Stocks Radar: PC Jeweller, Sun Pharma, Zensar, ITI
Indian equity benchmarks advanced for a third day as investors shrugged off the Federal Reserve’s expected increase in interest rates.
The S&P BSE Sensex Index rose as much as 0.42 percent at 33,275.79, while the NSE Nifty 50 Index rose as much as 0.52 percent to 10,167.50.
The market breadth was tilted in favour of the sellers.
Fourteen out of the 19 sectoral gauges compiled by BSE Ltd. rose, led the S&P BSE Energy Index’s 0.75 percent gain. On the flipside, the S&P BSE Power Index dropped the most, down 0.41 percent.
Here Are The Stocks Moving This Morning:
Sun Pharma: Gets FDA Boost
Shares of the Mumbai-based pharmaceutical firm rose as much as 3.45 percent, most in a month, to Rs 521.9. The stock’s trading volume jumped 7 times its 20-day average.
Yesterday, Sun Pharmaceutical Industries Ltd. said it won an approval from the U.S. drug regulator for its specialty drug even as India’s largest drugmaker continues to face high competition in its core generics business in its largest market. (Here’s the full report)
Brokerage firm ICICI Securities upgraded its rating on the stock to ‘Buy’ with a price target of Rs 615 today.
Zensar Technologies: New Acquisition
Shares of the Pune-based application software developer rose as much as 2.7 percent to Rs 947.
Zensar Technologies Ltd. will acquire U.S.-based insurance-tech company Cynosure for $33 million, to expand its foothold in the fast-growing property and casualty insurance space. A combination of internal accrual and debt will be used to finance the entire deal, the midcap I.T. firm said in an exchange filing.
The stock has been rising for three consecutive trading sessions. Trading volume was 6.2 times the 20-day average.
ITI: Cabinet Nod For Public Offer
Shares of the Bengaluru-based communications equipment manufacturer rose as much as 6.8 percent to Rs 124.9.
The Cabinet cleared selling of 18 crore equity shares of ITI Ltd through a follow on public offer (FPO), which will help the telecom PSU meet the minimum 25 percent public shareholding norm.
The FPO would help ITI Ltd raise working capital for new projects, reduce its debt obligations and meet Sebi's requirement of minimum 25 percent public shareholding, the company said. The government currently holds 92.59 percent stake in ITI.
The stock rose for the third consecutive session although it has given negative returns of 11.9 percent so far this year as compared to Sensex’s returns of 2.3 percent.
Genus Power: Rises On Order Win
Shares of the Jaipur-based power control equipment manufacturer rose as much as 5.38 percent, most in a little over two months, to Rs 55.8.
Genus Power Infrastructures Ltd. has won an order worth Rs 125 crore under the Deendayal Upadhyay Gram Jyoti Yojna (DDUGJY) and Integrated Power Development Scheme (IPDS).
The stock, which snapped a three-day losing streak, saw trading volume rise 3.7 times its 20-day average.
Hindustan Construction: Drops Most In 16 Months
Shares of the Mumbai-based infrastructure construction firm fell as much as 15.45 percent, the most in 16 months, to Rs 24.35.
A unit of Hindustan Construction Ltd., maybe headed towards bankruptcy, according to a report in DNA. Lavasa Corp. has approached the National Company Law Tribunal due to challenges faced in raising money for projects, the report said.
The stock has been falling for the previous five trading sessions and has lost over 37 percent so far this year.
The relative strength index of the stock is 18, indicating that the stock may be oversold.
Stocks Reacting To Block Deals
- 13 lakh shares changed hands in a single block deal
- Shares of PC Jeweller Ltd. rose as much as 5.2 percent to Rs 362.
- 10 lakh shares changed hands in a single block deal
- Shares of Essar Shipping Ltd. fell as much as 2.1 percent to Rs 23.2.
Buyers and sellers were not known immediately