Stocks Radar: SBI, Sun Pharma, Swan Energy And More
Swan energy gained more than 2% after its promoter pledged 4.75% of the company’s shares.
Indian shares climbed as the Fed minutes highlighted concerns about the impact of strong currency on the new U.S. administration’s stimulatory economic policies. Traders took solace in the fact that the tone of the central bank officials of the world’s largest economy was not as hawkish as anticipated.
Here are the stocks moving the market:
Swan Energy: Promotor Pledge
Shares of the textile maker rose 2.3 percent to Rs 167 after one of its promoters, Dave Impex, pledged 4.75 percent of company’s holding with the Union Bank of India. However, soon after the stock pared most of its intraday gains to trade little changed.
After the deal, Dave Impex’s stake stands at 16.18 percent compared with 20.81 percent earlier. The stock has a one-year return of more than 140 percent.
Besides textile, Swan Energy is also engaged in the real estate development and energy businesses.
HDFC Bank, Canara Bank: MCLR Cut
Shares of HDFC Bank and Canara Bank rose after the lenders joined peers in cutting benchmark lending rates.
HDFC Bank cut its marginal cost of funds-based lending rates to 8.15 percent from 8.9 percent for a period of 1 year while Canara Bank reduced its one-year MCLR to 8.45 percent from 9.15 percent.
Earlier this week, most of the banks including market leader State Bank of India and its private sector peer ICICI Bank reduced rates after a massive inflow of deposits in the aftermath of demonetisation led to a significant reduction in the cost of funds.
- HDFC Bank (+1.2 percent to Rs 1,199)
- Canara Bank (+1.6 percent to Rs 268)
Bajaj Auto: Union Trouble
Shares of the bike maker rose 1 percent to Rs 2,711 despite the announcement of a two-day hunger strike by the workers on January 7,2017 in front of the company's Akurdi plant in Pune.
The hunger strike has been schedules in protest of alleged 'anti-workers activities' by the company's management, according to a PTI report.
According to a letter addressed to Bajaj Auto's Managing Director Rajiv Bajaj, Vishwa Kalyan Kamgar Sanghatana said the management deliberately transferred active members of the union and has handed false chargesheets and showcause letters to the workers.
Sun Pharmaceutical: Drugs Passes Clinical Trial
Shares of the drug maker jumped 1.4 percent to Rs 646 after its dry-eye treating drug successfully completed its clinical trial.
Seciera is a patented, proprietary nanomicellar formulation of cyclosporine. It is being developed by Ocular Technologies, a company recently acquired by Sun Pharma, according to a media statement.
Sun Pharma now owns the exclusive and worldwide rights for the commercialisation of the drug. The drug takes effect after 12 weeks of treatment, the statement added.
Based on this successful confirmatory Phase 3 trial, Seciera has the potential to strengthen our emerging ophthalmics pipeline, which includes the recent launch of BromSite and late stage development programs for Xelpros and DexaSite.Jerry St. Peter, Vice President, Sun Ophthalmics
State Bank of India
Shares of the country’s largest lender rose 1.2 percent to Rs 245, its biggest single day gain this week after it Decided to exercise the call option on bonds worth Rs 1,000 crore.
The bank was also in news after the Central Bureau of Investigation (CBI) filed a case against five of its officials posted in the Tanuku branch in West Godavati district. This came after a case was filed against the officials for allowing private companies to withdraw over Rs 2.49 crore in a day after demonetisation was announced, according to a PTI report.
With utter disregard to the RBI instructions, the officials posted at SBI’s Tanuku main branch, entered into a criminal conspiracy with several firms and allowed them to withdraw Rs 2.49 crore in a single day.CBI’s Release Sent To PTI
The case also says talks about public servants who withdrew amounts over and above the limit, from their own accounts in the branch.
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