Stocks Radar: IRB Infra, Sun Pharma, Reliance Industries And More
IFCI jumps more than 11% after NSE filed for a Rs 10,000 crore IPO.
Indian shares fluctuated between marginal gains and losses tracking weak global trade amid thin volumes.
The S&P BSE Sensex climbed 0.1 percent to 26,237 while the NSE Nifty advanced 0.1 percent as well to 8,047. The market breadth was skewed in favour of buyers with 739 advances, 622 declines and 465 stocks remaining unchanged.
Here are the stocks moving the markets this morning:
Cadila Healthcare: Goes Shopping
Shares of the pharmaceutical company fell 2.8 percent to Rs 339 on Thursday morning.
Zydus Healthcare India acquired six brands from global pharma major MSD and its subsidiaries for an undisclosed amount. The six brands include drugs used for wound management, cardiovascular therapy and fitness.
The deal includes transfer of distribution and commercialisation rights along with assignment of trademarks to Zydus Healthcare India, the company said in a filing to the exchanges.
The brands with their strong equity are a perfect addition and complement our core business and brands.Sharvil Patel, Chairman, Zydus Healthcare India
Reliance Industries: Commissions New Plant
Shares of the Mukesh Ambani-led company rose 0.7 percent to Rs 1,056 after it commissioned the first phase of a Para-xylene plant at Jamnagar, Gujarat. The plant will make Reliance the world's second largest para-xylene producer in the world.
The plant, commissioned on the birth anniversary of Dhirubhai Ambani, will be built with a 2.2 MMTPA capacity with environment friendly technology, the company said in a statement.
Commissioning of the new PX plant marks beginning of the culmination of a series of projects including the refinery off-gas cracker,ethane import project and petcoke gasification. These projects are part of the largest contemporary investment, in excess of Rs 100,000 crore, in Refining and Petrochemicals sector anywhere in the world.Mukesh Ambani, Chairman And Managing Director, Reliance Industries.
Sun Pharmaceutical: Fire Leaves 2 Dead, 2 Injured
Shares of India's biggest pharmaceutical company fluctuated between 0.6 percent and -0.5 percent in opening trade. A fire at the company's Ahmadabad facility left two people dead and two people injured on Wednesday.
While the facility will bear no production loss, the company is currently investigating the fire with local law enforcement, said company spokesperson Fredrick Castro in an e-mailed statement to Bloomberg.
IRB Infrastructure: Secures Order From NHAI
The infrastructure company rose 3 percent to Rs 195 after it bagged a project from the National Highway Authority of India for a premium of Rs 186.3 crore.
The Rs 1,530 crore project includes six laning of sections of NH 79A and NH 79 in the state of Rajasthan, the company said in an exchange filing. The company will also get tolling rights on the project, the statement added.
JMC Projects India: Bags Multiple Projects
The company rose as much as 3.1 percent to Rs 195 after it secured multiple orders worth Rs 1,457 crore.
The orders include a shipyard monetisation project in Goa worth Rs 454 crore and a flyover project in Maharashtra worth Rs 446 crore, the company said in a filing to the exchanges.
In the past few quarters, we have successfully increased our presence in government projects, it would enhance our growth sustainability going forward.SK Tripathi, Chief Executive Officer and Managing Director, JMC Projects India
IFCI: Gains On NSE’s IPO Filing
Shares of the government-owned development bank rose as much as 11.6 percent to Rs 27.5 after the National Stocks Exchange announced filed for a Rs 10,000 crore initial public offer. IFCI owns 3.05 percent stake in India’s biggest stock exchange.
NSE is planning to raise the funds by selling Rs 22.5 percent of its stake, valuing the exchange at around Rs 45,000 crore.
JK Tyre: Gains Approval To Raise Funds
Shares of the tyre maker rose 3 percent to Rs 115 after its board approved the proposal of raising Rs 1,000 crore by issue of securities. The company had earlier intimated of the meeting and its agenda on November 9, 2016, as per the filings on the Bombay Stocks Exchange.
Sensex, Nifty: Movers & Shakers
