Stocks Radar: Reliance Industries, Dr Reddy’s, Coal India And More
Coal India rose 1.4 percent to Rs 324 after it said it would consider interim dividend.
Indian shares climbed for a fifth straight session led by index heavyweight Reliance Industries and tracking mostly positive trade in Asian equities.
The S&P BSE Sensex gained 0.4 percent to 28,880 while the NSE Nifty 50 jumped as much as 8,939. Both the key indices were trading at over six-month high with the 50-share benchmark around 30 points away from its 52-week high.
Here are the stocks moving the market this morning:
Dr Reddy’s Laboratories: Receives Observations From U.S. FDA
Shares of the drug maker rose 0.6 percent to Rs 2,910. The share price remain stable even after the U.S. Food and Drug Administration (FDA) issued a form 483 to the company for three observations. The observation came after an inspection at the API manufacturing plant at Miralaguda, Andhra Pradesh.
Dr Reddy's is addressing the issue, it said in the notification to the exchanges.
The observations could delay the resolution process for this plant; had factored in the resolution of the three plants in first half of FY18. Need to see the outcome in the other two plants before taking a further call.Ranjit Kapadia, Analyst, Centrum Broking
Bharat Electronics: Stake Sale
Shares of the government-run company fell as much as 3.2 percent to Rs 1,510 after the government decided to sell 5 percent stake in the company via offer for sale.
20 percent of the offer is being reserved for retail investors while no single bidder, other than mutual funds and insurance companies, will be allocated more than 25 percent of the offer shares.
The company has kept a Rs 1,498 floor price on the offer for sale of more than 1.1 crore shares.
Tata Chemicals: Halia Plant To Remain Shut For 5 Weeks
Shares of the Tata company remained stable with a 0.6 percent increase to Rs 585 after it announced that its Haldia plant will remain shut for five weeks between February 21, 2017 to April 15, 2017.
The shut down will take place "on account of ammonia pipeline relocating project hook up and commissioning, along with annual shutdown of the plant for planned repair and maintenance work," the company said in the filing.
Tata Chemical's Haldia plant manufactures fertilisers such as DAP, SSP and complex NPK fertilisers, where ammonia is an essential ingredient.
Tata Motors: Range Rover Works On ‘Velar’
Shares of the auto giant rose 1.3 percent to Rs 464 as Range Rover is looking to introduced 'Velar', its first addition to the SUV line since 2010.
The car maker is looking to expand its sport utility vehicle line, putting Velar between the Evoque and the Range Rover Sport, according to Bloomberg. Velar will be built at Jaguar Land Rover's plant in Solihull, England, the company said as per Bloomberg.
While its latest entrant Evoque costs $41,800 and Range Rover Sport costs $65,650, the expected price of Velar has not been revealed yet.
Coal India: To Consider Interim Dividend
Shares of the world's largest coal producer rose 1.4 percent to Rs 324 after it said that it will consider the payment of an interim dividend, if any, for the year 2016-17.
The meeting will be held on March 6, 2017. The dividend will be received by owners holding the shares as of March 15, 2017, the company said in the filing.
Sensex, Nifty: Movers & Shakers
