6 days ago
Indian Stocks Slip as Tata Power Leads Midday Declines
Indian stock markets were slightly lower by lunchtime on Thursday, August 27.
The Sensex and Nifty both lost a small amount of value.
Tata Power fell the most among the major movers mentioned.
A Singapore court rejected Tata Power’s challenge over a $490 million arbitration award.
Hindustan Copper also fell after the government completed a share sale in the company.
SAIL declined even though it reported higher realisations than last year.
Pine Labs rose after Investec gave its shares a positive Buy recommendation.
Devyani International and Sapphire Foods were watched because of their revised plan to combine their businesses.
The Sensex fell 0.25% to about 77,280, while the Nifty 50 declined 0.18% to around 24,165 by midday on Thursday, August 27.
Tata Power dropped 3.5% after a Singapore court dismissed its challenge against a $490 million arbitration award benefiting Kleros Capital.
Hindustan Copper fell 2.59% after the government raised nearly ₹3,000 crore through its completed Offer for Sale, including the full greenshoe option.
SAIL declined 1.51% despite reporting 4.5 million tonnes of sales and a 5.7% year-on-year increase in realisations to ₹58,323 per tonne.
Pine Labs gained more than 2% after Investec began coverage with a Buy rating, while Devyani International rose 1.2% following a revised merger scheme with Sapphire Foods.
- Who
- Indian equity benchmarks and shares of Tata Power, Hindustan Copper, SAIL, Pine Labs, Devyani International, Sapphire Foods, Emami and NHPC.
- What
- Indian stocks were mixed to lower by midday, with Tata Power, Hindustan Copper and SAIL among the notable decliners and Pine Labs among the gainers.
- Where
- Indian equity markets; Tata Power’s legal case was decided by the Singapore International Commercial Court.
- When
- Thursday, August 27, by midday.
- Why
- Shares moved because of a court ruling, a government share sale, operating results, analyst coverage, and concerns over Nepal’s flash floods and a proposed merger.
Key facts
- Sensex
- Around 77,280 by midday, down 0.25%.
- Nifty 50
- Around 24,165, down 0.18%.
- Tata Power legal award
- The company is challenging a $490 million arbitration award in favour of Kleros Capital and plans another appeal within 28 days.
- Hindustan Copper OFS
- The government realised nearly ₹3,000 crore after exercising the entire greenshoe option.
- SAIL sales and realisations
- Sales were 4.5 million tonnes versus 4.7 million tonnes a year earlier; realisations rose nearly 5.7% year on year to ₹58,323 per tonne.
- Pine Labs brokerage view
- Investec initiated coverage with a Buy rating and a target price of ₹200 per share.
- Proposed merger
- Devyani International revised its scheme to absorb Sapphire Foods’ businesses, bringing KFC and Pizza Hut operations under one unified Yum! India franchise.
Sources
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