Stocks Radar: Glenmark Pharm, ICICI Bank, Titan
Indian equity benchmarks traded in the red for the second straight session today and are poised for their longest losing streak in two weeks.
The S&P BSE Sensex fell as much as 0.4 percent to 35,397.96 and the NSE Nifty 50 Index declined as much as 0.5 percent to 10,746.90.
The market breadth was tilted in favour of sellers. Eight of the 11 secotral gauges compiled by the National Stock Exchange fell, led by a percent decline in the NSE Nifty IT Index. The NSE Nifty Pharma Index was the top sectoral gainer, up 0.7 percent.
Here Are The stocks Moving The Market This Morning
ICICI Bank Swings After Appointing New Director
Shares of the private lender hovered between gains and losses to trade at Rs 291.80 apiece as of 10 a.m.
The bank named Sandeep Bakshi as its chief operating officer, according to a stock exchange filing.
The trading volume was 492.5 times its 30-day average, according to Bloomberg data. The stock declined 6.7 percent so far this year compared with a 5 percent advance in the Sensex.
Titan Slides After Completing Unit Sale
Shares of the jewellery maker extended their decline for the fourth straight trading session today and is poised for its longest losing streak in two weeks. The stock fell as much as 0.7 percent to Rs 891.10 apiece.
The company offloaded its entire stake in Titan Time Products for Rs 18.5 crore, according to an exchange filing.
Titan trades at 69.7 times trailing 12-month earnings per share and 55 times its estimates for the coming year, according to Bloomberg data.
Glenmark Pharma Rises After Receiving Facility Approval
Shares of the pharmaceutical company rose as much as 1.6 percent today to Rs 590.55 apiece.
The drugmaker received its first supplemental abbreviated new drug application from the U.S. drug regulator for its manufacturing plant in North Carolina, according to its statement on the bourses.
The stock trades at 17.7 times estimated forward earnings per share compared to 16 times for the two-year historical average, according to Bloomberg data. The scrip declined 7.7 percent over the past year compared with a 15 percent gain in the Sensex.
Strides Shasun Gains After FDA Boost
Shares of the drugmaker extended their gain for the fourth trading session today and is poised for its longest winning streak in over three weeks. The stock rose as much as 3.5 percent to Rs 419.75 apiece.
The pharmaceutical company received an approval from the U.S. Food and Drug Administration for its Ketoconazole tablets, used to treat fungal infections.
The trading volume was 3.1 times the 30 day average, according to Bloomberg data. The stock declined 47.7 percent over the past year compared with a 4.6 percent gain in the Sensex.
Cords Cable Gains After Order Win
Shares of the cable manufacturer rose as much as 6.5 percent today to Rs 81.65 apiece. The company won a bulk order worth Rs 47.20 crore, according to its exchange filing.
The stock fell 38 percent so far this year and declined 25 percent in the past 12 months.