Shares of RailTel Corporation of India surged for the third straight day on Tuesday to hit a fresh 52-week high on the BSE amid strong investor interest on the counter. The shares of the firm which got listed on Friday, have zoomed nearly 85 per cent over its issue price of Rs 94.
The scrip jumped 19 per cent over its previous close to hit an intra-day high, also its 52-week high, of Rs 173.50 on the BSE. At 11.40 am, the stock was trading 16 per cent up at Rs 168.60 while the BSE barometer Sensex was up 0.41 per cent at 50,054 around the same time.
The trading volume on the counter was high with a combined 34 million shares having changed hands on the NSE and BSE so far.
Here are the top stocks that are likely to be in focus today:
BPCL, OIL, Engineers India: Bharat Petroleum Corporation Ltd (BPCL) said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
Quess Corp: The company announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman.
Hero MotoCorp: The two-wheeler maker, on Monday, reported a 1.45 per cent increase in total sales at 5,05,467 units in February. The company had sold 4,98,242 units in the same month of the previous year.
Shares of APL Apollo Tubes (APL Apollo) and Apollo Tricoat Tubes (Apollo Tricoat) rallied up to 10 per cent to hit their respective all-time highs on the BSE in intra-day trade on Monday after their boards approved the merger of Shri Lakshmi Metal Udyog and Apollo Tricoat with APL Apollo. The stock of APL Tricoat rallied 10 per cent to Rs 1,020, while APL Tubes gained 5 per cent to Rs 1,125. In comparison, the S&P BSE Sensex was up 1.2 per cent at 49,693 points at 09:25 am. Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for each equity share held in Apollo Tricoat. This implies a premium of 16 per cent to the previous closing price for Apollo Tricoat’s shareholders. The merger will result in an increase of 10.8 per cent in APL Apollo’s share capital.
Shares of RailTel Corporation of India (RailTel) rallied 17 per cent to Rs 142.45 on the National Stock Exchange (NSE) in intra-day trade on Monday after the institutional investors bought a stake in the company via open market on its debut day on Friday. The stock of the state-owned telecom infrastructure provider made a strong debut on the bourses as it got listed at a 28 per cent premium at Rs 120.60. With today’s rally, it has zoomed 52 per cent from its issue price of Rs 94. On Friday, February 26, Goldman Sachs India Fund and Nippon India Mutual Fund collectively bought 10.7 million equity shares of RailTel worth Rs 120 crore through block deals on the NSE, the exchange data shows.
Nestle India s recently launched strategy of product innovation and deeper penetration in the rural areas bodes well for the stock of the firm, according to analysts, who see an up to 17 per cent upside for it from current levels. The shares of the FMCG major have underperformed the market with a 12 per cent decline on a year-to-date (YTD) basis. During this period, the Nifty has jumped 3 per cent while the Nifty FMCG index has dipped 5 per cent, as per ACE Equity data. Going ahead, however, the fortunes are expected to look up as Nestle, at its analyst meet, unveiled a strategy to aggressively pursue expansion in the rural areas, increase capacity and focus on new product launches.