Buzzing Stocks: HCC, Reliance Comm jump, while Jammu & Kashmir Bank, Infosys fall

India Infoline News Service | Mumbai | October 14, 2016 14:44 IST

Check out the most important and latest stock news from NSE and BSE.

Stock market sign
Hindustan Construction Company soared 4.9%. HCC in a joint venture with VCCL has won a Rs 367.72 crore order for construction of a safety tunnel in Manipur.

Reliance Communications Ltd gained 2% after the company announced the signing of a non-binding Term Sheet with Brookfield Infrastructure Group (Brookfield) in relation to the proposed acquisition of RCOM’s nationwide tower assets and related infrastructure by Brookfield.

Steel Strips Wheels Ltd zoomed 4.3% to Rs 764.50 after the company announced substantial increase in export order for supply of Steel Wheels for VW Argentina’s requirements to 34000 wheels from original order of 7000 wheels. Wheels are being supplied from SSWLs Chennai plant.

Zee Entertainment Enterprises Ltd dropped 3.2% to Rs 529. Zee Entertainment Enterprises Ltd reached an agreement to buy Reliance Broadcast Networks Ltd, as per media reports. The companies are working on deal structure, report added.

Karnataka Bank jumped 3.4% to Rs 149. The bank has fixed 25 October as record date for the purpose of determining the shareholders eligible to apply for rights equity shares.

Hindustan Unilever Ltd slipped 1.4% to Rs 849.50.  Hindustan Unilever Ltd  to raise prices of some skincare products, affected sales in the September quarter, parent Unilever Plc said Thursday. The comment in Unilever’s third-quarter earnings presentation is in line with analysts’ forecasts that India’s largest consumer packaged goods firm by sales will post another quarter of tepid results.

Jammu & Kashmir Bank tanked 7% to Rs 69.55. Parvez Ahmed, chairman and chief executive since 6 October, told investors in a conference call on Thursday that the bank was looking to “deep clean” its balancesheet and aimed to take its provision coverage ratio (PCR) to about 90% over the next six quarters, from 50% currently. PCR is the amount of money a bank has kept aside for potentially bad loans.

Infosys slipped 1.2% The company has posted a net profit of Rs 3606 crore for the quarter ended September 30, 2016 as compared to Rs 3398 crore for the quarter ended September 30, 2015. 

Reliance Industrial Infrastructure advanced 0.72% after the company reported 19% decline in net profit to Rs 3.38 crore for the quarter ended September 30, 2016. The company had posted a net profit of Rs 4.19 crore in the year-ago period.

Tata Consultancy Services inched up 0.50% to Rs.2340. TCS reported a profit after tax of Rs 6,603 crore for the September quarter. This was 4.51% QoQ higher than June quarter PAT of Rs 6318 crore the firm reported in June quarter.

DCB Bank slipped 0.73% ahead of results. DCB Bank will announce its Q2 numbers today.

Lupin slipped 0.91% on the BSE. Boehringer Ingelheim has entered into an agreement with Mumbai-based Lupin to co-market empagliflozin, a novel drug for the treatment of Type-II diabetes in adults.

ONGC zoomed 2% to Rs 277.75: ONGC Ltd and Hong Kong-listed United Energy Group Ltd are among bidders for Bangladesh natural gas assets being sold by Chevron Corp, as per media reports.

Cox & Kings slipped 1.2%. Cox & Kings-owned Meininger Hotels has signed an agreement with Beni Stabili SIIQ to set up a 491-bed hotel in Milan, Italy.

***Note: This is a NSE Chart



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