Stocks Radar: Sun Pharma, TCS, Adani Enterprises
Indian equity benchmarks moved higher in today’s session, led by Sun Pharma. While the S&P BSE Sensex rose 0.4 percent, or 143 points, to 35,835, the NSE Nifty 50 Index climbed 0.42 percent, or 46 points, to 10,888.
Sixteen of the 19 sector gauges compiled by the BSE were trading higher, led by a 1 percent gain in the S&P BSE Healthcare Index. The S&P BSE Telecom Index was the top loser, down 1 percent.
Here Are The Stocks Moving The Markets This Morning
Sun Pharma Jumps On Halol Clearance
Shares of India’s largest drugmaker rose as much as 3.28 percent today, the highest in a little over three months, to Rs 558 apiece after it received U.S. drug regulator’s report for its Halol, Gujarat, plant that paves the way for fresh approvals for its products in its largest market.
Sun Pharma is currently trading as the highest gainer on the Nifty 50 Index. The Nifty Pharma Index has risen 1.5 percent today, led by Sun Pharmaceutical Industries Ltd.
The stock trades at 28.2 times the estimated forward earnings per share, higher than its two-year historic average.
TCS Rises On Buyback Talks
India’s largest information technology company rose as much as 2.75 percent on Wednesday to Rs 1,830 after it announced a meeting on June 15 to consider buyback of shares.
Tata Consultancy Services Ltd. has risen 35.9 percent in 2018 compared with a 5.7 percent increase in the BSE Sensex and a 20 percent gain in the NSE Nifty IT Index during the same period.
Page Industries Up On Licence Renewal
The licence holder of Jockey and Speedo in India and Sri Lanka rose 3.2 percent to Rs 25,480 apiece after it extended its pact with Jockey till 2040.
Page Industries has fallen 1.1 percent compared with a 5.7 percent rise in the benchmark Sensex in 2018, and has gained over 58 percent compared with a 16.6 percent rise in the index in the last 12 months.
Adani Enterprises, Ruchi Soya Gain
Adani Enterprises Ltd.’s share price rose as much as 5 percent today to Rs 134 after lenders of Ruchi Soya Industries Ltd. identified Adani Wilmar as the highest bidder as part of its insolvency resolution process.
The stock has fallen 10.9 percent this year so far compared with a 5.7 percent rise in the benchmark Sensex.
Ruchi Soya, too, gained as much as 4.9 percent to Rs 12.75 apiece.
Bharat Forge Gains On Strategic Acquisition
Shares of the company rose as much as 2 percent to Rs 664.8 after it acquired a strategic stake worth £10 million in the U.K.-based electric vehicle powertrain extender, Tevva Motors.
The stock trades at a 25.6 times estimated forwards earning per share, lower than the two-year historical average of 28.8 times.
Yes Bank Rises On Reappointment of CEO
Yes Bank Ltd. rose as much as 1.4 percent to Rs 336 apiece after Rana Kapoor won shareholders’ approval for another term as chief executive officer of the private lender. The NSE Nifty Bank Index was trading 0.4 percent higher at the same time.
Shareholders voted on Tuesday to grant another three-year term to Kapoor, who has helmed the bank since 2004. Kapoor’s new tenure will have to be endorsed by the Reserve Bank of India.
Federal Bank Gains On Acquisition
The state-owned lender rose as much as 2.8 percent in today’s trade to Rs 90 apiece after it acquired a 19.9 percent stake in Equirus Capital Private.
The stock has fallen 17.9 percent so far this year compared with a 5.7 percent rise in the Sensex.