Stocks Radar: Dynamatic Technologies, Gammon Infra, Reliance Industries
Sensex, Nifty declined for the second day in a row
Indian shares continued to decline for the second day in a row after rising geopolitical tensions in the middle east spurred demand for haven assets.
Here are the stocks that are moving the markets today:
Reliance Industries: Withdraws Complimentary Offer
Shares of the Mukesh Ambani-led company fell as much as 1.76 percent to Rs 1,413.15 after it withdrew its summer surprise offer on the orders of the Telecom Regulatory Authority of India.
TRAI clarified that users who subscribed to the offer before it is discontinued can avail the benefits, Reliance Jio said in its statement. The company said it is “in the process of fully complying with the regulator’s advice” but did not give a date by when the offer will be fully withdrawn.
Gammon Infrastructure: Jumps Post Stake Buy
Shares of the construction company rose as much as 9.3 percent to Rs 4.70 after it increased its stake in Indira Container Terminal Pvt. to 74 percent.
Gammon acquired the 24 percent stake for Rs 15 crore. ICTPL has now become the subsidiary of Gammon Infrastructure
Dynamatic Technologies
Shares of the aerospace and defence product developer gained as much as 5.74 percent to Rs 2,999 after it signed an agreement with an Israeli company, Magal Security Systems Ltd.
The companies will make integrated security products in India and cater to the increasing demand in the Indian markets for high-end security products.
Sun Pharma Leads Pharma Stocks Lower
Shares of Sun Pharmaceuticals Ltd. fell as much as 3 percent to Rs 666.30 after ET Now reported that the U.S. Food and Drug Administration conducted inspections at the company's Dadra plant.
Sun Pharma was also the top loser in the NSE Nifty Pharma Index, which fell as much as 1.11 percent to 10,353. Eight out of the ten stocks in the pharma index were trading with losses of between 0.2-1.02 percent.
Indiabulls Ventures: Gains On Fund Raising Plans
Shares of the securities broking and advisory services firm hit the 5 percent upper circuit after it announced plans to sell stake to foreign investors on a preferential basis. The stock traded at its 52-week high of Rs 70.9 as of 10:40 a.m.