Stocks Radar: Biocon, NTPC, Power Grid Corp And More
Atlanta jumped more than 6% after it emerged as the best bidder for a Gujarat road project.
Indian shares climbed for a third day with benchmarks extending their two-month high lead as some investors assessed that the impact of the demonetisation may be factored in and take positions ahead of the Union Budget early next month.
The S&P BSE Sensex climbed 0.5 percent to 27,271 while the NSE Nifty advanced 0.5 percent as well to reclaim the 8,400-mark for the first time since November 11.
Here are the stocks moving the market:
Biocon: U.S. FDA Cheer
Shares of the drug maker jumped 4.9 percent to Rs 1,052 after the U.S. Food and Drug administration accepted Mylan's biologics license application for a proposed biosimilar trastuzumab. The drug is used to treat HER2- positive breast cancer, the company said in a statement to the exchanges.
This development positions Biocon and Mylan among the first companies to be able to address the critical need of U.S. patients for a high-quality biosimilar to treat certain HER2-positive breast cancer, in the near future.Arun Chandavarkar, CEO and Joint Managing Director, Biocon
The stock is the top performer on the S&P BSE Healthcare Index, which is down little over 1 percent.
NTPC: To Invest In Coal Mining Project
Shares of the government-owned mining company rose 0.5 percent to Rs 165 after its board of members agreed to invest Rs 1,053.4 crore into the Dulanga Coal Mining Project.
In an unrelated deal, a memorandum of understanding was signed between the Rajasthan state government NTPC for the Chhabra Thermal Plant to be transferred to the company.
Under the MoU four units of 250-250 megawatts each of Chhabra Thermal Power Plant will be transferred to NTPC in the first phase while the two units of 660-660 megawatts each shall be transferred after commissioning. After transfer of Chhabra TPP to NTPC the state government will receive equity as per latest valuation and the losses being incurred from Chhabra will stop after transfer of the plant and debt liabilities of the state government shall also be reduced.Rajasthan State Government’s Statement
MRF: To Set Up New Facility
Shares of the tyre manufacturer rose 1 percent to Rs 55,945 after it signed a memorandum of understanding with the Gujarat government, regarding the setting up of a new manufacturing facility in Gujarat.
The company is planning to invest Rs 4,500 crore over a span of 10 year and the investment will be funded through internal accruals or debt, the company said in an exchange filing.
Mahindra Holidays: Stake Acquisition
Shares of the hospitality arm of Mahindra Group rose 1.5 percent to Rs 407 after it increased its stake in Holiday Club Resorts Oy by 6.33 percent. Mahindra Holdays now holds 91.94 percent, compared to earlier 85.61 percent in the Finland-based firm, it said in a statement to the exchanges.
Atlanta: Lowest Bidder For Road Project
The construction company gained 6.2 percent to Rs 83 after it emerged as the lowest bidder a Rs 1,292 crore project in Gujarat, awarded by the National Highways Authority of India (NHAI).
The project includes six laning of a 93 kilometer stretch of National Highway-8. The company will form a Special Purpose Vehicle for the implementation of the project, the company added in their exchange filing.
Shoemakers Running High
Shares of shoe makers have gained for a third straight session anticipating sops in the upcoming Union Budget. According to a PTI report, the government is expected to announce an incentive package for labour intensive leather sector in the forthcoming Budget with a view to give a boost to the segment and generate jobs.
- Relaxo Footwear +9.5%
- Liberty Shoes - +7%
- Sreeleathers - +5%
- Bata India - +4%
Sensex, Nifty: Movers & Shakers
