BEML: Shares surged more than 7% in early deals, as the government is likely to have started divestment process for BEML Ltd through a strategic sale, according to a news report. The government had in October 2016 cleared the plan to disinvest 26% stake in BEML along with management control. The government currently holds 54.03% in the defence major.
BHEL: Shares of the state-owned company jumped nearly 10% after global brokerage firm CLSA upgraded the stock to 'buy' from 'sell' citing the advantages that would come along due to the government’s stake sale plan. Earlier this month, news report had said the government is likely to consider bringing down its stake in Bharat Heavy Electricals Ltd (BHEL) to 26% from 63.17% now.
Bharti Airtel: The stock rose more than 2% after the company released its operating highlights for the September quarter late on Tuesday, showing signs of recovery. The telecom operator’s customer base and revenue from mobile services expanded 0.8-0.9% from the June quarter. At least two large domestic brokers had forecast a sequential fall in revenues.
Infosys: Financial services firm ICICI Securities said Infosys Ltd does not have any “perceivable inconsistency" in data points shared by the tech major as alleged in a whistleblower letter. Separately, the Ministry of Corporate Affairs has sought information regarding the whistleblower complaints, which have triggered an investigation by the US Securities and Exchange Commission. The stock was among the top gainers in Nifty 50 index and traded up more than 2%.
Shriram Transport: Shares traded nearly 3% higher as global brokerage houses remained bullish on the stock and raised their target price after the company posted double-digit profit growth for the September quarter. In July-September, net profit rose 25.5% year-on-year to ₹765.1 crore on lower tax rate. However, its net interest income declined 0.9% to RS 2,036.8 crore.
Vodafone Idea: The government has set up a committee of secretaries under the cabinet secretary to suggest measures to alleviate financial stress in the telecom sector. The committee will look at ways of creating a favourable investment environment for the sector, according to a Mint report. The stock traded up nearly 3%.
Tata Metaliks: The pig iron manufacturer and supplier reported a 50.8% decline in net profit to ₹23.4 crore for the quarter-ended September. The company had posted a net profit of ₹47.5 crore in the same quarter last fiscal. Shares of the company fell more than 2% in early deals.