Shares of Sanghi Industries soared almost 11 per cent today after Piramal Enterprises has invested Rs 256.5 crore in the company by subscribing to the cement maker’s non-convertible debentures.
The stock surged 10.26 per cent to Rs 74.10 on the BSE. On the NSE, it zoomed 10.96 per cent to Rs 74.40.
At the closing trade, the stock was up 5.51 per cent at Rs 70.90 on the BSE. On the NSE, it ended higher by 5.74 per cent at Rs 70.90.
Piramal Enterprises had yesterday said it has invested Rs 256.5 crore in Sanghi Industries.
The company through its Structured Investment Group has subscribed to the non-convertible debentures of Sanghi Industries to the extent of Rs 256.5 crore to enable the company to term out its capital structure and repay its lenders ahead of schedule, Piramal Enterprises had said in a statement.
“Sanghi Industries has built a very strong brand in Gujarat market and we feel optimistic about its growth prospects, going forward,” Piramal Enterprises Structured Investment Group Co-Head Jayesh Desai said.
“This debenture funding has opened up many new opportunities for the company. In the coming months, the cement demand will be fuelled by the substantial infrastructure spending in rural regions. We look forward to a new phase of growth,” Sanghi Industries CMD Ravi Sanghi said.
Dishman Pharma
Dishman Pharma’s scrip rose over 4 per cent today after the company fixed May 3 as the record date for bonus shares.
The stock climbed 4.1 per cent to Rs 357.65 on the BSE. On the NSE, it went up by 4.18 per cent to Rs 357.50.
The company shared ended the session up by 2.91 per cent at Rs 353.55 on the BSE and up by 2.74 per cent at Rs 352.55 on the NSE.
On the volume front, 1.2 lakh shares of the company changed hands on the BSE and over 5 lakh on the NSE during the morning trade.
In a filing to BSE yesterday, Dishman Pharmaceuticals and Chemicals had said the management committee of the board of directors has fixed May 3, 2016 as the record date for the purpose of deciding who shall be eligible for allotment of bonus shares in the proportion of one bonus equity share of Rs 2 each, for every one fully paid-up equity share of Rs 2 each.
Cyient nosedives
Shares of IT firm Cyient plunged nearly 7 per cent today after the company reported a 30 per cent drop in net profit for the March quarter.
The stock tumbled 6.46 per cent to Rs 451 on the BSE. On the NSE, it plunged 6.82 per cent to Rs 450.20.
At the closing session, the stock was down 5.75 per cent at Rs 454.45 on the BSE. On the NSE, it ended lower by 6.31 per cent at Rs 452.70.
Cyient, formerly known as Infotech Enterprises, had yesterday reported a 29.7 per cent drop in net profit at Rs 65.9 crore for the March quarter, weighed down by a one-time payment of Rs 84.3 crore.
The Hyderabad-based company had posted a net profit of Rs 93.8 crore in the corresponding quarter a year ago.
Excluding the one-off item, the net profit was 10.1 per cent lower at Rs 84.3 crore in the reported quarter.
Cyient’s revenues stood at Rs 815.8 crore during the quarter against Rs 730 crore in the year-ago period, up 11.8 per cent.
In dollar terms, the net profit dropped 35.2 per cent to $10 million, while revenues grew 3 per cent to $121 million in the quarter under review a year earlier.
For 2015-16, the net profit was down 7.6 per cent at Rs 326.2 crore, while revenues grew 13.1 per cent to Rs 3,095.6 crore compared with the previous fiscal.
Tata Steel
Shares of Tata Steel ended down by 0.17 per cent at Rs 353.80 on the BSE and lower by 0.21 per cent at Rs 353.80 on the NSE.
Earlier, the stock jumped as much as 3 per cent as the British government had announced on Thursday that it is willing to acquire a 25 per cent minority equity stake in Tata Steel’s UK operations as well as offer “hundreds of millions of pounds” in debt relief to rescue the troubled Indian steel giant by helping potential buyers.
UK Business Secretary Sajid Javid had said the financial package would be jointly fashioned by UK and Welsh authorities; the government, he added, was “working closely with Tata Steel UK on its process to find a credible buyer’’.
The UK government had said any deal would be on commercial terms and most likely to be debt financing, though an equity stake was also an option.
Tata group had announced plans to quit its entire British steel operation last month.
Greybull Capital has been reported to be considering making a bid for Tata's speciality steels arm.
Hindustan Zinc plunges
Shares of Hindustan Zinc (HZL) today fell nearly 4 per cent after the company reported a 20 per cent decline in total income in the March quarter of the last fiscal.
The stock declined by 3.5 per cent to Rs 167.85 on the BSE. On the NSE, it went down by 3.61 per cent to Rs 167.85.
At 3.30 pm local time, the stock was down 1.06 per cent at Rs 172.10 on the BSE. It ended lower by 1.35 per cent at Rs 171.80 on the NSE.
Hindustan Zinc had yesterday reported an 8 per cent growth in its March quarter net profit to Rs 2,149 crore.
The firm, part of metals and mining conglomerate Vedanta Ltd, had clocked a net profit of Rs 1,997.44 crore in the year-ago quarter, it had said in a regulatory filing.
However, the firm led by billionaire Anil Agarwal, posted a 20 per cent decline in total income at Rs 3,132.39 crore in January-March quarter from Rs 4,125.68 crore during the same period in 2014-15, due to lower zinc volume and depressed prices on the London Metal Exchange (LME).
IndusInd Bank rebounds
Shares of IndusInd Bank ended higher by 0.83 per cent at Rs 979.75 on the BSE and up by 0.85 per cent at Rs 980.40 on the NSE.
Earlier, the stock gained as much as 2 per cent.
Initial concerns about rise in NPAs, and provisioning sent the shares down 1 per cent on Thursday but analysts were broadly positive on results.
The lender’s Q4 profit rose 25.3 per cent, with loan growth at 29 per cent, from the previous year.
HSBC has raised the price target to Rs 1,176 from Rs 1,142, and has kept “buy” rating.
Despite poor asset quality trends in the sector, the bank’s asset quality has held up quite well, it said.
Macquarie has raised the price target by 14 per cent to Rs 1,275. It has maintained “outperform” rating.
According to the brokerage, IndusInd Bank’s growth and asset quality are comparable to best in class, and the comfortable capital position should help bank sustain momentum.