Stocks In News: Biocon, Canara Bank, Glenmark, HDFC Bank, ITI, Jubilant FoodWorks, PI Industries
Here’s a look at the stocks in news moving the markets today.
Indian stocks rebounded from the worst fall in four months and rallied, as investors dialled back concerns about a further deterioration of the Middle East crisis.
On Tuesday, the S&P BSE Sensex rose as much as 1.36 percent to 41,230.14 and the NSE Nifty 50 rose as much as 1.33 percent to 12,152.15. The broader markets represented by the NSE Nifty 500 Index rose as much as 1.4 percent.
The market breadth was tilted in favour of buyers. About 1,360 stocks advanced and 311 shares declined on National Stock Exchange. All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Media Index’s 1.55 percent advance.
Here’s a look at the stocks in news moving the markets today.
ITI Turns Net Worth Positive After 16 Years, Shares Rise
ITI Ltd. has biggest surge in more than two months after the state-run manufacturer of telecommunications products reported a 12-fold rise in profit for three months ended December and said its net worth had turned positive after a period of 16 years.
The company has reported net income of Rs 168 crore in the October-December period, compared to Rs 13.58 crore a year ago. Revenue from operations rose 47 percent year-on-year to Rs 828 crore while other income stood at Rs 151 crore.
“The company is focusing on strategic areas and intending to maintain a steady growth,” ITI Chairman Rakesh Mohan Agrawal said in a statement.
ITI is also tying up with various agencies to position itself as manufacturer of Internet-of-Things products. “The company has a sound order book and is poised to take off
from here,” Agrawal said.
The stock is the best performer on NSE Nifty 500 and Nifty Smallcap 100 indexes.
Canara Bank Gains After Announcing Lending Rates
Shares of Canara Bank gained the most since Jan. 2, rising as much as 3.30 percent to Rs 214.30 apiece.
The state-run lender announced the repo rate-linked lending rate for retail and MSME loans at 8.05 percent with effect from Jan. 7. The base rate will be 9.1 percent and one-year MCLR was at 8.35 percent.
Trading volume in the Canara Bank stock was more than double the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 42 percent were at the ask price and 48 percent were at the bid.
HDFC Bank Rises Most In Three Months After Q3 Update
Shares of HDFC Bank Ltd. gained the most since Oct. 9, 2019, rising as much as 2.46 percent to Rs 1,271.45 apiece.
The private lender’s advances rose 20 percent year-on-year to Rs 9,34,000 crore in the October-December period, according to a quarterly update released Monday. Deposits rose 25 percent year-on-year to Rs 10,67,500 crore. CASA Ratio was at 39.5 percent versus 40.7 percent.
During the December quarter, the bank purchased loans aggregating to Rs 4,258 crore through direct assignment route under home loan arrangement with Housing Development Finance Corporation Ltd.
HDFC Bank shares are down 0.7 percent in the past five days and rose 1.4 percent in the past 30 days, Bloomberg data shows. The stock has advanced 19 percent in the past 52 weeks, according to the data.
Jubilant FoodWorks Shares Hit Record High
Shares of Jubilant FoodWorks Ltd. resumed gains after a one-day blip, rising as much as 1.4 percent to hit an all-time high at Rs 1,702.50 apiece.
Trading volume in the stock was almost same as the 20-dayu average for this time of the day, Bloomberg data shows. Of the shares that were traded, 35 percent were at the ask price and 37 percent were at the bid.
Jubilant Foodworks shares are up 23 percent in the past five days and rose 7.7 percent in the past 30 days, Bloomberg data shows. The stock has advanced 39 percent in the past 52 weeks, according to the data.
The scrip traded at 58 times its estimated earnings per share for the coming year.
PI Industries Falls After Fire At Jambusar Plant Kills Two
Shares of PI Industries Ltd. extended declines for the second consecutive trading session, falling as much as 3.2 percent to 1,374 apiece.
A fire at the company's Jambusar plant in Gujarat has killed two people while nine others were injured. The impact of the incident is being ascertained; the damaged equipment is fully covered by insurance, according to the company’s statement.
Trading volume in the PI Industries stock was 10 times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 27 percent were at the ask price and 52 percent were at the bid.
Glenmark Gains After Final U.S. FDA Approval For Deferasirox Tablets
Shares of Glenmark Pharmaceuticals Ltd. advanced the most since Jan. 2, 2020, rising as much as 2.84 percent to Rs 349.60 apiece.
The Mumbai-based pharma firm has received the final approval from the U.S. health regulator for Deferasirox tablets for oral suspension.
"Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food and Drug Administration (US FDA) for Deferasirox tablets for oral suspension, 125 mg, 250 mg and 500 mg, the generic version of exjade1 tablets for oral suspension, 125 mg, 250 mg and 500 mg, of Novartis Pharmaceuticals Corporation," the company said in a filing to the Bombay Stock Exchange.
Deferasirox tablet is used to treat high levels of iron in the body caused by multiple blood transfusions.
Glenmark shares are down 1.4 percent in the past five days and rose 5.5 percent in the past 30 days, Bloomberg data shows. The stock has declined 48 percent in the past 52 weeks, according to the data.
Biocon Shares Drop To Lowest In Six Weeks
Shares of Biocon Ltd. fell 4.51 percent to Rs 275.20 apiece—the lowest since Nov. 28, 2019.
On Monday, True North acquired a stake in Biocon Biologics India Ltd., a subsidiary of Biocon, valuing the company at $3 billion.
The homegrown private equity fund acquired a 2.44 percent minority stake in the pure-play biosimilar company worth Rs 536.25 crore ($100 million), according to an exchange filing by the parent company. Bengaluru-headquartered Biocon will continue to own the majority 96.07 percent stake in Biocon Biologics, the filing said.
Trading volume in the stock was seven times the 20-day average for this time of the day, Bloomberg data shows.