Stocks Radar: Hindalco, Adani Power, Sun Pharmaceutical
Indian equity benchmarks opened higher even as the rupee hit an all-time low of Rs 69.12 against the U.S. dollar. The S&P BSE Sensex gained as much as percent to 0.4 percent to 36,553.94 and the NSE Nifty 50 Index rose 0.5 percent to 11,010.6 as of 10.26 a.m.
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 1.73 percent gain in the NSE Nifty IT Index. The NSE Nifty Metal Index was the biggest loser, down 0.60 percent.
Here Are The Stocks Moving The Market This Morning
Fortis Falls After EGM Announcement, Exchange Clarification
Shares of the healthcare provider declined for the fifth straight day in early trade by as much as 1.28 percent at Rs 135.50 apiece.
Fortis yesterday said an extraordinary general meeting will be held on Aug. 13 to seek shareholders’ nod for its acquisition by Malaysia’s IHH Healthcare. Besides, the Delhi High Court had issued notices to Fortis and its promoters seeking a reply to Daiichi Sankyo’s appeal to block the Fortis-IHH deal. The company denied any involvement in the matter pertaining to Daiichi and the Singh brothers, according to its exchange filing.
The stock trades at 14.8 times trailing 12-month earnings per share, Bloomberg data showed.
Alembic Pharma Rises After U.S. FDA Report
Shares of the pharmaceutical firm snapped their five-day decline and gained as much as 2.5 percent at Rs 523.05 apiece.
The company received an establishment inspection report from the U.S. drug regulator for an active pharmaceutical ingredient facility in Gujarat, thereby making all its plants FDA compliant, according to its exchange filing.
The trading volume was 6.1 times the 20-day average, according to Bloomberg data.
Sun Pharma Rises On FDA Approval For Cancer Drug
The stock trades at 46.5 times trailing 12-month earnings per share, Bloomberg data showed.
Hindalco Slips To Lowest Level In A Year After Deal Clarification
Shares of the aluminium and copper manufacturer fell as much as 2 percent, their lowest level in a year, at Rs 195.25 apiece
The company clarifies on Aleris acquisition that no proposals considered by the board triggered any disclosure. The acquisition of U.S. aluminium company Aleris through debt-raising will drive up interest expenses and may erode the near-term profit, according to Bloomberg Analysis.
The trading volume of the stock was at 3.6 times the 20-day average, Bloomberg data showed.
Gujarat Sidhee Slides After Temporary Plant Shutdown
Shares of the cement maker dipped as much as 2.43 percent at Rs 26.70 apiece after the company temporarily shut down operations of kiln and upstream equipment in a cement factory.
The stock trades at 5.1 times trailing 12-month earnings per share, according to Bloomberg data.
Adani Power Gains On Bond Buyback Plan
Shares of the power project development company gained as much as 4.48 percent at Rs 22.85 apiece. The company said it was considering a bond buyback, according to a Bloomberg report.
The trading volume of the stock was at 2.3 times the 20-day average, 1.8 times above the Bloomberg consensus one-year target price.