Sensex, Nifty ends marginally down; IT stocks slip 2%
Shares of Idea Cellular dropped nearly 4% after the block deal. At 1420 hours the shares of the company were traqding at Rs 69.55 per piece, down 3.67%, or Rs 2.65 on BSE.
Telecom operator Idea Cellular plans to raise Rs500 crore through issuance of non-convertible debentures (NCDs). “...the company is proposing to issue unsecured redeemable non-convertible debentures amounting to Rs500 crore on private placement basis,” Idea said in a regulatory filing on Thursday.
On 30-share benchmark, during afternoon session, among top gainers were Axis Bank (4.25%), GAIL (2.26%), HDFC (2.23%), Sun Pharma (1.43%) and ONGC (0.90%). Among losers were TCS (-3.23%), Infosys (-2.10), Maruti Suzuki (-1.53%), NTPC (-1.50%) and Tata Motors (-1.42%).
Shares of Tata Consultancy Services plunged despite reporting 11% rise in Q3 net profit. At 0925 hour the shares of the company were trading at Rs 2306 per piece, down 1.59%, or Rs 37.30 on BSE.
Also, the company on Thursday named Rajesh Gopinathan as the new CEO after N Chandrasekaran was appointed as the new Tata group chairman.
Stocks in Focus: Tata Stocks will be in focus after Tata Sons on Thursday appointed N Chandrasekaran as the new Chairman after months of battle between Cyrus Mistry and Ratan Tata.
Shares of Tata Consultancy Services will be in focus too after the company on reported better than expected quarter results. It reported a net profit of Rs 6778 crore, up by 10.9%, during the quarter ended on December 31 as compared to as on December, 2015 quarter.
As against the previous quarter in the current fiscal, the company registered a rise of 2.9% in the net profit.
Infosys stocks will be in focus too as the company is set to announce its financial results for the quarter ended on December 31.