Stocks Radar: Sun Pharma, Eros International, Biocon, Dilip Buildcon
Here are the stocks moving this morning.
Indian equities opened higher, but like the previous sessions, gave up early gains. Both the benchmarks are currently trading flat, and held up by I.T. majors. Shares of Sun Pharmaceutical Industries Ltd. witnessed a sudden bout of selling, making it the worst performer on both benchmarks.
The S&P BSE Sensex Index was higher by 0.1 percent at 33,753.11, while the NSE Nifty 50 Index was flat at 10,364.55.
The market breadth, having started in favour of the buyers, swung the other way very quickly. There were three sellers for every two buyers on the National Stock Exchange. Fourteen out of 19 sectoral gauges compiled by BSE fell, led by losses in the S&P BSE Metal, down 1.73 percent. On the flipside, S&P BSE Information Technology Index was up 1.6 percent.
Here Are The Stocks Moving This Morning:
Sun Pharma Trades Below 200-Day Moving Average
The fall in the share price of the Mumbai-based pharmaceutical firm was sudden and sharp. The scrip fell over 6 percent, the most in 9 months.
Investors tread cautiously ahead of the announcement of the results of the ongoing inspection of the company’s crucial Halol plant by the U.S. Food and Drug Administration.
Trading volume of the stock was higher than usual at double the 30-day average. Sun Pharma’s decline weighed on the Nifty Pharma index, which declined 2.4 percent. However, other large pharma counters, like Dr Reddys Labs, Glenmark Pharma, and Lupin were trading in the green. Sun Pharma is currently trading 6.3 percent below the Bloomberg consensus one-year target price.
Eros International Surges After Reliance Industries Plans To Buy 5% Stake
Shares of the movie maker and distributor snapped a three-day decline and rose as much as 10.7 percent, the most in seven weeks to Rs 219.
The stock’s advance comes after it was announced that Mukesh Ambani-led Reliance Industries plans to buy 5 percent stake in Eros' parent company for $48.75 million. Additionally, Reliance Industries, along with Eros International will equally invest Rs 1,000 crore to purchase and co-produce content.
Trading volume was 14 times its 30-day average. The stock has so far risen 4.9 percent this year, compared to 0.7 percent decline in Sensex.
Biocon Declines After Its Malaysian Plant Receives Form 483 With Six Observations
Shares of the drug maker extended declines for the third consecutive trading session and fell as much as 2.5 percent to reach Rs 558, the lowest level in over a month.
The Bengaluru-based pharmaceutical company’s Malaysian plant received Form 483 with six observations from the U.S. drug regulator. (Click here to read more..)
Form 483 is used by the U.S. Food and Drug Administration to document and communicate concerns discovered during plant inspections.
Biocon, despite recent losses, has still returned 5.3 percent to investors since the start of the year.
Max India: JV Partner May Buy Stake In Max Healthcare
Shares of the New Delhi-based health services firm rose as much as 4.5 percent to Rs 101, breaking a four-session losing streak.
Max India's equal joint venture partner in their healthcare business, Life Healthcare Group Holdings Ltd., is exploring possibilities of acquiring shares in Max Healthcare Institute Ltd., the former said in an exchange filing.
Trading volume of the stock was 15.4 times the 20-day average.
Dilip Buildcon: Rises On Order Win
Shares of the Bhopal-based infrastructure construction firm rose as much as 4.6 percent to Rs 958., after falling for three consecutive sessions.
The company has been declared the lowest bidder by the National Highways Authority of India for a new engineering, procurement, construction (EPC) project worth Rs 380 crore in Karnataka. The project will include the construction of 52.3 kilometers of road, and is expected to be completed in 30 months, according to the company’s exchange filing.
The company’s shares have fallen 5.29 percent so far this year, compared with the 0.7 percent decline in the Sensex.
Graphite India: Falls As Electrode Companies Face Price Curbs
Shares of the Kolkata-based graphite electrode maker fell as much as 4.9 percent to Rs 638.4, extending declines for a second session.
The steel ministry in India is pushing for a cut in electrode prices for the smaller steel players in the industry after a 500 percent surge in domestic steel prices, according to a report in the Business Standard newspaper. The report further added that the government may also be mulling an export tax to boost the domestic supply.
Trading volume of the stock was 1.3 times the 20-day average.
Stocks Reacting To Block Deals
Kotak Mahindra Bank:
- 10 lakh shares changed hands in a single block
- Shares of Kotak Mahindra Bank Ltd. rose as much as 0.8 percent to Rs 1,054.7
NTPC:
- 20 lakh shares changed hands in a single block
- Shares of NTPC Ltd. fell as much as 1.1 percent to Rs 162.4