Stocks in focus: Unitech, Bharti Airtel, Kalpataru Power, Punj Lloyd, J B Chemicals

Shares of Kalpataru Power Transmission surged more than 5 per cent on Wednesday as the company has bagged new orders worth of Rs 875 crore in domestic and international space.

The stock opened on a bullish note at Rs 449 and touched a high of Rs 461.35, up 5.06 per cent over its previous closing price on the BSE. A similar movement was seen on the NSE where the stock opened at Rs 450 and hit a high of Rs 463.70, up 5.32 per cent.

Kalpataru Power said in a BSE filing today that it has secured two orders worth Rs 278 crore for design, supply and construction of transmission lines in India. The company has also won three orders worth Rs 597 crore for design, supply and construction of transmission lines in Afghanistan, Ivory Coast and Bangladesh. It has received orders worth Rs 5,900 crore till date in the current financial year.

KPTL is an engineering firm involved in power transmission and distribution, oil and gas pipeline, railways, infrastructure development, civil contracting and warehousing and logistics business with a strong international presence.

Punj Lloyd

Shares of Punj Lloyd Ltd rose as much as 13.6 per cent to Rs 23.4, their highest since November 3 as the company has bagged two new projects.

Punj Lloyd, in a joint venture with Varaha Infra Ltd, has bagged a contract to upgrade a section of road connecting the towns of Yargi and Kalewa in Myanmar worth Rs 1,177 crore ($182.51 million). The company has also got a GAIL (India) contract worth Rs 276 crore to construct a section of steel pipeline and associated facilities.

More than 7 million shares changed hands, compared with the 30-day average of about 1.1 million shares. The stock posted its biggest intraday percentage gain since September 7. Up to Tuesday's close, the stock had risen 9.87 per cent this year.

J B Chemicals & Pharmaceuticals

Shares of J B Chemicals & Pharmaceuticals jumped as much as 3.3 per cent as the company has received US health regulator’s nod for Atenolol tablets, used in the treatment of high blood pressure.

Following a strong open at Rs 303.80 against the previous close of Rs 298.40, the srip touched an intraday high fo Rs 308.25 and a low of Rs 300.05 on the BSE. Similarly on the NSE, the stock opened at Rs 302.90, touched a high of Rs 308.40 and a low of Rs 299.15.

“The United States Food and Drug Administration (USFDA) has approved the company’s supplementary Abbreviated New Drug Application (ANDA) for Atenolol tablets USP 25mg, 50mg and 100 mg,” J B Chemicals & Pharmaceuticals said in a BSE filing today.

The company, which plans to commercialise this product in the next quarter, said the market for the approved product is about $70 million. “The company is focused on US business and this approval will help the company grow its exports,” it added.

DTH operators rally

Shares of direct-to-home operators rallied over 7 per cent after private equity firm Warburg Pincus announced plans to acquire stake in Bharti Airtel’s DTH arm.

Bharti Airtel had yesterday said an affiliate of private equity firm Warburg Pincus will acquire up to 20 per cent stake in its DTH arm Bharti Telemedia for about $350 million (around Rs 2,310 crore).

Following the announcement, Bharti Airtel stock opened on a bullish note and soared to a high of Rs 533.50, registering a jump of 2 per cent over its previous close on the BSE.

Shares of other DTH operators were also trading in the positive territory. Hathway Cable jumped 7.5 per cent to touch a high of Rs 43 on the BSE, while Dish TV India jumped 3.93 per cent, Den Networks 3.61 per cent and Sun TV Networks 3.24 per cent on the BSE.

Market experts said the news on Warburg Pincus stake buy in Bharti Telemedia had a ripple effect on other DTH stocks and accordingly, they were trading in the green. Out of the 20 per cent, Bharti Airtel will sell its 15 per cent stake in direct-to-home arm and the balance will be sold by another Bharti entity. Upon closure of the transaction, Airtel will own 80 per cent stake in Bharti Telemedia.

Unitech shares nosedive

Unitech today slipped more than 16 per cent after the Supreme Court stayed the NCLT order allowing the Centre to take over the management of the embattled firm. The Supreme Court today stayed the December 8 order of the company law tribunal in this respect.

Following the development, Unitech stock fell to a low of Rs 6.43 on the BSE, down 16.38 per cent over its previous closing price. On the NSE, a similar movement was seen where the stock opened at Rs 7.55, but fell to a low of Rs 6.40, down 16.33 per cent.

A Bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the statement of Attorney General K K Venugopal that the Government should not have moved the National Company Law Tribunal (NCLT) when the apex court was seized of the matter.

The NCLT, on December 8, had suspended all the eight directors of the realty firm over allegations of mismanagement and siphoning off of funds and had authorised the Centre to appoint its 10 nominees on the board. The NCLT order had come after the Centre moved the panel with a view to protecting the interests of nearly 20,000 home buyers.

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