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Market Movers: GE T&D India, L&T Tech jump, ITI dives 7%; 40 stocks flashes ‘buy’ signals

Shares of Canara Bank edged 0.83 per cent higher to Rs 220.70 .

Last Updated: Jan 23, 2020, 05.42 PM IST
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BSE flagship Sensex snapped a three-day losing streak and gained 271 points to close at 41,386.
Shares of electric utilities firm GE T&D India surged 6 per cent on Thursday after the company bagged a Rs 173 crore order. L&T Tech added 6 per cent after it joined a Qualcomm program to provide smart city solutions.

Telecommunication equipment maker ITI plunged 7 per cent after the company set the floor price for its forthcoming FPO much below the market price.

BSE flagship Sensex snapped a three-day losing streak and gained 271 points to close at 41,386. Its NSE counterpart Nifty added 73 points to 12,179.

“Since Nifty has technically held the important level of 12,100 on the day of expiry, which is a positive sign, we can expect a pullback rally up to 12,230 level. Further uptrend may continue and lift Nifty to 12,350 level,” said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

Here is a lowdown of the movers and shakers of Thursday’s session on Dalal Street:

Canara Bank profit up 4 per cent

Shares of Canara Bank edged 0.83 per cent higher to Rs 220.70 after the bank reported a 3.8 per cent rise in net profit at Rs 329.62 crore for December quarter of this financial year, mainly due to a decline in proportion of bad loans.

OBC’s bad loans come down

Oriental Bank of Commerce (OBC) reported a 39.11 per cent jump in profit at Rs 201.66 crore for the quarter ended December, 2019, mainly due to a reduction in bad loans. The stock closed 0.92 per cent lower at Rs 53.95.

GE T&D bags Rs 173 cr order

Shares of GE T&D India jumped 6.5 per cent to Rs 163 after the company bagged a Rs 173 crore order from Jammu & Kashmir Power Development Department (JKPDD).

Airtel, Voda delay AGR payments

Bharti Airtel and Vodafone Idea have communicated to the telecom department that they would not pay AGR dues of Rs 88,624 crore by Thursday’s deadline, and would wait for the outcome of the modification petition listed for hearing before the Supreme Court. Jio cleared Rs 177 crore. Vodafone Idea shares closed 4.97 per cent higher at Rs 5.91 while Bharti Airtel gained 1.8 per cent to Rs 523.60.

DFF to invest Rs 5,000 cr

India's largest realty firm DLF announced an investment of Rs 5,000 crore to develop large commercial projects in Chennai as part of its strategy to expand portfolio of rent yielding properties. Shares of the company gained 0.97 per cent to Rs 260.70.

DB Corp profit up 8 per cent
Media house DB Corp reported 7.9 per cent increase in consolidated net profit at Rs 81.63 crore in the third quarter. The stock jumped 3.41 per cent to Rs 147.20.

Mphasis signs deal with QEDIT

Bengaluru-headquartered information technology solutions provider Mphasis announced a partnership with Israel-based QEDIT to offer privacy-enhancing technology solutions on Blockchain to enterprises. The stock gained 2.68 per cent Rs 910.05.

Alembic Pharma gets USFDA nod
Alembic Pharmaceuticals said it has received final nod from the US health regulator for fenofibrate tablets, which reduces cholesterol and triglycerides in blood. The stock closed up 0.05 per cent to Rs 590.05.

JSW Steel to raise 1,000 cr
JSW Steel announced its plan to raise up to Rs 1,000 crore through issuance of non-convertible debentures. The proceeds will be used to meet long-term working capital requirements, refinance existing debt, general corporate purpose and ongoing capital expenditure. The stock closed 0.08 per cent higher at Rs 266.

ONGC receives 50 bids

ONGC has received bids for 50 out of the 64 small and marginal oil and gas fields it has offered in a first of its kind bid round for raising production by involving private companies. The stock closed 1.12 per cent at Rs 117.75.

Dilip Buildcon executes EPC pact
Dilip Buildcon said it has executed engineering, procurement and construction (EPC) pact with Uttar Pradesh EIDA for development of a road project worth Rs 1,250 crore. Shares of the company closed up 0.60 per cent to Rs 421.20.

Zuari Agro shuts NPK plant
Leading fertiliser firm Zuari Agro Chemicals said its NPK plant has been shut on account of non-availability of raw material. The stock closed down 0.53 per cent at Rs 103.50.

L&T Tech joins Qualcomm program
L&T Technology Services said that it has joined a Qualcomm program to provide smart city solutions to original equipment manufacturers (OEMs) and system integrators. The stock jumped 5.93 per cent to Rs 1,726.85.

DHFL posts Q2 result
Debt-ridden housing finance firm DHFL has reported a consolidated net loss of Rs 6,640.62 crore for the quarter ended September 30, 2019. The stock closed 1.83 per cent down at Rs 16.05.

ITI shares drop 7 per cent
Telecommunication firm ITI has put FPO price band at Rs 72-77, as it plans to raise Rs 1,400 crore. The stock fell 6.86 per cent to Rs 92.95 following the announcement.

BSE changed the name and abbreviation used for Nippon Life AMC to NAM-INDIA effective January 23. Earlier, the scrip code RNAM was used for the stock. It, however, clarified that share certificates not corrected with the new name of the company will also be good delivery in the market. The stock closed 0.13 per cent up at Rs 346.

Nifty Media index sole loser

Nifty Media was the sole sectoral loser on NSE, down 2.08 per cent to 1,869.25. The index was dragged by Zee Entertainment that plunged 7.21 per cent to Rs 278.70. Nifty Realty was the biggest gainer among sectoral indices, up 2.1 per cent to 327.60.

Infy, banks lift Sensex
Infosys, L&T were the major contributors towards Sensex’s rally as they together added nearly 100 points. Banks also chipped in as ICICI Bank, SBI, Axis Bank, Kotak Mahindra Bank and HDFC Bank together added 117 points.

40 stocks flashes ‘buy’ signals

As many as 40 stocks on BSE crossed above the Signal lune of the MACD indicator, giving ‘buy’ signals. They include YES Bank, Rail Vikas Nigam, Larsen and Toubro, Asian Oilfield, Union Bank of India, Tanla Solutions and HCL Tech, among others.
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