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Stock Market News - Mahanagar Gas gains 12%, CG Power slips 20%

Mahanagar Gas Surges The Most In Three Years Shares of the natural gas distributor rose 12.1 percent, its biggest intraday gain since July 2016, to Rs 882.10 each. Royal Dutch Shell Plc’s unit is seeking Rs 724 crore from sale of its remaining stake in the company, according to terms of the deal obtained by Bloomberg. BG Asia Pacific is offering 98.8 lakh shares at a floor price of Rs 733.1, representing a discount of 6.9 percent to Mahanagar Gas’s last close.


 MARKET ALERT | 

 1. India 10-Year govt bond yield opens unchanged at 6.59% vs the previous close

2. CG Power slips 20% during Pre-open

--  Co takes note of unauthorized transactions done by employees
-- Understatement of liabilities expected

3. Mangalore Refinery & Petrochemicals dips as landslide hits co's refinery in Dakshina Kannada district

4. Sterling & Wilson Solar lists at Rs 700/sh - Issue price was Rs 780/sh

Rupee opening - Rupee opens lower at 71.51/$ vs Monday's close of 71.43 against the US dollar

CATCH-ALL MARKET UPDATES - 
  • MindTree up 2%
  • Havells gains 3%
  • NTPC gains 0.8%
  • Bajaj Fin trades lower
  • Moser Baer slips 4.5%
  • CG Power slumps 20%
  • J&K Bank rises over 3%
  • SAIL hits a 52-week low
  • Godfrey Phillips sheds 3%
  • Vodafone Idea dips over 2%
  • L&T Infotech rises over 2%
  • Eicher Motors gains over 1%
  • Britannia Industries slips 1.5%
  • DHFL slips 6% on payment default
  • Tata Steel trades flat with negative bias
  • Tata Motors trades nearly a percent lower
  • Himachal Futuristic Communication gains over 6%

TOP GAINERS & LOSERS - 

Mahanagar Gas, Zee entertainment, Infosys, M&M, HDFC Bank, TCS are among major gainers on the indices, while losers include Britannia, Yes Bank, JSW Steel, IOC, Bharti Infra, Coal India, Tata Motors and ICICI Bank. Among sectors, FMCG and metal are witnessing selling pressure, while buying seen in the auto, infra, IT and pharma. BSE midcap and smallcap are trading flat.

Gold firms below $1,500 after slide - Gold prices held steady on Tuesday after posting their biggest daily decline in a month in the previous session, plummeting below a key psychological level of $1,500 an ounce.

FUNDAMENTALS

* Spot gold edged up 0.1% at $1,496.80 per ounce at 0050 GMT.

* On Monday, gold skidded 1.2% to reach $1,495 an ounce, below the key level of $1,500. This marked its biggest daily decline since July 19.

CG Power Hits Lower Circuit - Shares of the electrical equipment maker was locked in a lower circuit after it fell 20 percent to Rs 14.80 apiece. The company has appointed an independent law firm to conduct a forensic investigation to look into certain transactions, according to an exchange filing. There were some unauthorized transactions by certain employees which were brought to the notice of operations committee earlier, the filing said.

Himachal Futuristic Jumps - After Winning Rs 2,467 Crore Order Shares of the telecom equipment maker rose as much as 8.8 percent to Rs 20.50 apiece. The company received purchase orders worth Rs 2,467 crore from Bharat Sanchar Nigam Ltd. for defense communication network, according to an exchange filing. Project is to be completed in the next 18 months, the filing said.



Market News | Sensex | Bank Nifty | Top gainers | Gold | Rupee | Mahanagar Gas



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