The mood remains fairly bullish in the market, amid expectations that the government will look at speeding up reforms, given the fact that it now commands fairly overwhelming support for some of its recent actions, including the surprise demonetization move. Even as the broad market is trading higher on overall positive mood, a few stocks are attracting attention on company specific reports and events.State Bank of IndiaState Bank of India has announced that its board of directors has approved raising of Rs 15,000 crore equity by way of Follow-on Public Offer / Rights issue, Qualified Institutionan Placement, ADR or GDR and any other mode or a combination of these, as may be decided at the opportune time, subject to the approval of the government and the central bank.Meanwhile, according to reports, State Bank of India has paid Rs 1621 cror as advance tax for the fourth quarter, as compared to Rs 687 crore it had paid for the year-ago quarter.State Bank of India shares are currently hovering around Rs 278, up slightly from previous closing price, after having edged up to Rs 279.75 earlier. The stock is just about 4% away from a 52-week high of Rs 288.80 it had touched on 11 November 2016.Coromandel International & Nagarjuna Fertilizers Shares of Coromandel International Limited and Nagarjuna Fertilizers & Chemicals Limited are in focus today on buzz that Coromandel is set to buy Nagarjuna Fertilizers. The deal may worth between Rs 3000 – Rs 3500 crore, it is reported.The exchanges have sought clarification from the two companies with regard to the news item.Shares of Coromandel International Limited are up 2.8% at Rs 325, after having advanced to Rs 330 earlier. Nagarjuna Fertilizers & Chemicals is up 5% at Rs 12.84.HCL TechnologiesHCL Technologies is trading notably higher on announcement from the company that its board of directors will meet on March 20, to consider buyback of shares. As on 31 December 2016, HCL Technologies had cash and cash equivalent of Rs 2214.5 crore. The company was also holding fixed deposits due to the tune of over Rs 10,500 crore.At Rs 856, off the day’s high of Rs 864, HCL Technologies is now up nearly 2% from its previous closing price. The stock had hit a high of Rs 869.75 in early January this year, and a move past that mark looks very likely now.
July 26, 2024
