Stocks Radar: Tata Motors, Wockhardt, DLF And More
Shares of Tata Motors rise 1.6 percent as February sales rise.
Indian shares climbed higher on Thursday, following a rally in global equity markets, with key benchmark indices inching closer to their record highs.
The S&P BSE Sensex gained 0.5 percent to 29,132 while the NSE Nifty advanced 0.5 percent to 8,989.
Here are stocks moving that are moving the market:
Wockhardt: Unit Gets Warning Letter
Shares of the Mumbai-based pharmaceutical company fell as much as 6.5 percent to Rs 701 after its U.S. unit Morton Grove Pharmaceuticals Inc. received a warning letter from the drug regulator.
New drug approvals will be withheld till the issues are resolved, the company said in a stock exchange filing.
The warning letter will not affect the availability of the current product portfolio in the market, it added.
Tata Motors: February Sales Rise
Shares of the automaker rose as much as 4 percent to Rs 467 after the automaker reported a two percent sales growth in February.
The country’s largest commercial vehicle manufacturer, sold 15.031 medium and heavy commercial vehicles in February, a growth of one percent, over the same period last year.
The company attributed this jump in sales to the pre-buying before the stricter Bharat Stage IV norms kick in from April 1, 2017, which is bound to lead to a price increase.
Coal India: Production Grows
Shares of the miner rose 1.2 percent to Rs 324 after its coal production grew 2.3 percent to 488.06 million tonne during April to February period.
Coal India, which aimed production of 535.38 million tonne in the first 11 months of the current fiscal, achieved 91 percent of the target, the company said in a regulatory filing.
Production was at 54.30 million tonne in February, achieving 96 percent of the target for the month, according to provisional data.
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DLF: Board Approves Rental Unit Sale
Shares of the realty firm declined as much as 2.6 percent to Rs 149 after its board approved sale of 40 percent stake in a rental unit.
The deal involves DLF promoter firms selling their entire stake in DLF CyberCity Developers Ltd to an affiliate of GIC Singapore, the company said in a statement to the stock exchanges on Wednesday.
Stock rose as much as 3.3 percent on Wednesday.
Hero MotoCorp: Sales Drop For 4th Month
Shares of India's largest two-wheeler manufacturer gained 1.2 percent to Rs 3,198 despite a 4.7 percent year-on-year decline in February sales.
This is the fourth successive month of sales de-growth for Hero MotoCorp since October 2016, when it recorded 6 lakh units worth of sales.
The company sold 5.24 lakh two-wheelers in February 2017 compared to 5.5 lakh units in the corresponding month last year, it said in a media statement.
