Stocks Radar: Sun Pharma, ITC, Larsen & Toubro, Cairn India And More
Shares of ITC rally, Cairn, Larsen and Toubro fall.
Indian shares fluctuated between gains and losses as the selloff in global equities continued ahead of next week's U.S. presidential election.
The S&P BSE Sensex declined 0.1 percent to 27,387 while the NSE Nifty lost 0.2 percent to 8,469.
Here are some of the stocks in focus today:
Pharma Companies: Facing Prosecution Over Price Collusion
Shares of the drugmakers plunged as much as 5 percent in early trade as U.S. prosecutors are bearing down on generic pharmaceutical companies in a sweeping criminal investigation into suspected price collusion.
- Sun Pharma (down 7 percent to Rs 654)
- Lupin (down 5 percent to Rs 1,396)
- Dr. Reddy's Laboratories (down 5.5 percent to Rs 3,082)
- Aurobindo Pharma (down 8 percent to Rs 708)
GST Boost For FMCG Companies
Shares of companies like ITC, VST Industries and Godfrey Phillips rallied after the government decided on four tax slabs for the Goods and Services Tax legislation. The fears of a 40 percent tax levy having been put to rest, helped in stock prices receiving a boost.
- ITC (up 6.7 percent to Rs 256.40)
- VST Industries (up 7.5 percent to Rs 2,475)
- Godfrey Phillips (up 6.65 percent to Rs 1,491)
Larsen & Toubro: Slides On Government Stake Sale
Shares of the infrastructure company fell as much as 3.28 percent to Rs 1,396 after the government decided to sell a 3 percent stake in the company through The Specified Undertaking of the Unit Trust of India.
Cairn India: Falls On Service Tax Levy
Shares of the upstream company fell as much as 2.29 percent to Rs 234.60 after the government has decided to levy a 15 percent service tax rate on royalty payments made by the companies to them. The amount of service tax this fiscal amounts to Rs 1,922 crore.
Earnings Reactions
- Berger Paints (up 3.96 percent to Rs 270.50)
- EIH (down 3.79 percent to Rs 104)
- Mphasis (down 2.99 percent to Rs 490.10)
- Shoppers Stop (down 1.77 percent to Rs 355.65)
Earnings To Watch Today
- Titan (down 1.42 percent to Rs 371.85)
- Union Bank of India (down 1.09 percent to Rs 139.55)
- Indian Hotels (up 6.83 percent to Rs 116.50)
- Max Financial Services (down 1.54 percent to Rs 532.35)