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Hind Zinc shares surge 14%
Shares of Hindustan Zinc surged up to 14 per cent today after the company announced that it will pay highest-ever dividend of Rs 10,141 crore, including Rs 3,000 crore to the government, to its shareholders for the 2015-16 fiscal.
The scrip gained 14.07 per cent to Rs 199.80 on the BSE.
On the NSE, shares of the company climbed 12.42 per cent to Rs 196.80.
At the pre-close trade, the stock was up 4.8 per cent at Rs 183.55 on the BSE. It hit an intra-day high of Rs 199.80. The company had closed the previous session at Rs 175.15.
“The actual dividend is Rs 10,141 crore and when dividend tax is included, it will go to Rs 12,205 crore. This is the highest-ever dividend announced by a private company. From the dividend announced, Rs 3,000 crore would be paid to the government,” HZL CEO Sunil Duggal told PTI.
He informed that the firm’s board has declared a special golden jubilee dividend at the rate of 1,200 per cent — Rs 24 per equity share of Rs 2 each — for 2015-16 fiscal.
Kansai Nerolac shares soar 6%
Shares of industrial paints maker Kansai Nerolac today surged over 6 per cent after the company said it has completed the sale of its land in Chennai to realty firm Brigade Properties for over Rs 538 crore.
The scrip climbed 6.14 per cent to Rs 297.90 on the BSE. On the NSE, it surged 5.99 per cent to Rs 298.65.
At 3.20 pm, the shares were trading up by 0.61 per cent at Rs 282.35 on the BSE. The stock hit an intra-day high of Rs 297.90. On Wednesday, stock had closed at Rs 280.65.
Shares of Brigade Enterprises rose 4.92 per cent to Rs 149.20.
Brigade shares were trading higher by 2.6 per cent at Rs 145.90 in the mid-session. Today's intra-day high was Rs 149.20. The stock had closed the previous session at Rs 142.20.
The company sold the land together with buildings to Perungudi Real Estates, an SPV of Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company, for a consideration of Rs 537.86 crore, according to the firm’s filing.
In June last year, Kansai Nerolac had said its board of directors had approved the sale of the company’s land admeasuring 15.86 acres at Perungudi, Chennai, to Brigade Properties Pvt Ltd or its nominees/another special purpose vehicle (SPV) formed by Brigade Group and GIC Singapore for a sum of Rs 550 crore.
Brigade Properties is a 51:49 joint venture between Bengaluru-based realty company Brigade Enterprises and GIC of Singapore.
Gammon India shares rally nearly 10%
Gammon India shares today surged nearly 10 per cent after the company said its board will consider a proposal for investment in its engineering procurement and construction business.
The stock soared 9.43 per cent to Rs 12.53 on the BSE. On the NSE, the shares zoomed 9.64 per cent to Rs 12.50.
During the pre-close session, the shares were trading higher by 8.73 per cent at Rs 12.45 on the BSE against Wednesday's close of Rs 11.45. The stock hit an intra-day high of Rs 12.53.
Gammon India had yesterday said that its board will this week consider a proposal received for investment in the company’s engineering procurement and construction business.
“A meeting of the board of directors of the company will be held on April 2, 2016, to consider a proposal received from an investor for investment in the company’s Engineering Procurement & Construction (EPC) business,” Gammon India had said in a BSE filing.
Jain Irrigation shares up 4%
Jain Irrigation Systems (JISL) shares rose nearly 4 per cent today after the company’s food processing arm raised Rs 402 crore from Mandala Capital.
JISL’s scrip rose by 3.57 per cent to Rs 60.85 on the BSE. On NSE, the shares jumped 3.83 per cent to Rs 60.90.
The company shares were trading higher by 2.47 per cent at Rs 60.20 at the pre-close session on the BSE. The stock hit an intra-day high of Rs 60.85. It had closed the previous session at Rs 58.75.
Jain Irrigation Systems Ltd’s food processing arm has raised Rs 402 crore from Mandala Capital for the company’s growth.
The company’s subsidiary Jain Farm Fresh Foods (JFFFL) had yesterday announced that it has successfully raised Rs 402.2 crore from the funds managed by Mandala Capital, an investment manager focused exclusively on Indian agri-business.
JFFFL is a newly-formed entity under which the global food processing business of JISL will now be held, the company had said in a regulatory filing yesterday.
“JFFFL made a preferential issue of equity shares and compulsorily convertible debentures (CCDs) to Mandala for a total subscription amount of Rs 4,022 million. Sixty per cent of the investment is in equity and balance in CCDs,” it added.
Natco Pharma stocks jump 7%
Shares of Natco Pharma jumped on sale of US pharmacy stores.
Shares of the drug firm gained as much as 7 per cent.
The board has approved the sale of non-core business ‘Save Mart Pharmacy Stores’ in the US.
The company did not disclose financial details of the deal.
Today’s gains allow Natco Pharma to recover after slumping this week on disclosure it had received Form 483 observations for its facilities in north India.
The company shares were up 2.96 per cent at Rs 411 at pre-close trade against the previous close of Rs 399.20. Today's intra-day high is Rs 425.20.
Gas distributors’ gain
Shares of gas distributors gained on price cut expectations.
Gujarat Gas stock jumped 3.6 per cent and Indraprastha Gas inched up 0.8 pct in a volatile Mumbai market.
The government has cut April-September gas prices by 20 per cent to $3.06/mmbtu, a source told Reuters.
The cut would mean that gas distributors’ raw material costs would decline and margins expand, analysts say.
State-run explorers ONGC and GAIL shares were down 2.5 per cent and 1 per cent, respectively.
The price cut will hurt gas explorers’ profitability, analysts adds.
At 3.25 pm, Gujarat Gas shares were up 2.89 per cent at Rs 550.50 compared with the previous close of Rs 535.05. The stock hit an intra-day high of Rs 564.30.
Indraprastha Gas shares were trading up by 2.36 per cent at Rs 563. The intra-day high for the stock is Rs 575.85. On Wednesday, the stock had closed at Rs 550.
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