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Stocks That Gained And Lost In Trade On News Flow
It was a volatile day of trade, with markets moving in between gains and losses. Several shares saw sharp movements in trade. Here are a few stocks that gained or lost largely based on news flows.
Prataap Snacks
Shares of Prataap Snacks made its debut on the bourses today. The potato chips maker got listed at a price of Rs 1,270 per share on the Bombay Stock Exchange.
This was a premium of 35.4 percent over its issue price of Rs 938. The stock saw an intraday high of Rs 1,318 on the National Stock Exchange before paring some of the gains and trading at Rs 1,160 per share. The stock still commands a significant p/e multiple and strong financial performance may need to justify the price. Check stock quote of Prataap Snacks here
Mahindra and Mahindra
Shares in Mahindra led gainers in trade today, despite a very subdued market trend. The stock was up almost 2 per cent in trade after a brokerage firm CLSA upgraded the Mahindra & Mahindra stock to a ‘Buy' from ‘Outperform' and hiked its price target to Rs 1,610 from Rs 1,585.
Interestingly, the stock has seen good momentum, after strong tractor sales in the month of September. Following the strong number, several brokerages have turned bullish on the stock. However, the stock has still underperformed the benchmark indices and gained only 11 per cent, as compared to a 20 per cent jump for the Sensex. Check stock quote of
Parag Milk
Shares in Parag Milk was up almost 3 per cent, after the Reserve Bank of India allowed Foreign Portfolio Investors a hiked limit in the stock. These set of investors can now invest as much as 40 per cent in the stock, as compared to 24 per cent.
Parag Foods is a producer of dairy products ranging from ghee to packaged shredded cheese and the first cheese in a squeeze tube for children.
Stocks from the food and beverages are receiving a good fancy from the markets. Check stock quote of Parag Foods
Reliance Home Finance
Shares in Reliance Home Finance slumped to a new 52-week of of Rs 86.80. Sentiments for the ADAG group stocks were weak, given the recent deal between RCOM and Aircel being called-off. Along with Reliance Home Finance, other stocks that were impacted include stocks from the same group like Reliance Capital, which also slumped about 2 per cent.
"RCOM and Aircel Limited (Aircel) had signed binding agreements in September 2016 for the merger of RCOM's mobile businesses with Aircel. Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction," the company said in a release earlier this week. Check stock quote of Reliance Home Finance here
