Shares of Magma Fincorp were locked in the 10 per cent upper circuit band at Rs 84.95, surging 45 per cent in three days, after the company said disbursements in December quarter (Q3FY21) grew by 45 per cent year on year (YoY) driven by pick-up in used assets and affordable housing. The company registered improvement in collections, with collection efficiency of 90 per cent in October and November, and 94 per cent in December 2020. The bounce back in vehicle sales has been stronger than anticipated and demand for mobility and own housing will drive lending in 2021, it said. The stock of the non-banking finance company was trading at its 52-week high level in an otherwise subdued market. Till 01:35 pm, a combined 7.15 million equity shares had changed hands on the NSE and BSE, and there were pending buy orders for 680,000 shares. In comparison, the S&P BSE Sensex was down 0.53 per cent at 51,058 points.
Shares of information technology (IT) companies were in focus at the bourses on Wednesday with both Tata Group stocks - Tata Consultancy Services (TCS) and Tata Elxsi – hitting their respective new highs on the National Stock Exchange (NSE). At 10:20 am, the Nifty IT index the top gainer among sectoral indices was up 2.4 per cent, as compared to 0.37 per cent rise in the Nifty50 index. The IT index hit an intra-day high of 26,758 points, quoting close to its record high of 27,177 points, touched on January 14, 2021. Wipro, Mindtree, Mphasis and Coforge from the Nifty IT index were up in the range of 3 per cent to 5 per cent, while TCS, Larsen & Toubro Infotech, Tech Mahindra, Infosys and HCL Technologies gained between 1 per cent and 2 per cent on the NSE.
Read more about NBFC shares in focus; Bajaj twins, Cholamandalam Investment surge up to 9% on Business Standard. L&T Finance, Indiabulls Housing Finance, IIFL Finance, REC, Shriram Transport Finance, Power Finance Corporation, LIC Housing and HDFC were up between 3 per cent and 9 per cent on the BSE
Coal India’s diversification into new biz could burn cash due to high cape
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Coal India, the world’s largest coal mining company, could lose up to 1.2 million tonnes (mt) of coal output a day owing to the strike. Photo: Getty Images
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Coal India Ltd (CIL) is exploring moving to other pastures for growth. After struggling to ramp up production of coal for some time now, the firm has not been able to deliver shareholder returns this year due to a barrage of concerns.
A shift towards renewable energy, environment concerns for thermal power sector, and competition from merchant minors have led to a de-rating of the stock. As a result, it has been among the biggest losers in 2020, sliding 36% compared to the 17% gains in Nifty 500.
Shares of Firstsource Solutions rallied 16 per cent to hit a fresh record high of Rs 106.40 on the BSE on Monday on the back of heavy volumes. The stock of the global provider of Business Process Management (BPM) services has zoomed 48 per cent in the past four trading sessions. On Thursday, the stock hit an intra-day high of Rs 94, surpassing its previous high of Rs 93, touched on May 15, 2007. The trading volumes on the counter more-than-doubled with a combined 10.65 million equity shares, representing 1.5 per cent of the total equity of Firstsource Solutions, changing hands on the NSE and BSE, till 09:48 am. In comparison, the S&P BSE Sensex was up 0.64 per cent at 47,273 points.