Stocks Radar: DLF, NHPC, Prism Cement And More
Indian shares snapped a two-day losing streak, as investors cheered the third quarter GDP data that defied expectations of a sharper hit to the country's growth due to demonetisation.
The S&P BSE Sensex gained 0.5 percent to 28,899 while the NSE Nifty climbed 0.4 percent to 8,920.
Here are the stocks that are moving the market:
DLF: Eyes Stake Sale
Shares of the real estate firm rose 2.4 percent to Rs 154 on a report that the company may announce the name of the buyer in its rental arm DLF Cybercity Developers on Wednesday.
DLF's audit committee would meet on Wednesday and the completion of the deal might be announced after the meeting, newspaper Business Standard reported on Wednesday citing sources.
The company is in talks with U.S. investor Blackstone and Singapore sovereign fund GIC to sell a 40 percent stake in DCCDL, according to a PTI report.
Prism Cement: Secures Coal Supply
Shares of the cement maker jumped as much as 9 percent to Rs 103.50, the most intraday since February 6, after securing linkage for coal supply.
Prism Cement said on Tuesday that it has successfully bid for 18,300 tonnes per annum of coal from South Eastern Coalfields Limited. It said allocation by Coal India has been made at a nominal premium over the floor price.
The company secured part fuel requirement for 5 years, it said in a regulatory filing.
NHPC: Buyback Boost
Shares of the hydropower generation company rose 1.2 percent to Rs 30.75 after it offered to buy back 7.33 percent of total equity for Rs 2,616 crore.
NHPC will buy back over 81 crore equity shares at Rs 32.25 apiece, it said in a regulatory filing. The company has appointed SBI Capital Markets Ltd as the manager to the buyback offer.
Manappuram Finance: Barclays Buys Stake
Shares of the gold loan company rose 1 percent to Rs 98.90 after Barclays bought 3.8 percent stake for Rs 97.3 per share.
Private equity firm Baring India sold 31.7 million shares, according to NSE data.
Stock has climbed 44 percent so far this year and has a one-year return of nearly 220 percent.
SBI: Sees Loan Resolution To Quicken In 4 Months
Shares of the lender rose 0.7 percent to Rs 271.40 as it expects bad loan resolution to quicken in four months, State Bank of India chairman Arundhati Bhattacharya said in an interview with Bloomberg Television in Hong Kong on Tuesday.
The resolution process for bad loans has been delayed as the current tools offered by the RBI are inadequate, Bhattacharya said.
“We believe in another four months time you will see these resolutions happening and if that happens then, definitely, I think we can declare the clean-up process will have served its purpose and be over,” Bhattacharya told Bloomberg Television.
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