Stocks Radar: Datamatics Global, Indiabulls Housing Finance, NDTV, Sun Pharma, Tech Mahindra
The Indian stock markets were trading in the green on Friday, tracking Asian peers that rose after the Wall Street was boosted by favourable data on the U.S. economy.
At 11:40 am, the S&P BSE Sensex was trading 0.49 percent higher at 36,823.18 points while the NSE Nifty 50 rose 0.39 percent to 10,890.65. Tech Mahindra Ltd. was the top gainer on the NSE Nifty 50 Index while Indiabulls Housing Finance Ltd. was the top loser. The broader markets represented by the NSE Nifty 500 Index rose 0.3 percent.
The market breadth was tilted in favour of buyers. About 1,057 stocks advanced and 587 declined on the National Stock Exchange. Eight of the 11 sectoral indices traded higher, led by a 1.15 percent gain in the NSE Nifty Media Index.
Here’s a look at the stocks in news that are moving the markets today:
Sun Pharma Slumps As SEBI Orders Forensic Audit
Sun Pharmaceutical Industries Ltd. fell as much as 4.02 percent intraday to Rs 414.45 apiece after it said the Securities and Exchange Board of India has ordered a forensic audit of its financial statements.
“A forensic audit has been ordered by SEBI with respect to the financial statements of Sun Pharmaceutical Industries Ltd. for the financial years ending March 31, 2016, March 31, 2017 and March 31, 2018”. The said forensic audit is currently going on, it added. Sun Pharma, however, did not provide any specific details on the reasons for SEBI to order the forensic audit.
The trading volume of the Sun Pharma stock was 95 percent above the 20-day average for this time of the day, Bloomberg data showed.
NDTV Surges As Bombay High Court Sets Aside SEBI Orders
Shares of New Delhi Television Ltd. rose as much as 2.50 percent to Rs. 32.75 apiece, marking the second day of gains.
The Bombay High Court has set aside an order passed by the Securities and Exchange Board of India that rejected NDTV’s plea of on condonation of delay in filing settlement applications before SEBI after it initiated adjudication proceedings against the private TV channel for alleged violations of the Securities Contract (Regulation) Act, 1956.
In its order, dated Sept. 4, 2019, the Bombay High Court said SEBI has committed a serious error, NDTV said in a filing to the BSE.
The NDTV Stock has declined 7.9 percent in the past year, compared to the Sensex's 3.7 percent fall over the same period, according to Bloomberg data.
Tech Mahindra Rises After AT&T Deal
Shares of Tech Mahindra Ltd. rose as much as 5.61 percent intraday to Rs 734.45 apiece, the most since Feb. 6, 2019.
Tech Mahindra on Thursday announced expansion of its strategic collaboration with AT&T Inc. to accelerate the U.S.-based telecom firm’s IT network application, shared systems modernisation, and movement to the cloud.
"Tech Mahindra will assume management of many of the applications which support AT&T's network and shared systems," the company said in a statement.
AT&T and Tech Mahindra will integrate several technologies and platforms in areas like Artificial Intelligence, data analytics and 5G.
The Tech Mahindra stock has declined 6.2 percent in the past year, while the Sensex lost 3.8 percent, Bloomberg data shows.
Datamatics Global Rises On Deal With BIAL
Shares of Datamatics Global Services Ltd. rose as much as 12.83 percent to Rs 84.40 apiece, extending its gaining streak for the fourth trading session.
This, after the IT services provider entered in a strategic partnership with Bangalore International Airport Ltd. for digital services, the company said in an exchange filing.
Datamatics Global will implement an Integrated Document Management System and Business Process Management as a cloud-based solution for BIAL. This will also help in digitally capturing various data points that could be used in the larger digital transformation initiatives of the airport, the filing said.
Shares of the company have fallen 28 percent this year, according to Bloomberg data.
Indiabulls Housing Slumps Despite Refuting ‘Round-Tripping’ Allegations
Shares of Indiabulls Housing Finance Ltd. fell as much as 9.59 percent to Rs 42.95 apiece on allegations of round-tripping of funds.
Indiabulls Housing Finance has refuted allegations of potential “round-tripping” of money from borrowers to personal companies of its Founder and Chairman Sameer Gehlot, calling it a malicious attempt to derail its merger with The Lakshmi Vilas Bank Ltd.
The Citizens Whistle Blowers Forum has filed a Personal Interest Litigation alleging advancement of dubious loans to companies, which was then routed back to the promoter’s personal entities. Prashant Bhushan, one of the members of the forum, confirmed to BloombergQuint the filing of the PIL.