Stocks Radar: Fortis Healthcare, Indiabulls Real Estate, Gujarat Gas, Tata Power
Here are the stocks moving this morning.
Indian equities extended declines in the first of three trading sessions this week, as GAIL (India) Ltd., Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Ltd. and Wipro Ltd pulled the benchmarks lower.
The S&P BSE Sensex fell as much as 0.23 percent to 32,521.4 and the S&P BSE Nifty fell 0.22 percent to 9,975.8.
Nine of the 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Oil & Gas Index's 1.3 percent drop. The S&P BSE Consumer Durables Index was the top sectoral gainer, up 1.1 percent gain.
Here Are The Stocks Moving This Morning:
Fortis Healthcare: Rises On TPG Deal
Shares of the hospital chain operator rose as much as 3 percent to Rs 147.85, rising after three trading sessions.
A consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare Ltd., India’s second-largest private hospital chain by market value, according to a report on Bloomberg.
Trading volume was around the 20-day moving average.
Indiabulls Real Estate: Stake Sale Buzz
Shares of the Mumbai-based real estate developer rose as much as 3.8 percent to Rs 199.8.
Indiabulls Real Estate Ltd. has executed a definitive agreement with global private equity investor Blackstone Group to divest 50 percent stake in its prime commercial properties in Mumbai for Rs. 4,750 crore, according to a wire report.
The stock is rising after two consecutive sessions. Trading volume of the stock was 14.2 times the 20-day average.
Gujarat Gas: GSPL To Acquire Stake
Shares of the natural gas distributor rose as much as 4.8 percent to Rs 856.
Gujarat State Petronet Ltd. is acquiring shares of Gujarat Gas Ltd. from Gujarat State Petroleum Corporation Ltd., according to an exchange filing. With the acquisition, valued at Rs 3,200 crore, GSPL will raise its stake in the company to 54 percent, according to a report by Edelweiss.
Shares of the acquirer fell as much as 0.7 percent to Rs 180.5.
Block Deal:
- 2.47 crore shares changed hands in a single block in early trade today.
Buyers and seller of the block deal were not immediately known.
Cadila: Up On FDA Drug Approval
Shares of the pharmaceutical company rose as much as 4 percent, the most in a month, to Rs 385.7, rising after three consecutive sessions of decline.
Zydus Cadila received a final approval from the U.S. drug regulator for Metroprolol Succinate tablets. The drug is used to treat chest pain, heart failure, and high blood pressure. The group now has more than 185 approvals and file for 30 abbreviated new drug applications.
After the announcement, CLSA upgraded Cadila Healthcare Ltd. to ‘buy’with a price target of Rs 450. Nomura too upgraded its recommendation on the stock to ‘Buy’ with a price target of Rs 426.
Tata Power: In Focus On Sale Of Investments
Shares of the power company were trading lower by 0.8 percent at 79.35 rupees.
The company has entered into two share sale agreements, one with Tata Sons to sell 40 percent stake in Panatone Finvest for Rs 1,542.61 crore, and another to sell 4.7 percent stake in Tata Communications to Panatone for Rs 613 crore.
Separately, ICICI Securities upgraded its recommendation on the stock to “Buy” from “Add”, with a target price of 96 rupees.