Stocks Radar: Biocon, Dr. Reddy’s, Symphony, Tech Mahindra
Indian equity benchmarks opened lower on Monday after most Asian stocks fell amid fears of an escalating trade tension between the U.S. and China. The S&P BSE Sensex declined 0.1 percent to 35,384.11 and the NSE Nifty 50 Index remained flat at 10,821.90 as of 10 am.
The market breadth was slightly tilted in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by the NSE Nifty Auto Index’s 0.7 percent decline. The NSE Nifty IT Index was the top sectoral gainer, up by a percent.
Here Are The Stocks Moving The Market This Morning
Biocon Gains After Receiving An EIR
Shares of the biopharmaceutical company gained as much as 2.4 percent today to Rs 644.70 apiece after the company received an establishment inspection report from the U.S. drug regulator for its manufacturing facility in Bengaluru, according to an exchange filing.
The stock trades at 63 times its estimated earnings per share and returned 19 percent so far this year, Bloomberg data showed.
Tech Mahindra Gains After Merger Approval
Shares of the IT-services provider rose 1.2 percent intra-day to Rs 699.50 apiece. The company received an approval from the National Company Law Tribunal for its amalgamation plan of Sofgen India, its exchange filing said.
The stock trades 16.1 times trailing its 12-month earnings and 16 times its estimates for the coming year.
Dr. Reddy’s Falls After Losing Patent Battle
Shares of the drugmaker suffered their biggest drop today in over a month, declining 2.4 percent to Rs 2,280 apiece. The company lost a legal battle with Eli Lilly in a patent litigation on Alimta vitamin regimen in the U.S.
The scrip fell 5 percent this year compared with a 5.3 percent advance in the Sensex. A dividend of Rs 20 a share is payable as of Aug. 1 this year.
Symphony Gains After Stake Buy
Shares of the electronic-appliances maker gained for the fourth straight session today to Rs 1,496.40 apiece. The company had acquired a 95 percent stake in Australia-based Climate Technologies for Rs 220 crore, according to its stock exchange filing.
The trading volume was 9 times its 20-day average as of 9:45 am.
City Union Bank Rises After Bonus Announcement
Shares of the Kumbakonam-headquartered bank posted their biggest intra-day gain in three weeks to Rs 186.5 apiece. The bank’s board had proposed a bonus of 1:10, according to an exchange notification.
The stock, which rose as much as 2.7 percent today, was trading 10 percent below the Bloomberg consensus target price and returned 14 percent in the last 12 months.