Stocks Radar: UPL, Cipla, DCM Shriram
Indian equity benchmarks today snapped its two-day losing streak following its Asian peers. The S&P BSE Sensex rose as much as 0.4 percent to 35,431.67, while the NSE Nifty 50 Index gained as much as 0.4 percent to 10,756.75.
The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange advanced, led by a 0.6 percent gain in the Nifty Media Index. The Nifty PSU Bank Index fell 0.1 percent.
Here Are The Stocks Moving The Market This Morning
UPL Swings On Reports Of Acquiring Platform’s Pesticides Business
Shares of the chemical producer hovered between gains and losses to trade at Rs 661.40 apiece as of 10 a.m. The company is considering purchasing Bill Ackman-backed Platform Specialty Products Corp.’s agricultural pesticides business, Bloomberg reported, quoting people familiar with the matter.
The trading volume was 3.1 times its 20-day average, according to Bloomberg data. The stock declined 21.2 percent over the past year compared with a 14.2 percent gain in the Sensex.
DCM Shriram Slides After Board Approves Buyback
Shares of the chemical manufacturing company erased early gains and fell as much as 3.4 percent today to 307.95 apiece.
The company’s board approved a 55.6 lakh share buyback plan at Rs 450 each, according to its exchange filing.
DCM Shriram trades at 7.4 times trailing 12-month earnings per share and 7.4 times its estimates for the coming year, Bloomberg data showed. The stock returned 11 percent in the past one month compared with a 1.3 percent advance in the Sensex.
Cipla Rises After Receiving FDA Approval
Shares of the drugmaker today traded over their four-month high at Rs 622.75 apiece. The company received an approval from the U.S. drug regulator for its generic Sustiva, according to its exchange filing.
The stock, which snapped its two-day losing streak today, was trading at 25.4 times its estimated forward earnings per share, according to data compiled by Bloomberg. The stock returned 13 percent in the last 12 months.
Kansai Nerolac Falls After Stake Acquisition
Shares of the paint maker erased early gains and fell as much as 2.5 percent in today’s session to Rs 497 apiece. The company acquired a controlling stake in Bangladesh-based RAK Paints Ltd. for Rs 45.8 crore, according to an exchange filing.
The trading volume was 11.8 times the 20-day average, Bloomberg data showed. The stock is 11 percent below the Bloomberg consensus one-year price target of Rs 533.
Power Grid Erases Gains After Block Deal
Shares of the state-run power supplier erased their early gains and fell as much as 0.8 percent today to Rs 197.15 apiece.
About 14.7 lakh shares changed hands in a block deal on the BSE, according to Bloomberg data. The buyers and sellers were not known immediately.