Stocks Radar: ABG Shipyard, GMR Infrastructure, Lupin
The NSE Nifty jumped 0.7 percent to a new all-time high of 9,218.
Indian shares rose for the third time this week despite the global equity market rally losing some of its momentum. The benchmark mark indices did pare some of their opening gains though, as some investors chose to book profits.
The S&P BSE Sensex gained as much as 0.8 percent at opening to touch 29,824 while the NSE Nifty jumped 0.7 percent to a new all-time high of 9,218.
Here are the stocks moving the markets this morning:
ABG Shipyard: Says A Few Companies Expressed Interest
Shares of the debt laden company rose as much as 6.4 percent to Rs 22.4 after it acknowledged that some companies have expressed interest in acquiring the company.
News wire agency PTI had named Reliance Defence and Engineering Ltd. and Liberty House as the two bidders. Reliance Defence, however, has clarified that it has no interest in ABG’s assets, in a company filing.
Reliance Infrastructure: To Raise Funds
Shares of the infrastructure company fell 0.6 percent to Rs 591 after received the approval to Rs 2,000 crore through qualified institutional placement.
The funds raised will be utilised for capitalising on business opportunities in the defense sector, reduction of debt and "general corporate purposes", the company said in a filing.
GMR Infrastructure: Joins Hands With Airbus India
Shares of the infrastructure company rose 1.2 percent to Rs 17.4 after it signed a license agreement with Airbus India to develop their first full fight simulator at the Delhi International Airport.
Lupin: Releases Contraceptive Drug In U.S.
Shares of the drug manufacturer rose 1 percent to Rs 1,470 after it launched a contraceptive tablet in the U.S. market. Mibelas, the generic version of Allegran's Minastrin, had earlier received the necessary approvals from the U.S. Food and Drug Administration.
Minastrin's chewable tablets registered sales worth Rs 360.5 million in America in the year ended December 2016.
ONGC: Discovery Plans
Shares of the nation’s largest oil and gas company rose 0.4 percent to Rs 192 on its plan to invest Rs 21,500 crore in India's deepest gas discovery by 2022-23.
This will enable the government-run company to more than double its output from its prime KG basin block, according to a report by wire agency PTI.
Sensex, Nifty: Movers & Shakers
