Key Stocks in Focus Today: Shree Cement, Yes Bank, Avenue Supermarts, SBI
Representative Image. (Reuters)
Indian stock markets snapped a four-day losing streak to recover slightly on Wednesday on positive Asian cues. At 10:33 am, the benchmark BSE Sensex was trading up 185.15 points, or 0.45%, to 41,079.53, while the Nifty 50 index was up 57.10 points, or 0.48%, to 12,049.60. Shree Cement, Yes Bank, Avenue Supermarts, SBI, Oil India and IDFC First Bank were among the key stocks in news today.
Read on to know more:
Shree Cement, Yes Bank: Shree Cement Ltd shares gained as much as 4.5% on news that the stock is replacing Yes Bank Ltd in the Nifty 50 index with effect from 27 March. Yes Bank shares, meanwhile, lost 4%.
Avenue Supermarts: Shares of Avenue Supermarts Ltd, operator of DMart chain of retail stores in India, rose 1.4% after promoters sold 2.28% stake via the offer for sale (OFS) route, paring down holding to 74.99%.
SBI: State Bank of India (SBI) shares gained 2% after a media report said that the SBI Cards IPO (initial public offering) will launch on 2 March and offer price is likely to be Rs 745-775 per share.
Oil India: Oil India Ltd shares fell 1.1% on news that the stock will stop trading in the futures and options segment with effect from 4 May.
IDFC First Bank: IDFC First Bank Ltd shares dropped 2.6% after Crisil assigned AA/Stable rating to the bank’s tier-II bonds.
Den Networks, Hathway Cable: Den Networks Ltd shares advanced 10%, while those of Hathway Cable were up 14% in second day of rally after the board approved the merger scheme into Network18 Media. TV 18 Broadcast Ltd shares, however, were down nearly 2%.
Infosys: Infosys Ltd shares inched up 1% after the IT services provider announced a long-term strategic partnership with GE Appliance to streamline operations of the latter.
Jaiprakash Associates: Jaiprakash Associates Ltd shares were up 8.5% after the company said it received the letter from Yamuna Expressway Industrial Development Authority on its decision to cancel land allotment to JPSK Sports.
Balkrishna Industries: Balkrishna Industries Ltd shares inched down 1% after HDFC Mutual Fund sold 2.07% stake in company on 17 February.