Stocks Radar: State Bank of India, Bharti Airtel, TCS and More
Indian shares fluctuate between gains and losses, caught in a narrow trading range, as foreign investors extended their buying streak amid the longest stretch of inflows in almost three years.
Here are the stocks in focus for the day:
Airtel: Slips on SingTel Deal
Shares of Bharti Airtel fell as much as 0.7 percent to Rs 350 after Singapore's largest phone company, SingTel, acquired a 7.39 percent stake in Bharti Telecom for $1.84 billion.
This acquisition will increase SingTel's effective rate in Airtel to 36.5 percent from a previous 33 percent, a Bharti Group official told BloombergQuint.
State Bank of India: Mega Merger
Share of India's largest bank surged 3.5 percent to Rs 257 after it announced the much deliberated merger with its associate banks.
The government-owned bank will completely acquire the State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore and Bhartiya Mahila Bank. SBI also announced the merger ratios of three of its listed associates.
- State Bank of Mysore (-12.6 percent to Rs 545) - Dropped the most among companies with a market cap of at least Rs 2,500 crore.
- State Bank of Travancore (+8 percent to Rs 550) - Gained the most among companies with a market cap of at least Rs 2,500 crore.
- State Bank of Bikaner & Jaipur (+4.1 percent to Rs 699)
Aluminium Stocks: Rise on Anti Dumping News
Aluminium stocks rose, following suit of steel stocks after the Aluminium Association of India met Mines Minister Piyush Goyal in an attempt to lobby for import protection.
It was quite clear from the minister that he does not want this to be seen walling around. He expressed to us the sense of emergency. What he asked us to do was to refresh our proposals, had particular questions and wants documentation on the same. In particular, he wanted to see if we were working with aluminium consumers rather than having two different points of view. The ministry and government officers saw that we are looking for solutions not just on our own but with consumers on board.Tom Albanese, chief executive officer, Vedanta Resources
Top Gainers
- National Aluminium Co (+2.8 percent to Rs 49)
- Hindalco (+2.2 percent to Rs 157)
- Vedanta (+1.2 percent to Rs 174)
- NMDC (+1.2 percent to Rs 107)
TCS: Falls on Expanded Contract With JetBlue
Shares of Tata Consultancy Services fell as much as 0.9 percent to Rs 2,614 after the company expanded its contract with America's leading airline JetBlue.
Tata Consultancy has expanded its three year contract with the airline and will now provide additional services including “modernisation of the airline's IT foundation platform to enhance data analytics and operational agility and developing innovative tools for customers and JetBlue crewmembers”.
Additionally, TCS will expand its innovation centre in Pune in the upcoming two years, to support its contract with JetBlue.
Fortis: Gains as Market Awaits De-Merger Details
Fortis Healthcare gained as much as 1.5 percent to Rs 196 prior to the announcement of the details of the de-merger of its diagnostic business. The restructuring committee will lay out the details of the de-merger including structure, valuation and share entitlement ratio before the board on August 19 for final approval.
The in-principle approval to de-merge its diagnostic business, which includes operations in SRL Ltd., was given on August 4.
Wipro: Up on Acquisition
The IT service provider's shares rose as much as 1 percent to Rs 530 after it announced a $1.5 million strategic investment in Israel-based cyber security firm, IntSights Cyber Intelligence.
The target entity is an early stage company and was founded in 2015, headquartered in Tel Aviv, Israel. IntSights offers a Threat Intelligence driven security platform employing cyber intelegence, rapid mitigation and one-step remediation”Wipro filing on the BSE
The stock opened as one of the best performing ones on the Sensex.
Earnings Reaction
- Sudarshan Chemical (-1.2 percent to Rs 360)
- Transport Corp of India (-1.9 percent to Rs 351)
- Shipping Corporation of India (-9.2 percent to Rs 67)
Earnings Watch
Sun TV, national Fertilizers and Oberoi Realty are some of the bigger companies coming out with their first quarter earnings. Take a look at how these stocks are performing.
- Sun TV Network (+0.9 percent to Rs 488)
- Oberoi Realty (+1.3 percent to Rs 309)
- Astral Poly Technik (-0.7 percent to Rs 481)
- National Fertilizers (+0.7 percent to Rs 33)
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