Stocks Radar: Godrej Agrovet, Interglobe Aviation, PNB Housing Finance
Indian equity benchmarks swung between gains and losses after their steepest two-day decline since February. The S&P BSE Sensex was little changed at 37,484 and the NSE Nifty 50 Index, too, traded flat at 11,297 as of 11:25 a.m.
The market breadth was tilted in favour of the sellers. Nine of the 11 sector gauges declined, led by a 1.60 percent fall in the Nifty Realty Index. The Nifty FMCG Index was the biggest gainer, up 1.62 percent.
Here Are The Stocks Moving The Market This Morning:
Godrej Agrovet Gains On Merger Plans
Shares of the animal feeds company rose as much as 2.9 percent to Rs 594.35 apiece.
A board meeting is scheduled on Sept. 14 to consider the merger of subsidiary Astec LifeSciences with Godrej Agrovet, according to its exchange filing. Godrej Agrovet holds a 57.4 percent stake in Astec Lifesciences.
The scrip trades at 51.1 times trailing 12-month earnings per share and 38 times its estimates in the coming year, Bloomberg data showed.
Cipla Swings After HIV Drug Approval
Shares of the drugmaker pared early gains and fell as much as 1.8 percent to Rs 643.25 apiece.
The Mumbai-based company’s South African subsidiary has received an approval from the country’s drug regulator for its HIV treatment combination medicine ‘TLD’, according to an exchange filing. The drug will be made at the company’s Durban and Uganda plants.
The stock has gained 6.6 percent in the past one month and 16 percent in the past 12 months, according to Bloomberg data.
PNB Housing Finance Falls On Report Of Buyout
Shares of the housing finance company declined nearly 1 percent to Rs 1,290 apiece on a report that seven bidders have submitted non-binding offers to acquire the company in a deal worth around $2.3 billion.
The bidders include Bandhan Bank, Dewan Housing Finance and a consortium led by GIC and Blackstone, according to a Times of India report.
The stock fell 20.8 percent in the last one year compared with a 17.7 percent advance in the S&P BSE Sensex, Bloomberg data showed.
Also read: What’s In It For PNB Housing Finance Suitors
IndiGo Slips On Report Of Grounding Another Aircraft
Shares of India’s largest airline declined nearly 2 percent to Rs 875.10 apiece.
IndiGo grounded another Airbus A320 neo aircraft due to Pratt and Whitney engine issues. Oil chips were detected in the engine of the Nagpur-New Delhi-bound flight, according to a PTI report.
The stock trades 16 percent below the Bloomberg consensus one year target price.
Redington Jumps After Buyback Proposal
Shares of the country’s Apple products distributor gained as much as 3.3 percent to Rs 114.70 apiece.
A company’s board meeting is scheduled on Sept. 17 to consider a share buyback proposal, according to its exchange notification.
The trading volume is 10.7 times the 30-day average, according to Bloomberg data.