Stocks Radar: Aurobindo Pharma, Sobha, Indian Overseas Bank And More 

Indian shares climbed marginally tracking positive trade in Asian equities even as technology stocks continue to falter.

The S&P BSE Sensex gained 0.3 percent to 26,860 while the NSE Nifty advanced 0.2 percent to 8,263. However, both the indices pared their initial opening gains to trade little changed.

Here are the stocks moving the market this morning:

Aurobindo Pharmaceutical: Acquires Generic Drug Maker

Shares of the pharmaceutical company jumped 4.7 percent to Rs 725 after its wholly-owned subsidiary, Agile Pharma in Netherlands, acquired 100 percent shareholding in Generis of Portugal. The acquisition is worth 135 million euros, the company said in a filing to the exchanges.

The drug maker was also in the news after it received final approval from the U.S. Food and Drug Administration to manufacture and market Levetiracetam in Sodium Chloride Injection.

The approved product has an estimated market size of $32 million for the twelve months ending November 2016 according to IMS.

Bharat Earth Movers: Divestment Boost

Bharat Earth Movers jumped as much as 19.6 percent to Rs 1,188, the most since May 19 2014, after the government carried out a strategic divestment in the company. The Cabinet Committee of Economic Affairs approved divestment of 26 percent equity shares in BMEL out of the government's total 54.03 percent, the company said in a statement to the exchanges.

The move is in line with the government's total divestment target of Rs 56,500 crore for the financial year 2016-2017. The government had completed nearly 60 percent of its target for divestment through minority stake sales, by the end of November itself.

Sobha: Sale Slump

Shares of the real estate developer fell 2.8 percent to Rs 259 after it witnessed a decline in sales in the third quarter. The slump in sales can be attributed to the government's move to demonetise Rs 500 and Rs 1,000 currency notes, which had an adverse impact on the sector.

Sales fell 24 percent to Rs 372.3 crore compared to Rs 518.2 crore int he last quarter, the company said in a statement to the exchanges.

Lakshmi Vilas Bank: RBI Slaps Penalty

Shares of the lender fell 0.8 percent to Rs 135 after the RBI imposed a penalty of Rs 3 crore on Lakshmi Vilas Bank for contravention of instructions on opening and operation of current accounts, among others.

The penalty on the bank, RBI said, has been imposed for "contravention of instructions" relating to opening and operation of current accounts, extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to know-your-customer norms.

An examination of the irregularities, and explanation from the bank was also obtained by RBI.

Hindustan Construction Co: To Restructure Loan

The engineering & construction services provider fell 3 percent to Rs 40 after its shareholders approved the conversion of loan into equity shares or optionally convertible debentures.

The shareholders at the extraordinary general meeting approved "special resolution for conversion of loan by lenders into equity shares/optionally convertible debentures of the company pursuant to implementation of the Reserve Bank of India S4A Scheme," HCC said in a BSE filing.

HCC had earlier approved the issuance of equity shares as well as optionally convertible debentures worth about Rs 2,000 crore to the lenders.

Indian Overseas Bank: MCLR Cut

Shares of the lender rose 1 percent to Rs 24.8 after it lowered its marginal cost of fund-based lending rate by 85 basis points over the October 2016 levels across all the tenors.

The bank will levy 8.75 percent and 8.85 percent for two-year and three-year tenors respectively.

Last 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.

Sensex, Nifty: Movers & Shakers

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