Indian equity benchmarks rose today, mainly led by gains in Sun Pharmaceutical Ltd.
The S&P BSE Sensex rose as much as 0.25 percent to 33,860.99, while the NSE Nifty 50 Index rose 0.28 percent to Rs 10,473.95.
The market breadth was tilted towards the buyers. Thirteen of the 19 sector gauges compiled by the BSE Ltd. rose, led by the S&P BSE Capital Goods Index's 1.07 percent jump. Meanwhile, S&P BSE Auto Index fell the most, down 0.45 percent.
Stocks Rising On 2G Verdict
All accused in the first case, including former Telecom Minister A Raja and daughter of DMK leader M Karunanidhi - Kanimohzi, have been acquitted of all charges by the Special CBI Court. (For more on this story, follow the live blog here!)
- Shares of the Mumbai based real estate developer, DB Realty Ltd. ,rose as much as 20.22 percent to Rs 43.7, highest in four months.
- The company’s stock extended a two-day gaining streak today.
- Shares of SUN TV Network Ltd. rose to a record high of Rs 999.8, after increasing as much as 6.76 percent.
- The company’s stock snapped a two-day losing streak.
- Shares of Unitech Ltd., extended a three-day gaining streak and rose as much as 20.43 percent to Rs 8.49, the most in 18 months.
Pidilite Industries: Record High On Share Buyback
Shares of the adhesives manufacturer rose 4.18 percent to Rs 927.1, extending a two-day gaining streak.
The board of Pidilite Industries Ltd. will consider a share buyback plan on Dec.26, according to a stock exchange filing.
Around 57 percent of the analysts covering this stock have a ‘Buy’recommendation and the stock is trading 3.9 percent above the Bloomberg consensus one-year target price.
Varun Beverages: Rises On Pepsico Franchise Agreement
Shares of the Gurugram-based beverages maker rose surged to a record high after rising 7.55 percent to Rs 576.
Varun Beverages has signed an agreement for a franchise of Pepsico’s products in Jharkhand and Chattisgarh.
The company’s stock extended a five-day gaining streak today.
IVRCL: Surged After Toll Road Sale
Shares of the infrastructure construction company rose as much as 20.24 percent, the most in eight months, to Rs 5.
IVRCL Ltd. has entered into an agreement with Cube Highways and Infrastructure Ptr Ltd. to sell two stakes in two of its subsidiaries: Salem Tollways Ltd. and Kumarapalayam Tollways Ltd.
None of the analysts have this company’s stock on their portfolio.
Reliance Communications: Pared Early Gains
Shares of Reliance Communications Ltd. rose as much as 7.8 percent in early trade today, to Rs 18.6 although it pared these gains later during the session.
Lenders of the company will meet soon to decide further on the debt to equity swap plan.
Stocks Reacting To Brokerage Ratings
HDFC Standard Life:
- Shares of the rose as much as 1.83 percent to Rs 382.
- The company was rated a new ‘overweight’ at Morgan Stanley with a price target of Rs 625
Reliance Nippon AMC:
- Shares of the asset management firm rose as much as 4.79 percent to Rs 287.95.
- The company was rated a new ‘Buy’ at CLSA with a target price of Rs 325