The benchmark Sensex and Nifty index pared opening gains and were seen trading at day's low of 34713 and 10548 respectively as investors soon reacted to power change in key Karnataka state. Meanwhile, mid cap index extended its earlier losses while Nifty PSU Bank emerged as the biggest sectoral index gainer.
Here are some stocks in the news today:
1. TCS: Tata Consultancy Services, IT major, hit a 52-week high of Rs. 3,585, up 2.55% on the BSE against the previous close of Rs. 3502.35 after the company announced June 2 as the record date for the bonus shares issuance in the ratio of 1:1.
The board of the company in its April 19 meet had recommended bonus issue of 1 share of Rs. 1 each for every one share of Rs. 1 held by the company's shareholder as on the record date. At 10:38 am, the share price of the company quoted at Rs. 3572.45 on the BSE.
2. Century Textiles: The shares of the Mumbai-based textile, cement, paper manufacturing and export company fell over 10% in intra-day trade on Monday to Rs. 954.20 after the company announced its cement business unit spin-off. The company's cement business would be taken over by Aditya Birla's UltraTech Cement in an enterprise deal which is valued at Rs. 5621 crore.
3. Indostar Capital Finance: An NBFC company made its stock debut today with a listing price of Rs. 600, up 4.9% against the issue price of Rs. 572. The company opened its 18.44 billion IPO that includes an offer for sale of up to 20 million equity shares at a price band of Rs.570 to 572 per share. The funds mopped up through the fresh issue will be used to enhance the company's capital base. At 11:08 am, the stock was quoting higher at Rs. 589.45 with a gain of 3% and reached the day's high of Rs. 606.30
The company is into providing structured term-financing to corporate as well as extends loan to SMEs. Only recently, the company has also ventured into providing housing finance and vehicle finance solution.
4. Tata Steel: After the company's wholly-owned subsidiary BNPL Ltd. acquired a controlling stake in debt-ridden Bhushan Steel as part of its resolution plan under IBC, the stock of Tata Steel surged 1.5% to record a day's high of Rs. 600.5 but later pared its early gains and was trading at Rs. 584.05 against its previous close of Rs. 591.5. Meanwhile, stock of Bhushan Steel after rallying as much as 18% in the earlier week is locked in upper circuit of 5% at Rs. 29.
The stock has declined 14 percent in 2018, compared to a 31 percent gain in the last 12 months.
5. Strides Shasun: The pharma stock fell a huge 13% in trade today to record a 52-week low of Rs. 337.05 as the company received a go-ahead from its board to merge Fargis Medica and Arrow Remedies with self. As against 1.3% surge in Sensex in the past one month, the stock of the company declined nearly 40%.
6. SBI: The stock of the PSU bank was trading higher at Rs. 242, up 1.17% against the previous close of Rs.239.2. This has come in after Tata Steel's acquisition of Bhushan Steel in which Rs. 35200 crores has been paid to the company's financial creditors. The deal is expected to increase lenders profitability as well cleanse the banking system.
In the week passed by, the Nifty PSU bank index was beaten down by 7% but in today's trade has emerged as the biggest gainer.
7. Tata Chemicals: The stock of the company has surged over 2% to Rs. 737.6 as against previous closing of Rs. 718.7 on the back of good quarterly numbers. For the quarter ended March, the company reported an increase in profit at Rs. 356 crore while its revenue also increased by 2% at Rs. 2555 crore.