Stocks Radar: Aurobindo Pharma, Mindtree, Indostar Capital, NDTV
Indian equity benchmarks opened in red on Wednesday, but soon pared losses with the S&P BSE Sensex Index gaining as much as 0.4 percent to 35,618.85. The NSE Nifty 50 Index rose as much as 0.2 percent to 10,785.50 as of 10.15 am.
The market breadth was tilted in favour of sellers. Six of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 1.6 percent decline in the NSE Nifty PSU Bank Index. The NSE Nifty IT Index was the top sectoral gainer, up 1.2 percent.
Here Are The Stocks Moving The Market This Morning
Aurobindo Pharma Swings After Receiving Regulatory Approval
Shares of the drugmaker hovered between gains and losses in today’s session at Rs 602.80 apiece as of 10:15 a.m.
The company received an approval from the U.S. drug regulator for its Ertapenem Injection, used for treating bacterial infections, according to an exchange filing,
The stock declined 11 percent so far this year compared to a 5 percent advance in the Sensex.
Mindtree Rises After Stake Sale Report
Shares of the information technology company rose as much as 2 percent today to Rs 986.60 apiece. The Japan-based NEC Corp. and a private-equity fund are in talks to buy a controlling stake in Mindtree Ltd. from its promoters, according to a report by Mint.
The stock has returned 51 percent so far this year and gained 90 percent in the last 12 months.
In a statement posted on its Twitter handle later in the day, Mindtree denied that it is in talks to sell stake.
Fortis Healthcare Slumps After Fourth Quarter Results
Shares of the healthcare service provider fell as much as 6.3 percent in today’s to Rs 126.15 apiece after its fourth-quarter losses widened.
The company suffered a net loss of Rs 932 crore in the reporting period compared with a loss of Rs 68 crore a year ago. Its revenue declined 3 percent to Rs 1,086 crore.
The trading volume was 12.7 times its 20-day average, according to Bloomberg data.
Indostar Capital Gains After Receiving First Rating
Shares of the non-banking finance company snapped their two-day decline today and rose as much as 2.4 percent to Rs 533 apiece.
The company received its first brokerage rating by Morgan Stanley, Bloomberg data showed. It initiated coverage on the stock with an ‘Overweight’ rating. The brokerage expects the company’s shares to reach Rs 650 in the next 12 months, implying a potential upside of 25 percent.
The stock declined 7.8 percent since its listing on May 18.
IDBI Bank Falls After Reporting Exposure To D.S. Kulkarni Developers
Shares of the state-owned lender extended its losses for the third straight session today to Rs 52 apiece.
The bank said it had an exposure of Rs 47.18 crore to D.S. Kulkarni Developers Ltd. and clarified it had not flouted any norms during the loan disbursement, according to its regulatory filing.
The stock, which fell 4.5 percent in early trade, declined 12 percent so far this year and lost 4.8 percent in the past 12 months.
NDTV Surges After SEBI Orders Open Offer
Shares of the news media company rose the most in over nine years after market regulator SEBI ordered Vishvapradhan Commercial to make an open offer for NDTV Ltd.
The scrip gained as much as 21 percent in early trade to Rs 39 apiece. The trading volume was 60.8 times the 20-day average.
The Securities and Exchange Board of India ordered Vishvapradhan Commercial to make an open offer for NDTV for indirectly acquiring up to 52 per cent via a convertible loan of Rs 350 crore in 2009 ‘sourced’ from a subsidiary of Reliance Industries Ltd, PTI reported.
Story updated reflect Mindtree’s response.