Stocks In News Today: Airtel, HUDCO IndiGo, Reliance Industries, SBI, TCS

Indian equity benchmarks held on to their opening gains. Reliance Industries Ltd. rose on Reliance Jio's new tariff plans even as Bharti Airtel Ltd. swung and Vodafone Idea Ltd. fell.

At 11:07 am, the S&P BSE Sensex was 0.32 percent higher at 40,979.00 points and the NSE Nifty 50 was up 0.28 percent at 12,077.35. Zee Entertainment Enterprises Ltd. was the top gainer on the Nifty 50 index while Coal India Ltd. was the top loser.

Here's a look at the stocks in news moving the market today:

Airtel Falls As Board Approves $3 Billion Fundraising Plan

Shares of Bharti Airtlel Ltd. snapped a six-day winning streak, falling as much as 3.27 percent to Rs 446.30 apiece.

On Wednesday, the telecom operator said it plans to raise $3 billion, or Rs 21,500 crore, to repay adjusted gross revenue dues to the government. The fundraising, the second this year, is necessary as Airtel has to repay nearly Rs 34,260 crore by January 2020.

Airtel shares are up 3.4 percent in the past five days and rose 18 percent in the past 30 days, Bloomberg data shows. The stock has advanced 58 percent in the past 52 weeks, according to the data.

IndiGo Pares Capacity Growth Guidance Again, Shares Slump

Shares of InterGlobe Aviation Ltd., which operates the IndiGo airline, fell as much as 3.51 percent to Rs 1,356.50 apiece—the lowest since Jul. 15.

On Wednesday, the country's largest airline said it expects its capacity to grow by 22-23 percent for FY20 as against an earlier stated guidance of 25 percent announced during September quarter earnings. The company has lowered its capacity growth guidance for the second time in last 45 days.

Trading volume in the IndiGo stock was 82 percent above the 20-day average for this time of the day, Bloomberg data shows.

HUDCO Slumps Most In Over Two Years After Defaulting On Dues

Shares of Housing & Urban Development Corporation Ltd. declined to their lowest since July 14, 2019, falling as much as 9.01 percent to Rs 36.85 apiece.

Two borrowing agencies of HUDCO have defaulted in repayment of dues and have been classified as non-performing assets with an impact of 1.14 percent on gross NPA, the company said in an exchange filing on Wednesday.

The trading volume in the HUDCO stock was quadruple the 20-day average for this time of the day, Bloomberg data shows.

Reliance Industries Gains After Jio Hikes Tariffs In New Plans

Shares of Reliance Industries Ltd. rose as much as 1.74 percent to Rs 1,579.8 apiece after Reliance Jio Infocomm Ltd. hiked tariffs by up to 39 percent in its new prepaid plans.

But Jio's new plans are still cheaper than those announced by rivals Bharti Airtel Ltd. and Vodafone Idea Ltd. The new “all-in-one plans” cost 8-34 percent more than the previous plans. Airtel and Vodafone Idea's new tariffs are higher by up to 42 percent and 16-50 percent, respectively.

RIl shares are down 1.3 percent in the past five days and rose 7.8 percent in the past 30 days, Bloomberg data shows. The stock has advanced 35 percent in the past 52 weeks, according to the data.

SBI To Sell Stake In UTI AMC Via IPO, Shares Fall

Shares of State Bank of India fell 0.48 percent to Rs 340.20 apiece, after it announced a plan to sell stake in UTI Asset Mangement Company via an initial public offering.

The SBI board has approved dilution of up to 8.25 percent stake, equivalent to 1,04,59,949 equity shares, in the UTI AMC IPO. As on March 31, SBI held 18.24 percent stake in UTI Mutual Fund, equivalent to 2.31 crore shares, an annual report showed. The lender's stake in the company will fall to 10 percent after the IPO.

Trading volume in the SBI stock was 34 percent below the 20-day average for this time of the day, Bloomberg data shows.

TCS Gains After TOI Says Shapoorji Pallonji Sold Stake In The Firm

Shares of Tata Consultancy Services Ltd. rose as much as 1.52 percent to Rs 2,110 apiece—the highest since Nov. 21, 2019.

The Shapoorji Pallonji Group has sold a quartet of its stake in TCS and raised Rs 400 crore, amid credit rating agencies downgrading its debt instruments, The Times of India said in a Dec. 5 report.

Trading volume for the TCS stock was 40 percent above the 20-day average for this time of the day, Bloomberg data shows.