Stocks Radar: Aurobindo Pharma, Bank of Baroda, Indian Oil, Piramal Enterprises, Yes Bank
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks fluctuated between gains and losses after a weak opening.
At 11:10 am, the S&P BSE Sensex was down 0.10 percent at 40,282.48 points and the NSE Nifty 50 fell 0.14 percent to 11,891.60. NTPC Ltd. was the top gainer on the Nifty 50 index while Nestle India Ltd. was the top loser.
The market breadth was tilted in favour of buyers. About 866 stocks advanced and 814 shares declined on National Stock Exchange.
Six out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 1.16 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.96 percent.
Here’s a look at the stocks in news moving the markets today.
Aurobindo Pharma Swings After Clarifying On Sandoz Deal
Shares of Aurobindo Pharma Ltd. fluctuated after the drugmaker clarified on reports that said its buyout of Sandoz is delayed.
"While we cannot comment on the specifics of our ongoing discussions with FTC, we can tell you that the article in The Economic Times, referenced in FiercePharma's story is factually inaccurate and does not correctly characterize the current status of the approval process," Aurobindo Pharma said in an exchange filing on Nov. 8.
According to the Nov. 7 ET report, Aurobindo Pharma’s acquisition of the dermatology and generics business of Novartis’ Sandoz subsidiary is delayed further, as US Federal Trade Commission has asked for more information on a lawsuit the Indian company is facing, according to a person privy with the development.
Aurobindo Pharma shares are down 7.6 percent in the past five days and rose 0.60 percent in the past 30 days, Bloomberg data shows.
Bank Of Baroda Rises After Q2 Results
Shares of Bank of Baroda rose as much as 5.44 percent, the most since Sept. 20, to Rs 98.90 apiece.
In the September quarter, the public sector bank’s net profit rose 73.20 percent year-on-year to Rs 425.40 crore on the back of net interest income that rose 56.4 percent to Rs 7,028 crore, according to an exchange filing after market hours on Friday.
Bank of Baroda Q2 Results 2019-20: Key Highlights (Year-on-Year)
- Net Interest Income up 56.4% at Rs 7028 crore vs Rs 4492.5 crore
- Net profit up 73.2% at Rs 736.7 crore vs Rs 425.4 crore
- Provisions at Rs 4,209.20 crore vs Rs 2,429.5 crore (QoQ)
- Gross NPAs at 10.25% vs 10.28% (QoQ)
- Net NPAs at 3.91% vs 3.95% (QoQ)
Trading volume in the Bank of Baroda stock was more than double the 20-day average for this time of the day, Bloomberg data shows.
Indian Oil Gains After Approval To Set Up Ethanol Plant
Shares of Indian Oil Corporation Ltd. rose as much as 1.42 percent to Rs 135.95 apiece, the steepest intraday gain since Oct. 30, 2019.
The environment ministry has granted clearance to Indian Oil to set up a Rs 766 crore ethanol plant in Haryana's Panipat district. "This project not only promotes the use of environment-friendly fuel but also aids in fulfilment of government's goal of doubling farmers' income," Union Environment Minister Prakash Javadekar tweeted Sunday.
Indian Oil had submitted a proposal seeking environment clearance for its proposed 100 kilo-litre per day Ligno-Cellulosic 2G ethanol plant at Baholi in Panipat district of Haryana. The estimated investment in setting up the plant is Rs 766 crore.
The ethanol produced at this plant will be used for blending in transportation fuel.
Indian Oil shares are down 2.7 percent in the past five days and fell 5.9 percent in the past 30 days.
Piramal Enterprises Shares Fall After Promoter Entity Is Downgraded
Shares of Piramal Enterprises Ltd. fell 2.27 percent intraday, the most since Nov. 4, to Rs 1,736.20 apiece, after a promoter entity was downgraded by a ratings firm.
The rating on Rs 1,900 crore worth of outstanding non-convertible debentures issued by AASAN Corporate Solutions Pvt. Ltd., was downgraded to A- from A+ by rating agency ICRA. AASAN is wholly owned by Sri Govinda Trust through its trustee, Ajay Piramal, the promoter of the Piramal Group and chairman of Piramal Enterprises.
The stock has declined 22 percent in the past 52 weeks, Bloomberg data shows.
Yes Bank Surges As 1 Million Shares Change Hands In Large Trade
Shares of Yes Bank Ltd. rose 4.28 percent to Rs 71.70 apiece due to a large trade. One million shares of the private bank changed hands, but buyers and sellers were not known immediately.
According to Bloomberg Intelligence, Yes Bank's impending capital raise, despite being highly dilutive at 0.55x forward book value, should pave the way for a steady profit recovery as new management shifts focus to the bank's deposit and fee franchise following second-quarter loss.
Trading volume for the Yes Bank stock was 34 percent below the 20-day average for this time of the day. Of the shares that were traded, 49 percent were at the ask price and 47 percent were at the bid.
The shares are up six percent in the past five days and rose 77 percent in the past 30 days, Bloomberg data shows. The stock has declined 69 percent in the past 52 weeks.