Stocks In News: Aurobindo Pharma, Ambuja Cements, Max Financial, Tube Investments
Here’s a look at the stocks in news moving the markets today.
Indian equities extended declines for the second consecutive trading session, tracking Asian peers on concerns of a rise in the coronavirus cases.
The S&P BSE Sensex fell as much as 1.2 percent to 40,673 and the NSE Nifty 50 dipped as much as 1.3 percent to 11,923.85. The broader markets represented by the NSE Nifty 500 Index fell as much as 1.2 percent.
Ten out of 11 sectoral gauges compiled by the National Stock Exchange traded lower, led by the NSE Nifty Metal Index’s 3.4 percent fall. On the flip side, the NSE Nifty IT Index was the only sectoral gainer, up 0.32 percent.
Here’s a look at the stocks in news moving the markets today.
Aurobindo Pharma Drops 10% After FDA Makes A U-Turn
Shares of Aurobindo Pharma Ltd. fell as much as 10 percent to Rs 539.80.
The U.S. FDA revoked ‘voluntary action initiated’ status granted to the drugmaker’s Unit IV plant. The U.S. drug regulator said Unit IV is still open and under review.
The stock returned 17 percent in the past five days and 20 percent in the past 30 days. The scrip traded at 13 times its estimated earnings per share for the coming year, Bloomberg data showed.
Max Financial Gains For Fifth Straight Trading Session
Shares of Max Financial Services Ltd. extended gains for the fifth consecutive trading session. The stock rose as much as 2.3 percent to Rs 578.
Axis Bank, Max Financial Services and its subsidiary Max Life Insurance signed confidentiality and exclusivity arrangement to explore the possibility of Axis Bank to enter into a long-term strategic partnership with Max Life.
Trading volume was three times its 20-day average, Bloomberg data showed. Of the shares traded, 40 percent were at the ask price and 36 percent were at the bid.
Ambuja Cements Swings After Results Announcement
Shares of Ambuja Cements Ltd. fluctuated between gains and losses to trade 0.34 percent higher at Rs 206 after announcing December quarter results.
Key Earnings Highlights (Q4CY19, YoY)
- Revenue rose 9.5 percent to Rs 3,135.9 crore.
- Net profit fell 15.4 percent to Rs 454.9 crore.
- Ebitda rose 35.6 percent to Rs 547.5 crore.
- Margin stood at 17.5 percent versus 14.1 percent.
- Operating Ebitda rose due to strong top line and a decline in power, fuel and logistics costs.
Tube Investments Surges Nearly 10% To Record High
Shares of Tube Investments of India Ltd. extended gains for the third consecutive trading session. The stock rose as much as 9.8 percent to hit an all-time high at Rs 555.35.
Trading volume was more than three times its 20-day average, Bloomberg data showed. Of the shares traded, 40 percent were at the ask price and 44 percent were at the bid.