Stocks Radar: Shriram EPC, Mastek, Cairn India And More
Indian shares climbed for a second day, tracking positive Asian markets after a mixed set of U.S. economic data supported the case for monetary policy to remain accommodative.
Here are the stocks in focus for the day:
Shriram EPC: Soars on Order Win
Shares of the construction company jumped 14.8 percent to Rs 27 after it bagged an engineering, procurement and construction order worth Rs 61 crore, according to an exchange filing on the BSE.
The project, received from the Karnataka Water Authority, involves providing water supply scheme to Robertsonpet city under the Atal Mission of Rejuvination and Urban Transformation initiative.
The municipal services business is shaping up well and will be further bolstered by this recent order win.T Shivaraman, Managing Director & CEO of Shriram EPC
The project is expected to be executed over a period of 36 months. https://t.co/08l093lgY0
October 17, 2016Cairn India: HC Rejects Its Plea
Shares of the oil exploration company swung between losses and gains after the Delhi Supreme Court rejected the company's plea to export surplus crude from its Rajasthan oil fields. However, it can invoke a dispute resolution under the production sharing contract, justice Manmohan said, while passing the judgement.
Cairn India had sought the court's nod to sell surplus crude from Barmer oil fields in Rajasthan under a production sharing contract with government run Oil and Natural Gas Ltd., as domestic refineries were offering prices that were below prevailing international rates.
The company's shares stood at a 0.5 percent premium at Rs 222 as of 11:33 a.m.
Setback for Cairn India. pic.twitter.com/SMwH8q0kil
October 18, 2016HDFC: Gains on Life's Performance
Shares of the personal banking service provider rose 1.3 percent to Rs 1,318 after HDFC Life's premium jumped 16 percent in the first half of the financial year 2016-17, according to the company's financial results posted on BSE.
In absolute terms, the company's premium increased to Rs 7,649 crore
Axis Bank: Among Top Sensex Gainers
Shares of Axis Bank gained 1.8 percent to Rs 528 after it reduced its lending rate by 5 basis points on Monday evening.
This comes after the Reserve Bank of India reduced the repo rate by 25 basis points to 6.25 percent, asking banks to carry forward the decline in rates. Other banks such as ICICI Bank, Andhra Bank and J&K bank also reduced their MCLRs after the monetary policy announcement.
Earnings Reaction
- Lakshmi Vilas Bank (+2.9 percent to Rs 155)
- Zensar Technologies (-5.9 percent to Rs 948)
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