Stocks Radar: Aarti Drugs, Andhra Bank, Reliance Communications
Here are the stocks moving the market this morning.
Indian equity benchmarks rose close to a percent each led by gains in ITC Ltd., Bharti Airtel Ltd. and Bharti Infratel Ltd.
The S&P BSE Sensex Index rose 0.92 percent or 305 points to 33,612 and the NSE Nifty 50 Index climbed 0.94 percent or 96 points to 10,323.
All sector gauges compiled by the BSE were trading higher led by the S&P BSE Telecom Index's 1.2 percent gain. The gains were broad-based as the S&P BSE MidCap and S&P BSE SmallCap indices rose 0.6 percent each.
Here Are The Stocks Moving The Market This Morning:
Aarti Drugs: Explosion In Maharashtra Unit
Shares of Thane-based specialty pharmaceutical firm fell as much as 2.47 percent to Rs 545 after operations in its Tarapur unit got affected by an explosion in an adjacent plant belonging to Novaphene Specialties Pvt.
Aarti Drugs is assessing the damages from the explosion. The Tarapur unit contributes 16 percent to its total revenue, the company said in an exchange filing.
The stock fell 14.5 percent this year as compared to Nifty Pharma Index’s 10.8 percent drop.
Reliance Communications Volatile
Shares of the Anil Ambani-led telecom operator fluctuated in early trade, rising as much as 3.5 percent to Rs 23.5 apiece before falling as much as 3.96 percent to Rs 21.8 as of 10:40 a.m.
The Competition Commission of India approved the acquisition of Reliance Communication Ltd.’s towers, optic fibre cables, and other assets by Reliance Jio Infocomm Ltd.
The stock has fallen 38 percent so far this year. That compares to S&P BSE Telecom Index’s 19.1 percent fall in 2018.
Suzlon Energy Rises On Order Win
Shares of the Pune-based renewable energy equipment manufacturer rose as much as 3.6 percent to Rs 11.4.
The company bagged a repeat order from a leading independent power producer through a Maharashtra State Electricity Distribution Company Ltd. bid, to develop a 75-megawatt wind power project.
The relative strength index reading of the stock is at 25, indicating that the stock is oversold.
Andhra Bank: Plunges Most In Over Two Years
Shares of the Hyderabad-based lender fell as much as 14 percent to Rs 33.20, its lowest level in over 13 years.
A Former Director of the government-owned lender, Anup Prakash Garg, who was arrested by the Enforcement Directorate in January for receiving bribes from the Sterling Biotech Ltd. group, laundered the money through shell companies arranged by Kolkata-based entry operators, The Hindu reported.
The stock fell 40.9 percent so far this year. That compares to the 23.5 percent fall in the Nifty PSU Bank Index during the same period. Trading volume was 16.8 times the 20-day average.
Shrimp Stocks Down On Duty Hike Buzz
Shares of Indian shrimp distributors fell after U.S. Department of Commerce suggested a hike in anti-dumping duty on Indian shrimp to 2.34 percent from 0.84 percent.
- Avanti Feeds Ltd. fell as much as 4.61 percent to Rs 2,253.1.
- Waterbase Ltd. fell as much as 7.6 percent to Rs 253, lowest in almost three months.
- Apex Frozen Foods Ltd. fell as much as 3.5 percent to Rs 631.
U.S., which is the largest market for Indian seafood, has determined that a certain “frozen warm-water shrimps” from India have been sold at less than normal value.
Also Read: U.S. Anti-Dumping Duty On Indian Shrimps Not To Hit Trade: Apex Frozen Food