Stocks Radar: Ambuja Cements, Punjab National Bank, Simbhaoli Sugars
Indian equity benchmarks started on a firm footing but soon gave up their gains, with the market breadth turning negative in the first hour of trade. Losses were led by Ambuja Cements Ltd. and State Bank of India.
The S&P BSE Sensex and NSE Nifty 50 Index fell as much as 0.3 percent each to 34,344.90 and 10,551.10 points respectively.
Among the broader market indices, S&P BSE MidCap fell as much as 0.36 percent while S&P BSE SmallCap pared early gains and fell 0.07 percent.
Twelve out of the 19 sector gauges compiled by the BSE fell, led by losses in S&P BSE Bankex. On the flipside, S&P BSE Oil and Gas Index was the top sectoral gainer, up 1.15 percent.
Here Are The Stocks Moving This Morning:
Ambuja-ACC Merger On Hold
Shares of Ambuja Cements Ltd. fell as much as 4.75 percent to Rs 250.45 while ACC Ltd. fell as much as 2.29 percent to Rs 1,623.
The two cement majors on Monday announced that they would be putting their proposed merger on hold. In separate notifications to the stock exchanges, the companies said that there were certain constraints to completing the merger, without going into what these were. (Read more on this story here)
Trading volume was 5.8 times the 20-day average for Ambuja Cements and 3.1 times for ACC in early trade today.
Punjab National Bank: Fraud Gets Bigger
Shares of the country's second largest public sector bank fell as much as 8.9 percent to Rs 102, hitting the lowest level in over a year.
The lender on Monday said the quantum of fraudulent transactions in the Nirav Modi case could be higher by as much as Rs 1,300 crore. The total quantum of fraudulent transactions in the case, therefore, could be as high as Rs 12,700 crore. (More on this story here)
The bank's stock has fallen by over 28 percent since Feb. 14, when the fraud was detected, and a disclosure was made to the stock exchanges.
The new development in the Punjab National Bank fraud case led to negativity across the banking space, pulling several banking counters lower.
Simbhaoli Sugars: Rises On Loan Settlement Plans
Shares of the Noida-based sugar refinery rose as much as 15.4 percent, the most in nearly seven months, to Rs 16.45.
The company said it was committed to clear all outstanding loans to Oriental Bank of Commerce in consultation with other joint lenders.
The stock had lost ground after the CBI registered a case against Simbhaoli Sugars Ltd., its Chairman Gurmit Singh Mann, and others for allegedly defrauding Oriental Bank of Commerce out of Rs 97.85 crore, according to a PTI report.
Trading volume was 6.8 times the 20-day average.
PVR: Inks New Pact
Shares of the multiplex operator fell as much as 2.9 percent to Rs 1,321.2, extending its losing streak to four consecutive sessions.
The cinema hall chain operator signed a new five-year pact with IMAX. New IMAX theaters will be be set up in major metropolitan markets in combination with new and existing flagship PVR multiplex cinemas, the company said in a notification to the stock exchanges.
Trading volume was 2.4 times the 20-day average in early trade.
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