Stocks Radar: Coal India, Zee Entertainment, eClerx, Airtel and More 

Indian shares extended their gains following a rally in U.S. equities as investors focus on evidence of strength in the world's largest economy and assess the outlook for global monetary policy.

Here are the stocks in focus for the day:

eClerx: Gains on Buyback Approval

The data-driven services provider jumped 9.9 percent to Rs 1,784 after the company's board approved the buyback of equity shares of up yo Rs 234 crore.

The buyback price has been set at a maximum of Rs 2,200, which is at a 35 percent premium rate considering the stock's closing price on Monday. The move can translate into 2.6 percent of the total paid up equity of the company.

Coal India

Shares of the world's largest coal producer gained 0.7 percent to Rs 336 after the company announced September 9 as the buyback date of shares.

Previously, the company had announced the buyback of 10.89 crore shares for Rs 3,650, remaining in line with the government's divestment target of Rs 56,500 crore in the financial year 2016 to 2017.

Zee Entertainment: Seeking Buyer for Ten Sports

Zee Entertainment switched between gains and losses, rising 1 percent to Rs 535 (hitting a 52-week high) before falling 1.5 percent to Rs 522. The broadcasting giant revealed plans of selling ‘Ten Sports' to an undisclosed buyer, to explore strategic options and maximize shareholder's returns.

The value of the deal or the timeline has not been disclosed citing confidentiality provisions.

Adhunik Metalinks: Jumps on SDR

Shares of the steel manufacturing company rose as much as 5.1 percent to Rs 8. The company is looking to convert its debt into equity through structural debt reconstruction, implemented by its lenders, according to the company's press release.

Telcos: A Mixed Bag

Bharti Airtel's shares fell as much as 0.9 percent, before clawing up 0.4 percent to Rs 344. It is one of the least performing stocks on the S&P BSE Sensex list for the day. The company slashed internet data charges under a special scheme, in a bid to compete with the other telecom giants.

Meanwhile, shares of other telecom companies gained. The government postponed the spectrum auction by two days to October 1, paying heed to the industry's demand for an auspicious start.

• Idea Cellular (+0.8 percent to Rs 95)
  
• Reliance Communication (+1.5 percent to Rs 54)

Ashok Buildcon: Gains on NHAI Contract

Shares of the road maker rose 2.1 percent to Rs 159 before falling as much as 1.7 percent to Rs 153, swinging between gains and losses. The company was awarded with a Rs 946 crore contract from the National Highway Authority of India.

Ashok Buildon has been commissioned to widen a stretch of road on NH-32, on the Jharkhand- West Bengal border, according to NHAI's statement on Monday evening.

Earnings Watch

• Cox & Kings (+1 percent to Rs 197)
  
• Crompton Greaves (+2.6 percent to Rs 82)
  
• Indraprastha Medical Corporation (+1.5 percent to Rs 57)
• Whirlpool of India (-1 percent to Rs 945)

Earnings Reaction

Indian Oil Corporation's shares gained 1.6 percent to Rs 581 after India's largest oil refiner saw 25.5 percent jump in profit for the first quarter, beating street estimates. Refining margins, however, declined.

Other stocks reacting to their first quarter earnings are:

• Rashtriya Chemical Fertilizers (-5.3 percent to Rs 47)
  
• DLF (+2 percent to Rs 161)
  

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