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Buzzing Stocks: Suzlon Energy, JSW Steel stocks gain, while ABB drops

Suzlon Energy rallied 3% after the company bagged an order for 226 MW wind power project in Andhra Pradesh. This was awarded by a leading IPP company.

ABB is down by 2.76% or 33.50 points, even as sensex crosses 27,000 mark and trades at its two month highs. ABB was in news for bagging a contract in consortium with BHEL of Rs 5,700 crore. ABB will be enjoying a lion share in the project which is expected to be at Rs 4,350 crore. The prestigious project is expected to provide electircity to more than 80 million people.

Road and Highway developer, MEP Infrastructure Developers has announced that its subsidiary has entered into a concession agreement with National Highway Authority of India (NHAI). The stock is trading 2.7% higher on the BSE.

Fortis Healthcare, the hospital chain owned by the duo, Malvinder and Shivinder Singh is yet again in the news. The stock on January 11 has reached a new 52- week high. It has witnessed a spurt in volumes by more than 2.67 times.

Nifty Metal is Wednesday’s leading index across sectoral indices. Nifty Metal opened today at 2855.20, gaining 0.75%. It is currently trading up by 2.84%. Following are the top stocks from Metal sector today: JSW Steel has touched its 52-week high today at Rs 191.15, gaining 7.11%. Gujarat based, large diametre pipes manufacturer, Welspun Corporation is also in focus today. Welspun has gained 0.6% at the time of opening. It is currently trading up by 1.85% at Rs 82.65.

Steel Authority of India Limited (SAIL) has touched a high of Rs 55.45, gaining 4.92%. The stock is near its 52-week high of Rs 56.10. It is currently trading up by 3.88%. SAIL has witnessed spurt in volumes by 1.02 times. Its revenues has grown at an average of 10% over the last five quarters.

Hind Rectifiers, which is into manufacturing and developing semi-conductor devices has made a strong opening. The stock has witnessed a spurt in volumes by more than 1.53 times. The surge in the stock of the company is largely due to the right issue plans of the board of directors. The company will bring in issue of equity shares of FV Rs 2 each via a right issue to the existing equity shareholders.

Voltamp Rectifier is gaining on bourses even as the broad-based rally continues in the market today continuing the momentum from yesterday’s trade.

IndusInd Bank rallied 4.4%. The net profit of the Bank has come in at Rs 750.64 crore as against Rs 704.26 crore in September 2016 quarter; and Rs 581.02 crore in the corresponding quarter of the previous year.

Tata Motors is trading flat on the BSE. The company reported a 4% increase in global sales in December at 95,081 units, including that of Jaguar Land Rover (JLR) vehicles.

Shiva Cement Ltd is currently trading at Rs 13.55, up by Rs 0.47 or 3.59% from its previous closing of Rs 13.08 on the BSE after the promoters decide to sell their entire holding to JSW Cement.

South Indian Bank zoomed 2%. The bank will announce its Q3 numbers today.

Chembond Chemicals advanced 1.6%. Chembond Chemicals entered into a share purchase agreement for acquisition of additional 49% stake in joint venture company in Malaysia.

Glenmark Pharma inched up 1%. The company is expecting a revenue growth of 15-20 per cent CAGR over the next 5 years.

Ess Dee Aluminium gained 2% after the company gets notice from State Bank of India to discharge liabilities.

Endurance Technologies surged 4% after the company’s German unit Endurance Amann GmbH has commenced operations at its new machining plant from January 10.