Stocks Radar: Max Ventures, Engineers India, Ajanta Pharma And More
Max ventures jumped 17% after it sold a part of its stake to a New York life subsidiary.
Indian shares climbed, shrugging off weak trade in global equity markets, as investors shift focus to the third quarter earnings season starting this week.
The S&P BSE Sensex gained 0.6 percent to 26,891 while the NSE Nifty advanced 0.6 percent as well to 8,285.
Here are the stocks moving the market this morning:
Max Ventures & Industries: Stake Sale
Shares of the company jumped as much as 17.5 percent to Rs 79, a new life-time high, after the Max Group firm decided to sell a 22.51 percent stake for Rs 121 crore to a subsidiary of New York Life.
New York Life, the largest U.S. mutual life insurance company, will acquire 1.5 crore shares at Rs 78 each, Max Ventures said in a media statement.
The proceeds from the stake sale will be used to fund Max Ventures' investments in manufacturing, real estate and education.
Bank of Baroda: Competitive Rates
Shares of the private lender rose 0.9 percent to Rs 154 after it reduced its home loan rates by 70 basis points to the industry's lowest level of 8.35 percent. The rate is even lower than government run State bank of India's 8.5 percent, PTI pointed out in its report.
"The home loan rate is linked to their CIBIL scores. A customer with a CIBIL score of 760 and above will be offered the lowest rate of 8.35 percent," a bank official told PTI.
SBI: Pushes For Cashless India
Shares of the country’s largest bank rose 0.6 percent to Rs 248 after it waived charges on debit card transactions for small merchants, following the government's initiative to push digital transactions.
Fees, also known as the merchant discount rate (MDR) charges, will be waived for merchants with an annual turnover of up to Rs 20 lakh for a period of one year, said the lender in a media statement.
The move is targeted primarily towards a segment of population and small merchants, who have not yet experienced the convenience of card payments.State Bank of India Media Statement
Ajanta Pharma: Receives Drug Approval
Shares of the drug maker rose 2.3 percent to Rs 1,819 after it received the final nod for Duloxetine Hydrochloride Delayed Release Capsules from the U.S. Food and Drug Administration (FDA).
The drug will be launched in 20 miligram, 30 miligram and 60 miligram capsules, according to the company's statement to the exchanges. The formulation is used for the treatment of depression and anxiety related diseases.
Engineers India: Bags Order From HPCL
Shares of the infrastructure firm rose 5.3 percent to Rs 160 after it received an order worth Rs 2,500 crore from Hindustan Petroleum Corp.
The project involves modernization of Vizag refinery and has a schedule of 43 months for completion.
As of June 2016, Engineers India had an outstanding order book of Rs 5,467 crore.
Allahabad Bank: MCLR Cut
Shares of the public sector lender rose 0.9 percent to Rs 64 after it slashed its benchmark lending rate by 0.85 percent, in line with market competition.
The bank has reduced marginal cost of funds based lending rate to 8.60 percent for 1 year tenor, Allahabad Bank said in a statement.
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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