata Steel Ltd., and Transformers And Rectifiers (India) Ltd. were in the news around noon.

Gensol Engineering Ltd.'s share price hit a fresh life-low after it was locked in the lower circuit for the fifth consecutive session in a row on Monday. The stock has been consistently slipping since Feb. 24, hitting multi-month lows as ratings agencies marked concerns over the company's delays in servicing the term-loan obligations. The firm also came under scanner for alleged falsification of data.

The stock on Monday was locked in the lower circuit of 5% at Rs 249.15 per share.

Shares of IndusInd Bank Ltd. rose nearly 6% on Monday after the Reserve Bank of India, in a rare clarification, assured customers of the bank's financial stability.

IndusInd Bank remains well capitalised and its financial position remains satisfactory, RBI said in a statement on Saturday.

Mahanagar Telephone Nigam Ltd.'s share price fell nearly 8% in Monday's session as the company defaulted on principal and interest payments to several banks. The total outstanding principal payment is Rs 7,794.34 crore, and the interest amount due is Rs 482.97 crore, the company said in an exchange filing on Saturday.

Mahanagar Telephone Nigam share price declined 7.94% to Rs 45 apiece.

Shares of SpiceJet Ltd. rose on Monday, after the company announced that its founder and promoter Ajay Singh will infuse Rs 294.09 crore into the company through conversion of warrants into shares. This move will increase the consolidated shareholding of the promoters in the company to 33.47% from the earlier 29.11%.

Shares of SpiceJet rose as much as 6.86% to Rs 48.60 apiece, the highest level since March 13.

Tata Steel Ltd.'s share price rose over 1% in trade on Monday so far, extending its gains from the previous session. The share price saw an uptick after JPMorgan raised the target price, reiterating its 'overweight' rating on the stock on Thursday. The brokerage raised the target price to Rs 180, which implied 20% upside potential.

Tata Steel rose as much as 1.17% during the day to Rs 152.6 apiece on the NSE.

Shares of Transformers and Rectifiers (India) Ltd. rose over 8% on Monday after it won an order from Gujarat Energy Transmission Corp. Shares of Transformers and Rectifiers rose as much as 8.22% to Rs 405 apiece, the highest level since March 10.

The company won an order worth Rs 726 crore for the manufacturing and supply of auto transformers and bus reactors, according to an exchange filing on Monday. The project is to be completed within the span of 18 months from the date of issue of Letter of Interest.