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Stocks Radar: Jubilant Life, Sun Pharma, Federal Bank

Here are the stocks moving this morning.



A man gestures in front of electronic boards displaying stock information at a securities brokerage in Beijing, China (Photographer: Qilai Shen/Bloomberg)
A man gestures in front of electronic boards displaying stock information at a securities brokerage in Beijing, China (Photographer: Qilai Shen/Bloomberg)

Indian equity benchmarks rose in early trade, led by gains in Sun Pharma ahead of the outcome of the U.S. drug regulator’s inspection of its facility in Halol.

The S&P BSE Sensex Index rose 0.46 percent at 33,975.7, while the NSE Nifty 50 Index rose 0.43 percent at 10,427.5.

There were significantly more buyers than sellers in the market during the first hour of trade. On the BSE, there were nearly three buyers for every seller. Eighteen of the 19 sectoral gauges compiled by the BSE edged higher, with the healthcare index gaining the most at 1.7 percent.

The capital goods gauge on the BSE was trading lower by 0.13 percent.

Here Are The Stocks Moving This Morning:

Adani Transmission: Rises On Approval To Build Power Line

Shares of the Gujarat-based power transmission firm rose as much as 3 percent to Rs 214.3 after it received a approval for a project in Rajasthan. This is now the fourth out of five sessions where the stock has gained.

Adani Transmission Ltd. disclosed in an exchange filing that it received approval to construct, own, operate and maintain a power transmission project in Rajasthan. The project "Fatehgarh-Bhadla Transmission Ltd," is being constructed to distribute renewable energy from Rajasthan to to different beneficiaries, both within and outside the state, the company said.

Trading volume was nearly three times the 20-day average.

Federal Bank: Rises On Plan To Buy Stake In Equirus Capital

Shares of the Kerela-based private bank rose as much as 4.9 percent to Rs 94.2 after it informed the exchanges that it was looking to buy 26 percent in financial services firm, Equirus Capital Private Ltd.

While it might not have had a bearing on the rise in the stock in today’s session, it is interesting to note that ace investor Rakesh Jhunjhunwala is a shareholder in both companies.

So far this week, Federal Bank Ltd.’ shares have swung between gains and losses. Trading volume was over five times the 20-day average.

Jubilant Life: Drops On Block Deal

Shares of the Noida-based generic pharma firm fell as much as 8.1 percent to Rs 911.35, ending a positive run that lasted three days.

Over 50 lakh shares of Jubilant Life Sciences Ltd.’s changed hands in a single block deal, causing trading volume to spike to over 100 times the 20-day average.

At its current price, the stock is trading 9 percent below the Bloomberg consensus one-year target price, the consensus rating being equal to ‘Buy’.

Buyers and sellers in the block deal mentioned above were not immediately known.

Source: Bloomberg

Sun Pharma: Top Gainer On Equity Benchmarks

Shares of the Mumbai-based pharmaceutical company rose as much as 4.9 percent to Rs 4.93 percent. The share has whipsawed in the last few trading sessions, first losing as much as 8 percent starting last Friday, and then gaining in trade yesterday. It has now gained by as much as 7 percent since close on Wednesday.

Inspectors from the U.S. Food and Drug Administration have been re-inspecting the company’s key Halol Unit in Gujarat for 11 days now. The outcome of the inspection is expected to be announced today. The review stems from nine critical observations that the plant received last year.

Also Read: India’s Biggest Drugmaker’s Fortunes Tied To This, For Now

Sun Pharmaceutical Industries Ltd. was the top gainer on both the benchamark indices and was also the most traded stock by volume.

NBCC: Rises On Housing Project Order Win

Shares of the construction and engineering services firm rose as much as 2.7 percent, the most in nearly four months.

A memorandum of understanding will be signed in New Delhi today between Department of Economic Affairs, Ministry of Finance and NBCC (India) Ltd., for the construction of a housing project for officers of the Indian Economic Service (IES), as per a Finance Ministry tweet.

The volume of trade in the stock was in line with its 20 day average.

Stocks Reacting To Block Deals

Delta Corp:

  • 10 lakh shares changed hands in a block deal
  • Shares of Delta Corp. Ltd. rose as much as 2.5 percent to Rs 357.6

Buyers and sellers were not known immediately

Source: Bloomberg