 "SKS hits lower circuit; Thomas Cook touches 52-week low")
Apart from Firstpost’s live market copy, we bring you a brief summary of stocks that were in the news today.
Nitesh Estates up 7 percent on stake sale news
Real estate firm Nitesh Estates saw huge buying interest on Tuesday after a media report said JP Morgan has bought 45% stake in the company for Rs 204 crore.
The special purpose vehicle of the Bangalore-based office and apartment builder Nitesh Estates will be executing three projects totalling 4 million sq ft in Bangalore and Chennai," the report said.
The company’s stock surged 7 percent after the report and hit a high of Rs 19 and a low of Rs 17. The report stated that the deal is expected to conclude shortly and will have a five-year horizon.
Thomas Cook India touches 52-week low after parent drops 60 percent
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Meanwhile, shares of Thomas Cook Group declined over 60 percent on the London Exchange after reports stated that the company was rethinking its banking facilities.The company admitted that trading has deteriorated and it is seeking to borrow more in the short-term. It also stated that it would delay publication of its full-year results .
The company witnessed the biggest decline ever with the shares slipping by 51% to 20 pence as of 8:09 a.m. in London. Earlier, the stock had dropped 78% this year. The decline on the London Exchange also has a spill-over effect on Thomas Cook India, which touched a 52-week low of Rs 37.05 today.
Amtek Auto rises 20 percent on buyback news
Automotive component manufacturer Amtek Auto aims to buy back equity shares at maximum price of Rs 200/share. The stock shot up 20% to Rs 121 on the BSE. Amtek Auto will buyback a minimum of 30 lakh shares from the open market and has set aside an aggregate amount of Rs 291 crore for the offer.
Current market capitalisation of the company stands at Rs 2,697.82 crore. The buyback will commence from 8 December 2011 and the last date of the offer is 24 August 2012.
SKS Microfinance hits lower circuit as chairman likely to quit tomorrow
Vikram Akula, Chairman and Founder of SKS Microfinance, is likely to resign from the company tomorrow, say media reports.SKS is the only listed microfinance company in India and Ahuja’s resignation comes in the back of heavy losses the company suffered in the second quarter.
Parsvnath Developers continues downtrend, falls 20%
The company has lost over 39 percent in the last three days and has fallen from Rs 75 to Rs 44 in the last five days on rumours that the firm’s pledged shares have been sold.Reports suggest that the company has pledged 71% of their holdings and the value of pledged shares is nearly Rs 1,200 crore, which is roughly half the size of market cap of the entire company.
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