Stocks Radar: Biocon, Infosys, Tata Motors
Stocks Radar| Biocon surges to record high after U.S. FDA approved Trastuzumab, jointly developed with Mylan.
Indian equity benchmarks climbed, led by Infosys Ltd. after it appointed a new chief executive officer.
The S&P BSE Sensex Index rose as much as 0.53 percent to 33,008, while the NSE Nifty 50 Index also rose as much as 0.57 percent to 10,179.
The market breadth was tilted in favour of the buyers. Fifteen of the 19 sector gauges compiled by the BSE Ltd. rose, led by the S&P BSE Information Technology Index 1.24 percent gain. On the flip side, the S&P BSE Consumer Durables Index fell 0.52 percent, making it the worst performer.
Here Are The Stocks Moving The Market This Morning:
Biocon: Record High After U.S. FDA Approves Trastuzumab
Shares of the Bengaluru-based biopharmaceutical company, extending a three-day gaining streak, rose to its lifetime high of Rs 510, increasing as much as 14 percent.
U.S. FDA approved Trastuzumab, jointly developed with Mylan said the company in a press statement. The biosimilar is used for treatment of patients with breast or metastatic stomach cancer. (More details here!)
The relative strength index of Biocon Ltd.’s stock is 77, indicating the stock may be overbought.
The stock is 18 percent above the Bloomberg consensus one-year target price and the analyst consensus rating is equivalent to hold.
Infosys: Appoints New CEO
Shares of the information technology company snapped a five-day losing streak and rose as much as 2.88 percent to Rs 986.4.
The Bengaluru-based software developer appointed Salil S. Parekh as its new chief executive officer (CEO) and managing director, nearly four months after former chief Vishal Sikka stepped down.(More details here!).
The stock was the best performer on both Sensex and Nifty. It has declined 2.99 percent this year as compared to the 4.75 percent advance in S&P BSE Information Technology Index.
Wipro: National Grid U.S. Files Lawsuit
Shares of the information technology company extended its decline for the third trading session and fell as much as 3.25 percent to Rs 280.
National Grid U.S. filed a lawsuit against Wipro seeking damages of $140 million along with additional costs related to an ERP (enterprise resource planning) implementation project that began in 2009, according to the company’s exchange filing.
The stock is 8.5 percent above the Bloomberg consensus one-year target price, and the analyst consensus rating is equivalent to sell.
Tata Motors: Rises On Sales Surge
Shares of the Mumbai based automobiles manufacturer, snapped a long seven-day losing streak and rose as much as 3.1 percent to Rs 411.25.
The automaker saw a 58 percent rise in domestic vehicle sales in November benefitting from a low base in the same month last year.
Read more on November auto sales here!
DLF: Rises On Money Raised Via QIPs
Shares of the Gurgaon based real estate developer rose as much as 3 percent to Rs 232.7.
The company’s board approved the issue of 173 million shares via QIP while a preferential allotment of 138.1 million warrants to the founders, according toBloomberg.
The analyst consensus rating is equivalent to sell while the stock is trading 17 percent above the Bloomberg consensus one-year target price.
Read more on this story here!