Stocks Radar: HDFC Bank, Biocon, Idea Cellular And More
HDFC Bank jumped as much as 9.5% after the RBI made it available to foreign investors.
Indian shares climbed the most since February 1, led by a record rally in HDFC Bank after the Reserve Bank allowed foreign investors to hold more of the country’s largest private sector lender.
The S&P BSE Sensex jumped as much as 1.5 percent to 28,726 in opening trades while the Nifty gained 1.3 percent to 8,896.
Here are the stocks moving the market for the day:
HDFC Bank: Takes Nifty To All-Time High
Shares of the country’s largest private sector lender rose as much as 9.5 percent to Rs 1,454 after the Reserve Bank of India removed restrictions on foreign investors from purchase of the HDFC Bank shares.
The aggregate foreign shareholding in the bank has fallen below the prescribed limit under the foreign direct investment policy, the central bank said in a notification.
Till the quarter-ended December 31, 2016, promoter shareholding in the bank was at 26.09 percent.
The rally in HDFC Bank shares lifted the NSE Bank Nifty index to its all time record high of 21,042.
Biocon: U.S. FDA Accepts Biosimilar Apllication
Shares of the drug maker rose 2.5 percent to Rs 1,123 after the U.S. Food and Drug Administration (FDA) accepted its Biologics License Application for Mylan and Biocon's proposed biosimilar to Neulasta.
The biosimilar is used to reduce the duration of low count of a certain kind of blood cells. It also reduces the incidence of fever associated with the disease in adult patients undergoing chemotherapy in certain types of cancer.
NTPC: Coal Mine Starts Operations
Shares of the government-owned company fell 0.7 percent to Rs 169. The mining company declared that its first coal mine, named Pakri Barwadih, started operations on Wednesday.
Located in Jharkhand, the mine will have the capacity of 18 million metric tonne every year. In the coming year of production, the company expects to produce close to 2-3 million metric tonne.
As a basket source, coal will be supplied to different power stations of NTPC from this time.NTPC’s Exchange Filing
Idea, BHEL: Fall Out Of Nifty 50
Shares of Idea Cellular and Bharat Heavy electricals fell after the stocks were replaced by Indian Oil Corporation and Indiabulls Housing Finance on NSE's flagship Nifty 50 index.
This will increase the weightage of financial services and energy sectors in the Nifty 50 index. Financial services, with 32.01 percent weightage, had the highest representation of all sectors as of January 31, 2017. Energy was the third most represented sector with 12.3 percent weightage. Consequently, the telecom sector with just 2.39 percent weightage will go even lower.
- Idea Cellular (-2.9 percent to Rs 104.7)
- BHEL (-2.5 percent to Rs 149)
- Indian Oil (+2.8 percent to Rs 386)
- Indiabulls Housing Finance (+6.1 percent to Rs 882)
Siemens: Wins Rs 119 Crore Order
The German origin company rose 1.3 percent to Rs 1,222 after it won an order worth Rs 119 crore from Sterlite Power Grid ventures.
The order includes design, engineering, procurement, manufacture, supply an decommissioning of equipment for a substation in Khandwa, Madhya Pradesh.
Ruchi Soya: Court Dismisses Winding Up Petition
The fast moving consumer goods company rose 1.5 percent to Rs 26 after the Mumbai High Court dismissed the winding up petition against it, filed by IDFC Bank.
The dismissal was announced on February 14, according to the company's notification to the exchanges.
In the facts of this case, I am satisfied that the respondent company which has a temporary setback and is making a sincere attempt of its revival with the assistance of all the creditors, it would not be desirable and in the interest of all the creditors including petitioner to pass any order of winding up against the respondent company at this stage.Ruchi Soya’s Exchange Filing
On February 13, the company tied up with Baba Ramdev's Patanjali Ayurveda for physical refining and packaging of edible oils.
Sensex, Nifty: Movers & Shakers
