Indian shares declined after opening higher, led by a measure of state-owned lenders and property developers.
The S&P BSE Sensex fell 0.2 percent to 31,094 while the NSE Nifty slipped 0.3 percent to 9,545. This after the 50-share index rose as much as 0.4 percent to 9,615. The market breadth was tilted firmly in favour of the sellers. About 1,143 stocks declined and 409 advanced on the NSE.
Here Are The Stocks Moving The Market This Morning:
Infibeam Incorporation: Stock Split Buzz
Shares of the online marketplace rose as much as 1.9 percent to Rs 1,056 after it said it will consider a stock split in a board meeting scheduled on July 13.
One analyst covering the company upgraded the stock over the past month, Bloomberg data showed. The stock returned a negative 12 percent so far this year and a gain of 46 percent in the past 52 weeks.
Videocon Industries: Block Deal Alert
Shares of the consumer electronics manufacturer snapped a 25-day losing streak after it rose 4.89 percent to Rs 18.
The company had 93.5 lakh shares change hands in two block deals, Bloomberg data showed. The stock returned a negative 83 percent so far this year and a loss of 83 percent in the past 52 weeks.
Hindustan Petroleum: Extends Decline
Shares of the oil marketer fell 1.62 percent to Rs 500 as the commodity continued to remain stuck in a bear market. The stock has fallen around 7 percent in five trading sessions, compared to a 4.6 percent decline for the S&P BSE Oil & Gas index.
Meanwhile, the company joined the Indian consortium negotiating buying a 49 percent stake in Russia's Vankor Cluster oil fields in the Arctic region, PTI reported.
Bloomberg data showed that 28 percent of analysts covering the company have changed their price targets over the past month (4 up, 5 down, 22 unchanged, 1 dropped).
Bajaj Hindusthan Sugar: Debt Woes
Shares of the sugar mill operator rose as much as 3.45 percent to Rs 15 after lenders referred its loan accounts to Sustainable Structuring of Stressed Assets (S4A) scheme.
Proposal for sale of co-generation power business of the company has been shelved, the company said in an exchange filing. The stock returned 3.6 percent so far this year and a loss of 32 percent in the past 52 weeks.
Drug Makers React To FDA Nod
- Shares of the company rose 3.77 percent to Rs 1,009
- The pharma company received the regulator’s approval for Azacitidine powder, used to treat myelodysplastic syndrome - a type of a blood disorder
- Shares of the company rose 0.91 percent to Rs 632.75
- The pharma company received U.S FDA approval for Indomethacin extended release oral capsules, used for the treatment of bursitis and tendonitis
- Shares of the company rose 1.86 percent to Rs 535.35
- The drug maker also received approval for Entecavir Oral Tablets, used for the treatment of Hepatitis-B
- Besides this, board approved a plan to raise Rs 18,500 crore via shares, bonds
- Brokerage firm Antique initiated a coverage on the stock with a ‘Hold’ rating and a price target of Rs 530
Stock Reacting To Brokerage Ratings
- Shares of the alcohol manufacturer rose 3.4 percent to Rs 2,325
- Brokerage firm Goldman Sachs upgraded the stock to ‘Buy’ from ‘Neutral’ and revised its price target to Rs 2,738 from Rs 1,857
- Shares of the mineral explorer fell 1.58 percent to Rs 105.6
- Citibank downgraded the stock to ‘Sell’ from ‘Neutral’ and revised its price target to Rs 99 from Rs 125