Stocks Radar: Tata Motors, Axis Bank, Sun Pharma And More
Indian shares fluctuated between gains and losses, tracking weak trade in Asian equities, as investors weigh prospects of tighter monetary policies by world’s top two central banks.
The S&P BSE Sensex inched 0.1 percent higher to 26,547 while the NSE Nifty remained unchanged at 8,167. The market breath was skewed in favour of the buyers with 712 advances, 636 declines and 492 stocks remaining unchanged.
Here are the stocks that are moving the market today:
Shares of the car maker rose as much as 7 percent to Rs 486 after its sold 1.7 percent of its shares in two block deals.
While the buyers and sellers are not yet known, 50.1 million equity shares are said to have changed hands. The stock was the best performer on the Sensex and the Nifty.
This comes before the extraordinary general meeting of the company to be held on December 22, 2016, for the removal of Cyrus Mistry as a company director.
Shares of the drug maker fell 1.5 percent to Rs 666 after the U.S. Food and Drug Administration issued a form 483 for the company's Halol facility in Gujarat. A form 483 is is a warnings letter issued by the U.S. FDA when they observe conditions that may not be in line with the norms. The issue of the warning letter for Sun Pharma came with nine observations, as per the company’s notification to the exchanges.
The drug regulator found that the plant's testing programmes weren't adequately designed to assess the stability of the drugs, reported Bloomberg.
The drug maker rose 2.3 percent to Rs 935 after it launched ezetimibe, the first and only generic version of Par Pharmaceutical's Zetia, in the United States. The drug is used to treat high cholesterol.
Glenmark and its partner Endo, are entitled to 180 days of exclusivity for the drug as per the FD&C Act. The non generic version of the drug earned $2.3 billion during the 12-month period ending in October 2016.
Our partnership with Par to bring the first generic version of Zetia to market only underscores our joint commitment to bridging the gap between patients and the medicines they need most.Robert Matsuk, President, North America and Global API.
Shares of the private lender pared its opening losses and rose 0.3 percent to Rs 446 after it proposed to raise funds worth Rs 3,500 crore through debentures. The board will consider the proposal to issue and allot the above securities through circular resolution, it said in a notification to the exchanges.
Coal India, the world’s largest coal miner is expected to report its lowest profit in the last eight quarters. Shares of the government owned company rose 0.5 percent to Rs 306 after the market opened on Tuesday morning.
The state-run miner’s net profit is expected to fall 11 percent on a year-on-year basis to Rs 2,263.5 crore, while revenue is likely to remain flat at Rs 16,614 crore, according to Bloomberg consensus estimates.