Stock Radar: Yes Bank, Venky’s India, Jet Airways, Shilpa Medicare
Indian equity benchmarks opened higher amid a mixed trade in Asian stocks as investors gauged whether China and the U.S. can de-escalate their trade spat before the G-20 summit later this month. The S&P BSE Sensex and the NSE Nifty 50 Index traded nearly 0.7 percent higher at 35,526 and 10,688.05, respectively, as of 10:30 a.m.
The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges gained, led by a 1.28 percent rise in the NSE Nifty Pharma Index. The NSE Nifty Metal Index was top loser, down 0.34 percent.
Here Are The Stocks Moving The Market This Morning
Jet Airways Snaps Three-Day Winning Streak
Shares of the cash-strapped airline snapped its three-day gaining streak and fell as much as 6.6 percent to Rs 299.65 apiece.
The Indian government is said to have asked the Tata Group to rescue Jet Airways. Tata Sons is in talks with the government about a potential haircut to state-run banks on Jet Airways’ loans as part of the plan, while Airports Authority of India may forgo some of its dues, Bloomberg reported quoting anonymous people.
The stock has a relative strength index above 70, indicating it may be overbought.
Yes Bank Worst Nifty Performer After OP Bhatt Quits CEO Search Panel
Shares of the private lender declined nearly 4.5 percent to Rs 196.50 apiece.
Former State Bank of India Chairman OP Bhatt resigned from the bank’s CEO search panel citing conflict of interest, according to an exchange filing. The nomination and remuneration committee of the bank has accepted the resignation.
The stock trades at 9.5 times its estimated earnings per share for the coming year, Bloomberg data showed.
Venky’s India Gains On Heavy Volumes
Shares of the poultry firm rose as much as 11.8 percent to Rs 2,526.05 apiece.
The trading volume of Venky’s India shares was more than nine times its 20-day average, Bloomberg data showed.
Tata Sponge Gains After Board Approves Share Allotment To Promoter
Shares of the Tata Steel subsidiary rose as much as 2.5 percent to Rs 834.95 apiece.
Tata Sponge Iron’s board approved the issuance of preference shares worth Rs 1,000 crore to promoter Tata Steel on a private placement basis, according to an exchange notification.
The trading volume was more than four times the 20-day average, Bloomberg data showed.
Lemon Tree Hotels Falls On Signing Licence Agreement For Odisha Property
Shares of the hotel chain operator fell nearly 2.7 percent to Rs 70 apiece.
Lemon Tree has signed a licence agreement for a 76-room property in Bhubaneshwar, Odisha under the company’s brand “Lemon Tree Premier”, according to its exchange filing. The hotel is expected to be operational by March 2020.
The stock gained 28 percent in the past 12 months compared to a 7.6 percent advance in the BSE Sensex, according to Bloomberg data.
Shilpa Mediacare Surges On FDA Approval Of Multiple Sclerosis Drug
Shares of the Raichur-based drugmaker rose as much as 6.91 percent, the most in nearly three months, to Rs 399.75 apiece after it received the U.S. regulator’s tentative approval for a multiple sclerosis drug.
The company has received a tentative abbreviated new drug application approval for Dimethyl Fumarate Delayed Release capsules used in the treatment of relapsing forms of multiple sclerosis, Shilpa Medicare said in a press release. The U.S. market for Dimethyl Fumarate DR Capsules is about $3.46 billion, the release said citing a IQVIA MAT research report.
The stock fell 40 percent in the last 12 months compared with a 7.6 percent gain in the BSE Sensex, according to Bloomberg data.