Indian shares swung between minor gains and losses in opening trade, as rising geopolitical concerns kept investors from taking big bets.
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Here are the stocks moving the market this morning:
Public Sector Banks: Mixed Reaction
Shares of the government-owned lenders showed a mixed reaction after the finance ministry said that it expects at least six banks to raise funds from the market under the Indradhanush plan.
"It is up to individual banks to decide when they want to raise capital and how much, but in our assessment, there are a few fit candidates for this, including State Bank of India, Bank of Baroda and Punjab National Bank," an official said to the Press Trust of India.
As per the scheme, public sector banks need to raise Rs 1.10 lakh crore from markets, including follow-on public offer, to meet Basel III requirements, which kick in from March 2019. This will be over and above Rs 70,000 crore banks will get as capital support from the government.
- State Bank of India (+0.4 percent to Rs 292)
- Bank of Baroda (+1.4 percent to Rs 178)
- Punjab National Bank (rose 0.9 percent to Rs 154 before falling 0.9 percent to Rs 154)
With inputs from PTI
Earnings Reaction
Reliance Infrastructure rose 1 percent to Rs 562 after it posted a Rs 41 crore profit compared to a consolidated net loss of Rs 327.4 crore in the corresponding quarter last year. Total income, however, fell to Rs 6,145 crore in the January to March quarter against Rs 6,910 crore, the company said in a statement to the exchanges.
Reliance Power rose 2.4 percent to Rs 48 after it profit more than tripled to Rs 216 crore compared to the same quarter last year. Part of the Anil Ambani Reliance Group, the company saw a 40 percent fall in tax expenses during the quarter, aiding the jump in profit.
DCB Bank dropped 7.1 percent to Rs 167 after its profit fell 24 percent to Rs 53 crore. It's assets quality worsened with its Gross NPA ratio rising to 1.59 percent from 1.51 percent.
Compuage Telecom: Licensed To Distribute
Shares of the company rose 3.9 percent to Rs 38 after it bagged the rights to distribute Apple Accessories in North and East of India. The telecom distributor announced the news on April 15 in a statement to the exchanges.
MTNL: Finds Merger With BSNL ‘Desirable'
The company rose 2.9 percent to Rs 26 after it said that a merger with the government owned BSNL would be 'desirable' for operational synergies and the highly competitive telecom market.
"The industry is consolidating. It is not an issue of BSNL and MTNL...for any operator to succeed in India a pan India operation is a must," MTNL Chairman and Managing Director PK Purwar told PTI.
The comment comes amid what seems to be a renewed push for a BSNL-MTNL merger. The entire telecom industry seems to be undergoing a phase of consolidation triggered by the entry of Reliance Jio
Also Read: Merger With BSNL Desirable For Strong Pan-India Play: MTNL CMD
Cairn India: To Make New Investments
The company fell 2.2 percent to Rs 289 after it said it would invest Rs 3,240 crore, along with its partners, in the Ravva Field in the Krishna-Godavari basin.
The company is looking to undertake 20 developmental wells to boost its oil and gas production, according to a report by PTI.
Grasim Industries: RBI Raises Foreign Equity Holding
Shares of the company rose 1.8 percent to Rs 1,069 after the Reserve Bank of India allowed the Aditya Birla group company to increase its foreign investors' shareholding to 49 percent from 30 percent.
While the ceiling for overall investments by foreign institutions stand at 24 percent, Grasim has laready passed a special resolution at its board meetings to increase this limit.
Dr Reddy: Receives No Observations Post Inspection
Shares of the drug maker rose 3.1 percent to Rs 2,723 after the U.S. Food and Drug Administration laid out no observation after an inspection of the Srikakulam Plant in Andhra Pradesh.
The audit, conducted at its active pharmaceutical ingredient (API) Srikakulam special economic zone plant, was triggered by a product filing, the company said in a filing to exchanges.
With inputs from PTI
NDTV: Gains On Possible Asset Sale
Shares of the media company rose 2.1 percent to Rs 73 after it said that its board will meet to consider the sale of strategic assets. The stock has risen 7.3 percent in the past month compared to a 2.3 percent rise among its peers.
Sensex, Nifty: Movers & Shakers
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