Stocks in focus: IVRCL, Jaiprakash Associates, Alkem Labs, KEC

Our Bureau Updated - January 20, 2018 at 06:39 AM.

Kolkata, Date: 31/03/2016.An under construction flyover in Kolkata is partly collapsed on Thursday morning. Nearly people killed which have claimed by unconfirmed sources.Photo: Ashoke Chakrabarty

The IVRCL share hit a near 13-year low after the Kolkata flyover collapse on Thursday. Shares of the infrastructure firm have fallen for a second straight session.

The stock was down as much as 11.7 per cent to its lowest level since July 1, 2003. The company was building a flyover, which collapsed on Thursday in Kolkata.

The company is reported to have said it is awaiting details on the cause of the accident and will cooperate with the authorities in all investigations. The death toll in the collapse of the under construction flyover rose to 23 on Friday.

The share closed the day at Rs 5.77, down 9.7 per cent on the BSE.

Jaiprakash shares surge on deal to sell cement plants

The shares of Jaiprakash Associates gained as much as 13 per cent to touch a month-high of Rs 8.75. UltraTech Cement shares were up as much as 1 per cent.

The UltraTech board has approved a deal to buy identified JAL cement plants at an enterprise value of Rs 15,900 crore.

“The successful amendment to the Mines and Mineral (Development and Regulations) Amendment Bill, 2016 will facilitate timely integration of Jaiprakash's assets with that of UltraTech,” Kotak Institutional Equities says.

The brokerage estimates the deal to be earnings dilutive in the initial few years.

The deal, announced in February, would raise UltraTech's installed annual capacity by one-third to about 91 mln tonnes, and provide Jaiprakash with much-needed relief to pare its debts.

The share ended the day at Rs 8.53, up 11.65 per cent on the BSE.

Alkem Lab shares dip on UK health regulator’s observations

Shares of Alkem Laboratories today fell by 7 per cent as the UK health regulator made eight observations after inspecting its manufacturing plant at Taloja, Maharashtra.

The stock after a weak opening further lost 6.98 per cent to Rs 1,271 at BSE. On NSE, it slumped 6.37 per cent to Rs 1,270.

The Medicines and Healthcare Products Regulator Agency (UKMHRA) had conducted an inspection at the company’s facility at Taloja earlier last month with respect to marketing authorisation applications made by the company to the EU countries.

“The company has received an inspection report from the UKMHRA on March 30 where eight observations have been made by the regulator. The company is in the process of putting together responses to address observations made by the UKMHRA,” Alkem Laboratories had said in a regulatory filing yesterday.

“The company does not anticipate any impact on its existing registered products in the EU market,” it said.

The stock finished the day at Rs 1,322.5, down 3.22 per cent on the BSE.

KEC shares climb nearly 5% on bagging orders worth Rs 836 cr

Shares of infrastructure firm KEC International (KEC) today rose nearly 5 per cent after the company bagged new orders worth Rs 836 crore in segments including transmission and distribution.

The stock jumped 4.83 per cent to Rs 128 on BSE. At NSE, shares of the company climbed 4.17 per cent to Rs 127.40.

The announcement was made post market hours yesterday.

“KEC International Ltd (KEC), a global infrastructure EPC company, has secured orders of Rs 836 crore,” the company had said in a filing to BSE yesterday.

In the transmission and distribution segment, the company bagged an order worth Rs 608 crore from Powergrid Southern Interconnector Transmission System Ltd — a wholly-owned subsidiary of PGCIL — for construction of a transmission line associated with ‘Beyond Vemagiri’ Transmission System Project, it said.

It also bagged orders worth Rs 129 crore from Power Grid Jabalpur Transmission Ltd — a wholly-owned subsidiary of PGCIL — for construction of transmission lines associated with the Vindhyachal-V project.

In the international market, the company bagged orders worth Rs 56 crore, it said.

In the cable business segment, the company bagged orders worth Rs 43 crore for the supply of power and telecom cables.

At the close the stock was quoting at Rs 124.4, up 1.88 per cent on the BSE.

Published on April 1, 2016 09:11