The benchmark indices ended higher on March 26, snapping a two-day losing streak supported by metal, auto and FMCG stocks. At close, the Sensex was up 568.38 points, or 1.17 percent, at 49,008.50 and the Nifty gained 182.40 points, or 1.27 percent, at 14,507.30. All the sectoral indices ended in the green, with the Nifty metal index rising 3.6 percent. BSE midcap and smallcap indices gained over a percent each.
Tata group stocks rise | Share prices of Tata group companies rose up to 6 percent intraday on March 26 after the Supreme Court ruled in the favour of Tata Sons, allowing the conglomerate’s appeals against the NCLAT order reinstating Cyrus Mistry as the chairman. The court set aside a December 17, 2019 order that had allowed the reinstatement of Mistry as Tata Sons chairman. “All the questions of law are liable to be favoured for Tata group. The appeals are allowed by Tata group,” Chief Justice SA Bobde was quoted as saying by legal news website Bar & Bench. TCS ended in the green at Rs 3,068.30 a share, while Tata Motors jumped 4 percent to Rs 296.90. Tata Steel gained over 5 percent at Rs 765.75 and Tata Power rose 5 percent.
HG Infra | CMP: Rs 288 | The scrip added 2 percent after the company was declared the lowest bidder for a National Highways Authority of India project. “…. has been declared as L-1 bidder by National Highways Authority of India (NHAI) for development of six-lane Aluru – Jakkuva section of NH-130-CD road under Raipur-Visakhapatnam Economics Corridor in Andhra Pradesh on a hybrid annuity mode,” the company said in a press release. The company’s bid for the project is Rs 1,060.11 crore and the completion period 730 days.
Godrej Properties | CMP: Rs 1,365 | The stock price gained over 2 percent after the company said it sold more than 275 residences worth Rs 475 crore on the launch day of Godrej Woods in Uttar Pradesh’s Noida. “We are thrilled with the customer response to Godrej Woods. We consider Noida a critical growth market for our company and will look to continue to build our presence in this region. We hope to deliver the residents of Godrej Woods an outstanding and innovative development,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
Den Networks & Hathway Cable | The share price of Den Neworks ended lower by over 7 percent at Rs 50.25 after Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings decided to sell 5,54,85,048 equity shares, or 11.63 percent, stake. The floor price for the sale has been fixed at Rs 48.50 a share. The stock price of Hathway Cable, too, fell over 10 percent at Rs 25.60 following Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings’ decision to sell 33,79,83,855 equity shares, or 19.09 percent stake, in Hathway Cable through an offer of sale on March 26 and March 30. The floor price has been fixed at Rs 25.25 a share. Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Godfrey Phillips | CMP: Rs 885 | The stock ended in the green on March 26 even though sources told CNBC-TV18 that MCA has issued inspection orders against the company. The action came on a complaint filed by Lalit Modi’s son Ruchir Modi, who wrote to MCA alleging corporate governance issues and malpractices in the company.
Shriram City Union Finance | CMP: Rs 1,370 | The share ended in the green after the Board of Directors at their meeting declared a second interim dividend of Rs 10 per equity share of Rs 10 each for the financial year 2020-2021 to the members whose name appears in the register of members of the company as on April 7. The second interim dividend shall be paid/despatched on or before April 19, 2021.
Rail Vikas Nigam | CMP: Rs 29.30 | The stock jumped over 5 percent after the company’s board declared an interim dividend of Rs 1.14 per equity share of Rs 10 each for FY21. The record date is April 9 for determining the eligibility of shareholders. The dividend payment will be completed on or before April 24.
Zensar Technologies | CMP: Rs 278 | The scrip ended in the green on March 26. Rating agency ICRA has re-affirmed long-term rating of Zensar Technologies’ at [ICRA] AA+ and short-term rating at [ICRA] A1+. Further, it has revised the outlook on the long-term rating, from negative to stable.
Confidence Petroleum | CMP: Rs 43.05 | The share price jumped over 5 percent after the company said it signed an agreement with GAIL Gas for setting up 100 CNG stations on built-and-operate basis in Bengaluru over the next three years.
Compucom Software | CMP: Rs 8.75 | The stock after jumping almost 10 percent on March 26 ended flat. The company won a tender and received a letter of acceptance for supply and installation of computer systems, interactive panel, printer, UPS and networking and electrification, etc. in 525 government schools with 5 years on-site comprehensive warranty for integrated scheme for computer education and information and communication technology at schools on BOOT basis from RISL worth Rs 66.99 crore approximately,” company said in the release.