M&M was trading nearly 3% higher at Rs 1,534, extending its Friday’s 3.6% gain after the company announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from January 1, 2018.
Meanwhile, the stock will turn ex-bonus on Thursday, December 21, 2017 in the proportion of 1:1, i.e. 1 bonus equity share for every 1 share held as on record date. M&M has fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to the bonus equity shares.
HDFC Bank hit a record high of Rs 1,900, up 1% in intra-day trade. The stock gained 4% in past three trading sessions after the private sector lender on Thursday, December 14 announced that its board will meet on Wednesday, December 20 to consider a proposal for raising of funds.
The board consider a proposal for raising of funds by issue of equity shares/depository receipts and other securities, including through Qualified Institutions Placement (QIP)/American Depository Receipts (ADRs) programme, preferential allotment or such other methods or combinations as may be decided, as well as a preferential issue to Housing Development Finance Corporation Ltd (the Promoter), HDFC Bank said in a regulatory filing.
Gail (India) was up 3% at Rs 504, extending its 7% gain in past seven trading sessions on the BSE.
On December 7, 2017, the company said it has awarded job contracts for laying a 520-km stretch in Bihar, Jharkhand and West Bengal under the Pradhan Mantri Urja Ganga gas pipeline project. With these awards, major contracts for phase-II of the Jagdishpur-Haldia and Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project have been finalised.