Stocks Radar: Maruti Suzuki, Hero Motocorp, Sun Pharma, IOC And More
Tata Group companies still remain under pressure as the controversy unravels.
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Indian shares declined for a third day running, led by Tata Group shares after its ousted Chairman Cyrus Mistry warned that the salt-to-steel conglomerate may face $18 billion in writedowns because of five unprofitable businesses he inherited.
Here are the stocks in focus for the day:
Tata Group Stocks: Exchanges Seek Clarification on Writedowns
Shares of some Tata companies continued to remain under pressure. The exchanges have asked the company’s management to clarify its stance on the Bloomberg news article ‘Cyrus Mistry Warns Tata Group Faces $18 Billion In Writedowns’.
- Tata Steel (-4.4 percent to Rs 381)
- Tata Motors (-3.3 percent to Rs 512)
- Tata Consultancy Services (-1.1 percent to Rs 2,370)
- Tata Power (-5.9 percent to Rs 76)
- Indian Hotels (-11.4 percent to Rs 106)
Also Read: Does The Law Allow For A Boardroom Coup?
Earnings Reaction
Shares of Hero MotoCorp rose 1.5 percent to Rs 3,470 after its profit jumped to its highest ever, during the July to September quarter, on the highest ever sales in the quarter. Net profit rose to Rs 1,004 crore from Rs 786 crore in the corresponding quarter of the previous financial year, the company said in a press release.
Take a look at the other companies reacting to their earnings.
- Hindustan Unilever (-0.8 percent to Rs 836)
- JK Lakshmi Cement (+4 percent to Rs 507)
- Exide Industries (+1.7 percent to Rs 206)
*JK Lakshmi Cement to raise 500 crore via NCDs
Sun Pharma: Deepens Roots in Eye Care
Shares of the pharmaceutical major rose 0.8 percent to Rs 744 after it entered into an agreement to acquire 100 percent equity of Ocular Technologies Sarl for $40 million, according to statement on the exchanges.
Ocular is an independent company that owns exclusive worldwide rights to Seciera, a drug used for treating dry eye disease. The drug id a patented one and is currently in the third stage of clinical trial.
Coupled with our existing pipeline consisting of BromSite, DexaSite and Xelpros, this initiative will enable us to significantly expand its ophthalmic presence and reach millions of patients globally.Dilip Shanghvi, Managing Director of Sun Pharma
Dr Reddy: Expands Injectable Drug Profile
Shares of the drug maker rose 0.8 percent to Rs 3,268 crore after it entered into a strategic collaboration with Gland Pharma, a manufacturer of sterile dosage forms, to market and distribute eight injectable ANDAs. The profile includes a mix of both approved and pending ANDAs.
Our strengths, combined with Gland’s track record of manufacturing and operational excellence, will help bring affordable medications within reach of patients and complement our specialty injectables offering in the short-to-medium term.Alok Soing, Executive President and Head of North America, Dr Reddy Laboratories
Earnings Watch
On another big day for corporate earnings, oil and gas majors such as Oil and Natural Gas Company and India Oil Company will release their second quarter earnings. After looking at a stellar performance by Hero MotoCorp, Maruti is also expected to show a strong financial statement.
Take a look at how the stocks are doing before their results.
- ONGC (+1 percent to Rs 293)
- Maruti (0.8 percent to Rs 5,915)
- Bajaj Finance (-0.9 percent to Rs 1,138)
- Tech Mahindra (+0.9 percent to Rs 426)
- Glenmark Pharma (-1 percent to Rs 901)
- IOC (+0.9 percent to Rs 324)
- JSW Steel (-1.2 percent to Rs 1,647)