6 Stocks That Have Moved On News Today

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Markets are trading firm today as the Sensex tries to crawl back to the 34,000 points mark. Here are a few stocks that have reacted in trade today to news.

Gitanjali Gems

Shares in Gitanjali Gems slumped 5 per cent and was trading at the lower end of the circuit filter, after reports that the IT department had attached SEZ properties in relation to the PNB scam. This was the fifth successive day that the stock was locked at the lower end of the circuit filter.

The promoter of Gitanjali Gems, Mehsul Choksi is the uncle of Nirav Modi, who has been linked to the PNB fraud case. Mehsul Choksi has denied his involvement in the PNB fraud.

Check stock quote of Gitanjali here

Bank of Baroda

Shares in Bank of Baroda jumped almost 3 per cent, after the bank said that it had not exposure against the LOUs issued by Bank of Baroda.

It maybe recalled that PNB had issued LOUs to Nirav Modi firms and incurred a  liability of Rs 11,000 crores, though Nirav Modi has denied that figure and claims a lower figure.

In any case Bank of Baroda shares were last trading at Rs 146 on the NSE. Check stock quote of Bank of Baroda here

Federal Bank

Shares in Federal Bank jumped almost 5 per cent, after the bank said that it was prepared to acquire 26% stake in Equirus Capital.

Equirus Capital said in a statement that the board of directors of Federal Bank had approved the acquisition of a minority 26% stake in the company, subject to statutory and regulatory approvals and satisfactory completion of financial and legal due diligence.

Founded in 2007, Equirus Capital is a closely held unlisted investment banking firm. Shares of Federal Bank were last trading at Rs 96 on the NSE.

Check stock quote of Federal bank here

Corporation Bank

While most PSU banking stocks were trading higher, following a firm trend in the Asian and Indian markets, Corporation Bank saw a slight drop after a ratings downgrade.

CARE downgraded rating for various bonds to negative due to continuous stress on asset quality and associated cost impacting performance of bank. The stock was maRginally down at Rs 31.95.

Merck Ltd

Shares in Merck jumped 4 per cent after a robust set of numbers from the bank. Revenues at the pharma major were up 22 percent at Rs 304 crore, while the EBITDA was up 30 percent at Rs 30.5 crore.

Margins also improved to 10 percent as against 9.4 percent. Net profit rose 42 percent at Rs 27 crores.
The stock was last trading at Rs 1,505. 

Genus Papers

Shares in Genus Papers were locked at the upper end of the circuit filter with only buyers in the counter.  The company signed an MoU with Maharshtra Govt to invest Rs 1050cr for setting up Kraft paper manufacturing unit.

The stock was last trading at Rs 14.55 with only buyers in the counter.

Story first published: Friday, February 23, 2018, 10:53 [IST]
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